Suning Commerce Group
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Suning Commerce Group
Suning.com
Formerly
  • Suning Domestic Appliance
  • Suning Domestic Appliance (Group)
  • Suning Appliance Chain Store (Group)
  • Suning Appliance
  • Suning Commerce Group
Public
Traded asSZSE: 002024
IndustryRetail
Founded
  • 1990 (predecessor)
  • 15 May 1996 (1996-05-15) (date of incorporation of Suning Domestic Appliance)
FounderZhang Jindong
HeadquartersNanjing,
China
Area served
China (including Hong Kong) and Japan
Key people
Zhang Jindong (Chairman)
RevenueIncreaseCN¥148.585 billion (2016)
IncreaseCNY2 billion (2016)
DecreaseCNY704 million (2016)
Increase CN¥137.167 billion (2016)
Increase CN¥065.710 billion (2016)
Owner
Zhang Jindong(24.29%)
Suning Appliance Group(19.99%)
Alibaba Group(19.99%)
Others shareholders(35.73%)
DivisionsSuning Commerce R&D Center USA
Subsidiaries
Laox(41.85%)
Suning.com(100%)
Suning Hong Kong(100%)
Chinese name
Simplified Chinese
Chinese short name
Simplified Chinese?
former Chinese name
Simplified Chinese
Traditional Chinese
former Chinese short name
Simplified Chinese?
Traditional Chinese?
Literal meaningSuning Cloud Commerce
Websitesuning.cn
Footnotes / references
in consolidated financial statement[1]

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 1600 stores covering over 700 cities of China (the mainland China and Hong Kong S.A.R.) and Japan and 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.[2][3]

Business areas

Suning Commerce Group Co., Ltd. principally operates franchised retail shops of electronics appliances in China.[4] The Company mainly offers colour 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. The company also provides installation and repair services for electronic appliances. As of December 31, 2010, the company had 1,311 stores in 231 cities across China.[5]

History

On 26 December 1990, the predecessor of Suning was founded in Nanjing as an air-conditioner retail store.[6] On 15 May 1996, (literally Suning Domestic Appliance Co., Ltd.) was incorporated. In 2000 the company was renamed into ?()? (literally Suning Domestic Appliance (Group) Co., Ltd.) and then Suning Appliance Chain Store (Group) Co., Ltd. (Chinese: ).

In July 2004, Suning Appliance Chain Store (Group) was listed on SZSE. As at 31 December 2004, founder and chairman Zhang Jindong owned 35.12% stake, followed by Jiangsu Suning Appliance Co., Ltd. (Chinese: ?), which was the parent company of Suning Appliance Chain Store (Group) Co., Ltd., for 18.29% stake.[7] Chen Jinfeng (Chinese: ) owned 8.78% stake. Moreover, 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.[8]

Suning Appliance Chain Store (Group) was renamed into Suning Appliance Co., Ltd. (Chinese: ?; literally: 'Suning Appliance, Company Limited by Share') in 2005.

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.[9]

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. (Chinese: )

On October 2015 PPTV was sold to chairman Zhang Jindong via a subsidiary of Suning Culture Investment Management[10] for US$398.4102 million, making a profit of RMB 1.355 billion.[11] In 2015 financial year the comprehensive income of Suning Commerce Group in consolidated basis was just 1.01168 billion RMB.[11]

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.[12]

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.[13][14][15] During the year the company sold some properties to Zhang, making extraordinary profit for the loss-making company.

In 2018, the listed company was renamed to Suning.com Co., Ltd. (Chinese: )

In 2019, Suning.com acquired 80% stake of the Chinese division of Carrefour.[16]

Sponsorship

In January 2016, one of the shareholders of Suning Commerce, Suning Appliance Group,[17] completed the purchase of the Chinese football club Jiangsu F.C.. The Chinese name of the football club was then renamed as ? literally Jiangsu Suning.com team. According to Suning Commerce, the company sponsored the football club CN¥123 million in 2016.[1]:276

On 6 June 2016 chairman Zhang Jindong, via his own private holding company Suning Holdings Group, signed a contract to purchase the majority stake in Italian football club Inter Milan.[18][19] The deal was approved by the extraordinary general meeting on 28 June 2016, which after the deal, Suning Holdings Group owned 68.55% shares.[20] Suning.com, the online shopping website of Suning Commerce, became a sponsor of the Italian club.[21]

Acquisitions and partnerships

Number Acquisition date Company Business Country Price Ref(s).
1 June 2009 Laox Duty-free shop  Japan $121,000,000 [22][23]
2 December 2009 Citicall Consumer Electronics  Hong Kong HK$215,000,000 [9][24]
3 September 2012 Redbaby E-commerce  China $66,000,000 [25]
4 October 2013 PPTV Streaming Media  China $250,000,000 [26]
5 January 2014 manzuo.com E-commerce  China $10,000,000 [27]
6 December 2014 Allyes Marketing communications  China $15,000,000 [28]
7 April 2016 Nubia Mobile phones  China RMB283,700,000
8 August 2017 China United Network Communications Telecommunications  China

