Ant Group has become the most valuable financial technology enterprise in China with a value of 2.1 trillion yuan. Credit Suisse expects Ant’s revenue to grow at 34% CAGR from 2019-2022e with digital fintech services as the key driver.
Suning.com Co., Ltd. formerly Suning Commerce Group Co., Ltd. is one of the largest non-government retailers in China, headquartered in Nanjing, Jiangsu Province.
Suning has more than 1,600 stores covering over 700 cities of China and Japan.
Its e-commerce platform, Suning.com ranks among top three Chinese B2C companies. The operation categories include physical merchandise, such as home appliances, 3C products, books, general merchandise, household commodities, cosmetics and baby care products, content products and service merchandise with the total number of SKU exceeding 3 million.
It was listed on the Shenzhen Stock Exchange in 2004.
Suning mainly offers color televisions (TVs), audio and video (AV) players, disc players, refrigerators, washing machines, digital and information technology (IT) products, small household electronics, air conditioners, telecommunications products, and other products. It also provides installation and repair services for electronic appliances.
Suning Company History
On 26 December 1990, the predecessor of Suning was founded in Nanjing as an air-conditioner retail store.
On 15 May 1996, Suning Domestic Appliance Co., Ltd. was incorporated. In 2000 the company was renamed into Suning Domestic Appliance (Group) Co., Ltd. and then Suning Appliance Chain Store (Group) Co., Ltd..
In July 2004, Suning Appliance Chain Store (Group) was listed on SZSE. As at 31 December 2004, founder and chairman Zhang Jindong owned a 35.12% stake, followed by Jiangsu Suning Appliance Co., Ltd., which was the parent company of Suning Appliance Chain Store (Group) Co., Ltd., for 18.29% stake.
Chen Jinfeng owned 8.78% stake. Liu Xiaomeng, Zhang Jindong, Sun Weimin (CEO of Suning) and Chen Jinfeng owned 42%, 28%, 18%, and 12% stake respectively in Jiangsu Suning Appliance, as at 2002.
In 2009 Suning Appliance purchased Hong Kong based retail chain Citicall (as Citicall Retail Management), which became Hongkong Suning Commerce Co., Ltd., for HK$35 million and not more than HK$180 million for fixed assets.
2011-, Suning's been gradually exploring "online and offline" multi-channel integration.
On 19 February 2013, Suning Appliance announced to change the company name to Suning Commerce Group Co., Ltd.
In October 2015 PPTV was sold to chairman Zhang Jindong via a subsidiary of Suning Culture Investment Management for US$398.4102 million, making a profit of RMB 1.355 billion.
In 2015 financial year the comprehensive income of Suning Commerce Group in consolidated basis was just 1.01168 billion RMB.
In April 2016 Suning Commerce acquired 4.90% stake in Nubia Technology from chairman Zhang Jindong for 283.7 million RMB, proportional to Zhang's subscription in the capital increase of Nubia in December 2015.
On 3 June 2016 Suning Commerce Group issued about 1.86 billion new shares to Taobao (China) Software Co., Ltd., a subsidiary of Alibaba Group, for about 28 billion RMB.
During the year the company sold some properties to Zhang, making an extraordinary profit for the loss-making company.
In 2018, the listed company was renamed to Suning.com Co., Ltd.
In 2019, Suning.com acquired 80% stake of the Chinese division of Carrefour.
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