Alibaba might appeal charge of wrongdoing
Print Edition
E-COMMERCE giant Alibaba Group Holding Ltd said it is considering whether to launch an appeal against a Hong Kong regulator’s finding that it breached takeover rules by buying an effective majority stake in a health care firm in 2014 without extending the offer to all of its shareholders.
Alibaba said the Hong Kong Takeovers and Mergers Panel, part of city’s Securities and Futures Commission, found it broke rules by arranging a deal with certain investors in CITIC 21CN, now known as Alibaba Health Information Technology Ltd, at beneficial terms not extended to other shareholders.
The SFC ruled that the breach of code meant an original waiver to a requirement to launch a general offer to all investors was invalidated, Alibaba said. But it said the regulator issued a new waiver in view of the sharp rise in Alibaba Health stock since 2014, meaning Alibaba is not currently required to launch a full buyout.
It said in a statement that it believes it fully complied with the takeover code regarding the investment, worth US$170 million at the time, which gave it a 54 percent stake in the health care business after buying newly issued shares in the company.
Alibaba said it was granted a waiver by the full offer requirement, given that the stock has soared more than sixfold since the 2014 offer.
A spokesman said the firm is considering appealing against the SFC ruling but declined to elaborate.
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