Chinese e-commerce platform Suning.com denies bankruptcy liquidation

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Suning.com, a Chinese retail e-commerce platform, released a statement on Wednesday saying that reports of “Suning Bankruptcy Liquidation” were a rumor. The business is operating normally at the moment.

According to a report from Chengdu Business News on Tuesday, there are rumors in the market that some vendors have asked the court to liquidate Suning.com. The source of this news is the Case Center, a legal services organization under the Ten Billion Industrial Institute.

Case Center staff said two vendors sent documents to the Nanjing Intermediate People’s Court to seek liquidation of Suning.com.

Founded on December 26, 1990, Suning.com retail e-commerce platform is headquartered in Nanjing. It operates a comprehensive product line covering traditional home appliances, consumer electronics, department store products, daily necessities, books, virtual products and other categories.

The company’s financial report shows that in 2021, Suning.com’s revenue was 138.904 billion yuan ($20.71 billion), down 44.94% year-on-year, while net loss attributable to shareholders of listed companies was 43.265 billion yuan ($6.45 billion). ). As of December 31, 2021, its total liabilities reached approximately 139.709 billion yuan ($20.83 billion), with an asset-liability ratio of 81.83%. Among them, some debts totaling about 32.893 billion yuan ($4.91 billion) were also overdue.

SEE ALSO: Chinese retail platform Suning.com unveils flash delivery service

According to first-quarter results released by Suning.com on April 30, the company’s revenue in the first quarter of 2022 was about 19.374 billion yuan ($2.89 billion), down 64 .13% YoY; the net profit loss attributable to shareholders of listed companies was about 1.029 billion yuan ($153.45 million).

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