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Thread: How much will Gome be affected due to Huang Guangyu's "incident"?
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[quote=FRANKENSTEIN,342021]A few days ago, Huang Guangyu, Chin's second richest man was said to be arrested by the police. His company Gome (the largest electrical appliance chain in China) was suspended in Hong Kong too. On Nov. 28, Gome made an announcement: Huang Guangyu, the president of Gome was under investigation for alleged insider trading. Meanwhile, Zhou Yafei, the CFO of Gome was also under investigation. Today, a newspaper in China reports that Huang was invovled in manipulating the share prices, money laundering and other crimes. If it was proved, Huang would face serious result. Gome's business has been booming. Its results for the third quarter, released yesterday, showed that net profits soared 111 per cent in the first nine months of 2008 to 1.59 billion yuan. It is hard to predict how much Gome will be affected because of Huang's incident. So what do you think? Will Gome collapse? [/quote]
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