China's Jan-May Rural Appliance Sales Reach RMB 80 Bln

China Securities Journal, 6/06/12

According to new figures from China's Ministry of Commerce, nationwide sales volume under the government-backed rural appliance sales program fell 5.7% YoY to 30.11 mln appliances for the five-month period from January to May 2012, resulting in revenues of RMB 79.88 bln, down 4.4% YoY. Hebei, Anhui, and Jiangsu were the top three provinces in terms of sales volume, accounting for 33.8% of all appliance sales under the program. Chinese consumer electronics manufacturers Haier, Hisense (600060.SH), and Midea were the top three vendors.

As of the end of May, total cumulative sales through the program had reached 248 mln units, generating RMB 585.77 bln in revenue, with government subsidies reaching RMB 68.16 bln.

Keywords: government initiative consumer electronics hardware revenue rural Ministry of Commerce Midea Haier Hisense sales volume 600060.SH government subsidy

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