Suning denies using trial to boost listed unit’s share price
Print Edition
Suning has denied media reports alleging that the electronics giant may have used the private bank trial to shore up the share price of its listed unit, Suning Commerce Group.
News portal Sina.com, citing an unnamed official of the China Banking Regulatory Commission, reported yesterday that the regulator hasn’t received any application from Suning.
The report attributed the rise in Suning’s share price to market expectation at the time that the company may be among the first private firms to tap into the state-dominated banking industry.
Other media also published similar reports, suspecting Suning’s intention in sending signals to the market that it may run a private bank in the future.
Suning responded that it made its first proposal to local authorities in Jiangsu Province under the guidance of the Nanjing financial services office in July with regards to joining the private bank trial.
Suning said it has received feedback from the Jiangsu government that its application was submitted to the State Council and the CBRC in September.
Suning’s shares have soared 133 percent from about 6 yuan (98 US cents) in July to its peak over the past one year of 13.99 yuan.
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