Huang Guangyu
{{Short description|Chinese businessman (born 1969)}}
{{Infobox criminal
| name = Huang Guangyu
黄光裕
Cantonese: Wong Kwong Yu
Teochew: Ng Kuang Yeo
| image_name =
| nationality = Chinese
| birth_name = Zeng Junlie ({{lang|zh-hans|曾俊烈}})
| birth_date = {{birth date and age|1969|6|24|df=y}}
| birth_place = Shantou, Guangdong, China
| death_date =
| death_place =
| alias = Huang Junlie ({{lang|zh-hans|黄俊烈}}){{Cite web |url=http://www.articlesnatch.com/Article/Huang-Guangyu-Of-A-Chinese-Dream/2604636 |title=Huang Guangyu Of A Chinese Dream |access-date=2014-01-25 |archive-url=https://web.archive.org/web/20140221023109/http://www.articlesnatch.com/Article/Huang-Guangyu-Of-A-Chinese-Dream/2604636 |archive-date=2014-02-21 |url-status=dead }}
| conviction = Stock market manipulation (18 May 2010)
| conviction_penalty = 14 years in prison
$600,000,000 fine
Confiscation of $200,000,000
| conviction_status = Released
| occupation = Entrepreneur
| spouse = Du Juan
| alma_mater = Renmin University of China
| title = Chairman of GOME Group
| term = 1987-18 January 2009
}}
{{family name hatnote|Huang|lang=Chinese}}
Huang Guangyu, ({{zh|t=黃光裕|s=黄光裕|p=Huáng Guāngyù|j=Wong4 Kwong1 Yu6}}) (born 24 June 1969) is a Chinese businessman and the former 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.{{cite news|url=https://www.forbes.com/lists/2005/74/ZKKJ.html |archive-url=https://web.archive.org/web/20051125111401/http://www.forbes.com/lists/2005/74/ZKKJ.html |url-status=dead |archive-date=November 25, 2005 |title=Wong Kwong Yu, The 400 Richest Chinese |work=Forbes.com |access-date=2010-05-19}} In 2005, he was the richest man in China according to Time magazine.{{cite news|last=Mcgregor |first=James |url=http://www.time.com/time/magazine/article/0,9171,1187472,00.html |archive-url=https://web.archive.org/web/20060619034514/http://www.time.com/time/magazine/article/0,9171,1187472,00.html |url-status=dead |archive-date=June 19, 2006 |title=Huang Guangyu |publisher=TIME |date=2006-04-30 |access-date=2010-05-19}} He was born and raised as a Christian.{{Cite web |url=https://www.ytlcommunity.com/common/printerfriendly.asp?section=1&fileid=42298 |title=Huang Guangyu, China's richest man, disappears amid corruption |access-date=2014-01-25 |archive-date=2014-02-01 |archive-url=https://web.archive.org/web/20140201223251/https://www.ytlcommunity.com/common/printerfriendly.asp?section=1&fileid=42298 |url-status=dead }}
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 by Hurun.{{cite web|url=http://www.cnn.com/2008/BUSINESS/11/24/china.probe/index.html|title=China's richest man 'under investigation'|work=CNN News|date=24 November 2008|access-date=6 August 2022}} He was surpassed by Yang Huiyan in 2009, with a net worth of $7.1 billion.
Stock market manipulation
On November 24, 2008, the Hong Kong Stock Exchange indefinitely halted trading shares of GOME, amid reports of a police investigation of Huang Guangyu, the company's Chairman, executive director and Controlling Shareholder.{{cite news |title=Under investigation on charges of stock market manipulation |url=http://www.cnn.com/2008/BUSINESS/11/24/china.probe/index.html |publisher=CNN |date=June 1999 |access-date=2008-11-24 }} Furthermore, Huang was reported to be charged with alleged stock market manipulation, on which police declined to comment,[http://www.cnn.com/2008/BUSINESS/11/24/china.probe/index.html/] {{webarchive|url=https://web.archive.org/web/20081202043645/http://www.cnn.com/2008/BUSINESS/11/24/china.probe/index.html/|date=December 2, 2008}} according to the state-run China Daily newspaper. He resigned from the post of chairman on 16 January 2009.[http://www.hkexnews.hk/listedco/listconews/sehk/20090118/LTN20090118003.pdf RESIGNATION OF DIRECTOR, APPOINTMENT OF CHAIRMAN, REAPPOINTMENT OF EXECUTIVE DIRECTOR AND APPOINTMENT OF NOMINATION COMMITTEE MEMBER AND REMUNERATION COMMITTEE MEMBER]
=Sentencing=
In 2010, a Chinese court sentenced Huang Guangyu to 14 years in Beijing Municipal No. 2 Prison{{cite news|title=揭秘黄光裕减刑案细节Uncovering the Details Behind Huang Guangyu’s Sentence Reduction|url=http://www.xinhuanet.com//zgjx/2017-06/16/c_136370278_2.htm}}, a punishment that observers considered likely to be seen as a warning to the country's business executives.{{cite news|url=https://www.wsj.com/articles/SB10001424052748703315404575251271890222924|title=Ex-Gome Chairman Sentenced to 14 Years in Prison|first1=Jason|last1=Dean|first2=Jeffrey|last2=Ng|date=May 18, 2010|work=The Wall Street Journal|access-date=19 May 2010}}
=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.{{cite news|url=https://www.bloomberg.com/news/2011-03-09/gome-electrical-says-chairman-chen-xiao-resigns-replaced-by-zhang-dazhong.html|title=Gome Electrical's Chairman Chen Quits After Boardroom Battle With Founder|date=March 9, 2011|access-date=13 July 2011|work=Bloomberg}}
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.{{cite news|url=http://www.asdnews.com/news/36793/Jailed_Chinese_tycoon_bids_for_British_aircraft_carrier.htm|title=Jailed Chinese tycoon bids for British aircraft carrier
|date=July 12, 2011|access-date=13 July 2011|website=ASD News}}{{cite news |last1=Tsui |first1=Enid |title=Jailed Chinese Tycoon Bids for Ark Royal |url=https://www.cnbc.com/2011/09/01/jailed-chinese-tycoon-bids-for-ark-royal.html |access-date=6 July 2020 |publisher=CNBC |date=1 September 2011}}
On June 24, 2020, Huang was released on probation from prison after his term was reduced by 22 months for good behaviour. His probation period ended on February 16, 2021.{{cite news|url=https://www.scmp.com/business/china-business/article/3090443/huang-guangyu-founder-and-ex-chairman-one-chinas-largest|title=Huang Guangyu, founder and ex-chairman of one of China's largest bricks-and-mortar electronics retailers, is released from jail|first=Pearl|last=Liu|date=24 June 2020|access-date=6 August 2022}}{{cite web|url=https://supchina.com/2022/08/04/offline-electronic-appliances-retailer-gome-cant-compete-with-the-ecommerce-companies-and-is-facing-ruin/|title=Offline electronic appliances retailer Gome can't compete with the ecommerce companies and is facing ruin|first=Barry van|last=Wyk|website=supchina.com|date=4 August 2022|access-date=6 August 2022}}
References
{{Reflist}}
- [https://www.forbes.com/lists/2005/74/ZKKJ.html Forbes]
- [https://web.archive.org/web/20060619034514/http://www.time.com/time/magazine/article/0,9171,1187472,00.html Times]
{{DEFAULTSORT:Huang, Guangyu}}
Category:Billionaires from Guangdong
Category:Chinese company founders
Category:People from Chaoyang District, Shantou
Category:Businesspeople from Guangdong