Rumor: Suning.com to Acquire Newegg China

Ebrun, 3/11/13

According to an informed source, US online electronics retailer Newegg's China operation has been acquired by Chinese consumer electronics and home appliances retailer Suning (002024.SZ) and begun large scale layoffs. Newegg China will move its offices from Shanghai's Jingan district to Jiading, a less expensive area in the suburbs of the city. The news has also been posted and reposted on the official microblogging accounts of several e-commerce industry insiders.

Editor's Note: Representatives from both Suning and Newegg China denied reports of a possible acquisition today, stating that the companies had not been in contact and any such rumor was baseless.

Keywords: consumer electronics e-commerce Internet Newegg 002024.SZ Suning Yigou M&A

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