Step 1: He will convert the debt into equity first, and then add the shares of Chen Xiao and others, so he probably owns 17% of the shares.
Step 2: Chen Xiao will issue another 20% to Bain, so Bain's concerted actions will own about 32% of Gome's shares.
Step 3: Bain directly increased its holdings by 3 points in the secondary market, thus triggering Gome's comprehensive takeover offer.
Part IV: Once Bain starts the tender offer for Gome, if Huang Guangyu doesn't follow up, Gome will fall into Bain's hands. If Huang Guangyu follows up and Bain can only offer more favorable conditions than Bain to deal with the tender offer, Bain can easily withdraw at a profit.