Huang Guangyu, (simplified Chinese: 黄光裕; traditional Chinese: 黃光裕; pinyin: Huáng Guāngyù; Jyutping: Wong4 Kwong1 Yu6) (born 24 June 1969) was the Chairman of GOME Group, which is the largest consumer electronics retailer in China. He had a net worth of US$1.7 billion as of 2005, according to Forbes magazine’s world’s richest people ranking. In 2005, he was the richest man in China according to Time magazine. He was born and raised as a Christian.
In 2006, he was forced by regulations to sell off 25% of GOME Group, as listed in Hong Kong, making his net worth US$2.5 billion, according to some sources. His ambitious goals include “making Gome one of the 500 largest companies in the world by 2008”. Huang was listed as the richest person in Mainland China in 2007, with a net worth estimated at $6.3 billion, according to the 2008 China Rich List, which is compiled by the Hurun Institute. He was surpassed by Yang Huiyan in 2009, with a net worth of $7.1 billion.
Under investigation on charges of stock market manipulation
On November 24, 2008 the Hong Kong Stock Exchange indefinitely halted trading in shares in GOME, amid reports of a police investigation of Huang Guang Yu, the company’s Chairman, Executive Director and Controlling Shareholder. Furthermore, Huang was reported to be charged with alleged stock market manipulation, on which police declined to comment, according to the state-run China Daily newspaper. He resigned from the post of Chairman on 16 January 2009.
Sentencing
A Chinese court sentenced Huang Guangyu to 14 years in prison, a punishment that is likely to be seen as a warning to the country’s business executives.
Business Behind Bars
In April 2011, Chairman Chen Xiao, who succeeded Huang when he was sentenced to prison, resigned after a seven-month campaign by Huang to reassert control.
On July 12, 2011, Eagle Vantage Asset Management, controlled by Huang, bid on his behalf for the decommissioned British Royal Navy aircraft carrier, HMS Ark Royal. According to reports, the plan is to create the world’s largest buoyant luxury shopping mall.
Summary
| Huang Guang Yu 黄光裕 Cantonese: Wong Kwong Yu Teochew: Ng Guangyu |
|
|---|---|
| Born | 24 June 1969  Shantou, Guangdong |
| Nationality | China |
| Other names | Huang Junlie |
| Alma mater | Renmin University of China |
| Occupation | Former Chairman of GOME Group |
| Net worth |  $6.3 billion USD |
| Title | Chairman of Gome |
| Term | 1987-18 January 2009 |
| Criminal penalty | 14 years in prison $600,000,000 fine Confiscation of $200,000,000 |
| Criminal status | in prison |
| Spouse(s) | Du Juan |
| Conviction(s) | stock market manipulation (18 May 2010) |
Huang Guangyu was the Chairman, Executive Director and Controlling Shareholder of Gome Group, the largest consumer electronics retailer in China. Based on the Hurun list of September 2013, he is the ninth richest person in Beijing with an estimated fortune of $3.25 billion. He was the richest man in China in 2005 according to Times magazine.
Mr. Huang built Gome Electronics into China’s largest retailer of appliance with an estimated value of $6.3 billion in 2008. It experienced an abrupt fall due to the widespread complaint of misconduct among the many billionaire entrepreneurs in China. His shares in Gome were stopped in trading by the Hong Kong Stock Exchange on November 24, 2008 with the ongoing investigation in his case. Huang Guanyu was convicted by a Beijing court for bribing officials and unspecified “illegal operations” according to a statement issued by prosecutors. Accusations of bribery, tax evasion and the collusion of corrupt officials in financial abuses are common in the country. He was sentenced to 14 years in prison, a move which was seen as a warning to the business executives in China. On January 16, 2009, he resigned from his post as Chairman of the group. Huang also concentrated his wealth in real estate aside from household appliance retail. He now owns a company called Pengrun Investment which is based in Beijing. Recently, its worth has fallen by -5%.
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