Suning.com announced the first credit increment project after introducing state-backed investors

established strategic cooperation with Bank of Jiangsu and Haier Smart Home

SHANGHAI, July 20, 2021 /PRNewswire/ -- Today Chinese O2O retailer Suning.com reached an agreement with Haier Smart Home and Bank of Jiangsu to open up a three-party system, complete the integration of logistics, capital flow, information flow, and bill flow, in an effort to enable financial institutions' intervention in the circulation field. This move marks the establishment of a new bank-enterprise cooperation model in the retail industry.

To ensure this new model can be implemented rapidly and on a larger scale, on the same day, the Bank of Jiangsu and Suning.com reached an agreement on credit increment. This is Suning com's first credit increment project ten days after the announcement of introducing new strategic investors. Relevant executives of Jiangsu Provincial Department of Commerce, Nanjing Municipal Bureau of Commerce, and relevant persons in charge of Bank of Jiangsu, Suning. com, Haier Smart Home, etc. attended and witnessed the signing ceremony.

The new bank-enterprise cooperation model launched this time, on the one hand, can ensure the safe use of funds of financial institutions; on the other hand, it can improve the efficiency of capital turnover through supply chain cooperation between Haier Smart Home and Suning.com. For Suning.com, in the short term, it will increase credit and efficiency for this listed company and restore liquidity, so that in the long term, profitability will be improved.

On July 5, Suning.com issued an announcement to introduce a new round of strategic investment. The new strategic shareholder is the second phase of the New New Retail Fund, guided by the state-owned assets of Jiangsu Province and municipalities, with participants including Alibaba, Haier, Midea, TCL, Xiaomi and other industry investors.

As an important investor, Haier has taken an important role in this new model of bank-enterprise cooperation, and will continue to deepen cooperation with Suning.com in the fields of users, technology, services, supply chain, warehousing and logistics.