Suning Holdings Group

From Wikipedia, the free encyclopedia
For other related companies, see Suning (disambiguation).
Suning Holdings Group
TypePrivately held limited company
IndustryHolding company
PredecessorDivisions of Suning Appliance
Founded
  • 1990 (predecessor of Suning Appliance)
  • (2011-06-14)14 June 2011 (date of incorporation)[1][2]
FounderZhang Jindong[1]
Headquarters
Nanjing
,
China[1]
Key people
Zhang Jindong (Chairman)
RevenueCN¥665.259 billion[3]
(US$104.446 billion, 2020)
OwnerZhang Jindong (100%)[4]
Number of employees
300,000 (approx) (2019)[5]
Subsidiaries
Suning Rundong(80%)
Suning Culture Investment(90%)
→ PPTV(68.08%)
Suning Jinkong(80%)
Suning Sports(90%)
→ Inter Milan(68.55%)
Chinese name
Simplified Chinese苏宁控股集团有限公司
Traditional Chinese蘇寕控股集團有限公司
Hanyu PinyinSūníng Kònggǔ Jítuán Yǒuxiàn Gōngsī
Literal meaningSuning Holdings Group Limited Company
short name
Simplified Chinese苏宁控股
Traditional Chinese蘇寕控股
Hanyu PinyinSūníng Kònggǔ
Literal meaningSuning Holdings
Websitesuningholdings.com
Footnotes / references
in separate balance sheets (unaudited)[6]

Suning Holdings Group Co., Ltd. (Chinese: 苏宁控股集团有限公司) is a Chinese privately-held company. The company shared the same founder Zhang Jindong with the listed company Suning.com, but Suning Holdings was the unlisted portion of Zhang's unincorporated Suning Group. According to All-China Federation of Industry and Commerce, Suning Holdings Group was ranked as the second largest civilian-run enterprise in the Mainland China in 2018.[7][8][9]

The holding company is also famous for the acquisition of Inter Milan.[10][11]

Suning Holdings, as of 2016, owned an equity stake of 3.33% in Suning.com,[12] formerly known as Suning Commerce Group (Chinese: 苏宁云商集团) and Suning Appliance (Chinese: 苏宁电器股份).

Those companies also shared almost the same name with sister company Suning Appliance Group (Chinese: 苏宁电器集团), which Zhang owned 48.10% stake as the second largest shareholder. As at 31 December 2016 Suning Appliance Group was the second largest shareholder of Suning.com, after Zhang.[13]: 105  Suning Appliance Group was owned by ex-senior staff of Suning.com (including Zhang himself) as at 2002.[14] Since circa 2015 to 10 April 2017, it was owned by Bu Yang (49.1%), Zhang (48.1%) and Sun Weimin (2.8%), the three senior official of Suning.com.[15][16]

In 2020 ranked second in the top 500 non-state owned enterprises in China with annual revenues of RMB 665.259 billion and continued to top the list of Internet retailing category.[17][18]

In February 28, 2021, according to the Reuters Suning sold 23% stake to state-owned investors to improve equity structure, long-term strategy due to financial woes.[19]

Operations[]

In June 2016, Suning Holdings signed a framework agreement with the government of Shandong Province.[20]

Subsidiaries[]

Suning Rundong[]

Suning Holdings, via a subsidiary, Suning Rundong (Chinese: 苏宁润东股权投资管理有限公司; pinyin: Sūníng rùndōng gǔquán tóuzī guǎnlǐ yǒuxiàn gōngsī), subscribed the capital increase of Nubia Technology, a subsidiary of Chinese tech company ZTE for CN¥1.930 billion in December 2015.[21] After the deal Suning Rundong owned 33.33% stake in Nubia.[21][22] Nubia Technology sold mobile phone branded "Nubia". In 2016 Nubia became a sponsor of Jiangsu Suning F.C., a sister company of Suning Rundong for a reported CN¥150 million.[23] In April 2016 Suning Rundong sold 4.90% stake in Nubia to Suning Commerce Group (Suning.com) for CN¥283.7 million, proportional to the original subscribe price.[24]

As of 2015, Suning Holdings owned 70% stake in Suning Rundong,[21] Suning.com owned 10%[25] and Chen Yan (Chinese: 陈艳) owned 20% stake.[1] The stake that held by Suning Holdings, was increased to 80% in 2016,[4] acquiring an additional 10% from Suning.com.[13]: 197 [26]

