Beijing Concludes "Old for New" Program Bidding
Netease Tech, 7/29/09
Bidding to serve as one of Beijing's retail outlets and buy-back centers for the nationwide "Old for New" consumer electronics exchange program concluded at 9:30 this morning. 26 electronics retailers and manufacturers placed sales bids, including Dazhong, Gome (0493.HK), TCL (000100.SZ), Suning (002024.SZ), Walmart, HP, Founder (600601.SH), Haier, Skyworth (0751.HK), Gree, and Tsinghua Tongfang (600100.SH), while 24 companies placed buy-back bids. Most of the participating companies vied for both sales and buy-back bids.
Organizers said that the results will be announced at the end of the month or beginning of next month. The first call for sales bids is limited to 15 companies, and 19 companies for buy-back bids.
Editor's Note: Suning president Sun Weimin disclosed that the "Old for New" program will be officially launched in nine trial provinces and cities, include Beijing, Tianjin, Shanghai, Jiangsu, Zhejiang, Shandong, Guangdong, Fuzhou and Changsha, this August. Beijing requires bidders to have been a Beijing resident at least three years, have independent legal qualifications, or have a company that paid RMB 5 mln or more in local taxes in 2008. In addition, the company must have registered capital of no less than RMB 50 mln, cash flow of no less than RMB 30 mln, and annual consumer electronics sales of more than RMB 100 mln.
Keywords: 000100.SZ 002024.SZ 0493.HK 0751.HK 1169.HK 600100.SH 600601.SH Beijing bidding consumer electronics Dazhong Gome Haier hardware HP retail Skyworth Suning Tsinghua Tongfang government initiative government support government subsidy Wal-Mart Founder Technology Group TCL Corporation Old for New
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