On 1 September 2018 in ruling 672/04, the Takeover Board rejected a further extension of the previously already twice extended deadline for the submission of a mandatory public offer by Himalaya (Cayman Islands) TMT Fund, Himalaya Asset Management Ltd., Xiang Xu, Kun Shen and Mengke Cai to the shareholders of SHL Telemedicine Ltd. The Takeover Board furthermore suspended all voting rights and the associated rights of the bidders arising from the shares of SHL Telemedicine Ltd. until the publication of a mandatory offer approved by the Takeover Board.
Himalaya (Cayman Islands) TMT Fund, Himalaya Asset Management Ltd., Xiang Xu, Kun Shen and Mengke Cai lodged appeals against this ruling. FINMA's Takeover and State Liability Committee rejected these appeals in its ruling of 23 November 2018.
Following the dismissal of their appeals by FINMA's Takeover and State Liability Committee, Himalaya (Cayman Islands) TMT Fund, Himalaya Asset Management Ltd., Xiang Xu, Kun Shen and Mengke Cai lodged appeals with the Swiss Federal Administrative Tribunal. The Swiss Federal Administrative Tribunal dismissed these appeals (B-6887/2018 und B-6879/2018) on 29 May 2019.
