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Suning shares jump after parent pledges stake purchase
By Ding Yining |
August 15, 2012, Wednesday
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Online Edition
Online Edition
SHARES of Suning Appliance Co surged the daily limit of 10 percent today after saying one of its major shareholders will increase its stake in the company.
Suning, China's largest electronics retailer, said its parent group will increase its stake with up to 1 billion yuan (US$158.7 million) within the next three months.
Suning Appliance Group will complete the share purchase to demonstrate its strong confidence in the company's future development, the listed company said in a stock exchange filing during the noon break.
Suning's share price has been under pressure after it said last month that first-half profit fell 30 percent from a year ago to 1.74 billion yuan due to weakening revenue at offline outlets.
Suning's shares rebounded to 6.47 yuan at market close after losing more than 5 percent in the morning session.
However, Suning's earnings will not see a significant improvement in the near future as "its online shopping arm is very likely to suffer losses as it expands to attract customers and catch up with other domestic rivals," said Everbright Securities analyst Tang Jiarui.
Suning, China's largest electronics retailer, said its parent group will increase its stake with up to 1 billion yuan (US$158.7 million) within the next three months.
Suning Appliance Group will complete the share purchase to demonstrate its strong confidence in the company's future development, the listed company said in a stock exchange filing during the noon break.
Suning's share price has been under pressure after it said last month that first-half profit fell 30 percent from a year ago to 1.74 billion yuan due to weakening revenue at offline outlets.
Suning's shares rebounded to 6.47 yuan at market close after losing more than 5 percent in the morning session.
However, Suning's earnings will not see a significant improvement in the near future as "its online shopping arm is very likely to suffer losses as it expands to attract customers and catch up with other domestic rivals," said Everbright Securities analyst Tang Jiarui.
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