Commenting on Huang's threat, a Gome spokesperson said, "It would hurt the interests of Gome's shareholders as the company will lose management fees." "But in the long run, it is not a bad thing because those stores lack proper management and are always inefficient," he added. Huang's rise was the classic tale of rags to riches amid China's rapid growth after the launch of reform and opening policies in the late 1970s. By 2008, Huang ranked at the top of a list of China's wealthiest entrepreneurs compiled by Shanghai-based analyst Rupert Hoogewerf, with a net worth of $6.3 billion. His wealth has declined since he ran into legal troubles. China Daily - Agencies