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Suning.com Announced the Board of Directors Will Be Reorganized and Hire Zhang Jindong as the Honorary Chairman


News provided by

Suning Group

Jul 12, 2021, 09:31 ET

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NANJING, China, July 12, 2021 /PRNewswire/ -- On July 12, Suning.com released the announcement of the resolution of the board meeting, and considers Mr. Huang Mingduan, Mr. Xian Handi, Ms. Cao Qun, and Mr. Steven Zhang, for the company's non-independent directors, and serves the same period from the shareholders meeting until this year's board of directors term expires. Among them, Mr. Huang Mingduan is a non-independent director candidate nominated by Taobao (China) Software Co., Ltd., the Phase II of Jiangsu New Retail Innovation Fund (limited partnership) has two seats, one is Mr. Xian Handi, the other is Ms. Cao Qun; Mr. Zhang Kangyang(Steven Zhang) is a non-independent director nominated by Mr. Zhang Jindong.

In the announcement, the Board of Directors received a resignation letter from Mr. Zhang Jindong, Mr. Sun Weimin, Mr. Meng Xiangsheng, and Mr. Yang Guang, applying to resign from the positions of the directors of the company and members of the Special Committee of the Board of Directors. According to the "Shenzhen Stock Exchange Rules", "Company Bylaws" and other related regulations, the resignation letter of Mr. Zhang Jindong, Mr. Sun Weimin, Mr. Meng Xiangsheng, and Mr. Yang Guang took into effect the date of delivery of the Board. After the reselection of the Board of Directors is completed, the composition of the company's Board of Directors is more diverse, the directors of the strategic shareholders will actively lead with their own professional experience in strategic management, operations management, and investment management, and further promote the company's continuous, stable and healthy development.

With the improvement and upgrade of governance structure, Suning.com will become a new socialized enterprise for the market. Previously, Suning.com introduced a new round of strategic investment. On July 12, Suning.com announced Zhang Jindong and the person acting in concert, Suning Holdings Group, and Suning Appliance Group Co., Ltd. have transferred 16.96% of the shares to the Phase II of Jiangsu New Retail Innovation Fund, completing the introduction of a new round of strategic investment.

According to the announcement, the Phase II of Jiangsu New Retail Innovation Fund is based on Nanjing Xinxing Retail Development Fund, Huatai Securities Co., Ltd., Alibaba, Haier, Midea, TCL, Xiaomi, and other industrial investors as limited partners to form a consortium. The Phase II of Jiangsu New Retail Innovation Fund follows the marketization and legalization principles, and actively supports Suning.com's smooth and healthy development.

The meeting also approved the proposal of appointing Mr. Zhang Jindong as the honorary chairman of the Board of Directors of the company, and continued to use his experience in strategic coordination and development planning to provide guidance for the company's high-quality development, and better guarantee the company's continuous, healthy and stable development.

As the founder of Suning.com, Mr. Zhang Jindong has always been the company's core leader since its establishment. He has a rich practice of corporate management, industry experience, and proactive thinking, leading the company to seize the historic opportunities of industry development, and be brave to change and innovate, and has made an outstanding contribution to the company's development and growth.

According to the announcement, Mr. Zhang Jindong's dedication during his tenure has laid a solid foundation for the company's sustainable development. The Board of Directors expressed heartfelt thanks to Mr. Zhang Jindong for his important contributions to the company's high-quality development, and hopes he will continue to contribute his thinking for the development of the company.

SOURCE Suning Group

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