Gray Rhino Blues
A summary of the top news in Chinese business and technology for September 6, 2017. Part of the daily The China Project newsletter, a convenient package of China’s business, political, and cultural news delivered to your inbox for free. Subscribe here.
A “gray rhino” is a lumbering, outsize beast representing potential danger and that oughtn’t be ignored — but alas, often is. The companies that China’s media outlets have identified as rhinocerotidae are hardly being ignored — at least not by financial reporters. After massive debt-fueled buying sprees abroad, they’ve come under scrutiny and their recent woes have become regular, near daily fodder. Today, we have Caixin Global reporting that Dalian Wanda is suing over what it claims are false reports about the detention of its chairman, Wang Jianlin; Reuters saying that Goldman Sachs is dropping plans to take the Pactera unit of HNA public; and Reuters also reporting that both Anbang and HNA had designs on acquiring the massive German-based insurer Allianz. More rhino reporting below.
- Hong Kong Checking Banks’ Loans to China’s HNA and Wanda, Sources Say / Bloomberg
- Who’s Worried About Wanda? Debt Prices Show Divide in Reading Risk / Bloomberg
- Fosun Sees Green Light at End of Government Crackdown Tunnel / Bloomberg
- Former HNA shareholder denies Beijing ties / FT (paywall)
- Airline industry
China to spend over $1 trillion on planes over next 20 years: Boeing / Reuters
Air France-KLM shareholders back Delta, China Eastern Minority stakes / WSJ (paywall) - Auto industry
GM Sales Soar In China / Seeking Alpha - Yuan stabilization
Scared of Kim? China’s Yuan May Be Investors’ Unlikely New Haven / Bloomberg
China’s yuan has fully recovered from 2016 and analysts say there’s still room to run / CNBC - SOEs
Forget privatisation, Xi has other big plans for bloated state firms / SCMP
China refiners near merger to fix overcapacity / FT (paywall)
China state groups enjoy profit revival / FT (paywall) - Environment
Food Delivery Platforms Sued by Environmental Group Over One-Time Utensils / Caixin - Bike sharing
China’s top bike-sharing groups battle for London / FT (paywall) - Fintech
WeChat accrues user interest with new investment tool / Caixin
WeChat Pay tries to match Alipay with addition of new mutual fund feature / TechNode
