The New York Times reports (paywall) that a Walt Disney executive named Meng Dekai 孟德楷 had signed deals with a number of Chinese cities to open Disney-branded parks without authorization from the company. Disney told the Times that it “had parted ways with Mr. Meng” but did not specify if he had resigned or been sacked. The company began investigating after media reports about the deals that Meng had signed.
The Times quotes James McGregor, veteran China businessman and author of One Billion Customers: Lessons From the Front Lines of Doing Business in China: “This is the weirdest thing I’ve ever heard of when it comes to fraud against a foreign business… I mean, it’s so big and it’s so public, it’s such a big-name company. What was he thinking?”
WeChat leaps into bike-sharing craze / Tech in Asia
WeChat’s users in China now have a button in the Wallet section of the app that allows them to use the popular city bike-share service Mobike from within the WeChat app.
Have a donkey to trade? China has an exchange for that / Bloomberg
The China Donkey Exchange is one of more than 1,000 trading venues that allow people to trade metals, agricultural products, donkeys, and orchids.
- No deal between Kushners and Chinese company over Fifth Avenue skyscraper – See also previous reporting on SupChina on the deal / NYT (paywall)
- Chinese capital constraints send shock through global M&A / Financial Times (paywall)
- Chinese tech apps trade knowledge for cash / Financial Times (paywall)
- Chinese firm takes stake in U.S. investment bank Cowen / NYT (paywall)
- AMC hungers for more cinema deals after $3 billion spree / Bloomberg
- Underground labs in China are devising potent new opiates faster than authorities can respond / Science