Investors in Hong Kong-listed Suning and Gome have run for the exits amid plunging first-half profits.
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Suning announced plans to set up 100 Samsung Experience Shops in its flagship stores across China, a total that now looks diminutive.
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Suning Appliance to reflect its new strategy and big push into e-commerce.
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Today Suning nationwide has 1, 700 stores and offers shoppers a million items.
Suning is among a number of big Chinese retailers reporting sharply lower profits in the first half of 2013 from a year earlier.
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Gome and Suning, the two biggest electronics chains, offer discounts online.
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Local online retailers like home appliance company Suning Appliance (SHE: 2024) is one of the most popular sites for shoppers followed by the privately held 360buy.com.
In regards to the future cooperation of the two parties, Suning plans to set up no less than 100 Samsung Experience Shops in its flagship stores across China.
Suning maneuvered to capture Chinese tourists purchasing duty-free electronic items in Japanese retail shops, as well as bring Laox sales and product management expertise back to its Chinese retail stores.
In a year of slowed economic growth and apprehension that things could get worse, few are more visibly in this spot than Zhang Jindong and his retail-driven Suning empire.
Yet its pain pales into comparison with that felt by the likes of online retailers like Suning, Gome and 360buy.com, which are struggling to clear inventory from their warehouses.
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One famous retail acquisition last year was when Chinese electronics retailer Suning Appliance Co. acquired Laox, a consumer electronics chain with huge stores in Tokyo, Osaka, and other major Japanese cities.
Whirlpool disclosed a sales and distribution alliance with Chinese retailer Suning in an effort by the world's largest maker of home appliances to increase its small share of the market in China.
Chinese billionaires with A-share companies include Liang Wengen of Sany Heavy Industry, a key rival of Caterpillar in China, and Zhang Jindong, the chairman of Suning Commercial, a self-styled Amazon and Wal-Mart of China.
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Suning controls Japan-listed retailer Laox.
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It was followed in the top 10 by Suning Appliances, whose major shareholder is Chinese billionaire Zhang Guiping, and Gome Appliances, which is controlled by jailed Chinese billionaire Wong Kwong Yu. (For information about the Forbes China Rich List, click here.) The association ranking is based on sales.
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In other news involving Hong Kong-traded China stocks, Gome fell by 4.6% yesterday after it said on Friday net profit dropped 88% in the first quarter on weak sales. (See story here.) The company also said on Friday that it would increase its investments in e-commerce, as competition heats up with rivals Suning, Yahoo-invested Taobao and others.
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