Gome Electrical Appliances Holdings Ltd, China's biggest electronics retailer, said it will take "appropriate steps" after its former chairman told a newspaper he intends to sell all of his shares in the company.

Chen Xiao, who stepped down in March, told the 21st Century Business Herald that he plans to sell his Gome stock because a continued advance in the share price "would be impossible", according to a report in the Guangzhou-based newspaper on Tuesday.