According to China Daily, Suning Rundong was an investment fund with a size of RMB5 billion.[27]

Suning Culture Investment Management[]

Suning Culture Investment Management Co., Ltd. (Chinese: 苏宁文化投资管理有限公司) was another investment vehicle of the group. As of 2015, it was 90% owned by Suning Holdings Group and 10% owned by Chen Yan.[1][4][28][29]

Suning Culture Investment Management invested CN¥19.6 million for 10% stake in China International Broadcasting Network (CIBN; incorporated as Chinese: 国广东方网络（北京）有限公司; lit. 'Global Broadcasting – Oriental Network (Beijing) Co,. Ltd.'), an internet television channel.[28]

On 31 October 2015 Suning Culture Investment acquired 68.08% stake in a video hosting and streaming website: PPTV (the parent company was incorporated as PPLive Corporation, the local unit was incorporated as Shanghai SynaCast Media Tech)[30][31] from Caymans-incorporated Great Universe Limited, an indirect wholly owned subsidiary of sister company Suning.com for CN¥2.5879931 billion.[32][33] PPTV secured the exclusive China TV rights of La Liga for 5 seasons in mid-2015.[34]

Suning Jinkong[]

Suning Jinkong (Chinese: 苏宁金控投资有限公司; lit. 'Suning Financial Holding and Investment Co., Ltd.') is an investment vehicle of the group in financial sector.

As of 31 December 2016, it was 80% owned by Suning Holdings and 20% owned by Chen Yan. Moreover, all the paid-in share capital was contributed by Suning Holdings.[1][35]

Suning Jinkong purchased 35% stake of Suning Jinfu (Chinese: 苏宁金融服务（上海）有限公司; lit. 'Suning Financial Services (Shanghai) Co,. Ltd.'), for CN¥5.834 billion in April 2016.[36] That company was a subsidiary of Suning.com. The 35% stake was later transferred to a private equity fund Nanjing Runyu (Chinese: 南京润煜企业管理咨询中心（有限合伙）), which Suning.com claimed that, the fund was still controlled by Suning Holdings.[13]: 100, 268  According to National Credit Information Publicity System, however, CITIC Trust was a unit holder of the private equity fund; Suning Rundong was the general partner of the fund, which the fund incorporated as a limited partnership.[1][37]

Suning Sports[]

Jiangsu Suning Sports (Chinese: 江苏苏宁体育产业有限公司), is a joint venture of Suning Holdings and Suning Appliance Group.[1] Suning Sports had a share capital of CN¥1 billion.[1][38] As of 31 December 2016, Suning Holdings owned 90% stake.[4]

Suning Sports became an angel investor of Champdas (incorporated as Chinese: 上海创冰信息科技有限公司; lit. 'Shanghai Chuangbing Information Technology Co., Ltd.'), a company specialize in sports statistics in 2016.[1][39][40][41] Suning Sports also appointed football coach and former player Gong Lei as their sports director.[42]

Jiangsu Suning Sports had a sister company Suning Sports International Limited, a company incorporated in Hong Kong, which was the subsidiary of Suning Culture Investment Management instead, at the date of incorporation on 26 May 2016.[43] However, it was known that Jiangsu Suning Sports had acquired Suning Sports International on 30 May 2016.

In February 28, 2021, Suning Group immediately halt operations at their Chinese football clubs - including champions Jiangsu FC - due to financial woes.[44]

Inter Milan[]

On 6 June 2016 Suning Holdings, via Great Horizon S.à r.l., signed a contract to acquire a majority stake (about 70% shares) in Inter Milan by the subscription of a capital increase and from the consortium of Erick Thohir (International Sports Capital) and the consortium of Massimo Moratti (Internazionale Holding).[10][45] The deal was approved by the extraordinary general meeting on 28 June, which after the deal, Suning Holdings owned 68.55% shares.[46]

According to website Calcio e Finanza (which purchased filings in Hong Kong Companies Registry and Luxembourg Business Registers) and Il Sole 24 Ore columnist Carlo Festa, Great Horizon direct parent company was Suning Sports International Limited, in turn a subsidiary of Suning Culture International Limited (as of the date of incorporation of Suning Sports International on 26 May 2016), in turn a subsidiary of Suning Culture Investment Management.[43][47]

