The Digital Source For China's Tech Innovation Since 2000

Search
Close this search box.

Gome To Raise US$800 Million For Expansion

May 15, 2007
Gadgets & Electronics

Electronics retailer Gome plans to raise US$800 million as part of efforts to consolidate its position in the Chinese market.

This is the first large scale fund raising for Gome since its merger with Yongle last year. Chen Xiao, president of Gome, says that they will use all funds raised to upgrade their software and hardware facilities to further increase their core competitiveness.

In particular, most of the money will be spent on improving the settlement conditions with suppliers, boosting their profit-making capacities and competitiveness. The rest will be used to build regional logistics centers, upgrade the existing ERP system, acquire some stores and renovate the current stores.

Benefited from the acquisition of Yongle, Gome's net profit in the first quarter of this year soared to 75% and reached CNY169 million.

Tags: acquisition | Chen Xiao | Chinese | ERP | expansion | fund | Gadgets & Electronics | Gome | hardware | logistics | merger | net profit | president | profit | retail | retailer | Software | Yongle

Other Related News:

Contrasting views on fossil fuels, plus other letters to the editor for May 3: ‘Canada can do a lot to help the world. If only it could export more natural gas and oil’

May 3, 2023

Twitter Whistleblower Expresses Concerns About China Agent

September 14, 2022

Bamco Inc. NY Has $395.94 Million Holdings in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)

January 31, 2022

Chinese space tourism firm's rocket appears to be inspired by SpaceX and Blue Origin's spacecraft

October 5, 2021

Workers leave iPhone factory in Zhengzhou amid COVID curbs

October 31, 2022

Asian shares lower as strong data hit hopes for dovish Fed

December 6, 2022

He criticized Tesla for opening a unit in a Chinese region accused of genocide

January 5, 2022

Police seize on COVID-19 tech to expand global surveillance

December 20, 2022

Tesla to source outside China for Graphite

January 16, 2022
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
© 2023 ChinaTechNews.com. A Service of Asia Media Network.
Twitter