Shares in retailer Gome, dubbed China's Best Buy, declined sharply on Friday after a Hong Kong court decided to freeze assets worth HK$1.66 billion held by its former chairman Huang Guangyu.

Though investors remained concerned over the cash flow problems at the retailer, analysts continued to maintain a bullish outlook.

The asset freeze comes after the Hong Kong securities regulator moved the court to prevent Huang and his wife Du Juan and two holding companies from disposing of or trading in Gome's shares.