Chinese electronics and home appliances retailer Gome has announced that Chen Xiao, chairman and president of Gome, will no longer hold the position of president and the position is now given to Wang Junzhou, former executive director and executive vice president of the company.

It is reported that U.S. private equity firm Bain Capital is to buy a 18% stake in China's electronic retail giant Gome for USD400 million.

The Chinese electronics retailer Gome Electrical Appliance reports that Huang Guangyu has resigned his positions as director and chairman of the board of directors of Gome and is replaced by Gome's current executive president Chen Xiao.

Chinese electric appliances retailer Gome has published a notice stating the company has appointed its president Chen Xiao as acting chairman.

According to reports in the international press Huang Guangyu, dubbed "the richest man in China", has disappeared and is being sought by the Beijing police.