Shareholders

As of 31 December 2016[1]
Rank Name Chinese name Number of shares Percentage Footnotes
1 Zhang Jindong 2,261,541,981 24.29% Chairman of Suning Commerce; owned directly and via Suning Holdings Group
2 Suning Appliance Group 1,861,076,979 19.99% owned directly and via private equity fund; Zhang partially owned the company
3 Taobao (China) Software () 1,861,076,927 19.99% subsidiary of listed company Alibaba Group
Subtotal 5,983,695,887 64.27%
4 Chen Jinfeng 184,127,709 1.98% former employee of Suning Commerce
5 Jin Ming 125,001,165 1.34% director and president of Suning Commerce
6 Central Huijin ? 73,231,900 0.79% Sovereign wealth fund of China
7 Phase 2 of employee ownership scheme 65,919,578 0.71%
8 Phase 1 of employee ownership scheme 61,056,374 0.66%
9 Beijing Hony 2010 Equity Investment Centre 49,632,003 0.53% a private equity fund of Hony Capital, incorporated as limited partnership

Gallery

See also

References

  1. ^ a b c "2016 Annual Report" (PDF). Suning Commerce Group (in Chinese). Shenzhen Stock Exchange. 31 March 2017. Retrieved 2017.
  2. ^ Suning Appliance Co., Ltd.
  3. ^ Profile of Suning Appliance Archived 2008-10-09 at the Wayback Machine
  4. ^ "PROFILE-Suning Appliance Co Ltd". Bloomberg. Retrieved 2013.
  5. ^ "Suning Appliance Co Ltd (002024.SZ) Company Profile | Reuters.com". reuters.com. 2011. Retrieved 2011.
  6. ^ "?----". homea.people.com.cn. Retrieved .
  7. ^ "" [2004 Annual Report] (PDF) (in Chinese). Suning Appliance Chain Store (Group) Co., Ltd. March 2005. Retrieved 2016.
  8. ^ "" [Announcement on related deal] (in Chinese). Suning Appliance Chain Store (Group) Co., Ltd. 6 August 2004. Retrieved 2016.
  9. ^ a b "CITICALL " [Announcement of the purchase of the business and assets of Hong Kong based Citicall] (PDF). Suning Commerce Group. 31 December 2009. Retrieved 2016.
  10. ^ " PPLive Corporation?" [Announcement of proposed sales of PPLive Corporation and related-party transaction] (PDF) (in Chinese). Suning Commerce Group. 31 October 2015. Retrieved 2016.
  11. ^ a b 2015 Annual Report Suning Commerce Group (in Chinese)
  12. ^ "?" [Announcement on related-party transaction for buying equity stake in a company] (PDF) (in Chinese). Suning Commerce Group. 30 April 2016. Retrieved 2016.
  13. ^ "A ?()" [Report on Non-public offering of A shares] (PDF) (in Chinese). Suning Commerce Group. 3 June 2016. Retrieved 2016.
  14. ^ Gerry Shih (11 August 2015). "Alibaba to invest $4.6 billion in China electronics retailer Suning". Reuters. Retrieved 2016.
  15. ^ "Alibaba and Suning Commerce Enter into Strategic Alliance". Alibaba Group. 10 August 2015. Retrieved 2016.
  16. ^ "Carrefour Sells Control of China Business at a Discount". Bloomberg. 23 June 2019. Retrieved 2019.
  17. ^ " 100%" [FA announces Jiangsu Sainty becomes Jiangsu Suning, 100% stake has transferred] (in Chinese). China FA. 4 January 2016. Retrieved 2016.
  18. ^ blog entry on 6 June 2016 weibo (in Chinese)
  19. ^ "Suning Holdings Group acquires majority stake of F.C. Internazionale Milano" (Press release). F.C. Internazionale Milano. 6 June 2017. Retrieved 2017.
  20. ^ "Assemblea degli Azionisti di F.C. Internazionale Milano" [F.C. Internazionale Shareholders' Meeting] (Press release). F.C. Internazionale Milano. 28 June 2017. Retrieved 2017.
  21. ^ "Inter announces Official Training Grounds' Naming Partner and Training Apparel" (Press release). F.C. Internazionale Milano. 20 December 2016. Retrieved 2017.
  22. ^ https://www.laox.co.jp/en/laox_mainshareholder/
  23. ^ "China's Suning to take controlling stake in Japan's Laox". Reuters. 29 June 2011. Retrieved 2016.
  24. ^ "Suning to Acquire Citicall Retail Management". JARN. 13 February 2010. Retrieved 2016.
  25. ^ Wang Zhuoqiong (26 September 2012). "Suning acquires Redbaby to broaden product lines". China Daily. Retrieved 2016.
  26. ^ "China's Suning Invests in Video Site PPTV". Wall Street Journal. 28 October 2013. Retrieved 2016.
  27. ^ "Suning Acquires Group Buying Site Manzuo.com". China Tech News. 5 February 2014. Retrieved 2016.
  28. ^ "?1500?" (in Chinese). Retrieved 2016.

Further reading

External links


  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

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