Country for PR: China
Contributor: PR Newswire Asia (China)
Wednesday, December 16 2020 - 00:47
AsiaNet
Suning Appliance Group Commences Advance Payment of RMB 10 Billion of Bonds
SHANGHAI, Dec. 15, 2020 /PRNewswire-AsiaNet/ --

Suning Appliance Group Co. Ltd ("Suning.com", 002024.SZ), China's leading O2O 
smart retailer, announced that it will commence payment of the bond principal 
and last annual interest for 15 Suning 01 bonds on December 16, 2020

On December 11, 2020, the company transferred the full principal and interest 
due and payable to the settlement account of the Shanghai Branch of China 
Securities Depository and Clearing Co., Ltd, to protect and guarantee the 
on-time payment of over RMB 10 billion (US $1.5 billion) of bonds.

Amidst the ongoing impacts of the COVID-19 epidemic in 2020, Suning has fully 
leveraged the strengths of its smart retail solution and, as a result, both its 
online and offline channels continue to maintain a fast growth trajectory. In 
particular, Suning Retail Cloud, the Group's innovative new retail program 
which leverages Suning's retail capabilities such as supply chains, logistics, 
warehousing to empower retail startups, small enterprises and individuals in 
small cities and towns, has closed the gap in the market and established a 
significant advantage in a relatively short period of time. From January to 
November of this year, Suning Retail Cloud opened more than 2,700 new stores, 
which helped bring a 90% year-on-year increase in overall sales revenue. 

The digital transformation of Suning Carrefour has also paid off in improved 
supply chain synergies, which in turn has enabled Suning's Full-Scenario Retail 
arm to vigorously develop online services such as home delivery, off-premise 
sales and social marketing.

Analysts point out that these changes come as China prepares to take a major 
strategic shift in its approach to economic and social development with its 
14th Five-Year Plan. The bold new development framework emphasizes domestic 
circulation as well as dual circulation to global and international markets, 
which in turn brings about historical opportunities for China's retail 
industry. 

Amidst this context, Suning has fully embraced the digital transformations and 
experiences brought about by the past decade, while preparing for the next ten 
years. Looking forward, the company will continue to strengthen its retail 
business, further develop its new ten-year strategic positioning, enhance its 
position as a retail service provider, fully digitize the company's resources 
and establish more social connections. Through this, Suning hopes to empower a 
broad range of small and medium retail businesses to transform and upgrade 
their operations in order to open up new market opportunities.

About Suning Holdings Group

Founded in 1990, Suning is one of the leading commercial enterprises in China 
with two public companies in China and Japan. In 2020, Suning Holdings Group 
ranked second in the top 500 non-state owned enterprises in China with annual 
revenues of RMB 665.259 billion (approximately US $97 billion) and continued to 
top the list of Internet retailing category. Adhering to the enterprise mission 
of "Leading the Ecosystem across Industries by Creating Elite Quality of Life 
for All", Suning has strengthened and expanded its core business as retail 
through a corporate ecosystem comprised by multiple vertical industries, 
including commercial real estate, financial services and sports. Suning.com, 
the main subsidiary pioneering in online and offline retailing, has been listed 
in the Fortune Global 500 for four successive years from 2017 to 2020.

SOURCE  Suning Holdings Group
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