Topics
Mixed Ownership Reform
China tries partial private ownership for some of its biggest state-run firms, seeking to make them more dynamic and ensure their long-term survival.
5 Things to Know About China’s Mixed-Ownership Reform
Pilot program to make big state-run enterprises more dynamic differs from previous efforts by selling stakes to strategic investors
Cover Story | The Truth Behind the Wahaha Inheritance Dispute: A Prolonged Battle Involving Multiple Parties, Far More Than a Palace Intrigue
Wahaha faced leadership turmoil after founder Zong Qinghou’s 2024 death, with daughter Zong Fuli’s succession challenged in court by three half-siblings over $1.8 billion in suspected offshore trust assets. Under Zong Fuli, key management, employee contracts, and company profits shifted to her-controlled entities, triggering internal opposition and over 50 employee lawsuits about equity and benefits. The succession dispute and corporate power struggle have exposed complex family dynamics, offshore wealth, and governance issues in one of China’s iconic consumer brands.
Commentary: Wahaha Saga Exposes Cracks in China’s Mixed-Ownership Model
As the battle for control of the beverage giant ensues, its largest shareholder, a state-owned entity, remains as quiet as ever. This silence is revealing underlying contradictions in the firm’s ownership structure
Caixin Weekly | The Battle for Control of British Steel
In April 2025, the UK Labour government enacted emergency legislation to take control of British Steel, then fully owned by China’s Jingye Group, to safeguard national industrial interests amid sustained losses over £1 billion since 2020. The intervention follows failed subsidy negotiations, with the government offering £500m versus Jingye’s reported £1.2bn demand; British Steel remains operationally controlled by the government, but not nationalized. The takeover highlights Britain’s struggle to modernize its steel sector amid rising costs, outdated infrastructure, and geopolitical tensions, raising concerns over investor confidence and future strategic industry policy.
The Downfall of a Once Thriving Career: The Investigation of Jiang Chaoliang
Jiang Chaoliang, a former financial executive and Hubei Party Secretary, is under investigation for serious disciplinary violations, stirring public interest due to his prominent past roles in both finance and local government. His handling of the COVID-19 outbreak in Wuhan during his tenure as Hubei's Party Secretary drew criticism, leading to his replacement amid dissatisfaction with his crisis response. Allegations link Jiang to relationships possibly connected to financial scandals, though specifics remain unclear, and recent attention on the Wuhan Kingold fake gold case has highlighted further controversies in the region.
Feature Article | Shenzhen Metro Offers Over 4 Billion Yuan in Additional Liquidity Support as Vanke Undergoes Significant Changes
China Vanke received a shareholder loan of 4.2 billion yuan from its largest shareholder, Shenzhen Metro Group, to manage maturing debts. This loan is set for a three-year term at an interest rate of 2.34%. Vanke faces a financial crisis with 36 billion yuan of debt due by 2025, undergoing a management shake-up with Shenzhen state-owned asset executives assuming control. The Shenzhen government and state-owned shareholders are coordinating financial support, hoping to stabilize Vanke’s operations, amid challenging real estate market conditions.
Significant Leadership Changes at Vanke: Shenzhen State-Owned Assets Take Control of Several Core Positions
Shenzhen state-owned assets are intervening to assist Vanke Group amid a liquidity crisis, with key personnel from Shenzhen Metro and other state-backed entities appointed to executive roles at Vanke. Vanke's structure has shifted significantly, with a new executive team led by Xin Jie and reshuffled responsibilities, reflecting increased state control and efforts to stabilize the company. Faced with financial challenges, including a significant projected net loss and bond maturities, Vanke is seeking substantial external liquidity support, potentially impacting its market mechanisms and strategic decisions.
Under Massive Losses, Vanke Restructures: Shenzhen Metro's Xin Jie Appointed Chairman, Yu Liang Named Executive Vice President
Yu Liang stepped down as Vanke's Chairman but remains a director and executive VP; Xin Jie, of Shenzhen Metro, takes over as Chairman amid management reshuffles. Vanke forecasted a 45 billion yuan net profit loss for 2024 and faces its first annual loss since going public, with significant debt challenges. State-owned Shenzhen Metro, as Vanke's largest shareholder, aims to enhance control and provide financial support to stabilize Vanke's operations amidst a downturn in the property market.
Caixin Weekly | JD.com and Alibaba Divest Supermarkets: Can Yonghui and RT-Mart Replicate the Myths of Pao Dang Lai?
Chinese internet giants, including Alibaba and JD.com, are divesting from offline retail supermarket assets and refocusing on core businesses as hypermarket models become unsustainable. Miniso has acquired major stakes in Yonghui Superstores, making it the largest shareholder for 6.27 billion yuan—the largest acquisition in the sector—which reflects a strategic shift in China's retail landscape. Traditional supermarkets like RT-Mart and Yonghui are facing closures and challenges but are exploring new retail models, such as membership clubs and smaller formats, and adopting practices from successful international chains like Costco.
Caixin Weekly | The Challenge of Pricing Insurance for New Energy Vehicles
BYD entered the property insurance market in 2023, offering significantly lower auto insurance quotes than competitors, attracting attention for potentially disrupting the new energy vehicle insurance industry. The average insurance premium for new energy vehicles is higher than for traditional vehicles, with data sharing issues complicating pricing; BYD uses extensive data access for precise pricing. Regulatory bodies aim to improve high-risk vehicle insurance access, addressing the blurred distinction between private and commercial use in new energy vehicles, impacting premium pricing strategies.
CX Daily: China’s Insurers Prepare to Shine a Light Into Their Financial Black Box
President Xi Jinping meets with Singapore’s Senior Minister Lee Hsien Loong in Beijing
CX Daily: China’s Insurers Prepare to Shine a Light Into Their Financial Black Box
President Xi Jinping meets with Singapore’s Senior Minister Lee Hsien Loong in Beijing
Xi Meets Singapore’s Lee in Beijing
Also in today’s rundown: China’s industrial firms see a narrower profit decline in October, Huawei unveils 1 million yuan car, logistics giant SF’s $745 million listing
Latest Cover Story | China's Mining Boom in the Heart of Central Africa: A Comprehensive Look at the Business Gains and Losses
The Democratic Republic of the Congo, specifically the Katanga Plateau, is becoming a significant player in the global copper supply chain, spurred by investments from Chinese enterprises like Luoyang Molybdenum Co., Ltd. Chinese companies now account for over 70% of Congo's copper output, with ambitious plans such as China Molybdenum aiming to increase copper production to between 800,000 to 1 million metric tons by 2028. Challenges remain, including infrastructure hurdles, high living costs, and political instability, yet Chinese firms leverage cost-effectiveness, flexibility, and increasing ESG capabilities to sustain growth in the region.
Weekend Long Read: Economist Wu Jinglian Explains Why Reform Has Been So Vital to China’s Prosperity
In a 2014 interview, the influential scholar lays out what worked and what didn’t in the country’s decades-long journey to remake its economy
Cover Story: China Forestry’s Fall Under Corruption Cloud Reveals Weakness in State-Owned System
Rapid expansion concealed fake trades, flawed business strategy and ballooning debt
Sign in with Google
Sign in with Facebook
Sign in with 财新