- Briefing Your roundup of Asian tech and startup news that matter
Deepti Sri · · 1 min readReport: Shareholders of Chinese retailer Suning plan to sell up to 25% stake
“Chinese retailer Suning.com said on Thursday that shareholders plan to sell 20% to 25% of the company to unnamed buyers which might lead to a change in control as its parent seeks to raise cash,” Reuters reported.
Details:
- Currently, the company’s parent firm and its founder Zhang Jindong hold a 19.88% and 20.96% stake in Suning.com, respectively.
- According to local media reports, the state-owned Assets Supervision and Administration Commission in Nanjing might be the new controlling shareholder.
Context:
- Suning.com is backed by investors including ecommerce giant Alibaba Group, which invested US$4.6 billion in the retail group for a 19.99% stake.
- Earlier in December 2020, the company’s founder pledged all his shares to Alibaba’s Taobao to meet working capital requirements, among other needs.
Editing by Collin Furtado and Jaclyn Tiu
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
