Chinese tech giants bail out Suning.com with US$1.4 billion government-backed investment in the embattled retailer

//Chinese tech giants bail out Suning.com with US$1.4 billion government-backed investment in the embattled retailer

Chinese tech giants bail out Suning.com with US$1.4 billion government-backed investment in the embattled retailer

A consortium led by the Jiangsu government is taking a stake in Suning.com, the retail arm of billionaire Zhang Jindong’s Suning Group, marking the latest move in China’s effort to bail out its heavily indebted conglomerates.Suning.com announced on Monday night that Zhang, Suning Group and Suning Appliance Group will sell 1.58 billion shares of the embattled retail firm, or 16.96 per cent of the company, to a fund at 5.59 yuan per share (86 US cents), according to company filings to the…

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By | 2021-07-06T02:32:46+00:00 July 6th, 2021|Technology|Comments Off on Chinese tech giants bail out Suning.com with US$1.4 billion government-backed investment in the embattled retailer