BRIEF-Leon Capital Partners reports 9.5 pct stake in Ruby Tuesday as of March 15, 2017- sec filing
* Leon Capital Partners, Llc reports 9.5 percent stake in ruby Tuesday Inc as of March 15, 2017- sec filing
HONG KONG Oct 11 Home appliance retailer Suning Commerce Group Co Ltd on Friday said the China Securities Regulatory Commission has given the go-ahead for its subsidiary to provide payment and settlement services for online mutual fund sales.
Suning, in a filing to the Shenzhen Stock Exchange, said it is still awaiting approval to operate a mutual fund e-commerce platform.
Suning, like other home appliance retailers, has been forced to rethink its business model and expand into areas such as e-commerce to chase a growing number of internet shoppers.
Suning, which competes with GOME Electrical Appliances Holdings Ltd backed by U.S. asset manager Bain Capital, in August said it aimed to set up a private bank after the government said it would promote the establishment of more financial institutions to support cash-starved small companies.
Dominant e-commerce player Alibaba Group has been leading a drive by internet companies into highly regulated financial services, and earlier this week an online payment affiliate said it would take control of Tianhong Asset Management Co.
* HNA Group Co Ltd reports 25 percent stake in Park Hotels & Resorts Inc as of March 15, 2017 - SEC filing Source: (http://bit.ly/2oevTFJ) Further company coverage: