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Caixin Global

Business

Ding Yi

Suning to Get $66 Million Lifeline From Citic

What’s new: China’s money-losing retail giant Suning.com Co. Ltd. is getting a financial lifeline of up to 480 million yuan ($66.2 million) from a state-owned asset manager to develop its retail cloud business.

The Jiangsu province branch of China Citic Financial Asset Management Co. Ltd. will provide a loan to Nanjing Suningjia E-Commerce Co. Ltd., Suning.com said in a stock exchange filing dated Thursday.

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