As Caixin reports, Suning.com is receiving a lifeline of 5 billion yuan ($685 million) from state-backed Citic Trust and China Huarong Asset Management to help revive its business. Citic Trust and China Huarong will invest the funds in Suning over 10 years to help revive the Nanjing giant.
The initial tranche of financing will provide relief to Suning’s logistics park projects in Shaoxing, Hangzhou, Nanjing and Chengdu, with the aim of refurbishing and revitalizing the projects, Citic Trust said in a statement. The investment will also help renovate Suning through debt and equity restructuring.
In August, Suning revealed that it would receive 1.5 billion yuan from China Huarong through a trust plan managed by Citic Trust. The investment will last six years in a bid to ease pressure on the company’s logistics business, Suning said.
Not only good news for the company founded by Zhang Jindong: Caixin has in fact learned that several creditors, including Oaktree Capital Management and Bain Capital, have filed multiple legal actions against Suning.
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2023-10-17 12:34:00
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