PR87274

SHANGHAI, Dec. 15, 2020 /PRNewswire=KYODO JBN/ --

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