The Digital Source For China's Tech Innovation Since 2000

Search
Close

Suning Plans To Issue New Non-public Shares For New Projects

June 23, 2009
Business | Gadgets & Electronics

Chinese electronics retailer Suning has published a report which states that it will issue no more than 200 million new non-public shares at the price of at least CNY15 per share to finance CNY2.8 billion for eight new projects.

Of the total, shares valued at CNY250 million to CNY350 million will be acquired by Zhang Jindong, chairman of Suning, and these shares should not be traded in the market or transferred during the following 36 months after the finish of the issuance.

According to Suning, the financed capital will be invested in eight projects of three major kinds, totaling CNY3.315 billion. In detail, the company will use CNY1.4 billion to develop 250 chain stores across China, increasing its chain store area by 979,800 square meters; it will use CNY1.01 billion to set up new distribution centers in Chengdu, Wuxi, Chongqing, Tianjin, Xuzhou, and Beijing; and it will add CNY390 million to its liquidity.

Public statistics show that Suning is one of the largest home appliances and consumer electronics retailers in China. By March 31, 2009, the company had opened 819 chain stores in 181 Chinese prefecture-level or above cities, operating a total store area of about 3.525 million square meters. During the first quarter of 2009, the company made revenue of CNY12.658 billion and realized net profit of CNY475 million.

Tags: appliances | Beijing | capital | chain store | chairman | Chengdu | China | Chinese | Chongqing | consumer | consumer electronics | distribution | finance | Gadgets & Electronics | home appliances | investment | IT | Jindong | procurement | retail | revenue | share | sourcing | statistics | stock | Suning | Tianjin | Wuxi | Xuzhou | Zhang Jindong

Other Related News:

China UnionPay Issues Reminders For Spring Festival

January 25, 2006

Report: video game revenue in China fell for a third consecutive month in May 2022, down 6.7% YoY to $3.4B, amid a slowing economy and regulatory uncertainties (Xinmei Shen/South China Morning Post) News AKMI

June 24, 2022

Chinese smartphone company VIVO involved in money laundering: ED claims in Delhi High Court

July 26, 2022

Halls for VR games and 5G on the train: China prepares for the arrival of the Olympians

January 16, 2022

Tengtu And Microsoft Launch Education Resource

April 27, 2004

Apple could buy iPhone storage chips from a Chinese chipmaker for the first time 24HTECH.ASIA

April 1, 2022

Chinese hockey team loses 1st trial game for Olympics in OT BRProud.com

November 16, 2021

M2M Cellular Modules Market Segment By Companies: AT&T (U.S.), Verizon Communications (U.S.), Vodafone Group (UK), Sprint (U.S.), Amdocs (U.S.), China Mobile (China)

October 28, 2021

Matt Wallace Recommends Crypto Adoption for Ukraine and Taiwan

February 25, 2022
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
Menu
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
© 2022 ChinaTechNews.com. A Service of Asia Media Network.
Twitter
Posting....