Suning Holdings Group

Suning Holdings Group Co., Ltd. (Chinese: 苏宁控股集团有限公司) is a Chinese privately-held company. The company shared the same founder Zhang Jindong with the listed company Suning.com, but Suning Holdings was the unlisted portion of Zhang's unincorporated Suning Group. According to All-China Federation of Industry and Commerce, Suning Holdings Group was ranked as the second largest civilian-run enterprise in the Mainland China in 2018.[5][6][7]

For other related companies, see Suning (disambiguation).
Suning Holdings Group
TypePrivately held limited company
IndustryHolding company
PredecessorDivisions of Suning Appliance
Founded
  • 1990 (predecessor of Suning Appliance)
  • (2011-06-14)14 June 2011 (date of incorporation)[1][2]
FounderZhang Jindong[1]
Headquarters
Nanjing
,
China[1]
Key people
Zhang Jindong (Chairman)
Revenue602,456,240,000 renminbi (2018) 
Total assetsCN¥4.062 billion[3] (Q1–3 2015)
OwnerZhang Jindong (100%)[4]
Subsidiaries
Suning Rundong(80%)
Suning Culture Investment(90%)
→ PPTV(68.08%)
Suning Jinkong(80%)
Suning Sports(90%)
→ Inter Milan(68.55%)
Chinese name
Simplified Chinese苏宁控股集团有限公司
Traditional Chinese蘇寕控股集團有限公司
Hanyu PinyinSūníng Kònggǔ Jítuán Yǒuxiàn Gōngsī
Literal meaningSuning Holdings Group Limited Company
short name
Simplified Chinese苏宁控股
Traditional Chinese蘇寕控股
Hanyu PinyinSūníng Kònggǔ
Literal meaningSuning Holdings
Websitesuningholdings.com
Footnotes / references
in separate balance sheets (unaudited)[3]

The holding company is also famous for the acquisition of Inter Milan.[8][9]

Suning Holdings, as of 2016, owned an equity stake of 3.33% in Suning.com,[10] formerly known as Suning Commerce Group (Chinese: 苏宁云商集团) and Suning Appliance (Chinese: 苏宁电器股份).

Those companies also shared almost the same name with sister company Suning Appliance Group (Chinese: 苏宁电器集团), which Zhang owned 48.10% stake as the second largest shareholder. As at 31 December 2016 Suning Appliance Group was the second largest shareholder of Suning.com, after Zhang.[11]:105 Suning Appliance Group was owned by ex-senior staff of Suning.com (including Zhang himself) as at 2002.[12] Since circa 2015 to 10 April 2017, it was owned by Bu Yang (49.1%), Zhang (48.1%) and Sun Weimin (2.8%), the three senior official of Suning.com.[13][14]

Operations

In June 2016, Suning Holdings signed a framework agreement with the government of Shandong Province.[15]

Subsidiaries

Suning Rundong

Suning Holdings, via a subsidiary, Suning Rundong (Chinese: 苏宁润东股权投资管理有限公司; pinyin: Sūníng rùndōng gǔquán tóuzī guǎnlǐ yǒuxiàn gōngsī), subscribed the capital increase of Nubia Technology, a subsidiary of Chinese tech company ZTE for CN¥1.930 billion in December 2015.[16] After the deal Suning Rundong owned 33.33% stake in Nubia.[16][17] Nubia Technology sold mobile phone branded "Nubia". In 2016 Nubia became a sponsor of Jiangsu Suning F.C., a sister company of Suning Rundong for a reported CN¥150 million .[18] In April 2016 Suning Rundong sold 4.90% stake in Nubia to Suning Commerce Group (Suning.com) for CN¥283.7 million , proportional to the original subscribe price.[19]

As of 2015, Suning Holdings owned 70% stake in Suning Rundong,[16] Suning.com owned 10%[20] and Chen Yan (Chinese: 陈艳) owned 20% stake.[1] The stake that held by Suning Holdings, was increased to 80% in 2016,[4] acquiring an additional 10% from Suning.com.[11]:197[21]

