I believe many of you still remember that Marriott and Anbang Insurance became the last two players to buy SPG after SPG Hotel Group revealed its willingness to sell itself in 2016. At that time, the two sides constantly offered higher prices. At some stage, the Anbang Insurance Group prevailed, and offered a price that Marriott can not afford. What’s unexpected was that, Anbang withdrew from the acquisition competition by itself! As everyone knows, the final result is that SPG is acquired by Marriott. As for why Anbang withdrew from acquisition, people guess it is because of the regulation of Chinese government.
Wu Xiaohui, former chairman and general manager of Anbang Insurance Group Co., Ltd. (hereinafter referred to as Anbang Group), was prosecuted according to law on suspicion of economic crime. In view of the fact that Anbang Group acts in violation of laws and regulations and may seriously endanger the solvency of the Company, in order to maintain the normal operation of Anbang Group and protect the legitimate rights and interests of consumers, according to the relevant provisions of the Insurance Law of the People’s Republic of China, the CIRC decided in 2018 February 23 on the implementation of the Anbang Group take over the deadline of one year.
Since June 2017, the CIRC has sent a working group to Anbang Group to conduct in-depth inspections, strengthen on-site supervision and urge the Company to improve its operation and management according to the regulatory arrangements. At present, the operations of Anbang Group are generally stable and their operations are basically stable. The legitimate rights and interests of consumers and stakeholders are effectively protected.
According to regulatory inspection, Anbang Group violated the relevant laws and regulations, and CIRC has ordered Anbang Group to adjust Wu Xiaohui’s chairman and general manager duties according to law. CIRC, in accordance with the law, set up a takeover working group in cooperation with the PBC, CBRC, CSRC, SAFE and other relevant departments to take over the operation and management of Anbang Group in full power and exercise full responsibility for the three layers of the Anbang Group. The takeover does not change the external debt and debt relations of Anbang Group. Under the supervision of the regulatory authorities, the takeover management team will take effective measures to keep the company operating as usual and ensure that the legitimate rights and interests of insurance consumers are fully protected and lawfully safeguard the legitimate rights and interests of all stakeholders in accordance with the law.
During the takeover, the takeover team will actively introduce high-quality social capital, complete the equity restructuring, and keep the private nature of Anbang Group unchanged.
Suddenly I feel a little scared, if SPG was really acquired by Anbang at that time, SPG may already go to hell. Hope SPG can do better and better under the management of Marriott!