Suning listing plan ok'd
27/4/2004 17:47
Suning Home Appliance Co Ltd will be China's first publicly traded
electric home appliance retail chain. The proposal to float 100 million shares
was approved yesterday, the Beijing News reported.
As planned, the leading
electronic appliance retailer, with net assets totaling 200 million yuan (US$24
million), expects to net 400 million yuan from the listing.
Of the 100
million shares listed, 25 million are tradable shares.
Suning operates 80
stores nationwide, and hopes to use the proceedings from the listing to add
stores, and improve its distribution and information
systems.
Jane Chen / Shanghai Daily news
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