Attempts by Chinese companies at Disney-style transformations — from unloved industrial frogs to handsome media princes in the eyes of investors — have been dealt a blow by new regulations aimed at curbing capital flight.
The Chinese currency controls could scupper the metamorphosis of enterprises such as Zhejiang Jinke Entertainment, formerly known as Zhejiang Jinke Peroxides, an industrial chemical company from southern China.
Its move from a lacklustre sunset industry towards becoming a global entertainment powerhouse had been swift. In February, it bought a local mobile gaming company for Rmb2.9bn ($420m); in July, it officially changed its name and said it would buy more entertainment assets.
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