Misplaced Pages

#38961

59-515: IDG, Inc. is wholly owned by Blackstone and is led by Genevieve Juillard, who was appointed CEO of the company in 2023. Juillard serves on IDG, Inc.'s leadership team along with IDC President Crawford Del Prete and IDG, Inc.'s Chief Financial Officer Tiziana Figliolia. IDG, Inc. is headquartered in Needham, Massachusetts and is parent company to both International Data Corporation (IDC) and Foundry (formerly IDG Communications). International Data Group

118-527: A holding company . In 1991, Blackstone created its Europe unit and launched its real estate investment business with the acquisition of a series of hotel businesses under the leadership of Henry Silverman . In October 1991, Blackstone and Silverman added Days Inns of America for $ 250 million. In 1993, Hospitality Franchise Systems acquired Super 8 Motels for $ 125 million. Silverman would ultimately leave Blackstone to serve as CEO of HFS, which later became Cendant Corporation . Blackstone made

177-512: A $ 1.1 billion real estate investment fund. Also in 1997, Blackstone made its first investment in Allied Waste . In 1998, Blackstone sold a 7% interest in its management company to AIG , valuing Blackstone at $ 2.1 billion. In 1999, Blackstone partnered with Apollo Management to provide capital for Allied Waste's acquisition of Browning-Ferris Industries . Blackstone's investment in Allied

236-503: A $ 3.5 million fee. From the outset in 1985, Schwarzman and Peterson planned to enter the private equity business but had difficulty in raising their first fund because neither had ever led a leveraged buyout. Blackstone finalized fundraising for its first private equity fund in the aftermath of Black Monday , the October 1987 global stock market crash. After two years of providing strictly advisory services, Blackstone decided to pursue

295-669: A cell phone operator in the Rocky Mountain states (CommNet Cellular) were among the most successful of the era, generating $ 1.5 billion of profits for Blackstone's funds. Blackstone Real Estate Advisers, its real estate affiliate, bought the Watergate complex in Washington D.C. in July 1998 for $ 39 million and sold it to Monument Realty in August 2004. In October 2000, Blackstone acquired

354-578: A critique was raised regarding a purchase agreement on several hundred apartments in Frederiksberg , Denmark, between Blackstone's Danish partner North 360 and Frederiksberg Boligfond, a nonprofit housing organization Frederiksberg Municipality established in 1930. After resistance by residents and questions about the purchase agreement's legality, Blackstone withdrew from it in October 2019. On December 1, 2022, Blackstone restricted withdrawals from its $ 125 billion real estate investment fund BREIT due to

413-507: A different format, with advertising, and which would become a cornerstone of IDG's subsequent publishing arm. In 1969, IDG made its first overseas expansion when it opened IDC UK and launched its first European publication. In 1974, the company launched its first international publication, Computerwoche , in Germany, its first fully translated publication. International publications in Japan, China,

472-568: A majority interest in Columbia House , a music-buying club, in mid-2002. Blackstone made a significant investment in Financial Guaranty Insurance Company (FGIC), a monoline bond insurer alongside PMI Group , The Cypress Group and CIVC Partners . FGIC incurred heavy losses, along with other bond insurers in the 2008 credit crisis. Two years later, in 2005, Blackstone was one of seven private equity firms involved in

531-568: A managing director of Lehman Brothers to join Peterson and Schwarzman at Blackstone in 1987, but left in 1992 to join the Clinton Administration as Deputy Treasury Secretary and later founded advisory investment bank Evercore Partners in 1995. Blackstone was originally formed as a mergers and acquisitions advisory boutique. It advised on the 1987 merger of investment banks E. F. Hutton & Co. and Shearson Lehman Brothers, collecting

590-474: A merchant banking model after its founders determined that many situations required an investment partner rather than just an advisor. The largest investors in the first fund included Prudential Insurance Company , Nikko Securities and the General Motors pension fund. Blackstone also ventured into other businesses, most notably investment management. In 1987 Blackstone entered into a 50–50 partnership with

649-467: A new fund as an independent entity backed by Blackstone. While Blackstone was active on the corporate investment side, it was also busy pursuing real estate investments. Blackstone acquired Prime Hospitality and Extended Stay America in 2004. Blackstone followed these investments with the acquisition of La Quinta Inns & Suites in 2005. Blackstone's largest transaction, the $ 26 billion buyout of Hilton Hotels Corporation , occurred in 2007 under

