Suning "Prince" and others came to save money

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2024-04-29 18:01Posted in Shaanxi financial field creators

Suning "Prince" and others came to save money

The life of the rich second generation seems to be not satisfactory, and Zhang Kangyang, who owes more than 600 million euros, has become the target of recovery by creditors.

When Wang Sicong wantonly spent the 500 million "pocket money" given by his father to mix in the entertainment industry, 24-year-old Zhang Kangyang was arranged by his father to go to Italy to take over the "mess" of Inter Milan Club's successive losses.

In June 2016, Suning Group announced that it would acquire a 70% stake in Serie A giants Inter Milan for about 270 million euros.

As Suning's "successor", Zhang Kangyang received a military order from his father to go to Italy on behalf of Suning to complete the due diligence on the acquisition of Inter Milan Club, and finally facilitated the transaction.

The debut of this Zhang family is earth-shattering, and he personally completed the acquisition worth 2 billion yuan.

After the completion of the acquisition, Zhang Kangyang took over the Inter Milan club as a matter of course.

Zhang Kangyang, who was entrusted with the important task, did not disappoint his father, let alone the club and fans. In order to reverse the decline of Inter Milan, Zhang Kangyang began to settle in Milan City, Italy, and introduced a number of powerful players and famous coaches to lead the team to the Champions League again.

In two years, Zhang Kangyang won back the president of Inter Milan from his father with his ability, and at the same time, he also won respect and expectations from the club and fans.

After that, Zhang Kangyang took over the core business of Suning's retail territory from his father.

In 2017 and 2018, he was also shortlisted for the list of China's 40 under 40 business elites released by Fortune Chinese Network for two consecutive years.

At this time, Zhang Kangyang, the "newborn calf" can be described as infinitely beautiful.

Ill-fated. Who would have thought that a few years later, this once incomparable rich second generation will now be caught in a global debt collection storm and is facing a debt recovery of up to 320 million euros from China Construction Bank.

However, in the midst of this financial turmoil, the forced takeover of Inter Milan became a short-lived "safe haven" for him, as his troubles were far more than that, and he was about to face a loan collection of 375 million euros from the American consortium Oaktree Capital.

In the circle of the rich second generation, it is known as "North Sicong, South Kangyang".

Now, these two rich second generations seem to be unhappy, one has lost Wanda's inheritance, and the other is facing high arrears.

Compared with the high-profile Wang Sicong, Zhang Kangyang is much more low-key.

But the first half of their lives were roughly similar, and they both crossed the ocean.

Zhang Kangyang, who was born in 1991, was very well-behaved and obedient when he was a child.

Zhang Jindong also taught by word and deed, and often took him to various meetings. The young Zhang Kangyang would sit in a corner, listening to his father's comments on the performance of each area, and he would sit for an afternoon.

As a result, Zhang Kangyang has far surpassed his peers in maturity, low-key and sophistication, and he is obedient to his father.

It wasn't until he was 15 years old that Zhang Kangyang first gave the opposite opinion to his father. At that time, after graduating from junior high school, he chose to study at Morsisburg College, a traditional elite high school in Pennsylvania.

There are two theories about high school crossing the ocean.

It is rumored that in order to refuse the marriage with the "milk tea sister" Zhang Zetian arranged by his father, Zhang Kangyang got rid of the fate of being manipulated, and decided to escape from the "cage" to study in the United States.

Another theory is that at the Nanjing Foreign Chinese School, Zhang Kangyang was pointed out because of his identity as the "Prince of Suning", and in order to avoid gossip, he resolutely chose to leave his country despite his father's opposition.

No matter which one it is, Zhang Kangyang has won a different life for himself.

During his time at the university, Zhang Kangyang won a number of science and engineering awards, including the second place in the "National Robotics Competition", the "Presidential Education Program Award", and was selected as an honorary graduate of Mercsburg College, and received invitations from many prestigious universities such as Massachusetts Institute of Technology and Duke University.

After graduating from high school, he chose the Wharton School of the University of Pennsylvania, an Ivy League school, to study finance, and became alumni of Warren Buffett and Musk.

Zhang Kangyang has also shown outstanding vision and judgment in the field of investment.

During his college years, he invested all his bank card deposits in a technology stock, leaving only enough money to pay the next month's rent.

And the stock he picked was Tesla.

At that time, new energy vehicles were in their early stages, and Tesla was not favored, and once became the laughing stock of the bigwigs.

Musk is Zhang Kangyang's idol. He once said: "Musk's idea is wild, but he not only did it, but he did it successfully." Although he also encountered many problems that could make people lose their heads overnight, he still survived little by little. ”

Maybe he believes in Musk, or maybe he is optimistic about the prospects of new energy vehicles, Zhang Kangyang bet right this time.

Just a few months later, he made a 5x gain on Tesla stock.

After graduating from university, Zhang Kangyang interned in the capital markets department of Morgan Stanley and the investment banking department of JPMorgan Chase, responsible for the initial public offerings, investment, mergers and acquisitions and financing of enterprises in the Hong Kong and US markets.

It was not until 2015 that Zhang Kangyang returned to Suning, entered the president's office to study, and started the succession mode.

In order to train the successor, Zhang Jindong promoted Zhang Kangyang to the vice president of the international company, and issued a military order to Zhang Kangyang: to complete the due diligence on the acquisition of Inter Milan Club on behalf of Suning, and finally facilitate the transaction.

What's even more tricky is that Zhang Kangyang is not a fan and knows very little about football, and he doesn't even know what Inter president Massimo Moratti looks like.

