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Suning Appliance Group raises stake in Suning Appliance Co

Nov. 19, 2012 (China Knowledge) - Suning Appliance Co Ltd<002024>, one of the largest electrical appliance retailers in China, has announced today that its second largest shareholder Suning Appliance Group Co had raised 67.94 million A shares between Aug 16 and Nov 15.
Suning Appliance Group saw its stake in Suning Appliance Co increase to 13.68% after the share purchase.
The electrical appliance retailer said in a statement that its second largest shareholder plans to buy no more than RMB 1 billion worth of A shares in the company in the next three months.

In the first nine month of this year, the Shenzhen listed company saw its operation revenue rose 7.11% YoY to RMB 72.43 billion, while its net profit for the nine-month period hit RMB 2.35 billion, down 31.3% from a year earlier, China Knowledge reported earlier.

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