SECTION 10

#1733085909039

708-524: A number of notable investments in the early and mid-1990s, including Great Lakes Dredge and Dock Company (1991), Six Flags (1991), US Radio (1994), Centerplate (1995), MEGA Brands (1996). Also, in 1996, Blackstone partnered with the Loewen Group , the second-largest funeral home and cemetery operator in North America, to acquire funeral home and cemetery businesses. The partnership's first acquisition

767-459: A surge in redemption requests from investors. The move caused investor consternation and limited the ability to attract new capital for BREIT. In November 2024, Blackstone acquired a group of four retail buildings in Soho for approximately $ 200 million from ASB Real Estate Investments. This transaction marked the largest Manhattan retail deal by an investor in over three years, signaling a resurgence in

826-588: Is the parent company of publicly traded company Oceanwide Holdings as well as the largest shareholder of another public company Minsheng Holding . Founder Lu Zhiqiang , via Tohigh Holding Co., Ltd. ( 通海控股 ), owned 100% stake of Oceanwide Group Co., Ltd. ( 泛海集团 ), in turn Oceanwide Group owned 98% stake of China Oceanwide Holdings Group. The 2% stake was owned by Tohigh Holding. In turn, China Oceanwide Holdings Group owned Oceanwide Holdings and Oceanwide Holdings owned Hong Kong publicly traded company China Oceanwide Holdings Limited. China Oceanwide Holdings Group

885-459: The Computer Caravan had a European presence as well. In the 1980s, IDG launched IDC Predictions via its subsidiary IDC, which would come to represent the company's technology research and analyst arm. The company still maintains an IDC Predictions team of analysts today that publish regular findings on the state of the worldwide technology industry. In 1991, the first IDG DEMO Conference

944-527: The "Nanosite", an advertising tool designed as an alternative to a microsite . Following McGovern's death in 2014, ownership of the corporate passed to the Patrick J. McGovern Foundation, until 2017 when it was purchased by China Oceanwide Holdings Group . IDG, Inc. changed ownership again in May 2021 when Blackstone Inc. acquired the corporation from China Oceanwide Holdings Group for $ 1.3 billion. IDG, Inc. serves as

1003-1206: The 2022 ranking, it regained the top spot in 2023, and retained it in 2024. The firm invests through minority investments, corporate partnerships, and industry consolidations , and occasionally start-up investments . The firm focuses on friendly investments in large capitalization companies . Blackstone has primarily relied on private equity funds , pools of committed capital from pension funds , insurance companies , endowments, fund of funds , high-net-worth individuals , sovereign wealth funds , and other institutional investors . From 1987 to its IPO in 2007, Blackstone invested approximately $ 20 billion in 109 private equity transactions. Blackstone's most notable investments include Allied Waste , AlliedBarton Security Services, Graham Packaging, Celanese , Nalco , HealthMarkets , Houghton Mifflin , American Axle , TRW Automotive , Catalent Pharma Solutions , Prime Hospitality, Legoland , Madame Tussauds , Luxury Resorts (LXR), Pinnacle Foods , Hilton Hotels Corporation , Motel 6, Apria Healthcare, Travelport, The Weather Channel (United States) and The PortAventura Resort . In 2009, Blackstone purchased Busch Entertainment (comprising

1062-841: The IDG Inc. subsidiary company rebranded from IDG Communications to Foundry in February 2022 as part of its strategic transformation from publisher to data and martech company. Foundry employs over 1,400 people globally and operates in over 140 countries around the world. Between 2020 and 2022, Foundry acquired leading data and marketing technology (MarTech) companies Triblio, Kickfire, Leadsift, and Selling Simplified as part of its strategy to transform from legacy media network to integrated marketing technology and data provider. Through both homegrown and acquired data and technologies, Foundry continues to leverage their established media brands to gather and provide insights about global technology buyers to marketers in

1121-691: The Sea World Parks, Busch Garden Parks and the two water parks). In 2020 it acquired Ancestry.com . In 2012, Blackstone acquired a controlling interest in Utah-based Vivint, Inc. , a home automation, security, and energy company. Blackstone's most notable real estate investments have included QTS , EQ Office , Hilton Worldwide , Trizec Properties , Center Parcs UK , La Quinta Inns & Suites , Motel 6 , Wyndham Worldwide , Southern Cross Healthcare and Vicinity Centres . The purchase and subsequent IPO of Southern Cross led to controversy in

