Date
15 December 2017

Suning denies using bank trial to lift listed unit, paper says

Suning has denied media reports alleging that the electronics giant may have used the private bank trial to shore up the share price of its listed unit, Suning Commerce Group, Shanghai Daily reported Wednesday. News portal Sina.com, citing an unnamed official of the China Banking Regulatory Commission, reported Tuesday that the regulator hasn’t received any application from Suning. The report attributed the rise in Suning’s share price to market expectation at the time that the company may be among the first private firms to tap into the state-dominated banking industry, it said. Suning’s shares have risen 133 percent from about 6 yuan (98 US cents) in July to its peak over the past year of 13.99 yuan.

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