Nanjing, China, May 6 – Suning Group, today announced that it signed an framework agreement for the establishment of a New Retail Development Fund with Jiangsu Province State-owned Assets and Nanjing Municipal State-owned Assets. The New Retail Development Fund is jointly funded by Suning, State-owned Assets and Nanjing Municipal State-owned Assets and social capital, with a total size of RMB 20 billion.
As a local enterprise rooted in Jiangsu Province, Suning is always focusing on its main retail business, and actively integrating into the new development pattern of “dual circulation”. The fund will support Suning in adjusting and optimizing its structure, revitalize high-quality assets, achieve transformational development, and promote the high-quality development of the new retail industry.
Based on market principles and the rule of law, the fund will adopt methods such as investing in Suning’s high-quality assets and high-quality businesses under the premise of safeguarding investment risks. It will further utilize the leading role of Suning as a modern business circulation enterprise to realize win-win cooperation between state-owned and private resources, and to promote the sustained and rapid development of the modern commerce circulation system.