Alibaba-Led Consortium Close To Deal With Government For Suning.Com

  Alibaba-Led Consortium Close To Deal With Government For Suning.Com Alibaba Group Holding Ltd. and a Consortium led by the Jiangsu provincial government are about to reach an agreement to buy a stake in the retail division of famous billionaire Zhang Jindong's Suning empire. Suning.com Co. will make a statement later this week, according to the leaked news from someone who didn't want to reveal his identity. Including the owner of Suning's Inter Milan football team Zhang, a high-profile entrepreneur who has built a string of businesses, is thought to be at the end of his run. Suning.com, one of China's largest retailers, had a market cap of around 52 billion yuan ($8 billion) before the market slowed on June 16.

Alibaba Group Holding Ltd. and a consortium led by the Jiangsu provincial government are about to reach an agreement to buy a stake in the retail division of famous billionaire Zhang Jindong's Suning empire.

As a result of the crisis in the retail industry during the pandemic process, Zhang suffered a great loss. President Xi Jinping's government has taken drastic measures to protect its empire against such reckless growing companies. A representative from Suning declined to comment, while there was no comment from representatives of Alibaba and the Jiangsu government. BABA 9988 (HKG) HK$219,40 -2,60 (-%1,17) took action after paying a record $2.8 billion fine earlier this year. The e-commerce giant is known to hold a 20% stake in already long-time ally Suning.com.  

Source: Yahoo.Finance

 

You may also be interested in:

 

Pfizer Is Available For Purchase