(Yicai Global) Sept. 20 -- Gome Retail Holdings’ stock price sank after the struggling Chinese home appliance retailer’s former chairman and his wife sold more shares in the company, cashing out about HKD531 million (USD67.7 million), despite only recently promising to revive its fortunes.

Gome [HKG: 0493] slid 5.7 percent to close at 16 Hong Kong cents (2 US cents) today, bringing the stock’s decline to 76 percent so far this year.

Huang Guangyu and spouse Du Juan, as well as firms controlled by them, sold about 2.7 billion of Beijing-based Gome’s shares on Sept. 14, according to a stock exchange filing yesterday. On the day of the transfer, Gome's stock price plunged nearly 22 percent.

The couple have cut their interest in Gome several times this year, reducing it to 15.4 billion shares from 20.6 billion as of Dec. 31, but remain the biggest investors with a combined 43 percent stake, according to bourse data.

Huang was released early from jail in February 2021 after serving part of a 14-year sentence for insider trading and graft. While he was incarcerated, business declined amid stiff competition from e-commerce players. Gome has lost money for five straight years, and its first-half loss this year widened 50 percent to CNY3 billion (USD428.1 million).

Last month, Huang said Gome will rise again as it strives to become more profitable than ever by 2025 through acquiring assets and spinning off loss-making businesses.

Editor: Emmi Laine, Xiao Yi