Agreement with state-owned enterprises, Zhang Jindong puts control of Suning on the plate

Agreement with state-owned enterprises, Zhang Jindong puts control of Suning on the plate
Agreement with state-owned enterprises, Zhang Jindong puts control of Suning on the plate

After the announcement by Suning.com of Suning Appliance Group’s intention to transfer 520 million shares, equivalent to 5.59% of the company’s total share capital, to the state-owned Jiangsu New Retail Innovation Fund for 3.182 billion yuan, open new, potential scenarios also sensational for the Nanjing company. Second Sina.com, indeed, Zhang Jindong, as already reported, has signed an agreement with the New Retail Fund through which it undertakes to repurchase all the shares transferred within 10 months, i.e. before 1 April 2022, at the same amount collected plus the reference income calculated on 3 85% simple annualized interest.

If it fails to keep the commitment, we read, Zhang Jindong would also risk losing ownership of the entire holding. Although from the Suning headquarters they take care to let people know, through Yema Finance, that this transaction will not result in changes to the company’s control rights and will not affect operations. Also from sources inside Suning.com, it is known that foreign investors also had contacts with the giant lion, presumably for an entry into the share capital, but Suning ultimately chose to introduce state-owned capital, not only to reduce debt but also to ensure a smooth operation.

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Agreement stateowned enterprises Zhang Jindong puts control Suning plate

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