Date
17 October 2017

Suning Group wins insurance agent license, paper says

Suning Commerce Group Co. Ltd. (002024.CN), a major Chinese electronics retailer, has won an insurance agent license from the China Insurance Regulatory Commission, the Shanghai Securities News reported Tuesday, citing a CIRC announcement. The new entity, Suning Insurance Sales Co. Ltd., will have registered capital of 120 million yuan (US$19.7 million). Suning Commerce will contribute 90 million yuan and take a 75 percent stake, while Suning Electrical Appliance Group will hold the remainder.

– Contact HKEJ at [email protected]

KZ/MY/RC

 

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