Online electronics retailer Suning.com has sold 36 percent of SCF, its financial arm, to Bank of Nanjing and 3 percent to French banking group BNP Paribas.
Bank of Nanjing paid 340 million yuan (US$55 million) while BNP Paribas paid 28.4 million yuan. The deal made Bank of Nanjing the majority shareholder in SCF, with 56 percent of the company. Suning.com retains 10 percent.
The gross revenue of SCF in the first half of 2021 was 100 million yuan, a net loss of 34 million yuan.
