Wong Kwong-yu has resigned as chairman of Gome, China's largest appliance chain. Wong founded Gome Electrical Appliances Holdings in the 1980s, building it into a consumer electronics retailing empire before expanding into real estate and other investments. Wong's wife Du Juan, who is also under investigation, earlier resigned as a director of Gome.
Wong, also known as Huang Guangyu, disappeared from public view in November and Beijing police said they were investigating the business dealings by him and his associates for alleged stock price manipulation and other suspected violations.
Chen Xiao, acting chairman and former CEO of Gome, replaced Wong as chairman.
to Daily News