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Gome Retail Appoints KTC Partners as Auditor
GOME Retail Holdings Switches Auditors Amid Regulatory Changes
gome retail (00493.HK) appoints Zhongrui Heshin as the auditor.
On October 28, Ge Longhui announced that Gome Retail (00493.HK) has resigned as the company's auditor considering factors such as its available internal resources, effective as of October 28, 2024. The board of directors further announced that Zhongrui Heshin Accounting Firm has been appointed as the new auditor of the company starting from October 28, 2024, to fill the interim vacancy left by the resignation of Kaimen Xinde, serving until the end of the next annual general meeting of shareholders.
UBS Group: Mainland China's consumption industry has rebounded from the third quarter driven by subsidies for trade-in promotions and consumer vouchers.
Peng Yanyan, Director of Consumer Industry Research at UBS Group Investment Bank Greater China, believes that Golden Week consumption may see a slight recovery compared to August, thanks to the subsidies (for home appliances and automobiles) and consumer vouchers issued by local governments. For example, Shanghai's retail sales growth of 3% was higher than the 3% decline in August this year. Starting from September 28, the Shanghai municipal government began distributing consumer vouchers worth up to 5 billion yuan, until November this year, with 72% allocated for dining and the rest for lodging, movies, and sports vouchers. According to research by UBS Group Investment Bank, due to cooler weather and increased discounts, sports apparel brands experienced booming sales during the National Day holiday. Peng Yanyan
GOME RETAIL: Interim Report 2024
Shenzhen is promoting consumer spending through the issuance of ultra-long-term special national bonds, with a maximum subsidy of 0.02 million RMB for old-for-new exchanges.
Shenzhen issued the "Long-Term Special National Debt Fund to Support Consumer Goods Replacement Program", which aims to achieve the replacement of 0.07 million automobiles, 1 million sets of household appliances, 0.051 million home renovations, 0.25 million updated electric bicycles, and 1,300 updated operational vehicles by the end of 2024. The program proposes a one-time vehicle purchase subsidy for individuals who purchase new vehicles, with the subsidy amount divided into three levels based on the vehicle price, with a maximum of 0.016 million RMB per vehicle. The standard for scrapping old vehicles and purchasing new energy passenger vehicles has been increased to 0.02 million RMB. Regarding the replacement of household appliances,
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