www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Companies

Gome rings in rosy H1 numbers

By Bao Chang and Yu Tianyu (China Daily)
Updated: 2010-08-24 09:30
Large Medium Small

Gome rings in rosy H1 numbers

Chen Xiao, chairman of Gome Electrical Appliances Holding Ltd, at the company's interim results announcement in Hong Kong on Monday. Jerome Favre / Bloomberg 

Company chairman calls for special meeting of shareholders on Sept 28

BEIJING - Electronics retailer Gome Electrical Appliances Holdings Ltd on Monday said first-half profit rose by 66 percent to 962.3 million yuan ($141.5 million) on strong consumer demand, enabling it to post its best performance since 2008.

At the same time, the company's battle with its founder and former chairman Huang Guangyu looked set to intensify further with the current management team headed by Chairman Chen Xiao calling for a special meeting of shareholders on Sept 28.

Gome attributed the better performance to its strategy of closing unprofitable stores and revamping existing outlets. It also gained from government incentives for rural residents to buy appliances.

Gome said revenue for the six months ending June 30 this year rose by 22 percent to 24.9 billion yuan.

The company's rival Suning, another major electrical appliance player in China, reported a 53.3 percent year-on-year rise in net profit to 2.6 billion yuan and revenue of 36.1 billion yuan in the same period.

Chen said the special meeting of shareholders will decide on the resolution filed by Huang seeking his and Vice-President Sun Yiding's ouster from the board.

Huang, the company's founder, who has been jailed for financial irregularities, had earlier this month sought Chen's removal on grounds that Gome's performance had deteriorated under Chen's leadership.

Refuting Huang's claims, Gome filed a lawsuit against Huang in the Hong Kong High Court for breach of fiduciary duties in early 2008 as a former board director.

"If I fail to get support from the majority of shareholders, I will resign," Chen said on Monday.

US private equity firm Bain Capital LLC, which holds HK$1.8 billion ($230 million) in seven-year convertible bonds in Gome, on Monday said it was converting the bonds into an equity stake. That will dilute Huang's shareholding to about 31 percent from 34 percent and give Bain a 9.8 percent stake in Gome ahead of the shareholder meeting. Bain has decided to support the existing management in the upcoming voting at the special shareholders' meeting, said Zhu Jia, head of Bain's China branch.

Huang remains the largest shareholder in the company. Institutional investors together hold around 45 percent, while the remaining 21 percent is held by small investors.

Data from Thomson Reuters shows that Gome has 180 institutional shareholders, with JP Morgan Chase, Morgan Stanley and Fidelity Fund accounting for 21 percent of the company's institutional shareholders.

Chen also rebutted Huang's claims that he was turning Gome into a foreign company. He said in a previous letter that foreign capital had come into the company much earlier during Huang's term as chairman.

Huang had also sought cancelation of a mandate empowering the board of directors to issue additional shares representing up to 20 percent of Gome's share capital.

Related readings:
Gome rings in rosy H1 numbers Gome plans stock placement to dilute Huang's stake
Gome rings in rosy H1 numbers Gome sues ex-chairman Huang Guangyu
Gome rings in rosy H1 numbers Gome names Wang Junzhou as new president
Gome rings in rosy H1 numbers 
Gome to bring back Bain officials

Gome still needs around 4 billion yuan every year for business expansion. The new share issues will help us bridge the gap, said Chen.

"We cannot support Huang's proposal at the cost of violating the rights of other shareholders," Chen said.

During the first half of 2010, Gome closed 25 unprofitable stores and opened 39 new outlets. The company plans to increase the number of outlets to 1,400 and add another 700 more by 2014.

Suning earlier said it intends to increase the number of its chain stores to 3,500 and its supporting logistics bases to more than 120 over the next five years.

Gome and Suning currently hold identical market shares of 8 percent, according to Everbright Securities.

主站蜘蛛池模板: 色香欲综合成人免费视频 | 亚洲欧美在线播放 | 国产日韩精品在线 | 在线成人97观看 | 2022日韩理论片在线观看 | 真人一级毛片全部免 | 啪啪一级| 久草视频网站 | 九九大香尹人视频免费 | 99久久免费精品 | 一级毛片免费观看久 | 免费久| 国产精品hd在线播放 | 九九视频在线观看视频6 | 欧美福利一区二区三区 | 网红主播大尺度精品福利视频 | 亚洲欧美日韩国产一区二区精品 | 日本www免费| 国产男人天堂 | 精品国产一区二区三区国产馆 | 国产亚洲福利一区二区免费看 | 中国女人真人一级毛片 | 亚洲综合久久久 | 日本美女一区二区三区 | 国产 日韩 欧美 在线 | 欧美日韩一区二区综合在线视频 | 午夜香港三级a三级三点 | 国产tv在线观看 | 国产在线精品二区韩国演艺界 | 日本一区二区三区不卡视频中文字幕 | 国产亚洲毛片在线 | 青青自拍 | 国产91成人 | 日本三级香港三级人妇99 | 九九大香尹人视频免费 | 爽爽窝窝午夜精品一区二区 | 欧美日韩精品一区二区三区不卡 | 亚洲国产成人超福利久久精品 | 日韩国产欧美在线观看一区二区 | 日韩成人免费在线 | 青青青青爽视频在线播放 |