Second, Huang Guangyu to in 2004-2006 has been revised many times after the listing of the articles of association, the core content is the greatest power given to the Board of Directors, including the appointment of directors, issuance of stock, repurchase stock and so are many other companies, the content of the Board of Directors by not available. Its purpose is through the absolute control of the board of directors to affect the whole company, to become shareholders in fact not an important institution.
However, it is this old Huang Guangyu magic into the proposal has become the double-edged sword, in Huang Guangyu lost control over the board, he would no longer be able to control the company through the board of directors. Instead, Chen Xiao and Bain Capital controls the board of directors, major shareholders can easily reject the will of the shareholders meeting. May 11 this year, the agent of major shareholders at the annual general meeting rejected Bain’s non-executive directors, but then Gome has unanimously voted the Board of Directors of three non-executive director appointments.
Again, after the listing Gome Huang Guangyu has holdings in cash 18 billion yuan, while these acts within the law of normal market behavior, but it led to two results: First, the proportion of its holding more than 60% from the initial drop to the current 33.98 percent, the share transfer in the Bain Capital will continue to decline to about 30%, 20% if the country issuing the U.S., it will drop to 25% less likely to become lost control of the financial investors.
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