According to new figures from China's Ministry of Commerce, nationwide sales volume (excepting Shandong, Henan, Sichuan, and Qingdao) under the government-backed rural appliance sales program came to 23.34 mln appliances during the four-month period from January to April 2012, resulting in revenues of RMB 61.68 bln, a PoP decline of 16.4% and 6.7%, respectively. Televisions and refrigerators accounted for a combined 56% of total appliances sold through the rural appliance initiative. Chinese consumer electronics manufacturers Haier, Hisense (600060.SH), and Changhong (600839.SH) led by sales volume, with sales of RMB 7.768 bln, 5.296 bln, and 4.248 bln, respectively, for a combined 28.1% of total rural appliance sales volume.

As of the end of April 2012, a nationwide total of 241 mln appliances had been sold through the rural appliance initiative, for total sales of RMB 567.49 bln and total government subsidies of RMB 66.19 bln.

Source:marbridgeconsulting