Suning Appliance Co Ltd, one of the largest privately-owned electrical appliance retailers in China, Tuesday said it has agreed to buy US$350 million worth of products from Taiwan-based Asustek Computer Inc, Reuters reported.

Under the two-year agreement, Suning will purchase products, including laptop computers and mobile phones, from Asustek, a leading provider of computers, communications products and consumer electronics.

No further details about the deal were given, said the report.

Last month, Asustek posted a net profit of nearly NT$6.5 billion for the third quarter, a net profit higher than the NT$2.97 billion analysts predicted. Earnings per share were NT$1.5 during the period, whereas those of its market counterpart, Acer, were NT$1.28, according to an earlier report from China Knowledge.

Suning's net profit rose 15.06% from a year ago to RMB 1.97 billion in the first nine months of the year. Operating revenue in the period grew 6.32% year on year to RMB 41.57 billion.

The firm expanded into more than 15 Chinese cities in the first nine months and increased the number of retail stores by 73. The firm now has a total of 885 retail stores in the country, including 152 flagship stores.