1180-564: The Singaporean sovereign wealth fund GIC . As part of the agreement, GIC secured a 35% stake in HIP, with the deal establishing a valuation exceeding €4 billion for the company. In December 2023, Blackstone announced its intention to divest its entire 23.59% stake, valued at $ 833 million, in Embassy Office Parks , India's largest real estate investment trust. The decision came four years after

1239-460: The UK. Part of the purchase involved splitting the business into a property company, NHP, and a nursing home business, which Blackstone claimed would become "the leading company in the elderly care market". In May 2011, Southern Cross, now independent, was almost bankrupt, jeopardizing 31,000 elderly residents in 750 care homes. It denied blame, although Blackstone was widely accused in the media for selling on

SECTION 20

#1733085909039

1298-591: The acquisition was terminated in November 2010. In May 2023, Blackstone entered into an agreement to divest its stake in IBS Software, a Kerala-based software-as-a-service (SaaS) provider. The transaction, valued at $ 450 million, involved the sale of Blackstone's stake to the global private equity firm Apax . In October 2023, Blackstone divested its stake in the Spanish hotel conglomerate Hotel Investment Partners (HIP) to

1357-599: The adverse conditions of the early 2000s recession . At the end of 2002, Blackstone, together with Thomas H. Lee Partners and Bain Capital , acquired Houghton Mifflin Company for $ 1.28 billion. The transaction represented one of the first large club deals completed since the collapse of the Dot-com bubble . In 2002, Hamilton E. James joined Blackstone, where he serves as president and chief operating officer. He also serves on

1416-474: The business grew, Japanese bank Nikko Securities acquired a 20% interest in Blackstone for a $ 100 million investment in 1988 (valuing the firm at $ 500 million). Nikko's investment allowed for a major expansion of the firm and its investment activities. The growth firm also recruited politician and investment banker David Stockman from Salomon Brothers in 1988. Stockman led many key deals in his time at

1475-402: The buyout boom period. Other notable investments that Blackstone completed in 2008 and 2009 included AlliedBarton , Performance Food Group, Apria Healthcare, and CMS Computers . In July 2008, Blackstone, NBC Universal, and Bain Capital acquired The Weather Channel from Landmark Communications for $ 3.5 billion. In 2015, the digital assets were sold to IBM for $ 2 billion. In 2018,

1534-412: The buyout of SunGard in a transaction valued at $ 11.3 billion. Blackstone's partners in the acquisition were Silver Lake Partners , Bain Capital, Goldman Sachs Capital Partners , Kohlberg Kravis Roberts , Providence Equity Partners , and TPG Capital . This represented the largest leveraged buyout completed since the takeover of RJR Nabisco at the end of the 1980s leveraged buyout boom. Also, at

1593-640: The company with an unsustainable business model and crippled with an impossible sale and leaseback strategy. After the 2007–2010 subprime mortgage crisis in the United States, Blackstone Group LP bought more than $ 5.5 billion worth of single-family homes to rent, and then be sold when the prices rise. In 2014, Blackstone sold Northern California office buildings for $ 3.5 billion. The buildings sold in San Francisco and Silicon Valley included 26 office buildings and two development parcels. In 2018,

1652-400: The controlling stake of China Minsheng Trust , and sold to Oceanwide Holdings in 2016. In 2015, China Oceanwide International Investment, an unlisted subsidiary of China Oceanwide Holdings Group, sold an Indonesian power plant project to China Oceanwide Holdings Limited. However, China Oceanwide International Investment retained 100% stake of PT. China Oceanwide Indonesia. In October 2016 it

1711-401: The data base. During this time, McGovern continued to work as a writer for "Computers and Automation" magazine, the first computer magazine, published by Edmund Berkeley . By IDG's third year, McGovern was considering liquidating the company when he hit on the idea of launching Computerworld in 1967, which was a continuation of the monthly newsletter, published weekly instead of monthly, in

