The Suning Group yesterday announced that they have reduced their ownership via selling off their shareholding stakes in Alibaba, the Chinese online sales giant founded by Jack Ma.
The Nanjing-based company have reportedly sold off a package including more than 7 million shares for a sum close to 1.5 billion US Dollars, according to the closing value of the shares at the end of April. This is the second time in less than 6 months that Suning have sold of shares in Alibaba, as they collected a sum close to 970 million US dollars in December of last year.
These actions have been interpreted in China as a break between Alibaba owner Jack Ma and Suning’s owner Zhang Jindong. This follows recent events where owner of Alibaba recently invested in the Evergrande group who own Guangzhou Evergrande, who are an opponent of Jiangsu Suning in the Chinese Super League.
This could also mean that Suning are preparing to invest more heavily in Inter according to some analysts.