According Suning Sports International's 2017 Annual Return submission to the Hong Kong Companies Registry, Jiangsu Suning Sports had acquired the entire share capital of Suning Sports International from sister company Suning Culture International on 30 May 2016, few weeks before the takeover of Inter Milan. However, Chen Yan remained as the sole director of Suning Sports International.[48]

Structure of F.C. Internazionale Milano Group, as of 2017, based on legal filings[1][43][49]
Zhang JindongZhang and other shareholders
Suning Holdings Group Co., Ltd.Suning Appliance Group Co., Ltd.
Jiangsu Suning Sports Co., Ltd.
Suning Sports International Ltd.
International Sports Capital S.p.A.
(see Erick Thohir)		Great Horizon S.á r.l.others (Pirelli, other descendants of Angelo Moratti etc.)
F.C. Internazionale Milano S.p.A.

In February 2021, according to the Financial Times Inter Milan is working with Goldman Sachs and rushing to raise at least $200m in emergency cash or sale the club, after the Italian football club’s finances deteriorated due to the pandemic and heavy spending on top players.[50]

On May 2, 2021, four days before the end of the Serie A championship, he won the nineteenth championship in the history of the club, 11 years after the triumph of the season 009-2010. The Suning group, in the fifth year of management of the company, after the second place in domestic league of the season 2019-2020 and the defeat in the final of UEFA Europa League, is the first foreign property to win the Scudetto in Italy and the first Chinese to win in Europe.[51] In mid-May 2021, Inter signed a 275 million euro ($336 million) deal with US based Oaktree Capital Management in the hope the deal will help the team’s troubled finances that were damaged by the COVID-19 pandemic.[52]The fund granted the loan to Great Horizon Sarl – the Luxembourg-based holdings company via which Suning controls Inter.[53]

In the first five years of Suning management, the company value touches + 120% (second best performance in Europe),[54] more than 500 million euros are spent on the market, 500 million fans are reached in worldwide and the highest growth in all of Europe of followers on social media (+ 232%) and new infrastructures are also created such as the club house in the sports center, the center for the youth sector and the new headquarters in Viale della Liberazione, Milan.[55]

Charity[]

Suning's public welfare philosophy is "Rooting Society and Growing Business". The Suning Social Worker Voluntary Action "1 + 1 Sunshine Walk" invites Suning employees to take voluntary social responsibility. At least one day per year is used for social volunteer work and at least one salary day is donated each year for public assistance donations. In addition to donating to charity, Suning also initiated the "Suning Nesting Action" to build school buildings in poor areas; the "Suning Xiqiao Project" to help repair repairs in remote areas to solve travel difficulties and finance the "Suning Sunny Dream" rural education. Additionally, Suning Appliance annually sponsors tree planting activities in various regions of China.[56]

On December 26, 2013, following the tradition of celebrating public welfare, Suning made charitable donations, including the donation of 36,95 millions yuan. In August 2016, Suning, which recently became the majority shareholder of Inter, donated € 200,000 to help the people affected by the earthquake in Central Italy.[57][58]

In January 2020, with the spread of COVID-19 pandemic, Suning Holdings Group mobilized through the divisions of "Suning International" and "Suning Logistics", supported relief efforts from the start of the emergency, with free shipping services and product donations imported from abroad to local hospitals and institutions.[59] President Zhang Kangyang, the Inter club and Suning have donated 300,000 Personal protective equipment and Surgical mask to Wuhan and to the Hubei hospital, to support the fight against the COVID-19 pandemic.[60]

On February 25, 2021, Suning Group received the "China Charity Awards" for the sixth time, the highest recognition in this field, for continuing its efforts in the fight against poverty. Suning has donated more than RMB 2,3 billions for targeted poverty reduction and rural revitalization, with RMB 850 millions earmarked for special initiatives. Suning has donated funds and equipment to 388 impoverished counties in over 20 provinces, including Yunnan, Sichuan, Guizhou, Xinjiang and Shaanxi. The company has built 170 Suning bridges, 160 Suning Dream Center, 74 Suning school buildings, helping to solve the issues of basic education and housing for more than 100,000 school-age children in the country’s rural areas,[61] 20 roads and countless other public interest projects. In addition, its football charity program covers over 300 schools, while the Dream Caravan-Suning project to bring education to students across the country has already reached 60 schools, starting dozens of educational courses. It has opened over 7,000 E-commerce stores and created channels to help farmers sell their products on digital pavilions. Total sales exceeded RMB 14 billions, destined for over 10,000 poverty-stricken villages and helping over 500,000 familys. The company also launched 116 poverty reduction training centers in 111 hard-hit counties, employing more than 6,000 people.[62]

