As Anti-Beijing Protests Surged, China Told State-Owned Firms to Buy Control of Hong Kong Companies [Fortune]
CATHAY PAC AIRWAYS S/ADR (CPCAY)
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Source: Fortune
Pinterest China told its biggest state-run firms to take control of Hong Kong companies rocked by anti-Beijing protests The directive came during a meeting held this week in Shenzhen, where the government urged senior representatives from nearly 100 of China’s largest state-owned enterprises to help cool the crisis in Hong Kong, according to the report, which cited executives familiar with the matter. SOEs pledged to invest more in industries such as property and tourism, Reuters said. In the meeting, organized by the State-owned Assets Supervision and Administration Commission that oversees China’s SOEs, government firms were urged to assert more control of Hong Kong companies and have decision-making power rather than simply holding stakes, according to Reuters. Most Hong Kong business elite are “just not one of us,” the report cited an unnamed SOE executive who attended the meeting as saying. The report could further fuel concern that China is stepping up efforts to assimilate Hong
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