1770-575: The firm but had a mixed record with his investments. He left Blackstone in 1999 to start his own private equity firm, Heartland Industrial Partners , based in Greenwich, Connecticut . The firm advised CBS Corporation on its 1988 sale of CBS Records to Sony to form what would become Sony Music Entertainment . In June 1989, Blackstone acquired freight railroad operator CNW Corporation . That same year, Blackstone partnered with Salomon Brothers to raise $ 600 million to acquire distressed thrifts in

1829-428: The firm's executive and management committees, and its board of directors. In late 2002, Blackstone acquired TRW Automotive in a $ 4.7 billion buyout, the largest private equity deal announced that year (the deal was completed in early 2003). TRW 's parent was acquired by Northrop Grumman , while Blackstone purchased its automotive parts business, a major supplier of automotive systems. Blackstone also purchased

International Data Group - Misplaced Pages Continue

1888-522: The founders of BlackRock , Larry Fink (current CEO of BlackRock), and Ralph Schlosstein (CEO of Evercore ). The two founders, who had previously run the mortgage-backed securities divisions at First Boston and Lehman Brothers, respectively, initially joined Blackstone to manage an investment fund and provide advice to financial institutions. They also planned to use a Blackstone fund to invest in financial institutions and help build an asset management business specializing in fixed income investments. As

1947-451: The initial listing of the REIT, as revealed in a term sheet disclosed by Reuters . Blackstone operates through four primary departments: private equity ; real estate ; hedge funds ; and credit . As of 2019 , Blackstone was the world's largest private equity firm by capital commitments as ranked by Private Equity International 's PEI 300 ranking. After dropping to second behind KKR in

2006-449: The largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit, infrastructure, hedge funds , secondaries, growth equity, and insurance solutions. As of May 2024, Blackstone has more than US$ 1 trillion in total assets under management , making it the world's largest alternative investment firm. Blackstone

2065-471: The mid-2000s the company had established a rich online and print publication business, a trusted market research and analyst division, and a large global trade show presence – all which contributed to the growth of a database of over six million technology buyers and professionals. In 2006, IDG made this database of readers, website visitors, and event attendees available to technology marketers via its demand generation division IDG Connect. In 2010, IDG introduced

2124-584: The midst of the savings and loan crisis . In 1990, Blackstone launched its hedge funds business, initially intended to manage investments for Blackstone senior management. That same year, Blackstone formed a partnership with J. O. Hambro Magan in the UK and Indosuez in France. Additionally, Blackstone and Silverman acquired a 65% interest in Prime Motor Inn's Ramada and Howard Johnson franchises for $ 140 million, creating Hospitality Franchise Systems as

2183-490: The mortgage for 7 World Trade Center from the Teachers Insurance and Annuity Association . In July 2002, Blackstone completed fundraising for a $ 6.45 billion private equity fund, Blackstone Capital Partners IV, the largest private equity fund at that time. With a significant amount of capital in its new fund, Blackstone was one of a handful of private equity investors capable of completing large transactions in

2242-465: The parent company of two major company divisions, IDC and Foundry. IDC is a wholly-owned subsidiary of IDG, Inc. and is a global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. IDC employs over 2,500 people globally including more than 1,300 analysts worldwide to offer expertise and insights on technology and industry trends. In 2019, Crawford Del Prete

2301-650: The possibility of creating a business development company (BDC), Blackridge Investments, similar to vehicles pursued by Apollo Management. Blackstone failed to raise capital through an initial public offering that summer and the project were shelved. It also planned to raise a fund on the Amsterdam stock exchange in 2006, but its rival, Kohlberg Kravis Roberts & Co., launched a $ 5 billion fund there that soaked up all demand for such funds, and Blackstone abandoned its project. In 2007, Blackstone acquired Alliant Insurance Services, an insurance brokerage firm. The company

2360-488: The proposed merger was terminated by Genworth Financial due to Oceanwide Holdings' inability to close on the acquisition within a reasonable time frame. In March 2017, the group acquired International Data Group , publisher of PC World and Computerworld , along with its research subsidiary, IDC . In February 2019, The London-Based accounting giant PriceWaterhouseCoopers has resigned as auditor following profit warning. On 25 September 2023, China Oceanwide Holdings

