More fundamentally, Zhang took on the early domestic leader in appliance sales, Gome, and now has it pinned firmly in the runner-up role.
In a typical Gome store, half the floorspace is dedicated to special product displays.
Huang's company Gome, which is listed in Hong Kong, has been under the control of its Chief Executive Chen Xiao since his arrest.
Since Bain Capital converted its bonds to equity in September 2010, Gome shares have fallen almost 30%.
In other news involving Hong Kong-traded China stocks, Gome fell by 4.6% yesterday after it said on Friday net profit dropped 88% in the first quarter on weak sales. (See story here.) The company also said on Friday that it would increase its investments in e-commerce, as competition heats up with rivals Suning, Yahoo-invested Taobao and others.
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With this in mind, I fired up GOME (as it shall henceforth be known) and two further things became immediately clear.
Investors in Hong Kong-listed Suning and Gome have run for the exits amid plunging first-half profits.
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Gome Electrical Appliances Holding's jumped 2.3% in Hong Kong despite the electronics retailer announcing that it had swung to a net loss in 2012.
Curiously, Americans will still have to buy the XPS One by mail--or shop for it in Japan's Bic Camera or China's Gome stores.
It was followed in the top 10 by Suning Appliances, whose major shareholder is Chinese billionaire Zhang Guiping, and Gome Appliances, which is controlled by jailed Chinese billionaire Wong Kwong Yu. (For information about the Forbes China Rich List, click here.) The association ranking is based on sales.
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