The Chinese state is still meeting Suning’s financial needs. A new retail fund made up of four Jiangsu state-owned enterprises has in fact acquired 5.59% of Suning Tesco for 3.182 billion yuan to provide new liquidity to the latter; Zhang Jindong will buy back these shares within 10 months. The announcement of this maneuver arrived yesterday. The originator is the shareholder Suning Appliance Group and the transfer price is 6.12 yuan per share, slightly lower than its recent share price.
At the same time, Zhang Jindong signed the “Repurchase Agreement” with Jiangsu New Retail Innovation Fund: under the agreement, the owner of Suning will repurchase within 10 months (ie, by April 1, 2022) the shares being transferred. by paying a consideration of 3.182 billion yuan, plus the reference income (calculated on a simple annualized interest of 3.85%).
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