Chinese retailer Suning Appliance Co. will raise around 3 billion yuan in a private placement for purposes including building new chain shops around China, said a Reuters report.
Suning planned to issue up to 200 million new yuan-denominated A shares to private investors, including its chairman Zhang Jindong. Zhang would buy about one tenth of the new shares by cash, Suning said.
Proceeds would also be used to build six logistics centers in Chinese cities including Beijing and Tianjin and to supplement working capital.
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