The Wall Street Journal has a story (paywall) on how Wang Jianlin 王健林, the once-richest man of China, dreamed of funding an Oscar-winning Hollywood movie, but that dream — along with almost all of Wang’s ambitions in Hollywood — died in China’s crackdown on outbound investment in recent months.
The Journal says that Wang’s company, Dalian Wanda, pursued two movies: 2015’s boxing drama Southpaw, and a legal drama called Arc of Justice, whose production stalled when Wang withdrew his planned funding of $12.5 million.
The failure of Southpaw to achieve any Academy Awards, despite favorable reviews, must have been hard on Wang — especially given his $30 million investment in the film. Sources familiar with that deal told the Journal, “Wanda wanted a guarantee that ‘Southpaw’ would receive an Oscar nomination or else the company would receive a payout,” adding, “Wanda was told the Motion Picture Academy doesn’t work that way.”
Bike-sharing startups explore going electric / The Information (paywall)
Mobike “hasn’t yet decided when to launch e-bikes, in part because many Chinese cities have tough regulations governing electric bikes and scooters.”
Mobike dockless bikeshare coming to Silver Spring / Washington Post
Whiff of easing sends China stocks to 2-year high / FT (paywall)
“The People’s Bank of China announced on Saturday that it was cutting the required reserve ratio for banks that meet certain thresholds for small-business lending…investors appeared to interpret the move as an easing.”
After hygiene hiccup, Haidilao reopens with kitchen webcams / Sixth Tone
Sina makes case for own board members, scorns activist investor’s nominees / Caixin