Suning Appliance plans to raise 2.8 billion yuan (HK$3.17 billion) through issuing 200 million new shares at no less than 15 yuan each to institutional investors to fund retail network expansion. The Shenzhen-listed firm plans to spend 1.4 billion yuan adding 250 stores in the country and 1.01 billion yuan setting up logistic centres in Chongqing, Tianjin, Xuzhou, Chengdu and Wuxi. The rest will be used for general working capital. Controlling shareholder Zhang Jindong will subscribe 250 million yuan to 350 million yuan worth of the new shares.