NANJING, China, May 6, 2021 /PRNewswire/ -- Suning Group, today announced that it signed a framework agreement for the establishment of a New Retail Development Fund with Jiangsu Province State-owned Assets and Nanjing Municipal State-owned Assets. The New Retail Development Fund is jointly funded by Suning, State-owned Assets and Nanjing Municipal State-owned Assets and social capital, with a total size of RMB 20 billion.
As a local enterprise rooted in Jiangsu Province, Suning is always focusing on its main retail business, and actively integrating into the new development pattern of "dual circulation". The fund will support Suning in adjusting and optimizing its structure, revitalize high-quality assets, achieve transformational development, and promote the high-quality development of the new retail industry.
Based on market principles and the rule of law, the fund will adopt methods such as investing in Suning's high-quality assets and high-quality businesses under the premise of safeguarding investment risks. It will further utilize the leading role of Suning as a modern business circulation enterprise to realize win-win cooperation between state-owned and private resources, and to promote the sustained and rapid development of the modern commerce circulation system.
About Suning Group
Founded in 1990, Suning Group has two listed subsidiaries at home and abroad and more than 300,000 employees around the world, ranking the third in the Chinese private sector. Being committed to its mission of Leading the Industrial Advancements in Creating a Higher Quality of Life for All, it provides quality products and services to more than 700 million customers worldwide and has its business scope covering three main sectors: Retail, Real Estate, and Financial Service. Suning.com, the main subsidiary is a leading O2O smart retail service provider in China. In 2020, Suning.com maintained its position among the Fortune Global 500 and topped the 2020 List of China's 500 Most Valuable Brands with a brand value of RMB 296.815 billion.
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