Suning to Launch Small Loan Company in Chongqing
DoNews, 12/06/12
Chinese consumer electronics and home appliances retailer Suning (002024.SZ) issued a public filing on the evening of December 5 announcing that its wholly owned overseas subsidiary Suning (Hong Kong) will sign an agreement with Suning's second-largest shareholder, the Suning Appliance Group, to jointly invest in and establish a new company, "Chongqing Suning Small Loans." The small-loan company will have a registered capital of RMB 300 mln, of which Suning (Hong Kong) will hold a 75% (RMB 225 mln) share. Suning Appliance Group will invest RMB 75 mln in exchange for 25% of the new small-loan company.
Keywords: financing consumer electronics hardware Suning home appliances 002024.SZ retail
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