Financial data[]

Financial data in CNY billions
Year 2010[63] 2011[64] 2012[64] 2013[65][66] 2014[67] 2015[68] 2016[69] 2017[70] 2018[71] 2019[72] 2020[17][73]
Revenue 117.60 156.20 194.70 232.72 279.81 282.90 350.29 412.95 557.88 602.46 665.26

Sister companies[]

See also[]

List of largest private non-governmental companies by revenue

References[]

  1. ^ a b c d e f g h i j k 国家企业信用信息公示系统 [National Credit Information Publicity System] (in Chinese)
  2. ^ Entry in qichacha.com accessed on 11 July 2017
  3. ^ "Suning Holdings Group Ranks Second on China's Top 500 Non-state Owned Enterprises List in 2020". Suning Holdings Group. prnewswire.co.uk. September 14, 2020. Retrieved 31 May 2021.
  4. ^ a b c d 公开发行 2017 年公司债券募集说明书 [prospectus of 2017 company bond] (PDF) (prospectus) (in Chinese). Suning Commerce Group. 19 June 2017. Retrieved 11 July 2017.
  5. ^ "Zhang Jindong Founder&Chairman's remarks". suningholdings.com.
  6. ^ 关于苏宁云商集团股份有限公司部分商标转让及使用许可关联交易的保荐机构意见 [Comments on Suning Commerce Group selling some registered trademarks to related-parties] (PDF) (in Chinese). China Merchants Securities. 31 March 2016. Retrieved 8 June 2016 – via Shenzhen Stock Exchange website.
  7. ^ Zhu Lingqing (30 August 2018). "Top 10 Chinese private companies in 2018 (page 1)". China Daily. Beijing. Retrieved 31 October 2018.
  8. ^ Zhu Lingqing (30 August 2018). "Top 10 Chinese private companies in 2018 (page 9)". China Daily. Beijing. Retrieved 31 October 2018.
  9. ^ 2018中国民营企业500强公布 苏宁蝉联第2 (in Chinese). Xinhua News Agency. 29 August 2018. Retrieved 7 November 2018.
  10. ^ a b "Suning Holdings Group acquires majority stake of F.C. Internazionale Milano" (Press release). F.C. Internazionale Milano. 6 June 2016. Retrieved 6 June 2016.
  11. ^ Joe Wright (6 June 2016). "Inter sold to Chinese company Suning". Goal.co.uk. Retrieved 6 June 2016.
  12. ^ 非公开发行A 股股票发行情况报告书暨上市公告书(摘要) [Report on Non-public offering of A shares] (PDF) (in Chinese). Suning Commerce Group. 3 June 2016. Retrieved 6 June 2016.
  13. ^ a b c 2016年年度报告 [2016 Annual Report] (PDF) (in Chinese). Suning Commerce Group. 31 March 2017. Retrieved 18 April 2017 – via Shenzhen Stock Exchange website.
  14. ^ 苏宁电器连锁集团股份有限公司关联交易公告 [Announcement on related-party transaction] (PDF) (in Chinese). Suning Commerce Group. 6 August 2004. Retrieved 6 June 2016.
  15. ^ 苏宁云商集团股份有限公司简式权益变动报告书 [Change in equity stake in Suning Commerce Group] (PDF) (in Chinese). Suning Appliance Group. 13 January 2016. Retrieved 8 June 2016 – via cninfo.com.cn.
  16. ^ Entry in qichacha.com, accessed on 11 July 2017
  17. ^ a b "Top 10 Chinese private enterprises in 2020". chinadaily.com.cn. September 14, 2020. Retrieved June 21, 2021.
  18. ^ "Suning Holdings Group Ranks Second on China's Top 500 Non-state Owned Enterprises List in 2020". PRNewswire. September 14, 2020. Retrieved June 1, 2021 – via Yahoo!.
  19. ^ “China's Suning.com says shareholders plan to sell up to 25% stake”
  20. ^ 山东省政府与苏宁控股集团签署战略合作框架协议 (in Chinese). Department of Commerce of Shandong Province. 25 June 2016. Retrieved 28 June 2016.
  21. ^ a b c "Introduction of a Strategic Investor by a Subsidiary and Waiver of Preemptive Subscription Rights by the Company" (PDF). ZTE. 31 December 2015. Retrieved 7 June 2016.
