Suning Commerce Sells Subsidiary to Affiliate for USD191 million
Yicai Global
/SOURCE : Yicai
Suning Commerce Sells Subsidiary to Affiliate for USD191 million

(Yicai Global) Nov. 11 -- Suning Commerce Group Co. [SHE:002024] is to sell its wholly owned subsidiary Beijing Jingchao Suning Appliance Co. outright to affiliate Suning Appliance Group for CNY1.3 billion, (USD191 million), to focus on its online sales operation.

The company also plans to create separate platforms using an innovative assets management model and to separate the company into several specialized divisions.

The company is committed to its online retail business with a special emphasis on the construction and operation of commercial property platforms, to rationally allocate resources and maximize operating efficiency, the company said.

As of Nov. 10, 2016, Suning Appliance controls 17.10 percent of the company's shares.

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