US government orders China's Shiji to sell US hotel tech firm StayNTouch

The Trump Administration has demand Shiji unwind the deal, which was completed in 2018, the grounds of national security. StayNTouch provides software for managing operations at hotels. Shiji made an initial $2M investment in the business before buying out the remainder for $33M. It claims the US government is "incorrect" and that it "did not adequately explain the basis of its decision." Shinji itself took on a near-$500M investment from Alibaba in 2018 in a deal that valued it at around $1.2B.

Related: The Chinese owner of gay dating app Grindr said it has agreed to sell the business for around $600M, having been ordered to do so by the US government link


Want to receive more content like this in your inbox?