The Suning Commerce Group

[Il Drago]

Gazzetta claim Zhang has informed shareholders he has no intention to sell the club and he is here to stay. I hope this is just a ploy to attract a high offer for the club. Inter are far from achieving a self-financing status and i can't see these guys supporting the club financially anytime soon.

 

[.h.]

Does anyone know what our ownership structure really is? I.e. are we a subsidiary of the Suning entity where Zhang is now a minority shareholder? Are we owned by a separate vehicle?

It'd be good to understand where we actually stand, because in many cases his intentions are irrelevant.


From the self-financing perspective, we could get to self financing once COVID gets back to normal (and we replace our chinese sponsors with some more long term ones) - the worry I have is all the debt that comes due. We could survive on a day to day basis, but we've got humndreds of millions outstanding that will be a nightmare

 

[CafeCordoba]

Inter is owned by Great Horizon, Suning's holding company, a subsidiary of Suning Holdings Group (or probably subsidiary of a subsidiary of Suning Holdings Group). Suning Holdings Group is still owned by Zhangs AFAIK. It's the Suning's other subsidiary, Suning.com which Suning has less ownership now when other investors came in to save it.

 

[.h.]

ahh ok thanks. So presumably the issues lately have resulted in the Sunings Holding Group reducing their holdings in Suning.com?

 

[CafeCordoba]

Yeah and or Zhang himself. I'm not totally sure but it's possible he has stakes in Suning.com by himself and through the holding company.
It's a bit hard to find good information as most of the English written articles mix Suning (holding group) and Suning.com and they are two completely different things.

 

[IM21]

Zhang Jindong resigned from the presidency of Suning.com

 

[PHM1605]

Zhang Jindong resigned from the presidency of Suning.com

And Steven Zhang is the CEO candidate.
If that happens then no surprise he has given zero shit about Inter. We are like tier-2 in his to-do list.

 

[J..]

Zhang Jindong resigned from the presidency of Suning.com

Similar to when Jack Ma all by "himself" decided to resign.

 

[Mr-Intermilan]

Their decision not to sell a few months ago is even more baffling.

iam certain that
the books are cooked
notice how ausilio works on re-buying primervera
first pinamonti then vanhidusn the defender both with 30 mil!

 

[DARi0]

Inter owners Suning are looking to refinance the bond from €375 million to €400 million, with the bond currently maturing in 2022.

This according to today’s print edition of Milan-based financial newspaper Il Sole 24 Ore, who report that the Nerazzurri owners have appointed the Rothschild Bank in an advisory role as they search for ways to refinance the bond.

€100 million of the bond is in the hands of American investment fund Oaktree Capital, part of a separate loan deal from the fund which the Nerazzurri took in this year in order to help meet financial obligations.

The financial problems at the Nerazzurri are well-known, with economic issues affecting the parent company of owners Suning and the pandemic leading to problems with liquidity, including struggles to pay player wages.

 

[Nero Indigo]

Inter owners Suning are looking to refinance the bond from €375 million to €400 million, with the bond currently maturing in 2022.

This according to today’s print edition of Milan-based financial newspaper Il Sole 24 Ore, who report that the Nerazzurri owners have appointed the Rothschild Bank in an advisory role as they search for ways to refinance the bond.

€100 million of the bond is in the hands of American investment fund Oaktree Capital, part of a separate loan deal from the fund which the Nerazzurri took in this year in order to help meet financial obligations.

The financial problems at the Nerazzurri are well-known, with economic issues affecting the parent company of owners Suning and the pandemic leading to problems with liquidity, including struggles to pay player wages.

Damn Suning looking like some crying rug rats who don’t want to let go of their toys right about now

 

[thatdude]

Rothschild bank? We bout to get bought by the Illuminati

 

[brehme1989]

Rothschild bank? We bout to get bought by the Illuminati

That's good, no? We'd be pulling the strings now!

 

[ADRossi]

We've received a few complaints regarding something, so I want to make a short post on it.

Complaining about Suning is completely reasonable. Telling them to fuck off is perfectly okay, too. But there is a line that should not be crossed and taking out anger against an entire ethnicity because of the incompetence of one man/company will not be allowed. We also still adhere to our strick no politics policy. Discussing Chinese policies' impact on Inter is fine, but you should know where the line is drawn.

 

[Il Drago]

Suning Appliance Sued by Creditors for $255 Million​

China Construction Bank Corp. on behalf of creditors sued Suning Appliance Group Co Ltd. to recoup about $255 million lost on debt.
The group, which used to own retail giant Suning.com Co., and its owner, father-and-son pair Zhang Jindong and Zhang Kangyang, were listed as defendants in an Aug. 2 claim filed in the Hong Kong High Court.

The suit is being brought by China Construction Bank (Asia) Corp., which is acting on behalf of creditors. Suning Group declined to comment.
Suning Appliance in July allegedly defaulted on a $165 million facility agreement and a $85 million secured note due 2021, according to the filing. The default came after the company revealed its financial difficulty in a May report.

Billionaire Zhang Jindong, who founded Suning, resigned as chairman last month after a $1.36 billion state-backed bailout. Allies of Alibaba Group Holding Ltd. have now taken the helm at Suning.com. Huang Mingduan, founder and chairman of Sun Art Retail Group Ltd., the Alibaba-controlled hypermarket chain, was named Suning.com chairman last week.

Suning Appliance Group and its subsidiaries have about 29.2 billion yuan ($4.5 billion) in outstanding local and offshore bonds, 3.9 billion yuan of which come due this year.

The son, also known as Steven Zhang, remains the head of Suning’s international operations, which includes the Italian football club Inter Milan, though it’s unclear if his position will change amid restructuring after the bailout.

Zhang Jindong is among several high-profile billionaires toppled by Beijing’s crackdown on a reckless debt-fueled expansion in its corporate sector. Other conglomerates that have been reined in or forced to unwind investments include HNA Group Co. and Dalian Wanda Group Co., both of which also grew to dangerous size after a flurry of overseas acquisitions.

Zhang’s friend, China Evergrande Group Chairman Hui Ka Yan, for whom he waived his rights to a 20 billion yuan payment from the indebted property developer, is also under mounting pressure.

The plaintiffs are also demanding $2.58 million in defaulted interest as well as additional interest on the 13% facility until a judgment or repayment is made.

Suning Appliance Sued by Creditors for $255 Million

China Construction Bank Corp. on behalf of creditors sued Suning Appliance Group Co Ltd. to recoup about $255 million lost on debt.

www.bloomberg.com

 

[Harpsabu]

We know where the lukaku money is going

 

[Universe]

Suning Appliance Sued by Creditors for $255 Million

China Construction Bank Corp. on behalf of creditors sued Suning Appliance Group Co Ltd. to recoup about $255 million lost on debt.

www.bloomberg.com

 

[Shark]

 

[Harpsabu]

Fuck Suning

 

[William]

Wish they had accepted the 800mil offer! We sure as shit ain’t worth that now!!