Huang guangyu refute Chen: unlock managed without giving up holdings

GOME strife "truth LN, 1 November," two GOME "tragedy did not occur, whether with regard to capture that" 9 · 28 "vote result does not constitute a non-listed conditions for unbundling? or the CSA and Bain Capital, Chen reached and on the agreement, or if some analysis, GOME, non-listed unbundling is not able to take place, mainly affected by the 2004 major shareholders and companies listed on the United States signed a" non-competition agreement ". GOME Chairman Chen also agree with the last analysis.

However, Huang guangyu aspects of the business news "clearly indicates, founding shareholder does not exist non-listing end managed and holding dilemma between status.

29 October, Chen in Guangdong Shunde joining electrical headquarters ceremony, financial journalists said: "in 2004 after listing GOME and non-listed companies have signed a non-competition agreements, which provided for the store once the non-listed, then the listing ends managed stores and non-listed stores will have competition, this shareholder would have to give up the status of holdings in listed companies, as a purely financial investors.

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According to Chen's logic, Huang guangyu regard to unbundling, non-listed shop independent development may involve competition, you must give up a holding in GOME, which is in and make life difficult for yourself.

To this end, a spokesman Huang guangyu aspects to this interview, say: "this argument is untenable, they just showed ' to capture the apparent attempt of ' and misleading investors.

Founding shareholder does not exist non-listing end managed and holding dilemma between status. ”

Information display, 29 July 2004, at the "door listing" in the United States, the largest shareholder of Huang guangyu and listed companies signed the non-competition commitment contract (hereinafter referred to as "contract").

"Contract" in article II of the Convention: the two sides are unconditional and irrevocable commitment to each other, within a period to the present contract, will not open in the other the cities we operate stores.

At the same time, the "contract" in article 3 of the Convention: this compact to Mr. WONG is no longer for the company's controlling shareholders (their meaning and listing rules are the same).

It is by virtue of the above two points tool that Huang guangyu if split non-listed stores should give up holding position.

Huang guangyu family Zou xiaochun also on that, according to capture and GOME in 2009, June 22, signed by "Management Protocol", 6.1 stipulates that each party is entitled to 60 days in advance written notice to terminate the agreement.

The "visible, non-listed end managed and Mr. Huang (Huang guangyu) is not a controlling shareholder has no legal connection.

"Zou xiaochun said," is the holdings or reduction to 30%, is not in a way that makes the ' contract ', the initiative in the hands of the founding shareholders. ”

As regards the definition of "controlling shareholders" status, the relevant provisions of the stock exchange of Hong Kong, holding more than 30% is becoming essential to controlling shareholder, in addition to including the delegated Director and many other conditions, but once you share at 30%, it will no longer be the controlling shareholder.

According to the "non-competition agreement", in the present circumstances, Huang guangyu as founding shareholder, if the non-listed stores split, and draw a "from" listed companies, on the other side has a store of regions, both sides shall not expansion.

Currently, GOME stores nationwide in listed companies and 200 cities, the number of stores to a 740 in mid-2010.

Parent group store (i.e., GOME, non-listed) is overwritten 131 cities, with 370 rooms store (not including Hong Kong and Macao region of stores).

In accordance with the terms previously announced to capture non-listed, non-listed locations planned for the next 5 years increased to 750, than the existing number of doubles, if not with listed companies comprehensive competition.

Such massive expansion would be an enormous challenge.

To this end, Zou xiaochun says that the two sides have not yet a developing business, second-tier cities, basically, future shop focuses on three or four-tier cities.

These cities are subsidiary in first and second-tier cities, it is difficult to define the market gaps. But these three or four line urban development need to rely on one or two lines of urban stores network to support business development, even if there is competition in the future, in the third and fourth-tier cities expand the possibilities of competition is also very small, the third and fourth-tier cities such as more of a layout, the first to go is to grab the preemptive, latecomers will be very difficult to enter.