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.
The number of online payment users in China reached 805 million as of June 30, 2020, according to a CNNIC report, accounting for almost 86% of internet users. Mobile online payment users grew to 802 million in H1 2020, representing 86% of mobile internet users. Third-party Payment Market in Q2 2020 China’s third-party mobile payment […]
In a year of exceptional pressure on growth, the BrandZ™ Top 100 Most Valuable Chinese Brands gained 12% in value, in the 10th edition of the ranking revealed by WPP and Kantar. The Top 100 best Chinese brands increased their worth by $106.8 billion to reach $996.4 billion, demonstrating the resilience of strong famous brands […]
Over 23% of users changed their preference of channels for buying daily commodities, medical care, and fresh grocery products, according to a recent iResearch report. Overall, users tend to favor JD and PDD more. The preference for Tmall has remained the same while Taobao has declined. JD has become Chinese consumers’ first choice for fresh […]
Taobao 618 Livestream 618, usually from mid-May to 18 June, is China’s largest mid-year shopping festival. This year’s Tmall 618, there were hundreds of domestic and foreign brands whose sales exceeded last year’s Double 11, with the highest growth rate exceeding 40 times. Taobao/Tmall 618 Performance With over 200,000 brands taking part. Innovative marketing campaigns […]
Online shopping has become a lifestyle in China. Let’s take a look at the influence of China’s biggest shopping festival Double 11 in 2018 on the top e-commerce platforms. Mobile Taobao’s daily active users surged by 63.4% on the very day of Double 11. Tmall had the highest growth in daily active users during the pre-sale […]
In China, the online retail B2C e-commerce grew by 28.4% to a US$226.38bn market in Q4 2018. Tmall took the lead, followed by JD, Suning, Vipshop, and Gome.
The record-breaking 213.4 billion yuan gave this year’s Tmall Double 11 a good ending. Some turned their attention to the performance of top retailers and wanted to check out what they did to achieve such success. Double 11, named after Singles’ Day (or Bachelor’s Day) in China on 11 November, is the biggest shopping festival of […]
The top 20 companies accounted for 23.6% of total full media ad spending during the Q1-Q3 period. Internet companies debuted in the top 20 ranking of full media in H1 2018. Tmall, JD Mall, Coco-Cola, Suning, Xiaomi, Apple, Huawei, and Tencent were among the list of top buyers. By comparison, some emerging internet retailers paid attention […]
The Double 11 rising on the popularity of China Singles’ Day (Nov 11) is growing bigger every year. Top e-commerce players all saw record-breaking sales on this very day. Sales on Tmall reached 10 billion yuan in 00:02:05, sales on NetEase Kaola exceeded 100 million yuan in 00:03:49, and GMV on Suning exceeded 100 million […]
Amazon’s brand value has risen 42% to US$150.8 billion, retaining top billing as the world’s most valuable retail brand according to a Brand Finance report, while other e-commerce brands are in strong growth, such as Alibaba (up 58% to US$54.9 billion) and JD.com (up 47% to US$19.6 billion) as well as Germany’s Zalando (up 40% […]
China online retail market totaled 1,974.59 billion yuan (US$311.69 billion) with an increase of 41% YoY in Q4 2017 according to data from Analysis. China’s B2C online retail market reached 1,189.35 billion yuan (US$187.74 billion) with an increase of 43.2%.
China retail giant Suning held its annual spring conference this month; as the largest O2O retail enterprise in China, this meeting does not just announce Suning’s strategy and development goals for 2018, but also serves as a bellwether for the whole retail industry in China. Looking back at Alibaba and Suning’s 2017, it is possible […]
China online retail market totaled 1.8 trillion yuan (US$271 billion) in Q3 2017 with a growth rate of 38.7% YoY according to data from Analysis. The online B2C market reached 985.44 billion yuan (US$148.56 bn) with an increase of 39.1% YoY. The total transactions on Tmall grew by 47% YoY in Q3 2017 or 7.4% QoQ, […]
The total transactions of China’s online shopping market totaled 4.7 trillion yuan (US$680 bn) in 2016 with an increase of 23.9%; and, it’s estimated to reach 7.3 trillion yuan (US$1.06 trillion) in 2019. Tmall dominates China’s B2C online shopping market with over 56% market share.