SOHO China Public Filings Reveal Offshore Trust Controls About 63.93% of Shares
SOHO China's public documents show that the relevant offshore trust still controls approximately 63.93% of the shares through overseas companies.
SOHO China's public documents show that the relevant offshore trust still controls approximately 63.93% of the shares through overseas companies.
SOHO China announced in a filing that Chief Financial Officer Ni Huiyang is under investigation for suspected insider trading in the company's shares, and assets have been forced to remain within China.
Blackstone made an offer to acquire all of SOHO China's shares, but the deal lapsed that September after the State Administration for Market Regulation launched an antitrust investigation.
On September 10, 2021, Blackstone terminated its acquisition of SOHO China; on December 17, Jianhua Land, a SOHO subsidiary, was ordered by Beijing tax authorities to pay back taxes and a fine for underpaid taxes, totaling 709 million yuan.
On June 16, 2021, SOHO China announced that Blackstone had made a takeover offer of HK$5 per share, valuing the company at about HK$23.658 billion, with the existing controlling shareholders retaining about 9% of the equity; the deal was later terminated in September.
Zhang Xin set up the offshore trust 11 days after Pan Shiyi transferred the relevant rights and interests; afterwards, SOHO China's listing documents disclosed the relevant offshore shareholding structure.
Through a structure of BVI companies plus a Cayman Islands trust, Pan Shiyi placed as much as 94.78% of SOHO China's equity into an overseas offshore trust.