Beijing (PingWest)—Suning.com, one of China’s largest online and offline retailers of electronics and other consumer goods, said on Thursday its shareholders plan to sell 20% to 25% of the company to unnamed buyers.

The company said it was notified of the stake sale by its founder Zhang Jindong and its parent Suning Appliance Group, who respectively hold a 20.96% and 19.88% stake in the firm.

“The transfer, if completed, will help further improve the company’s shareholding structure and the steady implementation of long-term strategy,” Suning said in a statement to the Shenzhen Stock Exchange on Thursday, without elaborating.

Chinese financial media Caixin reported on Thursday that Suning’s Nanjing-based State-owned Assets Supervision and Administration Commission is likely to become the new controlling shareholder.

It also said that other investors may include state-owned Jiangsu Communications, Jiangsu Guoxin Investment Group and Nanjing New Industry Investment Group. 

Suning Holdings Group, parent of Suning.com, is under huge financial pressure. In December 2020, shareholders Zhang Jindong, Steven Zhang, and the Nanjing Runxian Enterprise Management Center have pledged all the group shares to Alibaba's online shopping platform Taobao, according to National Enterprise Credit Information Publicity System. Alibaba bought a 19.99% stake in Suning.com as part of a strategic partnership in 2015.

The pledged equity is worth 1 billion yuan ($152.78 million), which is equivalent to the registered capital of Suning Holdings Group. Zhang Jindong, the Group's founder, also pledged 65,000 shares of Suning Real Estate to Taobao. 

Back in June 2016, the group acquired a majority stake in top European soccer club Inter Millan for a reported €270 million ($327.89 million). Steven Zhang, son of Zhang Jindong, was appointed as the chairman of the club in 2018. Compared with last year, the Italian giant saw its revenues fell by €45 million ($53.9 million) to €372.4 million ($446.4 million) for the 2019/20 financial year.