Honeymoon's Over for Sweethearts of SOE Reform

Corporate wedding bells were ringing in 2011 when a trust controlled by insurer Ping An Insurance Group forged a partnership with a Shanghai-based cosmetics maker called Jahwa Group and its listed subsidiary Jahwa United.

The tie-up was duly praised for diversifying Jahwa's ownership in line with a Chinese government push to reform the shareholder structures at state-owned enterprises (SOEs).