SHANGHAI -- Chinese retailer Suning.com, the owner of Italian Serie A leader Inter Milan, will sell 23% of its shares to several state-owned investors including Shenzhen International Holdings, hoping to tap the logistic company's expertise to escape a downturn exacerbated by the coronavirus pandemic.
Suning will unload part of the 40% stake held by founder Zhang Jindong and group companies for 14.8 billion yuan ($2.29 billion), according to a company statement. Zhang will continue to lead operations as it works toward recovery.
