Share prices for China 3C Group (OTCBB: CHCG) rose sharply this morning, only to sink back down by mid-afternoon today, resulting in a total increase of 5.60 percent – 39 cents to $7.35. Even more impressively, the company’s volume topped the OTC Bulletin Board for the day, reaching 1,385,194 shares, a dollar value of $10,173,524.The sudden jump in the stock price this morning came right after the company released information that it had signed an agreement to provide products and services for North America-based electronics powerhouse Best Buy (NYSE: BBY).
“Our agreement with Best Buy further increases our presence and recognition as a reliable distributor of quality merchandise,” Zhenggang Wang, CEO of China 3C Group, said in the press release. “We are pleased to be selected as a supplier of electronic goods to Best Buy, a company recognized as one of the world’s foremost consumer electronics retailers.
“We expect this year-long agreement will have beneficial results,” Wang added.
China 3C Group specializes in 3C products (communication, information technology and digital) in China through its subsidiary Zhejiang Yong Xin Digital Technology Co. The company’s goal is to become the No. 1 retailer of 3C products in China.