Suning Appliance and Japanese LAOX Co. held a joint press conference. Suning Appliance announced that it would subscribe to the LAOX privately placed shares, holding 27.36% of the equity in LAOX, becoming its largest shareholder. It formally took over this nearly eighty-year-old Japanese time-honored appliance chain enterprise. This is also the first time for a Chinese enterprise to acquire a Japanese listed company. The prospect of Suning's expansion into the closed and mature Japanese market has not been optimistic.