Suning Appliance Co. Ltd. (002024.CN) has won a license for its commercial factoring service subsidiary, National Business Daily reported Wednesday. Suning earlier received a license for third-party payment services and insurance sales. The new commercial factoring service has a registered capital of 55 million yuan (US$9 million). A commercial factoring company buys invoices and receivables and pays the seller the total invoice amount up front, minus a small discount. A total of 137 commercial factoring companies had been in operation as of Aug. 20, with a combined registered capital of 17.8 billion yuan, the report said.
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