According to China Daily, Suning Rundong was an investment fund with a size of RMB5 billion.[22]

Suning Culture Investment Management

Suning Culture Investment Management Co., Ltd. (Chinese: 苏宁文化投资管理有限公司) was another investment vehicle of the group. As of 2015, it was 90% owned by Suning Holdings Group and 10% owned by Chen Yan.[1][4][23][24]

Suning Culture Investment Management invested CN¥19.6 million for 10% stake in China International Broadcasting Network (CIBN; incorporated as Chinese: 国广东方网络（北京）有限公司; lit. 'Global Broadcasting – Oriental Network (Beijing) Co,. Ltd.'), an internet television channel.[23]

On 31 October 2015 Suning Culture Investment acquired 68.08% stake in a video hosting and streaming website: PPTV (the parent company was incorporated as PPLive Corporation, the local unit was incorporated as Shanghai SynaCast Media Tech)[25][26] from Caymans-incorporated Great Universe Limited, an indirect wholly owned subsidiary of sister company Suning.com for CN¥2.5879931 billion .[27][28] PPTV secured the exclusive China TV rights of La Liga for 5 seasons in mid-2015.[29]

Suning Jinkong

Suning Jinkong (Chinese: 苏宁金控投资有限公司; lit. 'Suning Financial Holding and Investment Co., Ltd.') is an investment vehicle of the group in financial sector.

As of 31 December 2016, it was 80% owned by Suning Holdings and 20% owned by Chen Yan. Moreover, all the paid-in share capital was contributed by Suning Holdings.[1][30]

Suning Jinkong purchased 35% stake of Suning Jinfu (Chinese: 苏宁金融服务（上海）有限公司; lit. 'Suning Financial Services (Shanghai) Co,. Ltd.'), for CN¥5.834 billion in April 2016.[31] That company was a subsidiary of Suning.com. The 35% stake was later transferred to a private equity fund Nanjing Runyu (Chinese: 南京润煜企业管理咨询中心（有限合伙）), which Suning.com claimed that, the fund was still controlled by Suning Holdings.[11]:100, 268 According to National Credit Information Publicity System, however, CITIC Trust was a unit holder of the private equity fund; Suning Rundong was the general partner of the fund, which the fund incorporated as a limited partnership.[1][32]

Suning Sports

Jiangsu Suning Sports (Chinese: 江苏苏宁体育产业有限公司), is a joint venture of Suning Holdings and Suning Appliance Group.[1] Suning Sports had a share capital of CN¥1 billion .[1][33] As of 31 December 2016, Suning Holdings owned 90% stake.[4]

Suning Sports became an angel investor of Champdas (incorporated as Chinese: 上海创冰信息科技有限公司; lit. 'Shanghai Chuangbing Information Technology Co., Ltd.'), a company specialize in sports statistics in 2016.[1][34][35][36] Suning Sports also appointed football coach and former player Gong Lei as their sports director.[37]

Jiangsu Suning Sports had a sister company Suning Sports International Limited, a company incorporated in Hong Kong, which was the subsidiary of Suning Culture Investment Management instead, at the date of incorporation on 26 May 2016.[38] However, it was known that Jiangsu Suning Sports had acquired Suning Sports International on 30 May 2016.

Inter Milan

On 6 June 2016 Suning Holdings, via Great Horizon S.à r.l., signed a contract to acquire a majority stake (about 70% shares) in Inter Milan by the subscription of a capital increase and from the consortium of Erick Thohir (International Sports Capital) and the consortium of Massimo Moratti (Internazionale Holding).[8][39] The deal was approved by the extraordinary general meeting on 28 June, which after the deal, Suning Holdings owned 68.55% shares.[40]

According to website Calcio e Finanza (which purchased filings in Hong Kong Companies Registry and Luxembourg Business Registers) and Il Sole 24 Ore columnist Carlo Festa, Great Horizon direct parent company was Suning Sports International Limited, in turn a subsidiary of Suning Culture International Limited (as of the date of incorporation of Suning Sports International on 26 May 2016), in turn a subsidiary of Suning Culture Investment Management.[38][41]

