Latest news with #WangLinpeng
Mint
29-07-2025
- Business
- Mint
Head of China's Top Furniture Retailer Dies Amid Property Slump
The chairman of China's biggest home furnishing retailer has died amid an investigation by authorities and as his company endures a protracted slump caused by the sluggish property market. Wang Linpeng, chairman and chief executive officer of Wuhan-based Easyhome New Retail Group Co., died at home on Sunday, the company said, without identifying the cause of his death. Wang was detained by Wuhan city authorities three months ago and was released earlier this month 'pending investigation,' the company said in a separate statement, without giving more details. A downturn in China's property market and weak consumer sentiment have squeezed furniture retailers and home furnishing companies. In recent years, even the likes of Ikea have tried to lure thrifty consumers with steeper discounts to stem declining growth, and Japanese furniture retailer Nitori Holdings Co. has paused expansion and shuttered some stores. Read: China Property Recovery Stalls, Eyes on Politburo for Support Easyhome, which operates malls offering furniture, construction and decoration materials, has seen its profit drop for three consecutive years. Net income declined 39% in the first quarter of 2025, according to the Shenzhen-listed company, in which Wang and parties acting in concert held a combined 44% stake. Dong Yi Ri Sheng Home Decoration Group Co., another Shenzhen-listed home furnishing company, expected a net loss of at least 46 million yuan in the first six months of this year, adding to a loss of 540 million yuan in 2024. The challenging environment has driven some out of business. Guangzhou-based furnishing brand Liangjiaju announced end of operations this month, while the once-popular renovation services provider Zhufaner informed clients in June that it's unable to fulfill orders as scheduled due to financial difficulties. China's furniture retail sales growth has slowed significantly from before the pandemic, with expansion at low single-digit in the past two years compared with more than 10% annual increase between 2016 and 2018, according to data from the National Bureau of Statistics. Shares of Easyhome dropped as much as 3.4% Tuesday after the company confirmed the death of its chairman. The stock has slumped more than 17% so far this year.
Bloomberg
29-07-2025
- Business
- Bloomberg
China's Easyhome Chairman Dies During Probe by Authorities
The chairman of China's biggest home furnishing retailer, who was being probed for unspecified violations, has passed away, according to an exchange filing. Wang Linpeng, chairman and chief executive officer of Wuhan-based Easyhome New Retail Group Co., died at home on Sunday, the company said, without identifying the cause of his death. Wang was detained by Wuhan city authorities three months ago and was released earlier this month 'pending investigation,' the company said in a separate statement, without giving more details.
South China Morning Post
17-03-2025
- Business
- South China Morning Post
UBTech partners with furniture chain to bring 10,000 robots to Chinese homes
UBTech Robotics has announced a partnership with a major Chinese furniture retail chain to sell 10,000 robots , including models specifically designed for elderly care, marking the firm's latest initiative to expand its presence in the consumer market. Advertisement Shenzhen-based UBTech said in a statement on Monday that it would sell 500 humanoid robots this year to Easyhome New Retail Group to 'enhance the customer shopping experience' in furniture stores . Meanwhile, Easyhome planned to sell 10,000 UBTech robots to its customers and promote the use of intelligent elderly care robots in home service environments, the robot maker said. The partnership will also involve the joint development of 'renovation robots' to reduce costs and improve efficiency during home remodelling, according to UBTech, whose elderly products include delivery robots, companion robots, walking aides and arm chairs. The deal comes as humanoid robots are attracting increasing public attention, while production levels are on the rise. According to China's statistics bureau, the country produced 1.5 million service robots from January to February, a nearly 36 per cent increase from a year earlier. 03:31 Ageing Japan turns to AI robots to care for the elderly Ageing Japan turns to AI robots to care for the elderly The household sector 'has the largest potential' for the application of humanoid robots, according to UBTech chairman and CEO Zhou Jian. Easyhome chairman and CEO Wang Linpeng expected that more types of robots – such as those for housework, healthcare and gardening – would become integral to family life. Advertisement
