Suning Up On Share Buy Plan


SUNING Appliance, China's biggest home appliance retailer, rose yesterday on a plan by its top executives to boost share holdings.

The Nanjing-based retailer extended Monday's gains as its shares climbed 4.4 percent to close at 8.52 yuan (US$1.34) while the CSI 300 Index, which tracks the top 300 companies listed on the Chinese mainland, slumped 2.3 percent to 2,421.93 points, the lowest of the year.

In a filing to the Shenzhen Stock Exchange on Monday Suning said its top management team will buy 200 million yuan worth of the company shares within one month.

Suning said the team was very positive about the company, which may post an annual increase of 20 to 25 percent in net profit this year while the total number of new stores is set to exceed 410 by year's end.

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