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M&A

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Gou’s Apple pie sliced

A second ‘factory girl’ emerges as a Foxconn rival
Aug 28, 2020 (WiC 508)

Published in 2008, Leslie Chang’s Factory Girls is a very readable book about the millions of female migrants who worked long hours in the ‘workshop of the world’. Towards its end she focuses on how ambitious some of these women were. Chang ...

Rental agreement

Carmaker reliant on Mercedes sales diversifies into car hire business
Jun 12, 2020 (WiC 499)

As it headed towards its filing for chapter 11-bankruptcy in May, Hertz must have rued the fact that there was no white knight to save it from its Covid-19 induced collapse. A Chinese counterpart of the American car rental firm has, so far, been ...

Stirring the pot

Tencent tops up Canadian coffee firm in China
May 22, 2020 (WiC 496)

The Milky Way is home to as many as 400 billion stars. And yet it is still growing, with new stars emerging faster than the speed of sound. Tencent’s universe of investments is smaller, with stakes in more than 800 companies. But its galaxy is ...

Untying the knot

Renault calls it quits on combustion vehicle joint venture in China
Apr 24, 2020 (WiC 492)

The so-called seven-year itch gets the blame for plenty of divorces. But the dalliance between French automaker Renault and China’s Dongfeng Motors, which started in 2013, ended last week not because of infidelity but because they weren’t ...

Bytedance buys into KOL culture with new investment
Mar 27, 2020 (WiC 488)

As the world goes into quarantine, people are looking for ways to combat boredom. TikTok, owned by Bytedance, is one of the escape routes, with millions of users flocking to the platform for some much-needed entertainment. Little of this is ...

Data protection

Grindr is sold – a casualty of the Sino-US tech war
Mar 27, 2020 (WiC 488)

In 1953 US president Dwight Eisenhower signed an Executive Order forbidding gay people from working for the government. The action was ostensibly on security grounds to protect against blackmail by Communist agents – of the Soviet ...

UK retail giant Tesco sells out of Chinese venture
Mar 5, 2020 (WiC 485)

“The very presence of live wildlife in a food store is a recipe for a human health disaster of epic proportions.” Prophetic words from the Tortoise Trust to Tesco back in 2006 when the conservation group discovered that the UK food ...

Hanging by a thread

Shandong Ruyi counts the costs of its overseas acquisition spree
Jan 31, 2020 (WiC 481)

After a 60% spike in LVMH’s market value last year, Forbes magazine has calculated that Bernard Arnault, the founder and boss of the luxury goods behemoth, is now the world’s richest man – with a net worth close to $120 billion. Shandong ...

Third time unlucky

Shi Yuzhu drops bid for Israeli gaming firm
Nov 15, 2019 (WiC 474)

Circle of Friends (or COF) is one of the many attractions on WeChat, Tencent’s social media app. Its primary function, as the name suggests, is helping friends to congregate online. For businesspeople their COF also serves as a network to ...

Turning up the AC

Hillhouse wins investment duel for Gree
Nov 8, 2019 (WiC 473)

Strong leaders listen to good advice. That was what helped an illiterate peasant called Zhu Yuanzhang overthrow China’s Mongol rulers and found the Ming Dynasty in 1368 from his base in Nanjing. The man who became the Hongwu Emperor took heed ...

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