Sino-File

Never ‘Ever’ give up

Never ‘Ever’ give up
Sep 24, 2021 (WiC 557)
“I firmly believe that Evergrande people’s spirit of never admitting defeat, and becoming stronger when the going gets tough, is our source of strength in overcoming all difficulties!”

Xu Jiayin tries to inspire his workforce in an internal memo sent on Tuesday. The beleaguered real estate developer faces a well-publicised debt crisis but its founder Xu was defiant: “Evergrande will surely be able to get out of its darkest moment as soon as possible, and speed up the full resumption of work”.

Not welcome in Westminster

Not welcome in Westminster
Sep 17, 2021 (WiC 556)
“I do not feel it’s appropriate for the ambassador for China to meet on the Commons estate and in our place of work when his country has imposed sanctions against some of our members”

Speaker of Britain’s House of Commons Sir Lindsay Hoyle on his decision to ban Zhang Zeguan, the Chinese ambassador to the UK, from parliament. It was in response to Chinese sanctions against five MPs and two peers who alleged human rights abuses by Beijing in Xinjiang. The Chinese embassy said of Hoyle’s ban that it was a “despicable and cowardly action”.

Better half

Better half
Sep 10, 2021 (WiC 555)
“The group expects to see higher growth momentum in its results in the second half of the year”

Zhang Jianhong, chairman and CEO of Dongyue Group, sounds an upbeat note. His Hong Kong-listed company’s stock has surged 333% this year and last week saw inflows from the Shenzhen Stock Connect of HK$1.74 billion, more than twice the net buying in Tencent shares. The South China Morning Post describes Dongyue as the “DuPont of China” and says the company has benefited from the surge in demand for chemicals used in electric vehicles. Zhang has run the firm since 2006 and owns 12% of Dongyue’s shares.

Soros issues warning

Soros issues warning
Sep 3, 2021 (WiC 554)
“Xi does not understand how markets operate”

George Soros in an op-ed published in the Financial Times this week entitled “Investors in Xi’s China face a rude awakening” discusses Chinese leader Xi Jinping. The prominent billionaire investor predicted that China was coming to the end of its property boom and that “Evergrande, the largest real estate company, is in danger of default. This could cause a crash”.