Alibaba’s ‘special deal’
Print Edition
HONG Kong’s securities regulator said yesterday that Alibaba Group breached takeover rules in the purchase of a health care firm in 2014 because it also bought a company owned by the brother of the first firm’s vice chairman at “favorable terms.”
Alibaba agreed to buy CITIC 21CN, now known as Alibaba Health Information Technology Ltd, for US$170 million. During the process, it also agreed to buy Hebei Huiyan Medical Technology Co from Chen Wen Xin, who was a shareholder of CITIC 21CN and younger brother of the company’s Vice Chairman Chen Xiao Ying. The city’s Takeovers and Mergers Panel said Alibaba’s purchase of Hebei Huiyan was “a special deal with favorable conditions which were not extended to all shareholders.” Alibaba has said it will appeal the decision, which was unveiled last month without the full details.
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