(Yicai Global) Dec. 1 – Chinese e-tailer Suning.Com has set up a new unit to take care of its internet platform business, attracting CNY6 billion (USD912 million) in investment from entities, including state-owned ones in Shenzhen.

The electronics retailer has formed Shenzhen-based Yunwang Wandian Technology during China's Double 11 shopping festival, public data show.

Investors, including Shenzhen Capital Group and a fund under its management, as well as Shenzhen Luohu Guide Fund Investment, have poured CNY6 billion, or almost 7 percent of Suning.Com's net assets in 2019, into the new company that will provide services to third-party sellers on Suning.Com, the Nanjing-based parent said in a statement yesterday. Yunwang Wandian was valued at CNY25 billion (USD3.8 billion) before the investment.

Yunwang Wandian will use its parent's information technology infrastructure while Suning.Com's supply chain and logistics units will provide services to the new subsidiary.

Shares of Suning.Com [SHE:002024] rose 1 percent to CNY9.24 (USD1.40) this morning.

Editor: Emmi Laine