No, I think it's just market sentiment. But that's just my five cents.
Ive read Bill Bishops newsletter this morning and it has a lot of good insight. You may like this.
"The “advantage” of the PRC system in dealing with messes such as Evergrande is that regulators have significant powers to “persuade” other companies to help out, and a robust stability maintenance system to ensure that creditors, employees and apartment buyers will accept the best haircut on offer and not cause too much of a fuss. Yes there have been small protests, but if things play out as they have in other similar cases, protests will be allowed for a bit, as people need to vent, then organizers will be warned if not arrested, then the rest of the unhappy people will take what they are offered and “like it”, with no recourse. Equity owners and foreign creditors don’t really fit into that equation, they will likely get nothing."
remember, China is a communist country and they're trying to get control of properly one if the 3 pillars in their new 5 year plan.
This is not going to kill XBorder activity with NOV, I'd say.
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