(Yicai Global) July 6 — Shares in Suning.com plunged by the exchange-imposed limit today after the struggling Chinese electrical appliance retailer refuted a report that a group of disgruntled suppliers have applied to a local court for the firm to be declared insolvent and its affairs to be wound up.
Suning’s share price [SHE:002024] was trading down 4.95 percent at CNY2.11 (USD0.32) as of 12 noon China time. For companies under observation, their daily trading limit is set at 5 percent in either direction, half the usual limit.
Business continues as normal and is even improving, Suning said on its Twitter-like Weibo account today. The Nanjing-based firm will investigate the legality of these reports, it added.
Some suppliers filed a…