President Donald Trump signed an executive order on Friday to bar the Chinese company Shiji Information Technology from owning US software developer StayNTouch on grounds of national security
WASHINGTON (Pakistan Point News / Sputnik - 06th March, 2020) President Donald Trump signed an executive order on Friday to bar the Chinese company Shiji Information Technology from owning US software developer StayNTouch on grounds of national security.
"There is credible evidence that leads me to believe that (1) Beijing Shiji Information Technology Co., Ltd., a public company organized under the laws of China, and (2) its wholly owned direct subsidiary Shiji (Hong Kong) Ltd., a Hong Kong limited company (together, the "Purchaser"), through acquiring an interest in StayNTouch, Inc. ("StayNTouch"), a Delaware corporation, might take action that threatens to impair the national security of the United States," Trump said in the executive order.
StayNTouch is a developer of mobile hotel management solutions and was acquired by Shiji as early as in September 2018.
StayNTouch has said its "pioneering platform" powers 90,000 rooms globally and enables hotels to create long-lasting relationships with their guests by delivering personalized service levels.
Trump's executive order gives Shiji 120 days to divest from all StayNTouch assets, including those that have been developed by the US company since its acquisition.
