Suning Sports raises USD300m in Series A financing

Suning Sports, the sports umbrella of Chinese e-commerce company Suning, started a USD-300-million Series A financing at the beginning of 2018, according to ebrun.com, a Chinese e-commerce outlet.

CMC and YF Capital invested in this round of financing and is expected to be completed over the next two weeks. The investments will be used for media rights purchase, marketing promotion, program production and retail expansion.  

On March 31, Zeng Gang, Media Vice President of Suning Sports, confirmed this news by telling Tencent “more details will be disclosed later.”

At the same time, Suning denied the earlier reports about their plan to sell Inter Milan. “As a response to recent reports, we would like to make it clear that we have never considered selling Inter Milan. Our only focus at present is on the Serie A championship.”

Suning Sports sees sports media, smart devices, soccer training and commercial retail as their four major business pillars. They aim to create a smart sports community to meet the demands of 600 million Chinese sports users in viewing experience, intelligence, interaction, equipment, training and fitness.

Source: erun, ifeng & stock.cnfol.com

Proofread by William Logsdon