In response to a rumor that American electronics retailer Best Buy (BBY) is planning to acquire Gome, Yang Deming, head of Best Buy Asia, has told local media that Best Buy will stick to its long-term development plan in China and has no plans of expansion through acquisition.

Yang has said that Best Buy will open two to three new stores in China in the coming year. Besides Yang, Chen Xiao, president of Gome, also told media that they had not reached any agreement with Best Buy on an acquisition.

Yang said that the resignation of Lv Weimin, general manager of Best Buy China has not affected the company's strategy in China, and their second store at Zhongshan Park in Shanghai will open after the Chinese New Year. In addition, Best Buy will open 2-3 new stores in Shanghai in the coming 12 months. Yang said that Best Buy had no plans for entering other Chinese cities and the most important thing right now is for them to grow stronger in Shanghai.