Hong Kong-listed shares in mainland electronics retailer Gome (0493.HKG) fell 13% on Monday after the company announced plans to spend HK$11.27 billion (US$1.45 billion) buying assets from its founder, controlling shareholder and former chairman Wong Kwong-yu, South China Morning Post reported. The deal is for the entire equity interest in Artway Development, another retailer owned by Wong, who has languished behind bars since 2010 when he sentenced by a Beijing court to 14 years in prison for insider trading and other financial crimes. Investors had previously balked in November at Gome’s plans to buy a 5.7% stake in Huishang Bank for HK$2.4 billion, a deal criticized as irrelevant to the firm’s core business.
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