The battle for control of Gome Electrical Appliances Holding, one of China’s largest electronics retailers, is set to rumble on after its jailed founder blocked the company from issuing new shares that would have diluted his stake.
In a packed special general meeting on Tuesday, Gome shareholders voted in favour of a proposal from Huang Guangyu to revoke the company’s “general mandate,” which allows the board to place up to 20 per cent of issued share capital at a big discount, bypassing existing shareholders.
Mr Huang is serving a 14-year sentence for bribery and insider trading, but he remains the largest single shareholder in Hong Kong-listed Gome, with about 34 per cent of its shares.
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