Thu, November 27, 2008
Business > Industries

Profile of Wong Kwong Yu

2008-11-27 07:59:00 GMT2008-11-27 15:59:00 (Beijing Time)  SINA.com

Wong Kwong Yu, (born in 1969 or 1970), also often called Huang Guangyu in mainland China, is 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, the richest man in China according to Time magazine.

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 amibitious goals include "making Gome one of the 500 largest companies in the world by 2008". Wong is currently listed as the richest person in mainland China, worth an estimated $6.3 billion, according to the 2008 China Rich List, which is compiled by the Hurun Institute.

On November 24, 2008 the Hong Kong Stock Exchange indefinitely halted trading in Gome Electrical Appliances Holding Ltd. amid reports of a police investigation of Wong Kwong Yu, the company's chairman, executive director and controlling shareholder, the company said in a statement. Additionally The Beijing News reported that Wong is under police investigation for stock market manipulation, according to the state-run China Daily newspaper. Police declined to comment on the report, China Daily said.

(Agencies)

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