On April 25th, Alibaba issued a notice stating that “The Hong Kong Acquisition and Mergers and Acquisitions Committee ruled that Alibaba’s investment in CITIC 21st Century Co., Ltd. reversed Article 25 of the Hong Kong Code on Corporate Takeovers and Mergers.â€
According to Article 25 of the Hong Kong Code of Corporate Takeovers, Mergers and Share Buybacks: “Unless the executive consent, the offer will be passed within the offer period or the offer has passed a considerable plan or within 6 months after the deadline for the offer. The person and any person acting in concert with it shall not make or enter into the following arrangements with the shareholders: the sale or purchase of the securities of the offerable company or the arrangement involving the acceptance of the offer, which includes the preferential terms that cannot be extended to all shareholders."
At the same time, the committee ruled that this violation caused the Hong Kong Securities and Futures Commission to revoke the whitewash waiver associated with the investment, exempting Alibaba's request for a mandatory comprehensive takeover offer for Ali Health.
Alibaba Group said that Alibaba Group fully complied with the "Company Acquisition and Merger Code" in investing in Ali Health. In this regard, Alibaba Research may file a judicial appeal and said that this ruling will not affect Alibaba's health. The operation of Ali Health will continue to be a large health subsidiary of the Alibaba Group. At the same time, Alibaba said that the written decision of its group committee will be announced two weeks later.
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