The Chinese government has just launched an apparent crackdown on a small number of large conglomerates known in the west chiefly for their aggressive dealmaking. The list includes Dalian Wanda, Anbang, Fosun and HNA Group.
The news that Chinese banking regulators have asked lenders to examine their exposure to these companies has sent the stocks of groups wholly or partly owned by these conglomerates tumbling in Shanghai and Hong Kong.
Obviously, the market was caught by surprise. But it should not be. A moment of reflection should reveal the overpowering logic of such a crackdown.
您已阅读15%（587字），剩余85%（3433字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。