The first round of presentations finished this week, the second round will take place in December.
“Suning hopes to beef up its market share,” said one source. “The pitch is timely, especially as it coincides with the arrest of the CEO of Gome [Suning's major competitor].”
“Suning hopes to beef up its market share,” said one source. “The pitch is timely, especially as it coincides with the arrest of the CEO of Gome [Suning's major competitor].”
Wong Kwong-yu, founder and chairman of Gome Gome Electrical Appliances and and one of China’s wealthiest men, is under investigation by the Beijing police for alleged share trading violations and other economic crimes. Gome issued a statement Friday saying that Wong had handed responsibility for company affairs to CEO Chen Xiao, after he was informed by phone of Wong's detention. Shares in Gome were suspended from trading in Hong Kong this week as a result of the news.
The company said its chief financial officer, Zhou Yafei, was also under investigation. It set up a committee to handle issues related to the investigation and was planning a special audit of company accounts.
