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Inter Milan owner Suning sells 23% stake to state-owned investors

Embattled retailer reportedly looking to move away from sports

Suning's Chairman Zhang Jindong attends a news conference with Chinese retailer Suning and Italy's Inter Milan in Nanjing, Jiangsu Province in 2016.    © Reuters

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.

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