Suning’s share prices are on the rise again after Inter’s owners sold off nearly a quarter of their company over the weekend, according to an Italian media report today.
FCInterNews.it report that after the 23% sale of Suning Tesco to Shenzhen International (15%) and Kunpeng Capital (8%), for a total of 14.8 billion yuan, the Chinese stock market is beginning to trust Suning again.
Suning’s stocks were suspended in recent days pending further updates on the company’s future, but after returning with a value of 7 yuan per share this has already risen to 7.70 yuan per share.
There appears to be great faith in the Chinese e-commerce giants after their important financial transaction, which will help Suning increase capital in their priority group, Suning Appliance, and strengthen their overall position.
Following the above transaction, Suning will establish a regional office in Shenzhen as per an agreement reached in their deal with Shenzhen International.
Suning founder Jindong Zhang will maintain control with 21.83% of shares and consequently the right to vote.
It is currently unclear how the transaction could impact Suning’s ownership for Inter, which has been very much up in the air for a few months now.
