The Chinese government has just launched an apparent crackdown on a small number of large conglomerates known in the west chiefly for their aggressive dealmaking. The list includes Dalian Wanda, Anbang, Fosun and HNA Group.
The news that Chinese banking regulators have asked lenders to examine their exposure to these companies has sent the stocks of groups wholly or partly owned by these conglomerates tumbling in Shanghai and Hong Kong.
Obviously, the market was caught by surprise. But it should not be. A moment of reflection should reveal the overpowering logic of such a crackdown.
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