Huang Guangyu sold 143.34 million Gome retail shares, reducing his shareholding to 14.84%.

CTOnews.com, January 12, according to HKEx filings, Huang Guangyu sold 143.34 million Gome retail shares on January 6 at an average price of HK $0.1138 per share, with his shareholding falling from 15.68 per cent to 14.84 per cent.

This is the second time this year that Huang Guangyu has reduced his stake in Gome Retail. Huang Guangyu sold 300m Gome retail shares on January 4 at an average price of HK $0.1115 per share, cashing out HK $33.45 million.

Earlier, Gome Retail announced that the company had entered into a HK $150 million loan agreement with Gome Management, wholly owned by controlling shareholder Huang Guangyu, for an interest-free and unsecured loan with an initial term of six months, which could be extended in writing by both parties before its expiration. The proceeds from the loan will be used by the Group as general working capital. Huang Guangyu has injected a total of HK $500 million into Gome.

Huang Guangyu has continued to reduce his holdings of Gome retail several times, after the topic of "Gome stops paying employees" also went viral on Weibo. In this regard, Gome retail said that due to the major challenges and impact of the internal and external complex environment, the company's strategic transformation is facing unprecedented difficulties. "the company promises that temporary adjustment is only a short-term, phased emergency measure. Once the business improves, the company will immediately make up the salary and cash in the corresponding compensation for the departing employees."