Chinese E-Commerce Platform Suning.com Denies Bankruptcy Liquidation
Suning.com, a Chinese retail e-commerce platform, issued a statement on Wednesday saying that reports of “Suning’s bankruptcy liquidation” were a rumor. The company is operating normally at present.
According to a report by Chengdu Business News on Tuesday, there are rumors in the market that some suppliers had applied to the court for bankruptcy liquidation of Suning.com. The source of this news is the Case Center, a legal service organization under the Ten Billion Industrial Institute.
The staff of the Case Center said that two suppliers sent materials to the Nanjing Intermediate People’s Court to apply for bankruptcy liquidation of Suning.com.
Founded on December 26, 1990, retail e-commerce platform Suning.com is headquartered in Nanjing. It operates a comprehensive range of products covering traditional home appliances, consumer electronics, department store products, daily necessities, books, virtual products and other categories.
The firm’s financial report shows that in 2021, Suning.com’s revenue was 138.904 billion yuan ($20.71 billion), a year-on-year decrease of 44.94%, while the 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 about 139.709 billion yuan ($20.83 billion), with an asset-liability ratio of 81.83%. Among them, some payables totaling about 32.893 billion yuan ($4.91 billion) were also overdue for payment.
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According to the first-quarter results released by Suning.com on April 30, the firm’s revenue in Q1 of 2022 was about 19.374 billion yuan ($2.89 billion), a year-on-year decrease of 64.13%; the net profit loss attributable to shareholders of listed companies was about 1.029 billion yuan ($153.45 million).