Boardroom disputes tend to be resolved in one of two ways: spectacular fall-out or seething animosity. Management of Gome, to its credit, has opted for the latter. A formal cessation of hostilities between China’s second-largest electronics retailer by outlets and Huang Guangyu, its jailed founder, was enough to send Gome’s shares up almost a fifth on Thursday, making up all the ground lost to the Hang Seng this year. The basic contractual relationship between the listed and unlisted parts of the Gome group, which Mr Huang had threatened to tear up, stays intact. The listed entity, which runs 740 of its own stores, will continue to procure for, and manage, the remaining 370.
董事會爭議往往以下列兩種方式之一得到化解：或者吵翻天，或者把仇恨深埋在心底。值得稱讚的是，國美(Gome)管理層選擇了後者。以門店數量衡量，這家中國第二大電器零售商與其深陷囹圄的創辦人黃光裕之間的敵意正式化解，這足以推升該公司股價在週四上漲近五分之一，一舉收復今年相對恆生指數失去的全部失地。國美集團上市和未上市公司之間的基本契約關係仍未改變，儘管黃光裕曾揚言要拆散這一關係。旗下管理著740家門店的上市公司將繼續負責該集團其餘370家門店的採購和管理。