Caixin
Jul 21, 2022 05:26 AM
BUSINESS

Suning Founder’s Son Loses $255 Million Lawsuit in Hong Kong

Zhang Jindong (right) and his son Zhang Kangyang at an Italian Serie A football match Feb. 26, 2017.
Zhang Jindong (right) and his son Zhang Kangyang at an Italian Serie A football match Feb. 26, 2017.

The son of Chinese retailing giant Suning’s founder lost a lawsuit in Hong Kong and was ordered to repay creditors $255 million.

The suit was brought last August by China Construction Bank (Asia) Corp. on behalf of Suning’s creditors to recoup losses stemming from the company’s default on a $165 million facility agreement and a $85 million secured note due last July.

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