The conglomerate said it would plough “at least” that sum into new technologies and its logistics infrastructure throughout 2020.

The company’s founder and chair Zhang Jindong said the investment would allow the business to “effectively meet and match consumer demand” in its domestic market.

Suning, which celebrates its 30th birthday next year, is one of China’s top three non-state-owned enterprises, raking in annual sales of RMB 602.5bn (£65.9bn).

It is focusing on enhancing what it calls its “smart retail infrastructure”, centred around delivering an “enhanced customer experience” for the new generation of Chinese shoppers.