According Suning Sports International's 2017 Annual Return submission to the Hong Kong Companies Registry, Jiangsu Suning Sports had acquired the entire share capital of Suning Sports International from sister company Suning Culture International on 30 May 2016, few weeks before the takeover of Inter Milan. However, Chen Yan remained as the sole director of Suning Sports International.[42]

Structure of F.C. Internazionale Milano Group, as of 2017, based on legal filings[1][38][43]
Zhang JindongZhang and other shareholders
Suning Holdings Group Co., Ltd.Suning Appliance Group Co., Ltd.
Jiangsu Suning Sports Co., Ltd.
Suning Sports International Ltd.
International Sports Capital S.p.A.
(see Erick Thohir)		Great Horizon S.á r.l.others (Pirelli, other descendants of Angelo Moratti etc.)
F.C. Internazionale Milano S.p.A.

Sister companies

References
  1. 国家企业信用信息公示系统 [National Credit Information Publicity System] (in Chinese)
  2. Entry in qichacha.com accessed on 11 July 2017
  3. 关于苏宁云商集团股份有限公司部分商标转让及使用许可关联交易的保荐机构意见 [Comments on Suning Commerce Group selling some registered trademarks to related-parties] (PDF) (in Chinese). China Merchants Securities. 31 March 2016. Retrieved 8 June 2016 – via Shenzhen Stock Exchange website.
  4. 公开发行 2017 年公司债券募集说明书 [prospectus of 2017 company bond] (PDF) (prospectus) (in Chinese). Suning Commerce Group. 19 June 2017. Retrieved 11 July 2017.
  5. Zhu Lingqing (30 August 2018). "Top 10 Chinese private companies in 2018 (page 1)". China Daily. Beijing. Retrieved 31 October 2018.
  6. Zhu Lingqing (30 August 2018). "Top 10 Chinese private companies in 2018 (page 9)". China Daily. Beijing. Retrieved 31 October 2018.
  7. 2018中国民营企业500强公布 苏宁蝉联第2 (in Chinese). Xinhua News Agency. 29 August 2018. Retrieved 7 November 2018.
  8. "Suning Holdings Group acquires majority stake of F.C. Internazionale Milano" (Press release). F.C. Internazionale Milano. 6 June 2016. Retrieved 6 June 2016.
  9. Joe Wright (6 June 2016). "Inter sold to Chinese company Suning". Goal.co.uk. Retrieved 6 June 2016.
  10. 非公开发行A 股股票发行情况报告书暨上市公告书(摘要) [Report on Non-public offering of A shares] (PDF) (in Chinese). Suning Commerce Group. 3 June 2016. Retrieved 6 June 2016.
  11. 2016年年度报告 [2016 Annual Report] (PDF) (in Chinese). Suning Commerce Group. 31 March 2017. Retrieved 18 April 2017 – via Shenzhen Stock Exchange website.
  12. 苏宁电器连锁集团股份有限公司关联交易公告 [Announcement on related-party transaction] (PDF) (in Chinese). Suning Commerce Group. 6 August 2004. Retrieved 6 June 2016.
  13. 苏宁云商集团股份有限公司简式权益变动报告书 [Change in equity stake in Suning Commerce Group] (PDF) (in Chinese). Suning Appliance Group. 13 January 2016. Retrieved 8 June 2016 – via cninfo.com.cn.
  14. Entry in qichacha.com, accessed on 11 July 2017
  15. 山东省政府与苏宁控股集团签署战略合作框架协议 (in Chinese). Department of Commerce of Shandong Province. 25 June 2016. Retrieved 28 June 2016.
  16. "Introduction of a Strategic Investor by a Subsidiary and Waiver of Preemptive Subscription Rights by the Company" (PDF). ZTE. 31 December 2015. Retrieved 7 June 2016.
  17. "Nubia to receive [US]$297m cash investment from Suning". China Daily. 31 December 2015. Retrieved 11 June 2016.
