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CorSera: Inter in trouble; Jack Ma and Zhang; The situation

Wajih by Wajih
7 January 2021
in News
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Jack Ma

FUZHOU, CHINA - SEPTEMBER 25: Jack Ma, founder of Alibaba Group, speaks during opening ceremony of the 3rd All-China Young Entrepreneurs Summit on September 25, 2020 in Fuzhou, Fujian Province of China. (Photo by Lyu Ming/China News Service via Getty Images)

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Sensational indiscretion coming directly from China. Inter would be pledged to Jack Ma, the well-known Chinese entrepreneur, founder of Alibaba, whose traces have been lost for two months now, starting with his criticisms of the country that the local government did not exactly appreciate. Since then, Beijing has begun to implement a series of measures that have seriously affected the companies of the tycoon owner of Taobao, causing him to lose over 10 billion euros since November. The Corriere della Sera reports.

What does this have to do with Inter? The situations are linked through a database of the Beijing Credit Information Agency, according to which Jindong Zhang, owner of Inter, and his son Kangyang (Steven), president of the club, has pledged the family jewels (not the commercial giant Suning.com) to an Alibaba group company.

Inter, Zhang, and Alibaba

A little more than a month ago, precisely on December 4, the two Zhangs plus their Nanjing Runxian company would have met with representatives of Taobao (China) Software co, putting 100% of the capital of the family safe Suning Holdings Group on the table. (SHG), about 1 billion yuan (€130 million), in addition to the 65 thousand shares of Suning Real Estate. SHG, where this family portfolio is concentrated, including Inter. Currently it remains a mystery as to what the counterpart is, certainly the one between entrepreneurs seems something more than a normal commercial agreement. The pledge in question, in any case, also concerns the controlling stake upstream of the Inter club. SHG indirectly owns 68% of Inter (31% is in Cayman, owned by the LionRock fund) and this is currently in possession (concept other than ownership) of Taobao, evidently to protect a credit or a contractual right.

Tags: Inter
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Wajih

Wajih

A writer, passionate about football: Serie A and AC Milan in particular. For business inquiries, contact: wajihmzoughi1996 [at] gmail [dot] com

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