Taking over the heavy burden, he began to make up for his football knowledge on the eve of the negotiations, and his social accounts were full of football-related content, and even drinking coffee was a latte art of Inter's logo.

When he met Moratti, he wisely avoided his weakness, football, and instead talked about Chinese culture and Italian history. Zhang Kangyang's negotiation skills that do not follow the routine have been recognized by Moratti.

In Moratti's view, Zhang Kangyang is a quick-thinking, capable and gentle young man. Moratti believes that Inter Milan, under the leadership of Zhang Kangyang, will surprise Italian football.

After taking control of Inter Milan, Zhang Kangyang bought a house in Italy and began to settle in Milan City, and he was personally involved in the club's affairs. Buying players, hiring coaches, he can be seen in every game of Inter.

Under his leadership, Inter Milan made great strides in their competitive performance and returned to the Champions League after a six-year absence.

At the same time, Inter Milan's brand value and commercial value have also been greatly enhanced in the two years at the helm of Zhang Kangyang, and in 2018 the club's brand value increased by more than 100% to 389 million euros, ranking 13th in the world among football clubs.

对于国际米兰的再次崛起，张康阳表达了他的热爱：I will follow you till the day I die。

Zhang Jindong was quite pleased with his son's performance.

On October 26, 2018, the 27-year-old Zhang Kangyang was appointed president of Inter Milan FC. At the group party the following year, Zhang Jindong awarded the chairman's special award to Zhang Kangyang.

In 2019, Zhang Kangyang once again took over a mess that had been losing money year after year.

In June 2019, in order to reduce the pressure on the company's performance, Suning Tesco spun off 5,000 Suning stores that were in a state of loss from the listed company and transferred them to the actual control company under the name of Zhang Kangyang.

According to the data, Suning Xiaodian lost 14.93 million yuan in 2017, 296 million yuan from January to July 2018, and 653 million yuan in outstanding liabilities, soared to 2.213 billion yuan in the first half of 2019, and 1.122 billion yuan in the first half of 2020.

Zhang Kangyang took over the mess of Suning's shop, and Zhang Kangyang was also involved in a debt dispute with CCB, and "fell" from the rich second generation to the debtor.

After Zhang Kangyang took over, he began a series of self-help. According to a number of media reports, Suning's small stores have been reduced from more than 5,000 to more than 1,000. From November 2019 to April 2020, Suning Store has experienced 4 rounds of large-scale layoffs in half a year.

Even the 320 million euros of China Construction Bank's debt, mentioned at the beginning of the article, is related to Suning Xiaodian.

In August 2020, Zhang Kangyang signed a loan agreement with CCB to invest in the refinancing agreement of the Suning Xiaodian project, and Great Matrix, a BVI company wholly owned by Zhang Kangyang, received a loan of US$165 million. On September 25, 2020, Great Matrix issued notes due 2021 totaling US$85 million.

And Zhang Jindong and Zhang Kangyang father and son are the personal guarantors of these two loans.

However, as the Suning debt crisis spread, the loan was already overdue, and Zhang Kangyang, who was unable to repay, was publicly collected by CCB and sued in court.

In July 2022, CCB filed a complaint against Zhang Kangyang in the Hong Kong High Court. The Hong Kong Supreme People's Court ruled that the latter should act as a guarantor to repay the US$255 million (about 1.719 billion yuan) loan to China Construction Bank (Asia) Limited.

In April 2023, Zhang Kangyang, who did not repay his debts, was sued by CCB again, but this time CCB chose to sue in Italy, where Zhang Kangyang lived, and the amount of repayment this time reached 320 million euros, in addition to the principal amount of 255 million euros, there is also an annual interest rate of 13%.

Interestingly, although Zhang Kangyang lives a comfortable life, drives luxury cars, wears famous watches, and lives in luxury houses, he can maintain the status quo of having no property. Because Zhang Kangyang, as the president of Inter Milan Football Club, does not have a penny of remuneration and salary.

In addition, Zhang Kangyang's shares in Inter Milan were held indirectly through a Luxembourg company, and CCB, as a creditor, was not qualified to seize any of Zhang Kangyang's shares in Inter Milan.

It is also with this relationship that the Inter club has become his "safe haven".

Today, the Zhang family's most valuable asset is also the Inter Milan club, which is now valued at $1.3 billion, or about 9 billion yuan.

But Inter Milan, which made Zhang Kangyang in the limelight, is still losing money.

According to Inter's financial report for the first nine months of the 2021-22 fiscal year, the final deficit for the whole season will be around 120 million euros (about 820 million yuan).

Similarly, Inter Milan are under debt pressure. In 2021, Zhang Kangyang took out a loan from the Oaktree Fund, which will mature in May this year, and needs to repay 375 million euros with interest.

According to previous reports, Zhang Kangyang negotiated an extension of the loan until 2027 and was willing to raise interest rates.

It is worth mentioning that the loan of the Oaktree Fund was secured by Zhang Kangyang with Inter Milan shares. In other words, Zhang Kangyang's "safe haven" is only temporary, and if he can't get financing as soon as possible, Zhang Kangyang may eventually lose control of Inter Milan like Wanda.

At a critical period, Zhang Kangyang finally found a new owner for Suning and Inter Milan.

According to the latest news from Milan Sports News, Zhang Kangyang reached a three-year, total amount of $400 million financing agreement with the US PIMCO Fund.

Similarly, Zhang Kangyang was able to get this financing with 68.5% of the shares of Inter Milan Club as collateral.

Can Zhang Kangyang's manoeuvre in the capital market pull Suning, which is mired in the quagmire, and himself involved in the debt crisis ashore?

Everything is still unknown.

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