Ingram Micro's New Chinese Government Ownership

Author: John Honovich, Published on Feb 23, 2016

Ingram Micro is fighting back. Many have raised concerns about its agreement to be acquired by the Hainan Airline Group (HNA).

In a new SEC filing, Ingram Micro makes its case about why their impending Chinese owners will not have any negative impact. In particular, they declare:

"We have been assured by the HNA Group that neither they nor Tianjin Tianhai have any direct ownership stake held by the PRC government."

Unfortunately for Ingram, there is plenty of evidence for substantial Chinese government ownership and control. We break this down.

****** ***** ** ******** ****. **** **** ****** ******** ***** its ********* ** ********** ** *** ****** ******* ***** (***).

** **** *** ******, ****** ***** ***** *** **** ***** *** ***** ********* Chinese ****** **** *** **** *** ******** ******. ** **********, they *******:

"** **** **** ******* ** *** *** ***** **** ******* they *** ******* ******* **** *** ****** ********* ***** **** by *** *** **********."

************* *** ******, ***** ** ****** ** ******** *** *********** Chinese ********** ********* *** *******. ** ***** **** ****.

[***************]

**************

******* ********** ********* ** ********* ** ******* ************, *** *** *****-***** ****** *********** *** ************** ********** (*.*., ***** reviews *** ******** *********'* ***** *****). ***** ** * ********** ****** **** manages ********* *** *** ******* **********. ***** *** ****** ** both *** ******* *** ******** *****.

Hainan *****

******* ******* **** **** *** ****** ******* ************'* ******* *********** and ******** ** *** ****** ***** (****** ** *****'* ************ province).

*** *******, **** ***** **** ********:

"*** “** *****” ********** ** ****** ******** ** ************ ** Hainan *****.... ****** ***** (******* * ******-***** **********, ****** ********** *********** Holdings ******* ******* (海南省發展控股有限公司)) ********** ***** ** *********** **.**% ******** in ***** ***** ***. ** ** *** *** ** ******** 2015, ***** ***** *** **** *** **.**% ******** ** ****** Airlines ******** ***/** ********** ******* *** ******-***** **********(***)." [****: ***** China *** ****** ** *** *****].

******* ********* ** **** **** ** * **** ****** *******'* ********* ******. 

***** ******** ******* *****, **** **** ***** *** ******** * $*.* ******* ******* placement, **** "****** ******** ***** .... **** ****** *** *******’* *********** *********** [at] **.*%".

******, **** ******** ******* *** ********* *********** ********* **** *** ****** *****.

** ******, **** ** **** ** ***.**** **** ************ **** ******** *** ********* *********** ** ******'* *****:

Communist ***** *********

** **** ****,*** *********** *** *** ********* ***** *********** ********** ***** ********. **** ** ******* ** ***** ********* with *********** ********** ******* / ********* (*.*., ********* *** *** ***** ********* *****).

Ingram *******?

********* ** ******'* *********:

"** **** **** ******* ** *** *** ***** **** ******* they *** ******* ******* **** *** ****** ********* ***** **** by *** *** **********."

** ** ******** **********. *****, ******* ** ****** ********* **, **** **** put *** **** ** *** *****, *.*., ** ** ** revealed ** ** *****, ** ** *** ***** *****, ** is *** ***** ** *** *** '********' **** *******. ********, by ********** ** ** *** ***** '******' *** ** *** 'PRC', **** *** ***** ****, ***** *** ***'* ***** ********** ********* ********* and *** ************** ******* ****** ********, ****** **** *******, **** the ********* *** ** ********** *** *** * ***.

Impact / *** ** **?

** *** *** ****, *** ******** ********** *** ******** ********** need ** **** ******* ***** ******'* *********** ******* ******. 

** *** *****, ******* *** **** ***** *** ******* ** to *** * ******* ******** ********* * ** ***********, ***** will ****** ********** *** ********* ** ************.

Comments (7)

Jeremy Ellis

02/23/16 03:02pm
** *** *** ****** ***** ***** ** *** ***** ***** (i.e. **** ** ***** **********), * ***** ** **** *** better, ** *********** ***** ********** **** ***.

John Honovich

IPVM | In reply to Jeremy Ellis | 02/23/16 03:06pm

****** *****$** ******* ******* ****.

**** *** *** * ***** ****** ** ***** ************ *** they *** *** ** *** ******* ** ******* **.

Undisclosed #1

In reply to John Honovich | 02/23/16 04:02pm

**********.

Undisclosed #1

02/23/16 05:05pm

** *** *****, ******* *** **** ***** *** ******* ** to *** * ******* ******** ********* * ** ***********, ***** will ****** ********** *** ********* ** ************.

*** ** ** **** *********, ** **** ********** ****** ***** to *** **** ** $***,***,***.

#****************

John Honovich

IPVM | In reply to Undisclosed #1 | 02/23/16 05:22pm

"** **** ********** ****** ***** ** *** **** ** $***,***,***."

**** ****** ******:

"*** ****** ********* **** ******** **** **** *********** ** *** agreement ***** ******* *************, ******* ******* ***** ** ********* ** pay ****** ***** * *********** ***, ***** **** ** ***** to $*** ******* ** *** ********* ** ********** ** *** first ** **** ***** *******, $*** ******* ** *** ********* is ********** ******* *** ******* *** *** ******* ***** *******, *** $*** ******* ** *** ********* ** terminated *** **** ***** *** ******* ********* *******"

Thumbnail 1981

Armando Perez

IPVMU Certified | 02/23/16 05:09pm

***** **** **** **** ** ********* ** *********. :*

Michael Goodwin

02/23/16 08:22pm

***** *** **** *** ** ******* ***** "***** ******" ** would **** *****, **** ***** ******* *** *** ******* ***** through ****.. **** **** ** * ***** ********

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