|June 24, 1969
|Beijing, China, China
|54 YEARS OLD
|Renmin University of China
|Former Chairman of GOME Group
|Chairman of Gome
|1987-18 January 2009
|14 years in prison $600,000,000 fine Confiscation of $200,000,000
|stock market manipulation (18 May 2010)
Wong Kwong Yu, a prominent figure in the fashion and retail industry in China, is projected to have a net worth of $1.3 billion in 2024. Best known for his contributions to the fashion and retail sector, Wong has achieved great success through his business endeavors. With a keen eye for trends and an understanding of the evolving Chinese market, he has built a robust empire and garnered substantial wealth. His net worth not only reflects his entrepreneurial acumen but also highlights the significant influence he holds within the fashion and retail landscape in China.
In 2006, he was forced by regulations to sell off 25% of GOME Group, as listed in Hong Kong, making his net worth US$2.5 billion, according to some sources. His ambitious goals include "making Gome one of the 500 largest companies in the world by 2008". Huang was listed as the richest person in Mainland China in 2007, with a net worth estimated at $6.3 billion, according to the 2008 China Rich List, which is compiled by the Hurun Institute. He was surpassed by Yang Huiyan in 2009, with a net worth of $7.1 billion.
On November 24, 2008 the Hong Kong Stock Exchange indefinitely halted trading in shares in GOME, amid reports of a police investigation of Huang Guang Yu, the company's Chairman, Executive Director and Controlling Shareholder. Furthermore, Huang was reported to be charged with alleged stock market manipulation, on which police declined to comment, according to the state-run China Daily newspaper. He resigned from the post of Chairman on 16 January 2009.
On July 12, 2011, Eagle Vantage Asset Management, controlled by Huang, bid on his behalf for the decommissioned British Royal Navy aircraft carrier, HMS Ark Royal. According to reports, the plan is to create the world’s largest buoyant luxury shopping mall.