On July 29, Suning Tesco held a general meeting of shareholders and re elected the members of the new board of directors. Huang mingduan nominated by the shareholder Taobao China was elected as the chairman of the seventh board of directors of the company. Xian handi and Cao Qun nominated by Xinxin retail fund phase II and Zhang Kangyang, the son of Zhang Jindong, served as non independent directors. In addition, Xu Hong, a director of the company, applied to resign as a director of the seventh board of directors and a member of the strategy committee of the board of directors for personal reasons. The shareholder Taobao China nominated Liu Peng as a candidate for non independent director of the seventh board of directors of the company.
The new board of directors also appointed Ren Jun as the president of the company through the company. Mr. Hou Enlong, President of the company’s retail business line, will no longer perform the duties of the president of the company since the resolution date of the board of directors.
In addition to personnel changes, that night, Suning Tesco also announced the termination of the repurchase of the company’s shares. The company said that it would give priority to the capital investment into the company’s daily operation according to the capital demand.
Today, Suning Tesco realized the daily limit and closed at 5.8 yuan / share.
After Suning Tesco completed its war investment, on July 12, Suning Tesco announced that Zhang Jindong resigned as chairman of Suning Tesco and was employed as honorary chairman of the company. Zhang Jindong nominated his son Zhang Kangyang as a candidate for non independent director of the seventh board of directors of the company.
In addition, Taobao (China) Software Co., Ltd. nominated Huang mingduan as a director candidate, and Jiangsu Xinxin retail innovation fund phase II (limited partnership) (hereinafter referred to as “Xinxin retail fund phase II”) nominated Xian handi and Cao Qun as non independent director candidates.
On July 29, Suning Tesco held a shareholders’ meeting and adopted the above nomination. On the same day, the 17th meeting of the seventh board of directors was also held to elect Mr. Huang mingduan as the chairman of the seventh board of directors of the company. Liu Peng nominated by the shareholder Taobao China was considered as the candidate for non independent director of the seventh board of directors of the company, and Ren Jun was appointed as the president of Suning Tesco.
The resume of Huang mingduan nominated by Ali shows that he has rich retail business experience. Huang mingduan, with a master’s degree in business administration, used to be the general manager of Runtai Global Co., Ltd., responsible for formulating and implementing its overall strategy and supervising its business operation. He used to be the general manager of RT Mart circulation. He served as a director of Gaoxin retail Co., Ltd. from 2011 to 2018, the CEO of Gaoxin retail Co., Ltd. from 2019 to 2021, the chairman of the board of directors of Gaoxin retail Co., Ltd. since 2020, and now serves as a non-executive director of Gaoxin retail Co., Ltd.
President Ren Jun is an “old Suning”. According to his resume, Ren Jun has successively served as vice president and Secretary of the board of directors of Suning Tesco, and is currently the chairman and director of the Executive Committee of the company. Mr. Ren Jun serves as a director of the company’s related parties Sun Sports Group Limited, Inter Milan Football Club Co., Ltd. and Shanghai Suning Financial Services Group Co., Ltd.
In early July 2021, Suning Tesco announced the introduction of war investment to realize mixed reform and credit enhancement. At that time, Suning Tesco announcement showed that Jiangsu and Nanjing state-owned assets jointly formed Xinxin retail fund phase II with diversified capital such as Ali, Xiaomi, Haier, Midea and TCL, and transferred 16.96% of Suning Tesco shares of Zhang Jindong and other transferors at a price of 5.59 yuan / share, with a transfer price of 8.83 billion yuan. After the completion of the transfer, Zhang Jindong and his concerted actors, Taobao China and phase II of Xinxin retail fund are the top three shareholders of Suning Tesco, holding 20.35%, 19.99% and 16.96% respectively, with the same shareholding proportion among the three parties.
On the evening of July 29, Suning Tesco announced that the actual controller of the company had been changed from Zhang Jindong to no actual controller.
However, there is no doubt about Alibaba’s influence in Suning Tesco. In addition to holding 19.99% shares through Taobao China, Alibaba also holds Suning Tesco shares through Xinxin Retail Innovation Fund II. On July 13, Suning Tesco disclosed the capital contribution and proportion of participants in phase II of Xinxin retail fund. The capital contribution of Hangzhou Ali mother Software Service Co., Ltd. was 2.65 billion yuan, accounting for 30.0%.
Reprint indicated source：Shine Trader Limited Live information