Suning.com Says Financial Unit to Raise 10 Billion Yuan

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By Han Wei / Dec 29, 2018 02:31 AM / Business & Tech

Photo: VCG

Chinese online retailer Suning.com said Friday that its online financial service unit Suning Financial Services Co. Ltd. will raise 10 billion yuan ($1.45 billion) by selling a 17.9% stake. The deal values Suning Financial Services at 46 billion yuan.

After the transaction, Suning.com’s holding will be diluted to 41%. Suning Financial Holdings, the investment arm of Sunin.com, will increase its stake to 45.9% to become the largest shareholder of Suning Financial Services.

Suning Financial Services was set up in 2016 by consolidating Suning.com’s online financial service businesses. In December 2017, Suning Financial Services raised 5.3 billion yuan from investors including Suning Financial Holdings and Shangahi Yunfeng Xinchuang Investment Management Ltd., a private equity fund backed by Alibaba Group founder Jack Ma. Suning Financial Services was valued at 32.3 billion yuan at the time.

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