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Deepti Sri · · 1 min readAlibaba-backed Suning.com sells 23% stake to state-owned Chinese investors
“Shares of Shenzhen-listed Suning.com surged 10% after Shenzhen International and Shenzhen Kunpeng Equity Investment Management agreed to acquire 23% of the online electric appliance retailer for 14.8 billion yuan (US$2.28 billion),” South China Morning Post reported.
Details:
- Logistics and infrastructure facilities operator Shenzhen International said it will buy 8% of Suning.com’s shares while Kunpeng Equity proposed to acquire another 15%. They would be purchased at a price of 6.92 yuan per share.
- The acquisition will allow the companies to achieve synergy by collaborating in areas such as logistic operations, project development, and capital operation.
Context:
- The development comes days after Suning.com said that shareholders plan to sell 20% to 25% of the company to unnamed buyers.
- Fund management platform Kunpeng Equity is fully owned by the state-owned Assets Supervision and Administration Commission of the People’s Government of Shenzhen Municipality.
Editing by Collin Furtado and September Grace Mahino
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