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.
