Yes, but let's look at what "step[ping] up to the plate" means...

Yes, but let's look at what "step[ping] up to the plate" means in the contxt of a terminated Hanlong bid. The SOE, presumably even with, or without, some equity in SDL, has to submit a new bid; and, therefore, all bets, including the incredible pressure which the Chinese Government wielded on the SDL board during the Hanlong bid fiasco should now be off.
The board, either a newly appointed one, or even the old board which has learnt its lesson, will now be free to consider the new bid entirely on its merits and to actively canvass new bids/JV options with other firms without the constraints imposed on it by the Hanlong bid.
The board needs to wipe the slate clean and not again paint itself, and us shareholders, into the same corner as before.
The other possibility, as suggested by another poster on this thread, namely that "China Inc." merely "appoints" new management at Hanlong and continues with this terrible bid - perhaps reducing the price still further - while real, sends a shiver down my spine.
The SDL Board needs to terminate the Hanlong bid asap and get on with the job of finding us another, decent equity/JV partner.