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Gome Plunges on Deal to Buy Company Owned by Jailed Founder

By Tony Seruga

Gome Electrical Appliances Holding Ltd. plunged in Hong Kong after it announced plans to buy a company owned by Wong Kwong Yu, in a deal that will give the founder and largest shareholder majority control.

Gome, China’s second-biggest electronics retailer, has signed an agreement to buy Artway Development Ltd. for HK$11.3 billion ($1.46 billion) from Gome Management Ltd. Artway, wholly owned by Wong who’s currently in jail for bribery, is a retailer of electrical appliances under the Gome brand name.

Gome shares, which were suspended from trading on July 20, tumbled as much as 10.3 percent, the most since July 8. Its larger competitor Suning Commerce Group Co. fell as much as 4.4 percent in Shenzhen. Hong Kong’s Hang Seng Index fell as much as 2.3 percent…

Gome Plunges on Deal to Buy Company Owned by Jailed Founder

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