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13 Sept 2021

Soho China Shares Plummet 40% after Failed Blackstone Bid

The Index Today

Soho China Ltd’s Hong Kong shares fell 34.86% to HK$2.28 by 1:02am ET after the $3 billion Blackstone Group Inc pulled back its bid.
After releasing a joint statement on Friday, stating that they cannot acquire antitrust approval within the designated timeframe, Soho China’s market value in the Honk Kong listed shares diminished by $830 million as its shares tumbled. The company said it was not able to meet all the preconditions listed by Blackstone.
It is also said that the acquisition became difficult as China implemented new regulations to scrutinize foreign investments. This has led to Wall Street investors becoming divisive over investing in China as confidence seems to fall.
Blackstone made a deal with Soho to acquire it for HK$23.7 billion in June 2021 as long as it was approved by regulatory bodies. The State administration for market regulation accepted to review the deal in August. However. Both parties realized that the approval may not be complete within the specified time which cannot be extended.
Soho was founded by Chairman Pan Shiyi and Chief Executive Officer Zhang Xin in 1995. The company’s main assets include the Wangjing office buildings and the Bund Soho buildings in Shanghai and Beijing. The pair have played a key role in developing the cities skylines and are now the subject of discussion across social media platforms.


Clay pottery with table linens
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