Oct 14, 2023 07:11 AM
BUSINESS
Cash-Strapped Retailer Suning Gets Another Bailout
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
Nanjing, Jiangsu province-based Suning was caught up in an escalating debt crisis in 2020 after it borrowed heavily to fund an acquisition spre
China’s embattled retail giant Suning.com Co. Ltd. is getting a 5 billion yuan ($685 million) lifeline from state-backed Citic Trust Co. Ltd. and China Huarong Asset Management Co. Ltd. to help turn its business around.
Citic Trust and China Huarong will invest the funds in Suning over 10 years to help revive the once-highflying retailer, according to Citic Trust, a unit of state-owned conglomerate Citic Group Co. Ltd. Citic Group is also the largest shareholder of China Huarong with 26.46% after a multibillion-dollar overhaul of the troubled bad-debt manager.
You've accessed an article available only to subscribers
VIEW OPTIONS
- RELATED
Share this article
Open WeChat and scan the QR code
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新