Gome Electrical Appliances Holdings Ltd. profit jumped 13 percent in the third quarter as consumers in the world’s fastest-growing major economy spurred demand at China’s second-largest electronics retailer.
Huang Guangyu , the founder of Gome Electrical Appliances Holdings Ltd. , lost his appeal of a 14- year sentence for graft as his wife was freed from jail on a conviction for a related charge, a Chinese newspaper reported.
Gome Electrical Appliances Holding Ltd., which has lost 41 percent of its market value since its announcement on a property venture plan with its jailed founder, said it was putting the project on hold for further research.
Gome Electrical Appliances Holding Ltd., China’s second-largest electronics retailer, fell the most in more than a year in Hong Kong trading after saying it plans to set up a property venture with its jailed founder.
Huang Guangyu , imprisoned founder of Gome Electrical Appliances Holdings Ltd ., has retained international law firm Hogan Lovells as he seeks to regain control of the company, the South China Morning Post reported.
Gome Electrical Appliances Holdings Ltd. sued its founder Huang Guangyu , once China’s richest man, over share repurchases in 2008 and breach of trust. The company’s shares dropped the most in almost two years.