Suning seeks US$2.2 billion for tech foray
Electronics retailer Suning is planning overseas expansion requiring US$2.2 billion in loans.
The firm is looking to borrow funds from banks and other financial institutions in order to achieve this growth. Suning intends to take out the loans in three parts and with varying repayment dates, divided between its different trading arms.
Suning signed with German software firm SAP last July, with CEO Zhang Jindong agreeing to partner in the areas of big data and smart retail, among others.
While Suning already sells to several overseas markets, it intends to focus on growth in Southeast Asia via a cross-border e-commerce platform based in Hong Kong, where Suning currently operates 29 outlets out of its 4000 locations worldwide.
It is also seeking to develop new retail formats such as unmanned stores.