苏宁 / Suning

Suning is the electronics-retail and ecommerce-transition case in No.200 电商三国之群雄逐鹿：腰挂公章、持剑拒签，以及 108 种死法. The episode traces its rise from appliance retail to national chain scale, then its move into Suning.com, diversified acquisitions, sports spending, logistics, convenience stores, Carrefour China, liquidity crisis, and court-led restructuring.

Connections

• 国美 / Gome — old-retail peer and control-conflict contrast.
• 红孩子 / Redbaby — acquired mother-and-baby platform.
• Ecommerce Platform Failure Modes and Asset-Light Vs Heavy-Asset Models — expansion, leverage, and heavy operating-asset pressure.