The Caixin-Sinica Business Brief, episode 21
This week, we examine how Haidilao 海底捞, one of the most popular hotpot restaurants in China, is in hot water after a media exposé, which allegedly showed rats and all sorts of other sanitation problems in it, went viral. We analyze the news that Wanda Group’s shares plummeted as much as 10 percent over rumors — denied by the company — that its founder and chairman, Wang Jianlin 王健林, had been detained by Chinese authorities. We dive into the report that the Chinese ship detained by Ecuadorean authorities in mid-August for supposedly illegal fishing off the Galápagos Islands belongs to Fuzhou Honglong Ocean Aquatic, a private company registered in Fujian Province. We explore why some of China Huishan Dairy’s creditors, including the Bank of China, are escalating their opposition to the company’s debt-restructuring plan. We look at why some of China’s biggest cities have called a timeout on the companies responsible for crowding sidewalks with shared bikes. We investigate why leading rail equipment maker CRRC is falling far short of its ambitious goal to use exports to offset slowing growth at home. And we learn about the investigation launched by the Chinese police against Guo Wengui after a former female employee claimed that he repeatedly raped her.
In addition, we talk to Caixin senior editor Doug Young about Alibaba and its efforts to build business offline. We also chat with Caixin reporter April Ma about a Chinese startup that used images of WWII-era “comfort women” — sex slaves — to make animated GIFs (the kind that are popular on instant-messaging apps).
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