HONG KONG, May 30, 2016 /PRNewswire/ -- GOME Electrical Appliances Holding Limited (HKSE: 493, "GOME" or the "Company", together with its subsidiaries, the "Group") today announced the Group's on-market repurchases of 50,000,000 shares on 30 May 2016, at repurchase price between HK$0.89 and HK$0.93 per share with a total amount of HK$45,260,000 (before brokerage and expenses). The share repurchase fully demonstrates the management's confidence in GOME's future development and growth potential. In the future, the Company may make further repurchase depending on market conditions.
Mr. Wang Junzhou, President of GOME, said, "In 2016, GOME launched the customer-flow driven transformation strategy of 'Omni-Channel, New Scenario, Strong Linkage', with good progress made at current implementation stage. In view of the upgrading and evolution of the industry, we believe that this strategic transformation will accelerate the sustainable development of GOME total retail strategy, thus laying solid foundations for future rapid growth in results performance. We believe that the current stock price has not yet reflected our intrinsic value. The share repurchase allows us to fully utilize the Group's cash resources to enhance shareholder's value. The Group is confident in its future development, the management will keep a close eye on the trend of the stock market, and will continue to devote in creating long-term value to maximize shareholders' return."
About GOME Electrical Appliances Holding Limited
GOME Electrical Appliances Holding Limited has been listed on The Hong Kong Stock Exchange since July 2004 (HKSE: 00493). The GOME Group was founded in China in 1987 and is engaged in the retail business of electrical appliances and consumer electronics in China. It is the leading retail chain of electrical appliances and consumer electronics and the leading retail chain enterprise in China.
Please visit our website for more information: www.gome.com.hk
