-Suning Home Appliance Section Will Enter Over 200 Carrefour Stores This 
Weekend 
-Carrefour's Chinese Brand and Operation Will Remain Independent 
-An Appointment of New CEO For Carrefour China

Suning.com (002024.SZ) today announces that it has completed the acquisition of 
Carrefour China, marking the start of the Suning era for Carrefour China.

The news follows the deal announced earlier this year (June 23), when 
Suning.com revealed it intended to acquire an 80% equity stake in Carrefour 
China for EUR 620 million (RMB 4.8 billion). The transaction completed today 
represents the latest acquisition by Suning following those of Dia China and 
Wanda Department Stores, as Sunning continues to accelerate the expansion of 
its brick-and-mortar portfolio for its full-scenario retail model.

Zhang Jindong, Chairman of Suning Holdings Group, said: "This is a key step in 
Suning's smart retail plan. Carrefour's FMCG experience and supply chain 
capabilities can be integrated with Suning's full-scenario retail model, solid 
logistics network and advanced technology. With our smart retail capabilities, 
Suning can transform the Carrefour stores into fully integrated 
online-and-offline supermarkets to meet evolving consumer demands."

On the same day as the transaction was officially completed, Zhang Jindong was 
joined in Nanjing by more than 20 executives from the headquarters and key 
regions of Carrefour China. In a specially convened meeting, he outlined the 
business development plan for Carrefour China and announced the appointment of 
a new CEO for Carrefour China business, with Tian Rui, Vice President of 
Suning.com, taking the role.

Zhang Jindong confirmed that Carrefour China will open 300 new stores in 
China's tier 1-3 cities over the next five years. He also revealed that 
Carrefour's Chinese brand and operation will remain independent, while 
benefiting from Suning's retail cloud model, open technology, logistics and 
supply chain capabilities to better access the lower tier markets.

On September 28, a Suning home appliance section will be integrated into more 
than 200 Carrefour stores. In the future, Carrefour stores in China will also 
incorporate other Suning assets including mother-infant, sports retail and 
movie theaters, according to the plans revealed today.  Ultimately, Suning 
seeks to create a one-stop community center, integrating goods, services, 
experience and leisure.

The upcoming national holiday will become the first milestone of the joint 
sales promotion of Suning and Carrefour China, with even more offerings to come 
at this year's Single's Day, a shopping holiday popular among young Chinese 
consumers on November 11.

With a presence in China dating back to 24 years, Carrefour China operates a 
network of 210 hypermarkets and 24 convenience stores, covering 22 provinces 
and 51 large and medium-sized cities, with about 30 million members. In 2018, 
it generated net sales of nearly RMB 30 billion.

The integration of e-commerce companies (online) and supermarkets (offline) is 
a new trend in the development of the retail industry. The different business 
models can complement each other and expand the service capabilities along the 
supply chain. A number of industry commentators are positive about the 
synergies brought by the acquisition, which will further enhance Suning's 
competitiveness by accelerating the company's development in the FMCG category, 
enriching its smart retail portfolio, and helping reduce procurement and 
logistics costs. 

Notes to the editors

About Suning Holdings Group 

Founded in 1990, Suning is one of the leading commercial enterprises in China 
with two public companies in China and Japan. In 2019, Suning Holdings Group 
ranked as the top three brands among the top 500 non-state owned enterprises in 
China with annual revenues of RMB 602.5 billion (approximately EURO 77.24 
billion) and continued to top the list of Internet retailing category. Adhering 
to the enterprise mission of "Leading the Ecosystem across Industries by 
Creating Elite Quality of Life for All", Suning has strengthened and expanded 
its core business as retail through a corporate ecosystem comprised by multiple 
vertical industries, including commercial real estate, financial services and 
sports. Suning.com, the main subsidiary pioneering in online and offline 
retailing, has been listed in the Fortune Global 500 for three successive years 
from 2017 to 2019.

SOURCE:Suning Holdings Group