BUSINESS

Suning’s Carrefour China Bet Ends in $275,000 Fire Sale

Published: Jul. 3, 2026 10:50 p.m. GMT+8

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Suning said June 30 that HK Express World International Ltd. bought a 100% stake in Cacious China Holdings N.V. Photo: VCG

Suning.com Co. Ltd. has sold the operating company behind its defunct Carrefour China hypermarket business to a Hong Kong company for just 2 million yuan ($294,410), marking a dismal end to the Shenzhen-listed retailer’s costly push into groceries.

Suning said June 30 that HK Express World International Ltd. bought a 100% stake in Cacious China Holdings N.V. after the asset was publicly listed on the Jiangsu Equity Exchange.

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Suning.com sold Carrefour China's operator for 2 million yuan, after acquiring it for over 5 billion yuan since 2019.
The asset had negative net assets of 4.46 billion yuan, with total liabilities of 7.67 billion yuan at end of 2025.
New owner is barred from using the Carrefour brand; sale is part of Suning's debt reduction and focus on core electronics business.

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Who’s Who

Suning.com Co. Ltd.: Suning.com Co. Ltd., a Shenzhen-listed retailer, sold its Carrefour China operating company for just 2 million yuan after acquiring it for over 5 billion yuan. The sale reflects Suning's debt-reduction strategy, shifting focus to its core consumer electronics and home appliance business amid liquidity crises and losses.

Carrefour: Carrefour entered China in 1995, becoming a leading foreign hypermarket chain. However, years of losses led to its 2019 acquisition by Suning for over 5 billion yuan. The business struggled amid shifting habits and competition, ultimately being sold in 2025 for just 2 million yuan, with the new owner barred from using the Carrefour brand.

Alibaba Group: Alibaba Group led a consortium that provided a 12 billion yuan bailout to Suning.com in 2021, after Suning fell into a severe liquidity crisis. This bailout resulted in Suning founder Zhang Jindong losing control of the company.

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What Happened When

August 2025：: Suning agreed to pay a 220-million-yuan settlement fee to Carrefour, waiving the remaining 1 billion yuan acquisition debt.

End of 2025：: Cacious had total assets of 1.32 billion yuan and total liabilities of 7.67 billion yuan.

June 29, 2026：: The ownership change of Cacious China Holdings N.V. was registered with the Netherlands Chamber of Commerce.

June 30, 2026：: Suning announced that HK Express World International Ltd. bought a 100% stake in Cacious China Holdings N.V. for 2 million yuan.

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