October 24 -- Suning Appliance (002024.SZ) said it had received approval from the China Securities Regulatory Commission to conduct its private placement, reports p5w.net, citing a company filing.

According to a previous filing, Suning plans to issue 447 million shares at 12.3 yuan per share to Nanjing Rundong Investment, Beijing Hony 2010 Equity Investment Center, and New China Life Insurance, raising up to 5.5 billion yuan.

Funds raised will be used for the development of its chain stores, the building of a logistics platform, upgrading an information platform, and to replenish working capital.

Source:CapitalVue