The Suning Commerce Group

[brehme1989]

Boo hoo, we couldn't sell Skriniar and Eriksen

 

[Il Drago]

Jiangsu FC(formerly Suning)for sale: as per sources in China,1 penny is enough for buyers to get Jiangsu FC, the CSL title holder from Suning Group, with the condition of taking the responsibility of debt, estimated to be ￥500m（€63.77m), most of which is unpaid salary.

 

[Ziyad]

Jiangsu FC(formerly Suning)for sale: as per sources in China,1 penny is enough for buyers to get Jiangsu FC, the CSL title holder from Suning Group, with the condition of taking the responsibility of debt, estimated to be ￥500m（€63.77m), most of which is unpaid salary.

Wtf is wrong with them, can’t even pay salaries? This is in China so I don’t think you can blame Chinese government

 

[brehme1989]

Wtf is wrong with them, can’t even pay salaries? This is in China so I don’t think you can blame Chinese government

You could if you assume that the issues that arose are due to a conflict between Zhang and the government

Basically from what I gather, there were grievances from Zhang toward the regime as they didn't support his "bad domestic investments" since they were the ones pushing for them and that didn't sit well with the government.

It's China, so no one really knows for sure. The information flow from within is too minimal and no one can be sure what's true and what's just what they want everyone else to hear.

 

[ADRossi]

man you are just being dishonest right now. Yonghong Li had 14% interest rate, it basically was known the guy will fold. Lets see what rate we finance our debt at. IIRC last one was 4-5%. Also Suning is not Yonghong Li, albeit the situation seems to be a bit beyond finance in China with apparent crackdown on "shanghai" clique.

Their Chinese club is about to be dissolved if someone doesn't absorb their debts. This is hardly different.

 

[Il Drago]

More "good" news from China:

The trading of Suning.com (SZSE: 002024), a listed company in Shenzhen Stock Exchange, is suspended, due to 'talks of change of control'. The top 3 shareholders of http://Suning.com is Zhang Jindong(20.96%), Suning Appliance Group（19.99%）and Taobao (19.99%). Suning.com (002024) issued an announcement about the trading suspension in Shenzhen Stock Exchange. Zhang Jindong (20.96%) & Suning Appliance Group(19.99%) plan to transfer 20-25% of total shares. The main area of potential buyers (reportedly state-owned) is infrastructure.

 

[Harpsabu]

More "good" news from China:

The trading of Suning.com (SZSE: 002024), a listed company in Shenzhen Stock Exchange, is suspended, due to 'talks of change of control'. The top 3 shareholders of http://Suning.com is Zhang Jindong(20.96%), Suning Appliance Group（19.99%）and Taobao (19.99%). Suning.com (002024) issued an announcement about the trading suspension in Shenzhen Stock Exchange. Zhang Jindong (20.96%) & Suning Appliance Group(19.99%) plan to transfer 20-25% of total shares. The main area of potential buyers (reportedly state-owned) is infrastructure.

So it's not just inter, Suning are broke? Or zhang is being forced by the state to sell Suning and probably has had assets freezed?
Right, just accept BC partners offer to fuck please. I don't even care at this point but we need out of Sunings hands immediately. I don't want them to take out another 250m loan to pay our bills and just increase our debt.

 

[CafeCordoba]

So it's not just inter, Suning are broke? Or zhang is being forced by the state to sell Suning and probably has had assets freezer?
Right, just accept BC partners offer to fuck please. I don't even care at this point but we need out of Sunings hands immediately. I don't want them to take out another 250m loan to pay out bills and just increase our debt.

This.

I really want Inter to get out of this connection to China and the CCP. Only one in our ownership side who actually cares about what happens to the club will be Steven Zhang and doesn't have any part in the actual ownership (apart from maybe owning some Suning shares).

I don't know if BhenChod Partners will be any better, but I want the clarity and soon.

 

[Il Drago]

Chinese Conglomerate Suning.com Says Shareholders Will Sell Stake in Retailer

Suning.com Co. said shareholders plan to sell a 20% to 25% stake in the retailer to unidentified buyers, in the latest sign that parent Suning Appliance Group Co. is working through liquidity issues.

The unit of the Chinese retail and e-commerce conglomerate didn’t give a price, but a 25% stake would be valued at as much as 16 billion yuan ($2.5 billion), based on Suning.com’s latest stock price. Suning.com said the shares would be sold to buyers in sectors including infrastructure, according to a statement to the Shenzhen stock exchange.

REDD reported earlier that Suning Appliance was in talks to sell all or part of its stake to a conglomerate of state-owned companies, and Suning.com shares were halted Thursday pending news. Suning.com’s yuan bond due 2023 rose 2%, the biggest gain in one month, as of 12:15 p.m. local time, after gaining as much as 5.7% in the morning.

Suning Appliance holds a 19.88% stake in Suning.com, while the biggest shareholder is billionaire founder Zhang Jindong, with a 20.96% stake. Alibaba Group Holding Ltd. has a 19.99% share, after the two companies formed a strategic alliance announced in 2015.

