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Billionaire Chairman Quits After Suning’s China-Led Bailout
Bloomberg
4 hrs ago
Blake Schmidt
© Getty Images via Bloomberg
Suning Smart Retail Development Strategy Press Release And Partnership Agreement Signing Ceremony
(Bloomberg) Zhang Jindong has stepped down as the chairman of Chinese retail giant Suning.Com Co. after losing control of his firm following a government-led bailout.
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The company announced his resignation in a filing with the Shenzhen stock exchange on Monday, adding that Zhang will be appointed honorary chairman to guide the firm’s future growth. Zhang, 58, lost control of Suning when the business sold a 16.96% stake to a state-backed consortium for a $1.36 billion bailout last week. ....

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