Inter, control of Suning passes to Alibaba, Xiaomi and the communist party

Inter, control of Suning passes to Alibaba, Xiaomi and the communist party
Inter, control of Suning passes to Alibaba, Xiaomi and the communist party

Jack Ma, founder of Alibaba

24 hours fromassembly of Inter which will mark the ddefinition of the shareholders’ relations between the current ownership (Suning.com and the American Oaktree background), the family Zhang, which he founded Suning in 1990 and had about 35% of the capital, it loses control of the consumer electronics group listed on the Shenzhen Stock Exchange. A Chinese local government fund (from Jiangsu province), also owned by a group of private investors including the e-commerce giant Alibaba, founded by Jack Ma, Xiaomi (smartphone) e Haier (household appliances), took over from Zhang family about 17% of Suning.com. An operation, as reported by the Financial Times, $ 1.4 billion.

Zhang Jindong inter
Zhang Jindong

Now the single largest shareholder is Alibaba (about 20%) but the dominant influence is that of the public authority. The new Chinese investors have created a named fund Jiangsu New New Retail Innovation Fund Phase II, from the worth about $ 1 billion. What is still unclear is whether in the transaction, i.e. 17% of Suning.com passed from the Zhang family to the fund, it was the family itself that collected 1.4 billion or if there was a contextual commitment to use the funds to cover the debts of the group.

According to what the Financial Times, Suning’s restructuring reflects the Beijing government’s new strategy of deploying private companies alongside state-owned credit institutions to save debt-laden conglomerates, to mitigate the risks arising from financial instability and job losses. Following the agreement the shares of Suning are go up on the stock market by 10%, after hitting lows in recent months.

Romelu Lukaku Inter
Inter striker Romelu Lukaku

“The portfolio of diversified investors will help Suning.com further improve corporate governance, operations and business transformation as a retail service provider,” reads the statement formalizing the transaction. Suning has long been in financial trouble, the rating agency Standard&Poor’s estimated its debt at over $ 6.6 billion in the third quarter of last year. It should be specified, however, that Suning.com does not control Inter, whose ownership travels on a parallel and autonomous company branch of the galaxy Zhang.

(He follows…)

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Inter control Suning passes Alibaba Xiaomi communist party

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