Beleaguered Retail Group Suning.com receives a $1.4bn State-Backed Investment
On Monday, Suning.com, the retail arm of Suning Group, announced that Jiangsu provincial SASAC (State-owned Assets Supervision and Administration Commission) and Nanjing municipal SASAC took the lead to establish the second phase of Jiangsu Xinxin Retail Innovation Fund, which would acquire 16.96% equity of Suning.com at a price of 5.59 yua…