In Depth: Will
Fosun’s $2.2 billion steel unit sale save the conglomerate?
Fosun International Ltd.’s $2.2 billion sale of its 60% stake in
Nanjing Nangang Iron & Steel United Co. Ltd. was either a desperation move
— or a sign that the debt-laden conglomerate is about to turn a corner in its
fight for survival.
“Fosun’s fortunes are going to change,” declared founder and
chairman Guo Guangchang at an internal meeting after he struck the deal last
month for Jiangsu Shagang Group to take over Nangang, according to a person
close to senior management.
In the past few months, Guo also dumped stakes in Tsingtao
Brewery, Jinhui Liquor, the Delaware-based insurance company Miracle, YongAn
Property Insurance and even pharmaceuticals.
Logistics /
Covid lockdowns stoke merchant
concerns ahead of peak shopping season
A fresh wave of Covid-19 outbreaks and tightened control measures
across China are stoking concerns among
merchants that logistics disruptions could undermine sales in the annual
“Double 11” shopping promotion.
The event, also known as “Singles’ Day,” is one of the biggest
money-earners in the retail calendar. Originally falling on Nov. 11, the
festival now runs from the end of October and lasts two to three weeks.
Shenzhen /
Trending in China: Social media
users hail the return of a top Chinese biologist from the U.S.
The return of Yan Ning, a distinguished Chinese biologist, from
the U.S. to China has been cheered by social media users. On Tuesday, Yan gave
a speech at the Shenzhen Global Innovation Forum of Talents, where she announced her decision to leave her
tenured professor post at Princeton University to help launch a medical
sciences research institute in the southern innovation hub of Shenzhen.
The hashtag #Yan Ning announces her departure from the U.S. and
return to China. #颜宁宣布离美归国 has been viewed more than 450
million times as of Wednesday afternoon, garnering more than 24,000 comments on
China’s Twitter-like
platform Weibo.