Chinese home appliance retailer Gome has finalized the HK$5.27-billion (US$678 million; US$1 = HK$7.8) acquisition of its Shanghai-based competitor China Paradise. Gome's chairman Huang Guangyu will become the merged company's chairman and China Paradise's Chen Xiao its chief executive officer. The new company will be operating under dual brands, which means China Paradise's original Yolo brand will continue to exist. It is estimated that the new company will generate about US$8 billion in sales annually, which accounts for a tenth of the Chinese consumer electronics market.

Gome's acquisition of China Paradise is expected to help Gome seize the Shanghai market, in which China Paradise currently has a 60% share. However, China Paradise's previous strategic acquisition agreement with Beijing-based retailer Dazhong is expected to be reconsidered.