ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Retail

Suning to sell consumer finance unit for $58m in restructuring

Chinese group refocuses on core retail portfolio after expansion hits earnings

Suning rapidly broadened the scope of its operations with acquisitions, including the Chinese supermarket business of France's Carrefour Group. (Photo courtesy of Suning Group)

SHANGHAI -- Suning.com will unload its consumer finance unit as the embattled Chinese group seeks to exit money-losing operations and rebuild its core retail business under the leadership of a state-owned fund and major shareholder Alibaba Group Holding.

The Nanjing-based company looks to sell a 39% stake in Suning Consumer Finance to Bank of Nanjing, among others, for around 368 million yuan ($58.2 million). The bank, which already holds a 15% interest, would emerge as the majority shareholder. The planned transaction is subject to regulatory approval.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more