苏宁，资不抵债了，谁的错？

Core Viewpoint - Suning, a well-known brand group, has been declared insolvent, facing a massive debt of 230 billion yuan and asset liquidation valued at approximately 41 billion yuan, leading to a potential adjustment or complete loss of shareholder equity [3][8]. Group 1: Company Overview - In 2019, Suning's revenue was approximately 269.23 billion yuan, with a GMV of 378.74 billion yuan, and it operated over 8,216 offline stores across China and internationally [12]. - Suning's brand value was estimated at 39 billion USD, making it one of the most valuable brands in China's retail sector [12]. - The company expanded from a single appliance retailer to a diversified "omni-channel retail ecosystem," including e-commerce, logistics, financial services, and more [16]. Group 2: Mistakes Made by Suning - Suning made significant strategic investments in real estate during 2017-2018, locking substantial funds in long-term projects, which strained liquidity [26]. - In 2019, Suning acquired a majority stake in Carrefour China, which subsequently faced continuous losses and goodwill impairment [29]. - The company struggled with high operational costs due to its large offline store network, which conflicted with its O2O strategy [31]. - Over the past decade, Suning's extensive investments in various sectors diluted its resources, leading to increased debt and liquidity issues [33]. - The COVID-19 pandemic exacerbated existing problems, revealing vulnerabilities in Suning's business model and asset management [34]. Group 3: Leadership Accountability - Zhang Jindong, the founder of Suning, and his son Zhang Kangyang have faced scrutiny for their management decisions, including the acquisition of Inter Milan, which ultimately did not yield the expected benefits [36][45]. - The financial strain from the Inter Milan investment, including a €275 million loan that could not be repaid, led to a loss of control over the club [45]. - Critics argue that while Zhang Kangyang has international experience, he lacks the expertise to manage large-scale businesses effectively, particularly in the competitive retail and sports sectors [46]. Group 4: Restructuring Efforts - Suning's restructuring plan aims to manage debt through a trust, selling valuable assets while continuing operations for viable companies [50]. - The restructuring proposal has faced multiple delays, indicating ongoing negotiations among creditors and potential legal uncertainties [50]. - If the restructuring plan is approved, it may allow for the continuation of core retail operations, but the path to recovery and debt repayment remains challenging [54].