Suning Appliance

Suning Appliance Profile and History

Suning Holdings Group Co., Ltd. is a Chinese privately held company. The company shared the same founder Zhang Jindong with the listed company Suning.com, but Suning Holdings was the unlisted portion of Zhang's unincorporated Suning Group. According to All-China Federation of Industry and Commerce, Suning Holdings Group was ranked as the second largest civilian-run enterprise in the Mainland China in 2018. The holding company is also famous for the acquisition of Inter Milan. Suning Holdings, as of 2016, owned an equity stake of 3.33% in Suning.com, formerly known as Suning Commerce Group and Suning Appliance . Those companies also shared almost the same name with sister company Suning Appliance Group , which Zhang owned 48.10% stake as the second largest shareholder. As at 31 December 2016 Suning Appliance Group was the second largest shareholder of Suning.com, after Zhang. In 2020 ranked second in the top 500 non-state owned enterprises in China with annual revenues of RMB 665.259 billion and continued to top the list of Internet retailing category. On February 28, 2021, according to the Reuters Suning.com sold 23% stake to state-owned investors to improve equity structure, long-term strategy due to financial woes.