Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Suning Shares Surge on China Private Bank Report: Shenzhen Mover

Don't Miss Out —
Follow us on:

Sept. 23 (Bloomberg) -- Suning Commerce Group Co. surged to a two-year high on speculation it may be awarded a private bank license as China’s policy makers prepare to open the financial sector to more companies that aren’t state-owned.

The retailer of electronics and home appliances gained by the 10 percent daily limit in Shenzhen to 12.01 yuan, the highest close since August 2011. China’s benchmark Shanghai Composite Index gained 1.3 percent. The shares resumed trading after a Sept. 19 halt.

Chinese authorities may approve the set up of a new private bank before March of next year, the 21st Century Business Herald reported today, citing a draft plan submitted to the nation’s banking regulator for approval. Suning’s shares have risen 50 percent since the company, based in the eastern city of Nanjing, said Aug. 23 it had submitted preliminary plans to relevant government departments to set up a bank.

A Suning press officer, who declined to be identified because of the company’s rules, said the retailer had no comment beyond on its Aug. 23 statement.

The State Council, China’s cabinet, said July 5 it would encourage private investment in financial institutions, including banks, leasing firms and consumer finance companies.

Tencent Holdings Ltd., China’s largest Internet company by market value, is among those that have applied to start a banking business, Shanghai Securities News reported Sept. 13. Jack Ma, chairman of Alibaba Group Holding Ltd., has also pledged to “stir things up” in banking.

To contact Bloomberg News staff for this story: Aipeng Soo in Beijing at asoo4@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.