Compared with the old rival Huang Guangyu's "lost decade", Zhang Jindong participated in the transformation of China's e-commerce to physical commerce, and the current Suning Tesco is far better than Gome's life, but even so, under the attack of the back waves of the Yangtze River, Suning can hardly say that it has found a new way to the future.
On June 2, 2021, Suning Tesco announced that Suning Electric Appliance Group will hold Suning Tesco 5200,000,000 shares (5.5 percent of the total share capital.)59%) was transferred to Jiangsu New New Retail Innovation**, with a total transfer price of 318.2 billion yuan, and at the same time, Jiangsu New Retail Innovation** and Zhang Jindong signed a repurchase agreement, which requires the repurchase price to be paid before April 1, 2022. Since then, on the evening of July 5, 2021, Suning Tesco issued a number of announcements in succession, Zhang Jindong and his concerted actors, Suning Holding Group and Suning Electric Appliance Group, will be listed on the 16th of the company96% of the shares were transferred to Jiangsu Xinxin Retail Innovation** Phase II (Limited Partnership), and the share transfer** was RMB5$59 shares.
Since then, Suning's shareholding structure has become: Zhang Jindong and his concerted actor Suning Holding Group, with a shareholding ratio of 2035%；*China is the second largest shareholder with a stake of 1999%；Jiangsu New New Retail Innovation ** Phase II is the third largest shareholder of the new company, with a shareholding ratio of 1696%；The fourth largest shareholder is Jiangsu New New Retail Innovation**, with a shareholding ratio of 559%。
On July 12, 2021, Zhang Jindong withdrew from the board of directors of Suning Tesco and nominated his son Zhang Kangyang as a non-independent director candidate for the seventh board of directors of the company. After Zhang Jindong "withdrew from the rivers and lakes", Huang Mingduan of the Ali department took the helm of the chairman of Suning Tesco. Now, Zhang Jindong has returned to the front line of business again.
Zhang Jindong reappeared in the rivers and lakes.
In April 2023, Suning Tesco announced that Huang Mingduan would no longer serve as the chairman of Suning Tesco and would be transferred to the position of "honorary chairman". As Zhang Jindong's "descendant", Ren Jun succeeded Huang Mingduan as chairman and concurrently served as president. In fact, when Huang Mingduan was the chairman, Ren Jun was already the president. It is conceivable that in 2021, although the new new retail innovation ** under the Jiangsu State-owned Assets Supervision and Administration Commission organized a group of investors to save Suning with money, the investors "did not have a concerted action relationship", that is, they did not join forces to seize the control of Suning.com. Although Zhang Jindong withdrew from the board of directors, it can be understood as a symbolic "payment for the previous business mistakes". Huang Mingduan, as a single-handedly outsider at the helm of Suning Tesco, is bound to be powerless.
According to the data, Ren Jun graduated from Nanjing University, as early as 1999, 22-year-old Ren Jun joined Suning and served as vice president and secretary of the board of directors of Suning Tesco. It can be said that it is the core descendant of Zhang Jindong. Ren Jun serves as the chairman and president of Suning Tesco, and is actually the spokesperson of Zhang Jindong's "will" in front of the stage.
Since last year, Zhang Jindong, who has been "retiring" for about a year, has begun to enter the public eye.
On April 26, 2023, Zhang Jindong appeared in Shanghai as the chairman of Suning Group and met with the core executives of home appliance brands such as Haier, Hisense, Samsung, Skyworth, and KonkaAt the "Suning Summer" event on August 18, Zhang Jindong appeared as the chairman of Suning Group and led a group of employees to sing "Suning Song" with a beat. At that time, Zhang Jindong was Ren Jun, chairman and president of Suning Tesco, and Jin Ming, president of Suning Real Estate, on his right. In addition, there are Hou Enlong, senior vice president of Suning Tesco, and Sun Weimin, vice chairman of Suning Group. One of the things that the four of them have in common is that they have all served in Suning for more than two decades.
Just after New Year's Day in 2024, Zhang Jindong put forward requirements for Suning's new development. On January 2, Suning Tesco held the 2024 annual work deployment meeting with the theme of "Breaking the Establishment and Achieving Stability", and Zhang Jindong asked all employees to deepen their retail professional capabilities, improve user experience, and comprehensively reshape user reputation.
Zhang Jindong's new strategic requirements for Suning Tesco in 2024 are:Accelerate the deep cultivation of the three major businesses: first, focus on the offline market, insist on opening big stores and good stores;The second is to accelerate the entry into the urban blank market, combine urban and rural areas, improve market coverage with multiple tracks, form a three-dimensional store network, and open more than 3,000 new stores throughout the yearIn addition, Suning Tesco will also accelerate the transformation of the e-commerce business development model, fully open up cooperation, deep link and take root in major traffic platforms, give full play to the advantages of retail capabilities such as ** chain and logistics after-sales, and achieve rapid expansion. In terms of internal talent selection, Zhang Jindong asked to accelerate the promotion of younger and more professional cadres and enhance the combat effectiveness of the team. In 2023, Suning Tesco will have 32 post-85s serving as general managers and above, and a group of post-90s and post-95s will enter the director echelon.
