Home » Pan Shiyi’s liquidation assets also want to escape from China, the dream may be broken (Photos) | Wenlong Pan Shiyi | SOHO China | Blackstone Group | Financial Observation

Pan Shiyi’s liquidation assets also want to escape from China, the dream may be broken (Photos) | Wenlong Pan Shiyi | SOHO China | Blackstone Group | Financial Observation

by admin

It is more difficult for Pan Shiyi to sell SOHO China and withdraw from China. (Image source: Adobe stock)

[See China News on July 31, 2021](See Chinese Journalist Wenlong Comprehensive Report) Real Estate DevelopersPan ShiyiCreatedSOHO ChinaAn announcement on June 16 stated thatBlackstone GroupThe subsidiary company plans to acquire SOHO China for HK$23.658 billion. But for more than a month, the Beijing authorities have continued to tighten their policies, and the authorities have still not released public information, and the acquisition may have changed.

The Hong Kong-listed SOHO China announced on June 16 that Goldman Sachs (Asia) Co., Ltd. has made a voluntary conditional cash offer with preconditions on behalf of TWO CITIES MASTER HOLDINGS II LIMITED, a subsidiary of the Blackstone Group, to acquire all of SOHO China Co., Ltd. Issue shares.

SOHO China announced that as of the date of this announcement, SOHO China’s issued shares are 5,199,524,031 shares, and there are no other warrants, share options, derivatives or securities convertible into shares, and the company has not issued such shares. Enter into any agreement with warrants, share options, derivatives or securities convertible into shares. Assuming that the offer is fully accepted at the offer price of HK$5.00 per share (except for the total of 467,958,000 shares that Boyce Limited and Capevale Limited (BVI) will retain), the highest cash consideration of the offer is approximately HK$23.658 billion.

This transaction has been planned since 2019 or even earlier. After the Blackstone Group failed to acquire it by way of privatization, it finally continued in the form of tender offer. If all goes well, before the end of this year, Pan Shiyi and Zhang Xin, who co-founded SOHO China, can completely withdraw from China.

See also  Huari: The new epidemic in 2022 and the weakening of interest rates, investor optimism Fed | Economics | Financial Observation |

However, this uncomplicated equity acquisition case seems to have been in trouble. What worries investors is that the acquisition has been blocked in the approval of the Chinese regulatory authorities.

The problem may lie in the bidder’s submission of relevant application documents and materials to the State Administration for Market Regulation of China. According to the normal time for examination and approval procedures, on the website of the Anti-Monopoly Bureau of the State Administration for Market Regulation of China, the transaction should have reached the time for publicity.

It is more difficult for Pan Shiyi to sell SOHO China and withdraw from China.
It is more difficult for Pan Shiyi to sell SOHO China and withdraw from China. (Image source: Antimonopoly Bureau of the State Administration for Market Regulation)

The reporter of “Kan China” inquired on the website of the Anti-Monopoly Bureau of the State Administration of Market Supervision, and in the Publicity of Concentration of Undertakings Approving the Concentration of Concentration Cases of Approved Acquisition Cases and the Publicity Office of Concentration of Undertakings Unconditionally Approving the Publicity of Concentration of Undertakings Cases, there has been no such acquisition since June 16th. Public information may represent an official attitude.

This also means that in China’s official approval process, there may be incomplete application materials. If after the supplementary materials are submitted, the official believes that it is not applicable to simple cases, and the regulatory authorities may open the case and start the review, then it will be very troublesome, because there may be multiple further reviews in the follow-up, which will make the SOHO China acquisition related. Fang fell into a long waiting period.


From June 16 to the present, for Blackstone Group and SOHO China, during this period, Internet and technology companies such as Didi Chuxing were purged, and the education and training industry was strongly suppressed. China’s political and business environment has been very different.

See also  Djibouti: Third largest container port on the continent in the World Bank ranking

For example, on July 6, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the “Opinions on Strictly Cracking Down on Illegal Securities Activities in accordance with the Law.”

Official media said that this is a programmatic document for capital market law enforcement and judicial work for a relatively long period of time in the future, and emphasizes the “adherence to zero tolerance requirements” emphasized in the document.


If you read this document carefully, you can find that it covers a wide range of areas, including data security, confidential information management, the main responsibility of listed companies, etc., as well as most financial fields.

At SOHO China’s online rental commendation meeting for the fourth season of 2020 held on January 18, Pan Shiyi, the founder, also participated. He reflected on himself to everyone: 10 years ago when someone scolded him, he would always scold him back, and 5 years ago when someone scolded him, he could resist the scolding. And now, after the 2020 epidemic, he realized his insignificance and learned to be humble, “Now there are still people scolding me on the Internet. I am not angry anymore, let alone scolding me. I am just an ordinary person who builds and rents a house. , Do your own business, don’t right and wrong.”

The internal news obtained by “Watch China” is that Pan Shiyi and his wife planned to sell SOHO China to the Blackstone Group for US$4 billion, thereby completely withdrawing from the Chinese market. The Beijing authorities immediately blocked the Blackstone Group’s acquisition plan after knowing that Pan Shiyi had a cash-out plan. At the same time, the media was guided to lash out Pan Shiyi and his wife, and the relevant departments conducted a round of review of SOHO China, but no results were achieved. But the official did not stop because of this, but continued to look for Pan Shiyi’s handle.

See also  Pan Shiyi’s seven companies have been fined more than 80 million in total | SOHO China | Epoch Times

On March 15, Beijing Haidian Public Security Bureau issued a notice on Weibo stating, “Recently, after the news media reported the heroic deeds of soldiers defending the country and bordering borders, some people reported to the police. A Sina Weibo user once reported to the police in June 2020. On the 23rd, he published rumors and slandered heroes and martyrs in the comment area of ​​others’ Weibo, causing bad social impact. After police investigation and verification, the Weibo user Pan (male, 30) left Beijing on February 2, 2020. Has been abroad. At present, the Haidian Public Security Bureau has criminally detained Pan Mou in accordance with the law and pursued him. Here, the police urge him to return to China as soon as possible for investigation and handling.”

In the comments under this Weibo notification, many users speculated or indicated that “Pan” is Pan Rui, the son of Pan Shiyi.

It is more difficult for Pan Shiyi to sell SOHO China and withdraw from China.
Real estate developer Ren Zhiqiang (left) and Pan Rui, the son of Pan Shiyi (right). (Image source: Internet)

Editor in charge: Xin He Source: Look at China

Short URL of this article:

All rights reserved, any form of reprinting requires Chinese authorization. It is strictly forbidden to establish a mirror website.


[Honorary Member Wanted]Streams can merge into the sea, and small kindness can achieve great love. We sincerely recruit 10,000 honorary members from Chinese people around the world: each honorary member only needs to pay one subscription fee per year and become an honorary member of the “Watch China” website, which can help us break through the censorship and blockade and provide at least 10,000 mainland Chinese compatriots Provide independent and true key information to warn them in times of crisis and save them from the great plague and other social distress.
Honorary member

.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy