Gome Retail (0493), founded and controled by Huang Guangyu, as well as Gome Finance Technology (0628), controled by Huang's wife, Du Juan, said Huang has been released from prison.
Huang was sentenced to 14 years of illegal business dealings, insider trading and corporate bribery in 2008, and was scheduled to be released in February next year.
The two companies said they noted from the information released by the Beijing High People’s Court on its official Wechat public account “Beijing Law Network” on June 24, 2020, that the Beijing First Intermediate People’s Court has ruled to release Huang on parole, with the parole probation period from the date of parole to February 16, 2021.
Shares of Gome Retail had surged on Wednesday on news of Huang's probation, rising by 25 percent before paring the gains. Turnover was HK$1.3 billion.
Gome Finance Technology once skyrocketed by 80 percent before closing 50 percent higher that day.
