NANJING, China, July 29, 2021 – Suning.com announced that the new board of directors of Suning.com was elected. On the same day, the board of directors further clarified the three strategic paths of “focusing on retail”. With the emergence of the new board of directors, Suning.com has entered a new era of development as an independent entity.
At the board meeting, Mr. Huang Mingduan, the new chairman of the board, expressed his gratitude to the government, related industrial investors, and other parties, “Appreciate the full support from government at the critical moment, helping the enterprise to solve practical problems. Recently, Suning.com not only introduced the new shareholders, New New Retail Fund Phase II, and obtained the support of new strategic investors and industrial investors, but also reached new cooperation with financial institutions, suppliers, and other resources. I would also like to thank the government, the shareholders, and the directors for their trust in inviting me to join Suning.com, fighting side by side with everyone as a chairman at such a time.” Mr. Huang Mingduan also expressed heartfelt respect to Zhang Jindong, founder of Suning.com, for his important contribution to the company’s development.
For external concerns about the future development strategy of Suning.com, Huang Mingduan said that Suning.com has built the most complete online and offline retail service system in China, and the next step of development will define three strategic paths — to be a good retail service provider, to strengthen the supply chain and to optimize the business quality.
Under the premise of focusing on retail strategy, Ren Jun, the new president of Suning.com said that two things should be done well: one is to further consolidate and highlight the three core forces, supply chain, logistics service, and scene experience; the second is to rebuild the organization, technology, and operation of retail service providers in a more open way, to better serve users and partners.
On July 5, with the support of Jiangsu Province and Nanjing City, Suning.com announced the introduction of new shareholders, the New New Retail Fund phase II, with the participation of Alibaba, Haier, Midea, TCL, Xiaomi, and other industrial investors. Suning.com said the parties will play a close synergistic effect and continue to deepen cooperation in the areas of users, technology, services, supply chain, warehousing, and logistics.
Two weeks after introducing the strategic investment, Suning.com acquired its first new credit project. On July 19, Suning.com, Haier Smart Home, and Bank of Jiangsu jointly held a strategic cooperation signing ceremony. On the same day, the Bank of Jiangsu and Suning.com reached an agreement on the new credit project. According to Suning.com, the company is speeding up the new model of bank-enterprise cooperation with more brands and financial institutions.
Market analysts believe that Suning.com has been deeply engaged in the retail industry for 30 years and has deep insight and understanding of the industry. In less than a month, Suning.com has gone from introducing strategic investment to reelecting its board of directors and releasing a clear strategic path, reflecting the determination of Suning.com shareholders of all parties to promote the reform of corporate governance. This transformation will bring more positive impact to Suning.com, with further improvement of governance structure, liquidity crisis lifting, and a clear business strategy, Suning.com is about to start a new round of high-quality development.
“The problems that Suning.com has encountered will be solved by all parties working together; the opportunities that Suning.com faces will depend on everyone working together to achieve them. Suning.com must have determination, confidence, and the courage of self-innovation. At this time, Suning.com people most need unity and responsibility.” Mr. Huang Mingduan believes that at present, consumption has become an important engine driving economic development, and the consumer demand of 1.4 billion people is still the biggest development opportunity for Suning.com in the future.