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Article: SUNING TO MARCH INTO THE JAPANESE MARKET
- Article from:
- AsiaInfo Services
- Article date:
- August 31, 2009
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AsiaInfo Services
08-31-2009
Suning to March into the Japanese Market
BEIJING, Aug 31, 2009 (SinoCast Daily Business Beat via COMTEX) -- One of the Chinese household appliance retail giants Suning Appliance Co., Ltd. (SZSE: 002024) plans to march into the Japanese retail market, part of its efforts to scramble for the global market.
In June 2009, the company purchased 66.67 million additional shares from LAOX Co., Ltd. (TYO: 8202), a top ten Japanese retail titan; and become the biggest shareholder of the latter, with a 27.36% equity in LAOX. In addition, all those shares are worth of JPY 800 million or CNY 57.3 million in all.
Besides, the Chinese company reaped a net profit of CNY 1.265 ...