There were rumors on June 22 that Suning Real Estate declared bankruptcy, and its logistics and Suning.com have been acquired by Alibaba, which will hold 40% of the shares, and employees over 35 years old and below L10 level of Suning will be laid off.
In response, Suning Real Estate’s official Weibo replied, “Regarding online rumors, our company has called the police and will seriously pursue the legal responsibility of the rumors. Please do not believe in rumors or spread them.”
The rumors were born from the suspension of Suning Tesco and the whirlpool of public opinion in China.
Since the second half of last year, Suning has been in the dilemma of a large number of maturity bonds and tight cash flow. Subsequently, Suning introduced state-owned assets for emergency relief. The market also believed that this move is expected to relieve Suning’s cash flow pressure.
Suning.com issued an announcement on June 15, stating that Zhang Jindong’s 540 million shares were judicially frozen by the Second Intermediate People’s Court of Beijing, accounting for 5.80% of Suning’s total share capital and 27.68% of Zhang Jindong’s holdings.
Suning.com issued another announcement on June 16 stating that it had received a notice from the company’s actual controller and controlling shareholder Zhang Jindong and shareholder Suning Appliance Group Co., Ltd. that it was planning a major issue involving the transfer of the company’s shares, and the company’s shares would be suspended from the opening of the market on June 16, and the suspension was expected to last no more than five trading days.
As of June 22, Suning is still suspending trading. According to Suning’s response to the media today, a company announcement will be issued tonight or tomorrow. And Suning’s direction will soon be revealed.
Source: Guancha