In the past few years, there should have been a flood of distressed mergers and acquisitions involving Chinese companies. In the good times, they had borrowed extensively both at home and abroad, then growth slowed, a trade war with the US blew up and cash flow fell away.
The pandemic and its malign financial wake should be creating even more opportunities for buyers to capitalise on. Yet so far, what should have been a flood, has been little more than a trickle.
There have been some exceptions.
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