Shenzhen International Holdings Limited and Shenzhen Kunpeng Equity Investment Management Co., Ltd. cancelled the acquisition of a 23% 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 05, 2021
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Shenzhen International Holdings Limited (SEHK:152) and Shenzhen Kunpeng Equity Investment Management Co., Ltd. signed the share transfer framework agreement to acquire 23% 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 14.8 billion on February 28, 2021. Zhang Jindong, Suning Appliance Group, TTCO Trust will transfer 487.9 million Shares (5.2411% stake), 622.3 million shares (6.6847% stake), 286.2 million shares (3.0741% stake) in Suning.com Co., Ltd to Shenzhen Kunpeng Equity Investment Management Co., Ltd. Suning Holdings Group, Suning Appliance Group will transfer 309.7 million shares (3.3268% stake), 435.1 million Shares (4.6732% stake) in Suning.com Co., Ltd. to Shenzhen International Holdings Limited. Shenzhen International Holdings Limited will buy 8% stake in Suning.com Co., Ltd. for 744.8 million shares and Shenzhen Kunpeng Equity Investment Management Co., Ltd. will buy 15% stake in Suning.com Co., Ltd. for 1.39 billion shares.
Shenzhen International Holdings Limited (SEHK:152) and Shenzhen Kunpeng Equity Investment Management Co., Ltd. cancelled the acquisition of a 23% 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 6, 2021. The parties involved in the transaction failed to form a substantive formal agreement on the commercial terms. According to the actual situation, the parties agreed to terminate the agreement.
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.
Shenzhen International Holdings Limited and Shenzhen Kunpeng Equity Investment Management Co., Ltd. cancelled the acquisition of a 23% stake in Suning.com Co., Ltd. from Zhang Jindong, Suning Electrical Appliance Group Corporation, Tibet Trust Corporation Limited and Suning Holdings Group Co., Ltd.