External Article 6 March 2020
Trump Blocks Chinese Deal for U.S. Software Firm StayNTouch
President Donald Trump ordered the Chinese acquisition of a hotel property management software company reversed on national security grounds. Trump ordered Beijing Shiji Information Technology Co. to unwind its 2018 acquisition of StayNTouch Inc., the White House said in a statement on Friday. Trump said there was "credible evidence" the Chinese company "might take action that threatens to impair the national security of the United States." The order marked the third time Trump has blocked a foreign takeover of a U.S. company on national security grounds, and just the sixth time a U.S. president has done so in three decades. The Trump administration has ramped up scrutiny of Chinese acquisitions of American businesses over risks to national security. The panel that reviews foreign investments in U.S. firms, the Committee on Foreign Investment in the U.S., has thwarted a number of Chinese deals, especially for technology companies.
Read the full article at Bloomberg
11 February 2020 — In the past ten years, Shiji Group has undergone a period of significant growth and expansion, transitioning from a China-based network system supply company, to a truly global conglomerate pushing the boundaries of hospitality technology.
10 April 2019 — Shiji Group has recently expanded in the Americas by opening a new office in Bethesda, Maryland. With the first US office based in Atlanta, Georgia, the new office in the Washington D.C. metropolitan area will serve the growing number of US-based Shiji customers.
16 October 2018 — Shiji, the hospitality tech giant of China, has been expanding its global push since February — when it announced a $486 million investment from e-commerce powerhouse Alibaba Group.
2 October 2018 — In the past, the travel and hospitality industry has been notorious for its resistance to incorporating new and innovative technology into the mix. There have been some early adopters but where other industries were quick to embrace technological change and practices, we were seemingly always one (or more) steps behind.