Zhang Jindong shouted to all members of Suning at the meeting, "Suning who is fighting does not allow anyone to lie down, and it is necessary to promote a new round of development of Suning with full entrepreneurship." "We must continue to strengthen the adjustment ability and growth momentum of enterprises, and fight a turnaround battle for the industry and society in 2024." ”
In what capacity does Zhang Jindong control Suning Tesco?
According to the repurchase agreement signed between Suning Tesco and Jiangsu New Retail Innovation ** in June 2021, the key terms are: Zhang Jindong shall pay the full repurchase price to New Retail** before April 1, 2022. The repurchase price is not lower than 31$8.2 billion and benchmark income (annualized simple interest of 3.2 billion85%), and the repurchase of each share is not less than 90% of the price of the listed company on the trading day before the repurchase date.
According to the "** Star" report, on September 26, 2023, an investor asked the secretary of the board of directors of ST Tesco that Zhang Jindong should repurchase the new retail **5200 million shares, how many have been repurchased so far?The answer of the secretary of the board of directors of ST Tesco is: up to now, the company has not received relevant documents from shareholders on the change of share interests.
That is to say,So far, Suning.com's shareholding structure has not changed from July 2021. Nominally, Mr. Zhang also did not join Suning's board of directors.
The shareholding structure of Suning Tesco is still the total shareholding of Jiangsu State-owned Assets Supervision and Administration Commission (SASAC) behind Jiangsu New New Retail Innovation** + Jiangsu New New Retail Innovation** Phase II: 559%+16.96%=22.55%, the largest shareholder;Zhang Jindong and his concerted actor Suning Holding Group are the second largest shareholders, with a shareholding ratio of 2035%。
As a well-known enterprise in Jiangsu, the State-owned Assets Supervision and Administration Commission of Jiangsu Province has provided a total of 31 to Suning through two new retail innovations8.2 billion + 88300 million = 1201.2 billion. After this huge amount of money entered Suning, although Jiangsu State-owned Assets became the largest shareholder, it did not want to gain control of Suning Tesco, so Zhang Jindong, who was still the second shareholder, had the final say. And so far, Zhang Jindong obviously can't take out more than 3 billion yuan to buy back the equity invested in the first phase of innovation.
Zhang Jindong is now reinvolved in the operation and management of Suning Tesco, and his identity is still only the chairman of Suning Group, not any manager of Suning Tesco.
Suning.com is still difficult.
In Zhang's keyword, "focusing on core capacity building and doing what we are good at" may be a "strategic U-turn" to the crazy expansion in the past. In the huge "Suning system", the listed company Suning Tesco is its most important asset, but Suning has five major industries: commerce, real estate, investment, finance, and cultural and creative industries. After the capital chain was broken, Suning chose to shrink, cut off the high-flying money-burning projects, and emphasized the return to the main retail business. As a full-category online e-commerce, Suning Tesco is in the shadow of Alibaba, JD.com and Pinduoduo, even if it returns to its main retail business, how can Suning Tesco survive in the cracks?
According to the data, in the first three quarters of 2023, Suning Tesco achieved an operating income of 4865.7 billion yuan, a year-on-year decrease of 1239%；Net loss attributable to shareholders of the listed company was 285.4 billion yuan, earnings per share of -029 yuan, the loss narrowed by 4264%。
For the loss in the current quarter, Suning Tesco said that it promoted the implementation in accordance with the established Carrefour China business adjustment plan, promoted the adjustment of store closures, brought a significant year-on-year decline in sales revenue, and increased the amount of one-time compensation expenses related to store closures, including making provisions for goodwill impairment, which brought Carrefour China's net profit loss attributable to the parent company.
At the end of 2022, Suning still had 1,641 self-operated stores, and by the end of the third quarter of 2023, Suning's self-operated stores had dropped to 1,353, with nearly 300 stores closed.
Flush ifind data shows that the company's revenue reached an all-time high of 2,692 in 20192.9 billion yuan, and has been declining year by year since then. Among them, the first three quarters from 2020 to 2023 are 25229.6 billion yuan, 13890.4 billion yuan, 7137.4 billion and 4865.7 billion yuan.
As of the third quarter of 2023, Suning.com's debt-to-asset ratio was 9088%, and the total size of liabilities is 11879.8 billion yuan. As of the end of the reporting period, monetary funds were only 15.1 billion yuan, and the corresponding short-term borrowings were as high as 31.5 billion yuan.
At the beginning of the new year of 2024, ST Tesco's performance on ** has increased, and as of January 6, ST Tesco's share price is 187 yuan shares, with a total market capitalization of 1675.8 billion.
Suning.com's opportunities may be the next.
As online traffic peaks, offline physical consumption is returning. As the old offline 3C home appliance retail king, Suning's future opportunities should lie in the offline. In fact, Zhang Jindong has also been fully aware of this and proposed to "open a big store and a good store". For Suning Tesco, both online and offline should refocus on its core advantages of "home appliance retail", and deeply open up the coordinated development of online and offline integration, so that online can empower offline.
In the category of home appliances and digital electronics, Suning needs to focus on more intelligent new product categories, such as new household smart devices, smart appliances (such as intelligent robots), etc., Suning needs to become bigger and stronger in such a category direction, and weaken the daily department store category that it is not good at. In addition, the innovation of offline retail scenarios and marketing methods are also crucial, whether stores can bring new experiences, whether marketing strategies can have Internet celebrity thinking, how to improve interaction with young consumers, and trigger participation are the keys to attracting traffic for offline stores.