S&C client Suning.com Co., Ltd. (China) raised approximately $1.5 billion through the sale of 7,660,000 ordinary shares of Alibaba Group Holding Limited (China) pursuant to Rule 144 under the Securities Act of 1933. The sale was conducted through Goldman Sachs. After the sale, Suning continues to hold 13,164,689 shares of Alibaba, representing approximately 0.51 percent of the entire issued share capital of Alibaba. Suning acquired a 1.05 percent stake in Alibaba for approximately $2.15 billion in 2016 and sold 5,500,000 ordinary shares of Alibaba for approximately $940 million in December 2017, in which S&C also acted for Suning.
The Hong Kong-based S&C team advising Suning was led by Kay Ian Ng and Ching-Yang Lin, along with Alan Zhang and Sarah Luo.