VivaTech takes the stage as the world's leading event for tech and startups
19 Jun 2023 18:33
Chinese e-commerce giant Suning has been listed by China’s state television CCTV as a company that has made risky overseas acquisitions according to a Global Times report, which has resulted in the company’s shares falling by nearly 6% on Wednesday.
As the program disclosed, some Chinese businesses in the real estate, hotels, cinemas, entertainment and sports sectors had made “irrational” overseas investment. It indicated that Suning’s acquisition of a majority stake in Inter Milan for 270 million euros was a typical example.
In response, a Suning spokesperson said they were pleased to strongly support China’s overseas investment policy. Sun Weimin, Vice President of the group said, “Suning’s industry strategy has been made based on the current status of the Chinese market and their overseas expansion is aimed at promoting the development of the domestic market.
Sun added that they are looking to learn from their international experience and improve the level of domestic soccer in China. The giant Chinese retail group also hope that with the help of Inter Milan, they can expand their overseas retail network and advance the overseas sales of Made-in-China products.
Source:sports.163.com & ecns.cn
Proofread by Raymond Fitzpatrick
Related coverage
PP Sports and Suning.com launch co-branded CSL membership
22 Feb 2019
Inter Milan want growth in Chinese market
31 May 2016
Weekly Report: Jeonbuk Hyundai Motors VS Jiangsu Suning ranked the first place
10 May 2016
Suning Sports Group announces its “Grand Goal” for new season
20 Feb 2017
LFP and beIN SPORTS FINALISE MAJOR BROADCAST DEAL WITH CCTV GROUP FOR LIGUE 1 CONFORAMA IN CHINA
09 Apr 2018
More from Yutang Sports
Discover the SportAccord Summit sessions!
31 Jan 2024
SportAccord 2024 - MediaAccord is ‘rare opportunity’ to meet before Paris 2024
08 Mar 2024
SportAccord announces first speakers - World Sport & Business Summit 2024
06 Dec 2023
Future of Sport: A Global Sports Week x Viva Technology Collaboration, Will Open in June 14
12 Jun 2023
SportAccord Welcomes Return of Principal Media Partner Yutang Sports
01 Feb 2024
Yutang Sports
loading...