China's Suning to open 426 chain stores in 2012

Suning Appliance Co., China's largest home appliance retailer by market value, plans to open 426 new chain stores worldwide, according to a newly released report with the company.

Among the 426 new stores, eight will be located in Hong Kong and two in Japan. The household appliance giant will also expand into 39 prefecture-level cities in the Chinese mainland, said the report.

Net profits of the Nanjing-based Suning Appliance rose 20.16 percent last year from 2010 to reach 4.82 billion yuan (766 million U.S. dollars). It opened 373 new chain stores in 2011.

The retailer's 2011 business revenue rose 24.35 percent from the previous year to 93.89 billion yuan, according to the report.