Gome shareholders block Huang bid to regain control

An attempt by Huang Guangyu, the jailed founder of electronics retailer Gome (0493.HK), to regain control of the company failed Tuesday after company shareholders rejected a management reshuffle, the South China Morning Post reported. Huang had attempted to replace two company directors, including chairman Chen Xiao, with his sister, Huang Yanhong and Zou Xiaochun, a lawyer, but was blocked by 51.89% of shareholders, with the backing of US private equity firm Bain Capital. Bain is the second-largest shareholder in Gome, holding just under 10% of the company. Huang’s family expressed disappointment with the outcome. Gome’s board said it was "a clear endorsement of the management’s track record over the past two years." Huang is also known by the Cantonese romanization of his name, Wong Kwong-yu.