Suning, one of the leading electrical appliance retailers in China, has struck a deal to buy Hong Kong-based Citicall Retail Management for $4.5m (£2.76m), sources reported.

Suning is due to complete its takeover of Citicall Retail Management by March.

The Shenzhen-listed enterprise wants to extend its presence in Hong Kong to 50 stores within three years and is targeting a share of more than 25% of the home appliance market in Hong Kong, where it has 20 stores at present.