Concerns about Suning Appliance’s financial health have been raised since last year, when online chatter of a cash crunch pressured bonds issued by the key listed unit. Suning Appliance dispelled the talk as a “rumor” at that time.

Suning Appliance Offers Bond Swap in Sign of Liquidity Pressure

Both Suning.com and its parent face high near-term repayment pressure, according to China Chengxin International Rating Co. A combined 15.8 billion yuan of bonds will be payable this year for the two firms when they are confronting refinancing difficulties, the rating firm said in a report earlier this month.

In a recent sign of liquidity strain, Suning Appliance conducted a swap offer for a yuan bond due Feb. 2. A majority of the holders agreed to exchange the 7.3% note for a new two-year bond carrying the same coupon.

In January, Suning Appliance said it pledged 376.5 million shares, or a 4.04% stake, in Suning.com to China Minsheng Banking Corp. to raise funds.

Suning Appliance’s debt risk has now come under focus after it helped China Evergrande Group avoid a cash crunch by deciding not to demand repayment of a 20 billion yuan strategic investment in the indebted developer. Suning is an Evergrande supplier, so a collapse could have had ripple effects on its business as well.

Nanjing-based Suning.com is one of the largest retailers of appliances, electronics and other consumer goods in China. The company closed about 1,000 self-owned shops in the first nine months of last year, bringing the total to 2,697, including the China operations of French supermarket Carrefour SA which it acquired a majority stake in last year. It also has 6,588 franchised stores, according to its third-quarter financial report.

The company reported a 93% drop in net income for the third quarter, after a net loss in the first six months amid weak demand and temporary store closures during the pandemic.

https://www.bloomberg.com/news/articles/2021-02-25/suning-com-says-shareholders-to-sell-20-25-stake-in-retailer

 

[Universe]

 

[Nero Indigo]

Is there any point in changing the logo after this it’s almost like the equivalent of shitting on the office desk after getting fired.

 

[Ethor]

Looks like "Big Trouble in the red China", yikes!

 

[Candreva Crosses]

Why would you change logo if you are in an economic crisis??

 

[Puma]

Because they are Chinese cocksuckers.

 

[kurt0411]

What I’m hoping for is that they’ve already agreed a deal to sell us but are waiting till after the season finishes to hopefully celebrate the scudetto as their final act. Would be deserved even though I think people vastly overrate their spending, it really wasn’t much but they most definitely helped take the club forward after that vulture Thohir set us back.

Having said that that’s what I’m hoping for, if they still haven’t an agreement or aren’t willing to sell them I’m afraid we are fucked the longer this goes on. If enters the summer chaos will erupt

 

[RickyMaravilla'sRightFoot]

What I’m hoping for is that they’ve already agreed a deal to sell us but are waiting till after the season finishes to hopefully celebrate the scudetto as their final act. Would be deserved even though I think people vastly overrate their spending, it really wasn’t much but they most definitely helped take the club forward after that vulture Thohir set us back.

Having said that that’s what I’m hoping for, if they still haven’t an agreement or aren’t willing to sell them I’m afraid we are fucked the longer this goes on. If enters the summer chaos will erupt

That's what I'm hoping for too. Like there's already some sort of deal in place and Sunning want to see out the end of the season for ceremonial purposes. Although it seems unlikely that no one in the press will have gotten wind of that.

 

[Il Drago]

If that is true (that Suning have put in 600m), then we have a problem. Coz Inter's debts are to the tune of 400m, which is one of the highest debt ratios in the world of football. If you can share the source/breakup Sunings 600m investment at Inter, we can check whether the debt is a part of it. It must be coz Suning have largely used debt to finance Inter. If not, practically it means that at 1 billion valuation, Suning make zero profit... which is crazy.

Realistically though, I don't see anyone paying more than 800m for Inter. That is without the debt. So if the new investor takes over the debt, Suning are unlikely to get more than 400m for 100% of Inter. That is probably what is making this such a difficult deal to close in this climate.

Here's a detailed article about it.

https://sempreinter.com/2021/02/26/suning-have-invested-over-e700m-into-inter-since-taking-charge-in-2016-italian-media-point-out/

 

[TheNetworkZ]

That's what I'm hoping for too. Like there's already some sort of deal in place and Sunning want to see out the end of the season for ceremonial purposes. Although it seems unlikely that no one in the press will have gotten wind of that.

It's not just press, it would have to be public knowledge at this point due to the involvement of shareholders, banks, chairs, etc. Sorry to break your guys' hearts on this one but they could literally not keep a sale private knowledge.

Pretty sure it's illegal too.

Sent from my SM-G973W using Tapatalk

 

[Il Drago]

Official: Suning Group announce all their football clubs(in China), including the CSL reigning champion Jiangsu FC(formerly Suning), the Women's CSL powerhouse Jiangsu Suning Women's(2019 WCSL champion) and youth teams of all levels, 'cease operation from today'.

Let's enjoy this season guys because next year we're going to play in Serie D.

 

[javier_zanetti <3]

The players and mgmt are all calm, i believe they know it's just a matter of time till Inter will change ownership, probably to BC Partners. Inter isn't similar to Jinagsu.