Oriental Morning Post, 4/13/12
Sun Weimin, vice chairman of Chinese consumer electronics and home appliances retailer Suning (002024.SZ), has announced that Yifubao, a third-party payment platform operated by Nanjing Suning Yifubao Network Technology, has completed preliminary preparations and auditing for its payment license application and has entered into the public notifications and approvals phase. Suning Electronics is the 100% shareholder of Yifubao.
Suning currently owns two third-party payment companies. In addition to Yifubao, it also owns Anhui-based third-party payment provider Anhui Huaxiatong Zhifu, which obtained its payment license last year and primarily offers local pre-pay card services to users in Anhui province.
Sun disclosed that once Yifubao obtains its payment license, Suning expects its virtual products, sales, and services to run more smoothly. Recently Suning Yigou announced an upcoming "charge 20, credit 20" promotional event, along with other large-scale promotions encouraging users to place funds with Yifubao accounts.