Brief: Suning.Com Sees Wider H1 Net Loss, Adjusts Stake Transfer Plan

Shenzhen International Holdings

05/07/2021 15:47

July 5 (Reuters) - Suning.Com Co Ltd  002024.SZ :
    * SAYS IT EXPECTS NET LOSS TO WIDEN TO 2.5-3.2 BILLION YUAN
($386.70-494.97 million) IN H1 FROM 166.6 MILLION YUAN YEAR
EARLIER
    * SAYS IT SCARPS FRAMEWORK AGREEMENT FOR SHENZHEN
INTERNATIONAL
HOLDINGS LTD  0152.HK  TO BUY 23% STAKE IN THE COMPANY FROM
CONTROLLING SHAREHOLDER AND PARTIES ACTING IN CONCERT
    * SAYS THE FRAMEWORK AGREEMENT WAS DITCHED BECAUSE RELAVEANT
PARTIES FAILED TO MAKE SUBSTANTIAL FORMAL BUSINESS AGREEMENT
    * SAYS ACTUAL OWNER ZHANG JINDONG, PARTIES ACTING IN CONCERT
PLAN
TO SELL 16.96% STAKE IN THE COMPANY TO A RETAIL FUND LED BY
AFFILIATES OF ALIBABA, TCL, MIDEA, HAIER AND XIAOMI
    * SAYS IT TERMINATES PROPOSAL TO BUY PROJECT FIRM OWNED BY
PRIVATE
EQUITY FUND
    * SAYS SHARE TRADE TO RESUME ON JULY 6
    * SAYS CO'S OWNERSHIP SET TO CHANGE, IT WOULD NOT HAVE
CONTROLLING
SHAREHOLDER NOR AN ACTUAL CONTROLLER AFTER STAKE TRANSFER

Source text in Chinese: https://bit.ly/2UiXQRX
https://bit.ly/2UqTnNf https://bit.ly/3heZZqK
https://bit.ly/3jLgOeS
Further company coverage:  002024.SZ  0152.HK 

($1 = 6.4650 Chinese yuan renminbi)

 (Reporting by Hong Kong newsroom)
 ((colin.qian@thomsonreuters.com;))