Suning.com, a leading retailer in China, sold 23 percent of its shares to state-owned investors in a bid to enhance comprehensive cooperation in logistics and infrastructure.

Shenzhen International Holdings, a logistic services company, acquired 8 percent of Suning's stake and Kunpeng Capital under the Shenzhen municipal government acquired 15 percent of its stake, according to a statement by Suning.com on Sunday.

The transaction worth 14.8 billion yuan ($2.29 billion), and Zhang Jindong, the billionaire founder of Suning, remains the largest shareholder of the group. 

The retailer's revenue in 2020 came in at 258.46 billion yuan, a year-on-year decrease of 4 percent. It also reported a 3.9-billion-yuan loss in net profit last year amid temporary store closures during the COVID-19 pandemic.

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