HONG KONG Oct 11 Home appliance retailer Suning
Commerce Group Co Ltd on Friday said the China
Securities Regulatory Commission has given the go-ahead for its
subsidiary to provide payment and settlement services for online
mutual fund sales.
Suning, in a filing to the Shenzhen Stock Exchange, said it
is still awaiting approval to operate a mutual fund e-commerce
Suning, like other home appliance retailers, has been forced
to rethink its business model and expand into areas such as
e-commerce to chase a growing number of internet shoppers.
Suning, which competes with GOME Electrical Appliances
Holdings Ltd backed by U.S. asset manager Bain
Capital, in August said it aimed to set up a private bank after
the government said it would promote the establishment of more
financial institutions to support cash-starved small companies.
Dominant e-commerce player Alibaba Group has been
leading a drive by internet companies into highly regulated
financial services, and earlier this week an online payment
affiliate said it would take control of Tianhong Asset