Word: shanghaied
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Lenovo is one of a small but growing number of Chinese firms that are trying to ease profit pressure at home through global acquisitions. Guangdong-based TCL last year bought the television arm (including the RCA brand) of French electronics giant Thomson. Shanghai Automotive Industry Corp. is in talks to acquire the very English MG Rover and has already bought Korean SUV maker Ssangyong. A consortium of Chinese companies bid on the Canadian mining firm Noranda. Says Arthur Kroeber, managing editor of the China Economic Quarterly, of the dealmaking: "It's not a silly gamble, but it is high risk...
...memoir begins with Rowan's early days in Shanghai as a recruit for the United Nations Relief and Rehabilitation Administration, helping its Nationalist-run counterpart shepherd U.S. aid shipments through China's countryside amid the chaos that followed World War II. The 26-year-old finds himself in what he calls "the kingdom of squeeze," where truckloads of rations, clothing and military supplies often fall prey to Nationalist strongmen who are as intent on lining their own pockets as on preventing the country from slipping into Communist control. Stationed in Shanghai and then Kaifeng, Rowan develops both a sympathy...
...When Shanghai falls and the Communist takeover is inevitable, Rowan flees to Hong Kong, sure he'll never see China again. But in an epilogue that feels slightly rushed, he recounts a jumble of visits in the years after the Cultural Revolution. He returns to the villages he went to as a young man, searching for traces of the world he had so vividly documented. Nearly six decades after his arrival, Rowan writes, "The sights, sounds and smells of China will continue to be a part of my being." With Chasing the Dragon, he has ensured that those memories will...
...worrying about China's new overseas business adventures. A small but growing number of firms are trying to claw their way into world markets by buying foreign companies. Last year, Guangdong-based TCL bought the television arm of French electronics behemoth Thomson, which gave it the RCA brand. Shanghai Automotive Industry Corp. is in talks to acquire the very English MG Rover, and has already bought Korean SUV maker Ssangyong. A consortium of Chinese companies bid on the Canadian mining firm Noranda. According to a recent study by Bain & Co., China's foreign investments will reach $86 billion...
...explain how it will turn around money-losing Thomson, which sells old TV models, and boardroom squabbles with its new French executives threaten to upset the venture. "We don't have much fun in Paris anymore," says an aide to Li Dongsheng, TCL's chairman. Shanghai Automotive, for its part, hopes that its Rover purchase will compensate for its troubles at home, where Shanghai Automotive has had to cut prices on its top-selling Santana?the product of a joint venture with Volkswagen?by 30% this year...