Ma buy hengsheng group: Ministry of Commerce approved without conditions-Ma Hang Seng e-Hang Seng group, Alibaba-IT news
Ma buy hengsheng group: Ministry of Commerce approved without conditions

Alibaba group in the United States vigorously complete listing, MA, the company's acquisition of Hangzhou hengsheng electronic Holdings Limited (hereinafter referred to as the Hang Seng group) case also had Commerce Department approval. Almost 4 months after the Commerce Ministry's antitrust Bureau review review of the Ministry of Commerce has "unconditionally ratify" case. This is the new financial reporter learned from authoritative sources exclusive results.

"The anti-monopoly service in concentration of merger reviews, top priority is that the merger of the two companies will reduce or eliminate competition. "Close to the Ministry of Commerce told caixin journalists Hang Seng e-very high market share is the faits accomplis, which existed prior to the merger, Zhejiang rongxin Seng has no business on the overlap, the two companies after the merger would not eliminate competition, the Commerce Ministry is no reason not to approve.

The transaction is approved, means that MA will become Hang Seng group of actual control and indirect holding company Hang Seng e-(600570. SH）。 Hang Seng group owns 20.62% shares of Hang Seng e. According to public information, Hang Seng e-mainly to the banking, securities, insurance, fund management, and other financial institutions to provide application software solutions, is the biggest IT suppliers of traditional financial institutions. According to the Hang Seng e-2012 annual report, the company's funds, securities, insurance (assured), trust-funded core market share, 80%, 93%, and 75%, respectively, counter system in securities accounts system, securities, trust, banks financial services platform core service platform, future market share of core systems, respectively, 43%, 57%, 41%, 42%.

Zhejiang rongxin, founded in 2003, MA 99.14% personal holding, with the remainder by Ali capital Managing Director and Vice President Xie Shihuang Alibaba group holding. No equity relationship rongxin and Alibaba group in Zhejiang.

According to the Hang Seng e-bulletin published on April 2, Zhejiang rongxin Hang Seng Group intends to 3.299 billion dollars in cash from 100% shares. 17 Hang Seng group of controlling shareholders of listed companies and Zhejiang natural person shareholders rongxin network technology co, signed the share purchase agreement, the transaction is completed, Zhejiang rongxin through Hang Seng group owns 20.62% shares of Hang Seng e, becoming the company's controlling shareholder.

According to the Hang Seng e-bulletin released on June 3, according to the agreement, both sides, completed its first delivery, namely 17 natural Hang Seng group of shares held by the shareholders according to their proportion of total 24.12% equity transferred to Zhejiang rongxin name and corresponding business change program has been completed.

Rongxin, Zhejiang industrial and commercial information, the company's main business is providing administrative support and back-office support services relating to risk management, the future will be dominated by investment management business.

Rongxin, Zhejiang and its related parties did not compete and Hang Seng e-core business operations, and currently there is no relationship between upstream and downstream. "Person close to the Ministry of Commerce to finance new reporters explained, the deal will not be in financial application software and related IT services, a restriction of competition within the market effect.

These people continued, is a concentration of review antitrust Bureau, focuses on both sides after the merger on market "competitive situation" caused by the impact. The acquirer would abuse a dominant market position in the future, is not a "concentration of business operators review" category, "someone's child who took him away."

In early June, the Ministry of commerce based on material provided by both parties, think Zhejiang rongxin Hang Seng acquisitions meet the criteria for declaration of concentrations of undertakings, be filed, and entered the concentration of business operators review stage.

Earlier, the reporter learned that earlier in the review, the Ministry intends to add that mergers as easy cases to deal with. Easy cases compared with normal cases there are three main differences. First, the material simple cases less; second, simplified case processing time will speed up the third, common case to seek the views and suggestions of other ministries and departments, but simple cases do not need to solicit opinions from all sides.

In this regard, receives great outside, there is a large Internet companies objected to this real name and material reporting on the Ministry of Commerce.

"Taking into account the pressure of public opinion, the merger ultimately did not take the simple case, but follow the review process for common cases. "People close to the case told caixin, a journalist, and in the process of reviewing the case sought the views of the relevant industry sectors, research and set up a special task, and finally decided to unconditionally approve the transaction.

According to journalist had understood that in the financial sector have been worried about the collection acquired, "the mainstream opinion in the industry I have learned, most do not approve of the deal. "There is mutual fund company executives said. Funds, brokerage sector in General is concerned that Ma after acquiring Hang Seng group, Ali, indirectly controlling the Hang Seng e, equivalent to master most of the financial institution's back door. Ali aspires to expand its data, financial services, the data could not get their hands on.

PayPal top officials respond to finance new reporters, said Hang Seng e-financial institutions set up for IT architecture and related system does not mean that have background data on financial institutions; if you use the back door access to financial institution data, tantamount to theft, "illegal".

On April 4 of this year, President Liu Shufeng Hang Seng e-Executive Director, said at the Investor Conference, Hang Seng e-financial IT is merely providing financial institutions with software, software by the customer after delivery and management, the company and the company's technical, maintenance and engineering personnel could not gain and even more unlikely to divulge financial data of the customer, financial data on the fly and entirely under customer control and ownership of property rights.