Rumors of a debt crisis at mainland e-commerce company Suning were revealed tonight that father and son Zhang Neary, founder and chairman of Suning Holdings Group and a major shareholder in Suning Appliance Group and listed company Suning Tesco, have pledged all their equity to Ali, totaling RMB 1 billion in pledged equity.
According to Sohu Finance, Suning Tesco and Suning Appliance will have bonds totaling over RMB 22.37 billion due in the next year. Rumors about Suning’s increasing debt servicing pressure and capital chain facing collapse continue to flow in the market.
Although Suning was the first to report to the public security authorities for spreading rumors about the news of the broken capital chain. However, according to the mainland’s national enterprise credit information public system, it has been confirmed that Zhang Near East, Zhang Kang Yang father and son have not only pledged all the equity of Suning Holdings Group to Taobao (China) software, but also 65,000 shares of Suning Property Group, the pledgee is also Taobao (China) software.
Suning Holdings Group is the fourth largest shareholder of Suning Tesco, holding 3.98%, while Suning Real Estate is part of Suning Electric Group. In addition, Taobao (China) Software, a subsidiary of Alibaba, also holds a 20% stake in A-share listed Suning.com.
After the change of ownership of Suning Tesco and Suning Electric, the impact on the right to operate the public attention, whether Zhang Near East will be a major power? Ali will take over the e-commerce version. Suning responded that, at present, Suning Holdings Group holds 3.98% of Suning Tesco’s equity, the equity pledge is a normal business cooperation, no substantial impact on the strategic development and normal operation of Suning Tesco.
Suning also stressed that Suning and Ali have maintained good cooperation for a long time, and the two sides will further deepen cooperation and expand offline business scenarios.
However, outside views are not optimistic. Because since October, the mainland debt thunderstorm frequently rumored, Brilliance Auto, Yongcheng coal and electricity and other bond defaults, credit debt market risk increased, and Suning’s main business loss for years, the next year will also face a huge amount of bond resale pressure.
Interface News reported that Suning fears to fall into debt crisis, following the 9th spent 1 billion to buy back bonds, Suning Tesco again used 2 billion of its own funds to buy back seven maturing bonds issued by the company. However, Suning’s current debt size is huge, and the need to repay a lot of debt in the short term, the flow of funds under greater pressure.
The mainland’s national enterprise credit information disclosure system shows that Zhang Near East, Zhang Kang Yang father and son have not only pledged all the equity of Suning Holdings Group to Taobao (China) software, but also 65,000 shares of Suning Property Group, the pledgee is also Taobao (China) software.
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