  22. ^ "Nubia to receive [US]$297m cash investment from Suning". China Daily. 31 December 2015. Retrieved 11 June 2016.
  23. ^ "Nubia to sponsor Jiangsu Suning FC for RMB150m". ytsports.cn. 18 February 2016. Retrieved 11 April 2016.
  24. ^ 关于受让股权的关联交易公告 [Announcement on related-party transaction for buying equity stake in a company] (PDF) (in Chinese). Suning Commerce Group. 30 April 2016. Retrieved 7 June 2016.
  25. ^ 2015年年度报告 [2015 Annual Report] (PDF) (in Chinese). Suning Commerce Group. 31 March 2016. Retrieved 9 November 2016.
  26. ^ Entry in qichacha.com, accessed on 11 July 2017
  27. ^ Shi Jing (31 March 2016). "Retailer Suning creates separate investment arm". China Daily. Beijing. Retrieved 17 November 2018.
  28. ^ a b 关于对国广东方网络(北京)有限公司追加投资暨关联交易事项的公告 [Announcement on capital increase in Global Broadcasting – Oriental Network (Beijing) Co,. Ltd. and related party transaction] (PDF) (Press release) (in Chinese). Huawen Media Investment Corporation. 25 April 2016. p. 12. Retrieved 10 June 2016.
  29. ^ Entry in qichacha.com, accessed on 11 July 2017
  30. ^ SC-13E3 filing of Ku6 Media 22 April 2016 U.S. Securities and Exchange Commission
  31. ^ 公司简介 [About us] (in Chinese). PPTV. Retrieved 11 July 2017.
  32. ^ 关于拟出售 PPLive Corporation股权暨关联交易的公告 [Announcement of proposed sales of PPLive Corporation and related-party transaction] (PDF) (Press release) (in Chinese). Suning Commerce Group. 31 October 2015. Retrieved 8 June 2016.
  33. ^ SinoCast (4 January 2016). "Suning Commerce : to Sell Stake in PPTV". 4-traders.com. Archived from the original on 2016-06-30. Retrieved 11 June 2016.
  34. ^ "Historic agreement of LaLiga in China" (Press release). La Liga. 5 August 2015. Retrieved 17 June 2016.
  35. ^ Entry in qichacha.com, accessed on 11 July 2017
  36. ^ 关于公司子公司引入战略投资者和员工持股合伙企业暨关联交易的公告 [Announcement on new investor in our subsidiary, employee subscription scheme and related-party transaction] (PDF) (Press release) (in Chinese). Suning Commerce Group. 25 April 2016. Retrieved 7 June 2016.
  37. ^ Entry in qichacha.com, accessed on 11 July 2017
  38. ^ Entry in qichacha.com, accessed on 11 July 2017
  39. ^ 创冰信息科技 (in Chinese). Retrieved 7 November 2018.
  40. ^ 创冰完成A轮融资苏宁体育产业生态圈雏形初显 [Chuangbing completes capital increase, births of the economic system of Suning Sports]. Sohu Sports (in Chinese). Retrieved 10 June 2016.
  41. ^ Entry in qichacha.com, accessed on 11 July 2017
  42. ^ 官方公告 [press release] (in Chinese). Suning Sports. 3 June 2016. Retrieved 7 November 2018 – via Sina Weibo.
  43. ^ a b c "Dalla Cina al Lussemburgo, i dettagli dell'operazione Inter-Suning". Calcio e Finanza (in Italian). 1 July 2016. Retrieved 15 April 2017.
  44. ^ “ Inter Milan doubt as Suning call time on Chinese champions Jiangsu FC”
  45. ^ "[no title]" (in Chinese). Suning Sports. 6 June 2016. Retrieved 7 November 2018 – via Sina Weibo. Cite uses generic title (help)
  46. ^ "Assemblea degli Azionisti di F.C. Internazionale Milano" [F.C. Internazionale Shareholders' Meeting] (Press release) (in Italian). F.C. Internazionale Milano. 28 June 2017. Retrieved 11 July 2017.
  47. ^ Festa, Carlo (10 August 2016). "Inter, la rete societaria di controllo di Suning tra Lussemburgo, Hong Kong e Cina". Il Sole 24 Ore (in Italian). Retrieved 18 July 2017.
  48. ^ Filing in Hong Kong Companies Registry