2419-601: The remainder of the company was sold to Byron Allen for $ 300 million. In December 2009, Blackstone acquired Busch Entertainment Corporation from Anheuser-Busch InBev for $ 2.9 billion. In November 2013, Merlin Entertainments, owned in part by Blackstone Group, became a public company via an initial public offering on the London Stock Exchange . In August 2010, Blackstone announced it would buy Dynegy , an energy firm, for nearly $ 5 billion, but

International Data Group - Misplaced Pages Continue

2478-530: The retail asset class. The properties, which house tenants such as Patagonia and Amiri, were purchased with the strategy of increasing revenue by bringing below-market leases up to current rates. The deal included buildings at 61 Crosby Street, 72-76 Greene Street, 465 Broadway, and 415 West Broadway. In 1990, Blackstone created a fund of hedge funds business to manage internal assets for Blackstone and its senior managers. This business evolved into Blackstone's marketable alternative asset management segment, which

2537-511: The same space. Foundry owns and operates various editorial brands that publish relevant content for technology buyers in both the B2B and consumer spaces across over 90 countries. With some like Computerworld and MacWorld dating back to McGovern's early ownership, the editorial brands remain central to Foundry's operations in media and technology marketing, though many of the editorial brands have transitioned from print to digital. In 2000, Salesforce

2596-497: The tenure of Hilton CFO Stephen Bollenbach . Extended Stay Hotels was sold to The Lightstone Group in July 2007 and Prime Hospitality's Wellesley Inns were folded into La Quinta. La Quinta Inns & Suites was spun out for IPO in 2014 and later acquired by Wyndham Hotels & Resorts . During the buyout boom of 2006 and 2007, Blackstone completed some of the largest leveraged buyouts. Its most notable transactions during this period included: In 2004, Blackstone had explored

2655-476: The then Soviet Union, Vietnam, and other countries would follow throughout the 1990s. In 1984, the company launched MacWorld in the same week that the Macintosh computer was debuted, and featured Steve Jobs on its cover. In the 1991, IDG Books launched its For Dummies series with DOS For Dummies , and published many instructional/reference books under the series until Hungry Minds (the new name for IDG Books)

2714-762: The time of its announcement, SunGard was the largest buyout of a technology company in history, a distinction it ceded to the buyout of Freescale Semiconductor. The SunGard transaction is also notable for the number of firms involved, the largest club deal completed to that point. The involvement of seven firms in the consortium was criticized by investors in private equity who considered crossholdings among firms to be generally unattractive. In 2006, Blackstone launched its long/short equity hedge fund business, Kailix Advisors. According to Blackstone, as of September 30, 2008, Kailix Advisors had $ 1.9 billion of assets under management. In December 2008, Blackstone announced that Kailix would be spun off to its management team to form

2773-558: Was a $ 295 million buyout of Prime Succession from GTCR . In 1995, Blackstone sold its stake in BlackRock to PNC Financial Services for $ 250 million. Between 1995 and 2014, PNC reported $ 12 billion in pretax revenues and capital gains from BlackRock. Schwarzman later described the selling of BlackRock as his worst business decision ever. In 1997, Blackstone completed fundraising for its third private equity fund, with approximately $ 4 billion of investor commitments and

2832-488: Was acquired by John Wiley & Sons, Inc . in 2001. In 2007, IDG ceased print publication of InfoWorld U.S. and made the content available online only, signaling the company's transition to a web-centric model for publication. Throughout the 1970s and 1980s, IDG would break into the events and research spaces. In the early 1970s, it launched its Computer Caravan trade show in the US, reaching nine US cities in 11 weeks. By 1972,

2891-430: Was announced that the company was acquiring US long-term care insurance company Genworth Financial (via Asia Pacific Global Capital) for $ 2.7 billion. However as of April 2018 the acquisition of Genworth had not yet gone through pending approval by CFIUS in the United States. The deal was further delayed in July 2019 as Genworth tried to find a buyer for its Canadian subsidiary Genworth MI Canada Inc. On April 6, 2021,

2950-684: Was founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman with US$ 400,000 (equivalent to $ 1.1   million in 2023) in seed capital . The founders derived their firm's name from their names: "Schwarz" is German for "black"; "Peter", "Petros", or "Petra" (Πέτρος and πετρα, the masculine and feminine rendering of the word, respectively) means "stone" or "rock" in Greek. The two founders had previously worked together at Lehman Brothers . There, Schwarzman served as head of global mergers and acquisitions business. Prominent investment banker Roger C. Altman , another Lehman veteran, left his position as

