Securities Code: 002024
Securities Abbreviation: ST Suning
Announcement Number: 2026-042
Announcement on Debt Settlement by Suning.com Group Co., Ltd.
The company and all members of the board guarantee that the content of the information disclosure is true, accurate, and complete, without false records, misleading statements, or significant omissions.
I. Overview of Debt Settlement
- Basic Information
The company's subsidiaries, including Beijing Suning.com Sales Co., Ltd., Sichuan Suning.com Sales Co., Ltd., Shaanxi Suning.com Sales Co., Ltd., Changzhou Suning.com Trading Co., Ltd., Yunnan Suning.com Sales Co., Ltd., Wuhan Suning.com Sales Co., Ltd., and Chongqing Suning.com Sales Co., Ltd. (collectively referred to as "Sales Subsidiaries"), signed 12-year lease and property service contracts with 11 project companies (including Shanghai Zhou Nan Asset Management Co., Ltd., Shanghai Chunxi Asset Management Co., Ltd., Shanghai Rongkun Asset Management Co., Ltd., Shanghai Wanchang Asset Management Co., Ltd., Shanghai Zhongqiao Asset Management Co., Ltd., Shanghai Hannan Asset Management Co., Ltd., Shanghai Qinglian Asset Management Co., Ltd., Shanghai Dakun Asset Management Co., Ltd., Shanghai Xinan Asset Management Co., Ltd., Shanghai Qingjie Asset Management Co., Ltd., and Shanghai Qingjing Asset Management Co., Ltd., collectively referred to as "Project Companies") on December 1, 2014. According to the contracts, the Sales Subsidiaries lease the aforementioned 11 store properties at market prices for daily operations and accept property services provided by the Project Companies, with the lease term from December 1, 2014, to November 30, 2026 (the "Contract Expiration Date"). To meet operational development needs, some Sales Subsidiaries signed supplementary lease agreements with the Project Companies on December 1, 2017, expanding the leased area while keeping the lease term unchanged. The aforementioned 11 store properties are the underlying assets of the Shen Chuang Investment Zhongjin-Suning Cloud Creation Asset Support Special Plan (hereinafter referred to as the "Special Plan"), managed by China International Capital Corporation Limited (hereinafter referred to as the "Plan Manager"). For specific details, please refer to the company's announcements No. 2014-057 and No. 2018-146.
In recent years, the company has faced liquidity pressures and has failed to fulfill its obligations to pay rent and property service fees as stipulated in the lease contracts, property service contracts, and supplementary lease agreements. In May 2023, the Project Companies initiated arbitration against the company and its Sales Subsidiaries at the China International Economic and Trade Arbitration Commission (hereinafter referred to as "CIETAC"). CIETAC ruled that the company must pay the Project Companies for rent and property service fees, attorney fees, arbitration fees, and penalties due from December 1, 2021, to February 28, 2024 (collectively referred to as "Arbitration Award Payables").
To actively resolve the company's debt issues, the company intends to reach a settlement with the Project Companies under the Special Plan. The company will pay the payable rent and property service fees of 513.3565 million yuan in installments, while the penalties will be waived in a one-time settlement. Upon completion of this settlement, the risks associated with the arbitration case will be mitigated. Additionally, the company plans to reach a settlement with the Project Companies regarding the rent and property service fees payable from March 1, 2024, until the contract expiration date, where the company will pay 40% of the total payable rent and property service fees in installments, with the remaining 60% being waived. The total expected waiver of the company's debt after signing this settlement agreement amounts to 689.53 million yuan.
Since the settlement amount will be paid to creditors in installments, the specific details of the benefits arising from this debt settlement can be found in "IV. Purpose of Debt Settlement and Its Impact on the Company."