Shares in the main unit of Suning have been suspended as financial woes at the Chinese retailer and owner of football club Inter Milan’s escalate, underscoring pressures in the country’s credit markets.
The halt in the group’s Shenzhen-listed stock on Wednesday came after a Beijing court this week ordered a freeze on more than a quarter of founder Zhang Jindong’s shares in Suning’s retail arm. The shares had tumbled 10 per cent — the exchange’s maximum one-day price movement — a day earlier.
Suning is one of a clutch of Chinese conglomerates including property group Evergrande and distressed debt investor Huarong that are being closely watched by investors. Some are concerned over risks potentially spreading through the financial sector.
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