Weekly Must-Read: Huarong’s $3.4 Billion Debacle on a South Korean Tourist Trap

The Caixin Must-Read newsletter brings you the best of our coverage over the past week, handpicked by our editors.

# Finance #

In Depth: Huarong’s $3.4 billion Debacle on a South Korean Tourist Trap

The undeveloped plot of land bought by the state-owned bad-asset manager is now worth about one-third what it paid, underscoring its woeful history of bribery-fueled investments

In Depth: State Giant Citic Throws Stricken Huarong a Lifeline

China’s second-biggest financial holding company is leading a bid to pull bad bank back from the brink

Four Things to Know About Beijing’s New Stock Exchange for Small Companies

This will be the second stock market set up at the instigation of President Xi, following the success of the STAR Market that was launched in July 2019

# Cover Story #

Rescuing China’s Would-Be Chipmaking Champion

Debt-laden Tsinghua Unigroup gets on the fast track for bankruptcy reorganization with $46 billion of assets and China’s most ambitious semiconductor project at stake

# Business #

In Depth: The Congo Mine That Could Feed China’s Vast Hunger for Copper

The Kamoa-Kakula mine has ore reserves equivalent to more than a third of China’s total

Evergrande Pays Back Paint Supplier in Property as Overdue Debt Piles Up

The teetering real estate giant still owes Skshu Paint 100 million yuan in overdue commercial paper

# Economy #

Four Things to Know About China’s New National Pension Insurance Company

After gaining regulatory approval, the $1.72 billion institution funded by big financial institutions is set to augment the third pillar of China’s retirement system

China Expands Qianhai Reform Zone Eightfold to Boost Hong Kong Integration

Plan follows announcement of new cooperation zone with Macao as part of Greater Bay Area initiative 

# Opinion #

Kai-Fu Lee: What Companies Need to Do to Harness the Potential of AI

Conventional firms need open-minded and committed decision-makers to push to apply the technology, pragmatic planning demonstrate its value, and high-quality data

How Common Prosperity Will Affect China’s Private Sector

The new policy focus will require local and foreign companies to develop new strategies and collaborate closely with the public sector

# World #

Caixin Explains: China’s Bottom Lines and Demands for Working With Washington

Beijing lays out three bottom lines and two lists of demands to set the guardrails for bringing China-U.S. relations back on track

# Gallery #

Mass Vaccination Targets Seniors, Children

# Weekend Long Read #

Why Chinese Pop Stars Are Expected To Be Moral Models — and Fail

Cultural icons are expected to offer a moral role model as their huge fan bases might copy their words or deeds. In an increasingly complex society, we cannot rely on those solutions.

# Books & Arts #

Exhibitions in September: Chanel Perfume, China and the Renaissance

Follow this guide and explore drawings, architecture, photography and installations across time and space in Beijing and Shanghai

# Podcast #

Sexual Assault Case Dropped Against Ex-Alibaba Manager

Prosecutors say the former employee’s “forcible indecency” against colleague did not constitute a criminal offense; Hong Kong scraps quarantine requirement for visiting mainland and Macao residents; and the central bank says liquidity is ample