  18. "Nubia to sponsor Jiangsu Suning FC for RMB150m". ytsports.cn. 18 February 2016. Retrieved 11 April 2016.
  19. 关于受让股权的关联交易公告 [Announcement on related-party transaction for buying equity stake in a company] (PDF) (in Chinese). Suning Commerce Group. 30 April 2016. Retrieved 7 June 2016.
  20. 2015年年度报告 [2015 Annual Report] (PDF) (in Chinese). Suning Commerce Group. 31 March 2016. Retrieved 9 November 2016.
  21. Entry in qichacha.com, accessed on 11 July 2017
  22. Shi Jing (31 March 2016). "Retailer Suning creates separate investment arm". China Daily. Beijing. Retrieved 17 November 2018.
  23. 关于对国广东方网络(北京)有限公司追加投资暨关联交易事项的公告 [Announcement on capital increase in Global Broadcasting – Oriental Network (Beijing) Co,. Ltd. and related party transaction] (PDF) (Press release) (in Chinese). Huawen Media Investment Corporation. 25 April 2016. p. 12. Retrieved 10 June 2016.
  24. Entry in qichacha.com, accessed on 11 July 2017
  25. SC-13E3 filing of Ku6 Media 22 April 2016 U.S. Securities and Exchange Commission
  26. 公司简介 [About us] (in Chinese). PPTV. Retrieved 11 July 2017.
  27. 关于拟出售 PPLive Corporation股权暨关联交易的公告 [Announcement of proposed sales of PPLive Corporation and related-party transaction] (PDF) (Press release) (in Chinese). Suning Commerce Group. 31 October 2015. Retrieved 8 June 2016.
  28. SinoCast (4 January 2016). "Suning Commerce : to Sell Stake in PPTV". 4-traders.com. Archived from the original on 2016-06-30. Retrieved 11 June 2016.
  29. "Historic agreement of LaLiga in China" (Press release). La Liga. 5 August 2015. Retrieved 17 June 2016.
  30. Entry in qichacha.com, accessed on 11 July 2017
  31. 关于公司子公司引入战略投资者和员工持股合伙企业暨关联交易的公告 [Announcement on new investor in our subsidiary, employee subscription scheme and related-party transaction] (PDF) (Press release) (in Chinese). Suning Commerce Group. 25 April 2016. Retrieved 7 June 2016.
  32. Entry in qichacha.com, accessed on 11 July 2017
  33. Entry in qichacha.com, accessed on 11 July 2017
  34. 创冰信息科技 (in Chinese). Retrieved 7 November 2018.
  35. 创冰完成A轮融资苏宁体育产业生态圈雏形初显 [Chuangbing completes capital increase, births of the economic system of Suning Sports]. Sohu Sports (in Chinese). Retrieved 10 June 2016.
  36. Entry in qichacha.com, accessed on 11 July 2017
  37. 官方公告 [press release] (in Chinese). Suning Sports. 3 June 2016. Retrieved 7 November 2018 – via Sina Weibo.
  38. "Dalla Cina al Lussemburgo, i dettagli dell'operazione Inter-Suning". Calcio e Finanza (in Italian). 1 July 2016. Retrieved 15 April 2017.
  39. "[no title]" (in Chinese). Suning Sports. 6 June 2016. Retrieved 7 November 2018 – via Sina Weibo. Cite uses generic title (help)
  40. "Assemblea degli Azionisti di F.C. Internazionale Milano" [F.C. Internazionale Shareholders' Meeting] (Press release) (in Italian). F.C. Internazionale Milano. 28 June 2017. Retrieved 11 July 2017.
  41. Festa, Carlo (10 August 2016). "Inter, la rete societaria di controllo di Suning tra Lussemburgo, Hong Kong e Cina". Il Sole 24 Ore (in Italian). Retrieved 18 July 2017.
  42. Filing in Hong Kong Companies Registry
  43. Hong Kong Companies Registry (https://www.icris.cr.gov.hk)
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