Friday, March 28, 2008

Suning aims to be listed in Fortune 500 in 3 years

Suning Appliance Co Ltd<002024>, China's second-largest electronics retailer, aims to be listed in the world's top 500 companies in three years, said Zhang Jindong, chairman of the retailer.

Suning aims to overtake its larger rival Gome Electrical Appliance Holdings Ltd<493> in the domestic market, and expand in overseas market in 2010, Zhang said at an appliance chain industrial forum in Beijing yesterday. "Hong Kong will be the first stop in our overseas expansion plan."

The Nanjing, Jiangsu province-based company said it can achieve the target without acquisitions, Zhang said, adding that the company will launch 200 outlets nationwide this year to expand its network to 900 by then.

Suning saw a robust increase of 93.42% year-on-year in 2007 net profit to hit RMB 1.47 billion (US$208.40 million).

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