Suning Now Ranked 2nd Among China's Top 500 Non-state-owned Enterprises
31 Aug, 2018, 15:03 BST
NANJING, China, Aug. 31, 2018 /PRNewswire/ -- Suning Holdings Group ("Suning"), one of China's leading commercial enterprises, has been ranked #2 on the China National Federation of Industry and Commerce's (CNFIC) annual report of the Top 500 non-state-owned enterprises ("the Report") for the third consecutive year. Suning achieved annual revenue of RMB 557.9 billion ($US 80.8 billion) to earn its ranking on the Report, which also recognized its status as the No.1 company among the services industry.
The list of China's Top 500 non-state-owned enterprises was created based on annual revenue. Since its first release in 2010, Suning has been listed for 9 consecutive years, and has seen its annual revenue soar from RMB 117 billion to nearly RMB 557.9 billion over that period.
"Our consistent top ranking on CNFIC's annual Report is affirmation that the strategy laid out by Suning's leadership is in synch with the broader economic trends in China and throughout the region," said Zhang Jindong, Chairman of Suning Holding Group. "Over the past 40 years, the Chinese economy has made remarkable achievements that have led the world. Suning's 28-year journey of growth, from retail to comprehensive chain retail to 'Smart Retail,' has been one of continuous innovation. I believe that Suning's Smart Retail strategy will drive us to our next chapter of rapid development."
Founded in 1990, Suning is one of the leading commercial enterprises in China. Evolving from its main business in retail, Suning has strengthened and expanded its core business through eight vertical industries: Suning.com, Logistics, Financial Services, Technology, Real Estate, Media & Entertainment, Sports, and Investment, among which Suning.com was listed on the Global Fortune 500 list in 2017 and 2018.
Suning's main subsidiary, Suning.com, just closed its most successful shopping promotion on August 18, increasing omni-channel sales by 155% over last year. The promotion, a "shopping festival" that merged online to offline strategies with revolutionary smart retail concepts, also saw Suning.com's official retail app take the no.1 download spot for nine consecutive days during the promotion, while active user numbers increased 97% over last year.
Aside from its success in the retail business, Suning is also a pioneer in logistics and finance. Through the end of June this year, Suning Logistics and Tiantian Express had a total area of 7.35 million square meters of warehousing and related facilities, and 23,416 express delivery outlets. Suning Logistics' socialized operating income (excluding Tiantian Express) increased by 118.49%. Suning's financial payment business increased its number of members by 48% year-on-year, and the cumulative transaction volume of supply chain finance increased by 29%. According to the Greater China Unicorn Index released by the Hurun Research Institute in the second quarter of 2018, Suning Finance ranked 22 on the list with a valuation of over RMB 30 billion.
About Suning Holdings Group
Founded in 1990, Suning Holdings Group (Suning) is one of China's leading commercial enterprises with two public companies in China and Japan. In 2017, Suning ranked second among the top 500 privately-owned enterprises in China with annual sales of US$65.7 billion (RMB 412.95 billion). Following its mission to "Lead the Ecosystem across Industries by Creating An Elite Quality of Life for All", Suning has strengthened and expanded its core business through eight vertical industries: Suning.com, Logistics, Financial Services, Technology, Real Estate, Media & Entertainment, Sports, and Investment, among which Suning.com was listed on the 2017 Fortune Global 500 list.
For more information see www.suningholdings.com.
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SOURCE Suning Holdings Group