Suning Commerce Group Co Ltd’s logistics subsidiary plans to spend 4.25 billion yuan ($611.03 million) buying Hangzhou-based TTK Express, aiming to expand its logistics business and cover more clients. The Nanjing-based retail giant announced on Monday [2 January 2017] that its unit Jiangsu Suning Logistics Co Ltd would pay 2.975 billion yuan to initially buy a 70 percent stake in TTK Express…Full Article: China Daily Jan 2017
- Suning Commerce Group plans to acquire the remaining 30% within the next year for CNY 1.275 billion [~US$184 million].
- In December 2016, Suning Commerce Group was leading a new round of financing (~US$200 million) to invest in Yiguo E-Commerce.
- In October 2016, Yiguo E-Commerce invested S$24 (~US$17.25 million) in SunMoon Food Company, a Singaporean fresh fruit distributor. During the same month, Suning and Alibaba announced they would jointly invest CNY 1 billion (~US$148 million) to establish an e-commerce company in Chongqing. The Chongqing e-commerce joint venture will be 51% controlled by Suning (CNY 510 million or ~US$75.1 million) and 49% by Alibaba (CNY 490 million or ~US$72.3 million).
- In September 2016, it was reported that the Suzhou Yangcheng Lake Crab Association signed a mitten crab distribution agreement with Suning.com. JD.com and Alibaba’s Tmall.com also stated they are selling authentic Yangcheng Lake crabs.
- In June 2016, the Dutch dairy, Royal FrieslandCampina, partnered with Suning Commerce Group (Chinese retailer) to sell dairy products in China. Royal FrieslandCampina hopes to expand their market penetration in the provinces of Anhui, Henan, Hebei, and Gansu. During the same month, Alibaba’s Taobao acquired just under 20% of (~1.8 billion shares for CNY 28.2 billion) of Suning.
- In March 2016, Baijiu liquor producer, Wuliangye, and Suning Holdings announced a collaboration agreement, the result of which would allow Wuliangye to distribute its products within Suning’s ~2,000 brick-and-mortar stores. Additionally, Wuliangye products will be sold on Suning.com.
Hong Kong Trends