No sooner has the China Securities Regulatory Commission (CSRC) begun to implement new regulations for re-financing, electronic retailer Suning announced that it will hold a company meeting to discuss a new IPO.
Sun Weimin, president of Suning, says that his company has been preparing for the financing for a long time. The company's Board of Directors has preliminarily agreed to float no more than 2.5 million shares at the price of RMB31.12 each, which may raise a total of about RMB780 million for the company.
Sun says that they plan to use RMB500 billion of the funds to develop and construct franchisees. According to Sun, Suning will set up 100 new stores in the next six to nine months.
However, the company needs to have its IPO plan approved by CSRC and its shareholders before it is formally carried out.