Jiangsu Xinxin Retail Innovation Fund Phase II (Limited Partnership) completed the acquisition of a 16.96% stake in Suning.com Co., Ltd. from Zhang Jindong, Suning Electrical Appliance Group Corporation, Tibet Trust Corporation Limited and Suning Holdings Group Co., Ltd.
July 08, 2021
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Jiangsu Xinxin Retail Innovation Fund Phase II (Limited Partnership) signed a share transfer agreement to acquire a 16.96% stake in Suning.com Co., Ltd. (SZSE:002024) from Zhang Jindong, Suning Electrical Appliance Group Corporation, Tibet Trust Corporation Limited and Suning Holdings Group Co., Ltd. for CNY 8.8 billion on July 5, 2021. Under the transaction, Jiangsu Xinxin Retail Innovation Fund Phase II will acquire 311,629,999 shares from Zhang Jindong, 116,375,496 shares from Suning Holdings Group, 864,489,565 shares from Suning Electrical Appliance Group Corporation and 286,201,086 shares from Tibet Trust Corporation Limited at a price of CNY 5.59 per share. Post transaction, Zhang Jindong, Suning Electrical Appliance Group Corporation and Suning Electrical Appliance Group Corporation will hold 17.62% stake , 2.73% stake and 1.39% stake in Suning.com Co., Ltd., respectively and Tibet Trust Corporation Limited will not have any stake in Suning.com Co., Ltd.
Jiangsu Xinxin Retail Innovation Fund Phase II (Limited Partnership) completed the acquisition of a 16.96% stake in Suning.com Co., Ltd. (SZSE:002024) from Zhang Jindong, Suning Electrical Appliance Group Corporation, Tibet Trust Corporation Limited and Suning Holdings Group Co., Ltd. on July 9, 2021.
Suning.com Co., Ltd. specializes in the retail distribution of general public computing and electronic equipments and household devices. Net sales break down by family of products and services as follows:
- communication products (26.3%);
- small household appliances (23.3%);
- computers and digital devices (12.4%);
- refrigerators and washing machines (11.6%);
- air conditioners (10.8%)
- consumer electronics (10.6%);
- logistics services (1.1%);
- financial services (1.1%);
- installation and maintenance services (0.6%);
- other (2.2%).
At the end of 2018, the marketing of the products is ensured through a network of over 11,000 stores worldwide.
China accounts for 97.1% of net sales.
Jiangsu Xinxin Retail Innovation Fund Phase II (Limited Partnership) completed the acquisition of a 16.96% stake in Suning.com Co., Ltd. from Zhang Jindong, Suning Electrical Appliance Group Corporation, Tibet Trust Corporation Limited and Suning Holdings Group Co., Ltd.