Part 3/8:
Sunning's Rise: A Fall from Grace
Founded by Jang Zing Dong, Sunning began its journey from a modest air conditioning store with a starting capital of just 100,000 yen to dominating the retail market with a widespread e-commerce model. Throughout its peak, Sunning aggressively pursued various investments across multiple sectors, including real estate, logistics, and even sports through an acquisition of a stake in the Italian football club Inter Milan.
However, with reckless expansions and financial maneuvers reminiscent of other corporate downfalls, like Evergrande, Sunning began navigating a treacherous course. Relying on debt to fund expansions, Sunning faced mounting liabilities as its grasp on the retail market weakened.