3009-529: Was held in La Quinta, CA as a live forum where companies could debut their latest technology live on stage in front of crowds of technology consumers, business decision makers, and investors. The event, which would go on to be held as conferences across the US, Asia, South America, and other countries through 2015, served as the site of notable product and software launches such as Adobe Acrobat , PalmPilot , VMware Virtual Hardware, Netscape , and Salesforce . By

SECTION 50

#1733085909039

3068-656: Was initially founded as International Data Corporation (IDC) in 1964 by Patrick Joseph McGovern , shortly after he had graduated from the Massachusetts Institute of Technology (MIT). Based in Massachusetts, the company produced a computer installation database, and published a newsletter, "EDP Industry and Market Report" (modeled on "ADP Newsletter", which was published by the Diebold Group). Companies such as RCA , Univac , Xerox , and Burroughs paid IDC for use of

3127-414: Was launched at IDG's DEMO Event the premier launch venue for new technologies from 1991 to 2015. In 2001, Fortune Magazine named IDG, Inc. to its list of "The 100 Best Companies to Work For", ranking the company at number 58. IDG Books launched the popular reference book series For Dummies in 1991, which it owned for 10 years until selling to John Wiley & Sons, Inc. in 2001. The first ever iPhone

3186-526: Was named president of IDC after serving as its Chief Operating Officer (COO). In May 2021, IDC acquired Dutch IT intelligence consultancy Metri, bolstering its presence in the Benelux region and strengthening IDC's reach and insight into Europe's IT industry. Foundry is a wholly-owned subsidiary of IDG, Inc. and is a global provider of media & event services, marketing technology, and intent data for B2B technology marketers. Formerly known as IDG Communications,

3245-830: Was one of its largest at that point in the firm's history. In 1999, Blackstone launched its mezzanine capital business. It brought in five professionals, led by Howard Gellis from Nomura Holding America's Leveraged Capital Group, to manage the business. Blackstone's investments in the late 1990s included AMF Group (1996), Haynes International (1997), American Axle (1997), Premcor (1997), CommNet Cellular (1998), Graham Packaging (1998), Centennial Communications (1999), Bresnan Communications (1999), and PAETEC Holding Corp. (1999). Haynes and Republic Technologies International both had problems and ultimately filed bankruptcy. Blackstone's investments in telecommunications businesses—four cable TV systems in rural areas (TW Fanch 1 and 2, Bresnan Communications and Intermedia Partners IV) and

3304-407: Was opened to institutional investors. Among the investments included in this segment are funds of hedge funds, mezzanine funds , senior debt vehicles , proprietary hedge funds and closed-end mutual funds . China Oceanwide Holdings Group China Oceanwide Holdings Group Co., Ltd. ( Chinese : 中国泛海控股集团 ) known also as China Oceanwide is a Chinese privately owned investment company. It

3363-474: Was revealed by Steve Jobs at a MacWorld conference in 2007. The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City . It was founded in 1985 as a mergers and acquisitions firm by Peter Peterson and Stephen Schwarzman , who had previously worked together at Lehman Brothers . Blackstone's private equity business has been one of

3422-513: Was sold to Kohlberg Kravis Roberts in 2012. On June 21, 2007, Blackstone became a public company via an initial public offering, selling a 12.3% stake in the company for $ 4.13 billion, in the largest U.S. IPO since 2002. During the 2007–2008 financial crisis , Blackstone closed only a few transactions. In January 2008, Blackstone made a small co-investment alongside TPG Capital and Apollo Management in their buyout of Harrah's Entertainment , although that transaction had been announced during

3481-548: Was the parent company of publicly traded companies Oceanwide Holdings ( SZSE : 00046 ) and China Oceanwide Holdings Limited ( SEHK :  715 , themselves were parent and subsidiary). China Oceanwide Holdings Group had injected many assets to Oceanwide Holdings since 2005, but still half of the total assets were not listed (as of 2015 data). Moreover, the hotel assets of Oceanwide Group/Tohigh Holding (the parent companies), were owned by China Oceanwide Holdings Group's sister company. In 2013 China Oceanwide Holdings Group acquired

#38961