Suning.com, one of the largest commercial enterprises in China completed the acquisition of an 80% equity stake in Carrefour China for $681m. Suning.com will become the controlling shareholder of Carrefour China. Carrefour Group will retain a 20% stake in the business and two seats out of seven on Carrefour China’s Supervisory Board. "This is a key step in Suning's smart retail plan. Carrefour's FMCG experience and supply chain capabilities can be integrated with Suning's full-scenario retail model, solid logistics network and advanced technology." Jindong Zhang, Suning Holdings Group Chairman.