  49. ^ Hong Kong Companies Registry (https://www.icris.cr.gov.hk)
  50. ^ “Inter Milan owner seeks $200m in emergency finance”
  51. ^ Mariangela Pira (2 May 2021). "Inter, Suning 1st foreign ownership to win the Scudetto in Italy: what happens now?". sport.sky.it (in Italian).
  52. ^ Daniele Lepido (May 19, 2021). "Inter Said to Near $336 Million Bailout Deal With Oaktree". Bloomberg. finance.yahoo.com. Retrieved June 1, 2021.
  53. ^ Paul Nicholson (6 August 2021). "Concerns over Inter's future as owner Zhang chased for $250m unpaid loans in Hong Kong court". insideworldfootball.com. Retrieved 7 August 2021.
  54. ^ "L'Inter è stata colpita maggiormente dalla pandemia". numero-diez.com (in Italian). June 8, 2021. Retrieved June 21, 2021.
  55. ^ "Inter, cinque anni di Suning: investiti 500 milioni sul mercato, crescita esponenziale sui social". linterista.it (in Italian). Retrieved June 21, 2021.
  56. ^ "2013绿色植树公益活动 苏宁电器在行动" (in Chinese). china.com.cn. 12 March 2013. Retrieved 25 June 2021.
  57. ^ "Terremoto, proprietà interista Suning donerà 200.000 euro" (in Italian). Agenzia Giornalistica Italia. 26 August 2016. Retrieved 25 June 2021.
  58. ^ "Inter per terremotati, con Suning e Csi" (in Italian). Milan: Agenzia Nazionale Stampa Associata. 1 April 2017. Retrieved 25 June 2021.
  59. ^ Hương Khêdata (1 February 2020). "CLB Inter Milan ủng hộ 300 ngàn khẩu trang y tế tới Vũ Hán" (in Vietnamese). baohatinh.vn. Retrieved 25 June 2021.
  60. ^ "Coronavirus, l'Inter di Zhang vicina a Wuhan: donate 300mila mascherine" (in Italian). Sky Sport. 1 February 2020. Retrieved 25 June 2021.
  61. ^ Suning Global Team (10 June 2021). "Suning Builds 74 School Buildings in the Past Decade to Aid Poverty Alleviation". suningblog.com. Retrieved 25 June 2021.
  62. ^ "Suning Wins Award for Massive Nationwide Poverty Alleviation Efforts". Bloomberg News. 26 February 2021. Retrieved 25 June 2021.
  63. ^ Xinhua News Agency (August 31, 2010). "Private companies playing vital role". China Daily. china.org.cn. Retrieved June 21, 2021.
  64. ^ a b Zhang Junmian (September 6, 2012). "Top 20 Chinese private companies 2012". China.org.cn. Retrieved June 21, 2021.
  65. ^ Mi Xingang (August 30, 2013). "Top 10 private Chinese enterprises 2013". China.org.cn. Retrieved June 21, 2021.
  66. ^ "Top 10 private Chinese enterprises 2013". China.org.cn. en.people.cn. August 31, 2013. Retrieved June 21, 2021.
  67. ^ Zhu Wenqian (August 19, 2014). "Suning tops list of 500 enterprises in private sector". chinadaily.com.cn. Retrieved June 21, 2021.
  68. ^ "Top 10 Chinese private firms that lead in innovation and job creation". China.org.cn. 18 November 2015. Retrieved June 20, 2021.
  69. ^ Xu Lin (5 September 2016). "Top 10 private enterprises in China". China.org.cn. Retrieved June 20, 2021.
  70. ^ "Top 10 Chinese private enterprises". chinadaily.com.cn. 6 September 2017. Retrieved June 20, 2021.
  71. ^ Zhu Lingqing (August 30, 2018). "Top 10 Chinese private companies in 2018". China Daily.CS1 maint: uses authors parameter (link)
  72. ^ "Top 10 Chinese private enterprises in 2019". China Daily. August 29, 2019.
  73. ^ "Suning Holdings Group al secondo posto nella classifica delle 500 principali imprese non statali della Cina nel 2020" (in Italian). Adnkronos. September 14, 2020.

External links[]

Retrieved from ""