Huang Ming-Tuan Named Chairman of Suning.com
What’s new: Huang Ming-Tuan was named chairman of Chinese electronics retail giant Suning.com Co. Ltd. (002024.SZ) two weeks after billionaire founder Zhang Jindong stepped down in a major leadership shuffle.
Huang, 66, is founder and chairman of Sun Art Retail Group Ltd., which was sold to Alibaba Group Holding Ltd. in 2018. He joined Sunning’s board as a representative of Alibaba, which is the second-largest shareholder of Suning.
Alibaba, with two Suning board seats, also named Liu Peng, president of the Import and Export Business Group of Alibaba’s Tmall, to fill its other directorship. Xu Hong, Alibaba vice president of finance, resigned from the Suning board.
Suning also named veteran executive Ren Jun as president. Ren, a board member, acted as temporary chairman after Zhang’s departure. Ren has been the top Suning executive after Zhang and made many business decisions, several Suning insiders told Caixin.
The background: After months of financial turbulence, cash-strapped Suning.com earlier this month announced an 8.8 billion yuan ($1.36 billion) bailout by a consortium backed by Alibaba and several government funds.
Suning.com was caught up in an escalating debt crisis last year after it borrowed significantly to fund an acquisition spree from 2015 to 2019. Despite losses by its core retail business, the company continued to invest in real estate, telecom, sports streaming, and football club Inter Milan.
Last year, Suning.com reported a net loss attributable to shareholders of 4.3 billion yuan, a reversal from a net profit of 9.8 billion yuan in 2019.
Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.
Contact reporter Denise Jia (firstname.lastname@example.org) and editor Bob Simison (email@example.com)
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