Suning.com, a leading retailer in China, has 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 and Kunpeng Capital under the Shenzhen municipal government acquired 15 percent, according to a statement by Suning.com on Sunday.

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

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 drop of 3.9 billion yuan in net profit last year amid temporary store closures during the COVID-19 pandemic.

Suning has made a foray into sport in recent years by acquiring Chinese broadcaster PPTV in 2013 and then expanding into the Chinese broadcast rights market for several European leagues, including the English Premier League and Italy's Serie A, through its PPTV and PPLive television arm.

The Chinese giant has also owned Chinese Super League champions Jiangsu Football Club since 2015 and Italian Serie A giants Inter Milan since 2016, as well as investing in China-based football social networking and media apps.

The news came after Suning announced that it would cease the operation of Jiangsu Football Club, known as Jiangsu Suning, before changing its name in line with Chinese Football Association (CFA) regulations, due to financial reasons.

Last September, the contract between the English Premier League and PPTV broke up due to disagreement on the price of broadcasting rights after rounds of negotiations.

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