Chen Xiao [File Photo]

Chen Xiao, the former chairman of Gome Electrical Appliances Holding Ltd confirmed Wednesday to China Business News that he will engage in investments, but did not reveal the specific industry.

It's the first time Chen revealed his future career plan to media, according to the newspaper.

A person surnamed Zhang told the newspaper that Chen is very optimistic about the home appliances industry. Zhang said Chen has set up a chain home appliances company, which mainly sells household goods, accessories and industry trade.

Chen has not confirmed any of Zhang's claims.

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Zhang said the store will sell home accessories and supplies through joint ventures or cooperation with related companies. The company is part of the domestic retail market and aims to become the leading runner in China's home appliances industry.

Zhang also revealed that Chen will open his new company in May and is now recruiting employees.

Chen did not corroborate Zheng's statements, however, Chen did say that he will consider investing in the home appliances industry. Chen has perviously made investments in this field, the newspaper reported.