Chen Xiao's daughter, the president of Guomei, became a billionaire overnight.

by interhb on 2009-07-08 10:31:23

With the financing plan of Gome Electrical Appliances (00493, HK) to introduce Bain Capital's investment finalized, Gome has begun preparing for Bain's entry. To make room for Bain Capital, last week Gome announced several senior management changes. Regarding the rights issue arrangement for existing shareholders in the financing plan, Gome recently announced that the Yongle Trust controlled by Chairman Chen Xiao will be dissolved. All shares of Gome Electrical Appliances previously held on behalf of others by Chen Xiao will be returned to the beneficiaries for their own disposal.