Suning.com retail stores win state backing
Retailer Suning.com is set to receive about RMB8.8 billion (US$1.36 billion) from a group of investors led by a China-backed fund, according to a filing Monday at the Shenzhen Stock Exchange.
- The group of investors is led by the Jiangsu provincial government and plans to acquire a 16.96% stake in Suning.com at RMB5.59 (US$0.87) a share. Suning.com is headquartered in Nanjing, Jiangsu Province.
- Other members of the consortium are a Nanjing state asset management, Alibaba Group and companies in the consumer electronics and appliances sector: Xiaomi, Haier Group, Midea Group and TCL Technology.
- Alibaba, Xiaomi, Haier, Midea and TCL are participating in the investment fund as limited partners by invitation.
- After the transaction, Suning.com will have no controlling shareholder.
- Alibaba’s partnership with Suning dates from 2015.
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