Huang Guangyu

Huang Guang Yu 黄光裕 Cantonese: Wong Kwong Yu Teochew: Ng Guangyu
Born	24 June 1969 (1969-06-24) (age 42) Shantou, Guangdong
Alias(es)	Any aliases used by person
Conviction(s)	stock market manipulation (18 May 2010)
Penalty	14 years in prison $600,000,000 Fine (penalty) Confiscation of $200,000,000
Status	in prison
Occupation	Former Chairman of GOME Group
Spouse	Du Juan

This is a Chinese name; the family name is Huang.

Huang Guangyu, (simplified Chinese: 黄光裕; traditional Chinese: 黃光裕; Mandarin 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.^[1] In 2005, he was the richest man in China according to Time magazine.^[2]

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.^[3] 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.^[4] Furthermore, Huang was reported to be charged with alleged stock market manipulation, on which police declined to comment,^[5] according to the state-run China Daily newspaper. He resigned from the post of Chairman on 16 January 2009.^[6]

Sentencing

A Chinese court sentenced Huang Guangyu to 14 years in prison, a severe punishment for China's one-time wealthiest man that is likely to be seen as a warning to the country's business executives.^[7]

Business Behind Bars

In April 2011, Chairman Chen Xiao, who succeeded Mr. Huang when he was sentenced to prison, resigned after a seven-month campaign by Mr. Huang to reassert control.^[8]

On July 12, 2011, Eagle Vantage Asset Management, controlled by Mr. 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.^[9]

References

1. ^ "Wong Kwong Yu, The 400 Richest Chinese". Forbes.com. http://www.forbes.com/lists/2005/74/ZKKJ.html. Retrieved 2010-05-19. 
2. ^ Mcgregor, James (2006-04-30). "Huang Guangyu". TIME. http://www.time.com/time/magazine/article/0,9171,1187472,00.html. Retrieved 2010-05-19. 
3. ^ CNN China's richest man 'under investigation', November 24, 2008
4. ^ "Under investigation on charges of stock market manipulation". CNN. June 1999. http://www.cnn.com/2008/BUSINESS/11/24/china.probe/index.html. Retrieved 2008-11-24. 
5. ^ [1]^{[dead link]}
6. ^ RESIGNATION OF DIRECTOR, APPOINTMENT OF CHAIRMAN, REAPPOINTMENT OF EXECUTIVE DIRECTOR AND APPOINTMENT OF NOMINATION COMMITTEE MEMBER AND REMUNERATION COMMITTEE MEMBER
7. ^ Dean, Jason; Jeffrey Ng (MAY 18, 2010). "Ex-Gome Chairman Sentenced to 14 Years in Prison". The Wall Street Journal. http://online.wsj.com/article/SB10001424052748703315404575251271890222924.html. Retrieved 19 May 2010. 
8. ^ "Gome Electrical's Chairman Chen Quits After Boardroom Battle With Founder". MARCH 9, 2011. http://www.bloomberg.com/news/2011-03-09/gome-electrical-says-chairman-chen-xiao-resigns-replaced-by-zhang-dazhong.html. Retrieved 13 July 2011. 
9. ^ "Jailed Chinese tycoon bids for British aircraft carrier". JULY 12, 2011. http://www.asdnews.com/news/36793/Jailed_Chinese_tycoon_bids_for_British_aircraft_carrier.htm. Retrieved 13 July 2011. 

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Name	Huang, Guangyu
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Date of birth	24 June 1969
Place of birth	Shantou, Guangdong
Date of death
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