is planning to buy unspecified assets/companies from a local PE fund backed by Shenzhen Capital Group. The purchase will be funded by issuing new shares and partly by cash and will dilute founder Zhang Jindong’s control to less than the 21% he holds currently. Shenzhen Capital Group is controlled by Shenzhen’s municipal government and claims to be the most successful among PE/VC firms in the mainland, as per SCMP. Suning’s bonds have been under pressure lately after a local bond was extended with continuing concerns over its liquidity.

Suning’s bonds guaranteed Granda Century’s USD 7.5% 2021s have dropped over 6 points this week. Currently the bonds are down 1.9 points to 64.8.

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