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Suning's Tax-free Subsidiary Laox Announced a Fundraising of 10.1 Billion Japanese Yen to Expand China Business and Global E-commerceNANJING, China, June 20, 2019 /PRNewswire/ -- On June 19, Laox, the largest comprehensive tax-free company in Japan, disclosed its intention to raise funds through targeted additional shares issuance for GRANDA GALAXY, a wholly-owned subsidiary of Suning Appliance Group, and GLOBAL WORKER, a wholly-owned subsidiary of Chuben Sangy o Co., Ltd., to 10.093 billion yen. (approximately RMB 642 million), mainly used as working capital for the expansion of the trade business to China and global e-commerce development. This marks a milestone of Laox's 90 years history. After the fundraising, Laox will further increase its investment in the Chinese market and expand its e-commerce business worldwide. Since entering the Chinese market in 2011, Laox has introduced high-quality Japanese goods and services to China through Suning.com's online and offline platforms and its Tmall flagship store. In the future, Laox aims to become one of the largest suppliers of "Made-in-Japan" goods to better serve more Chinese local consumers, and plans to promote more quality products and consumption experience to other countries and regions through the Belt and Road Initiative. As the important shareholder of Laox, Suning.com believes that Laox will further strengthen its close cooperation with the company in overseas purchase, commodity procurement, marketing and logistics services, thus increasing the Suning.com's international influence and attracting more customers who are looking for better-quality goods. Fully empowered by the smart retail strategy of Suning, Laox has now developed into a comprehensive platform providing retail trade, catering services, lifestyle experience, and travel service while maintaining duty-free shopping services as its core. By the end of 2018, LAOX had 38 retail stores in the Japanese market, which had attracted nearly 2.5 million shop visitors in the year and achieved annual sales of about 120 billion yen. About Suning About Laox Laox aims to expand its platforms to introduce Japanese products, culture and services to the world, taking advantage of the expertise and business sense we have nourished over the years and our strong relations with China. We will continue to strive to grow as a global company that works as a bridge between Japan and China, whose importance in the world will only grow. Photo - https://photos.prnasia.com/prnh/20190620/2503571-1 SOURCE Suning Holdings Group |