Are the Big 4 doing SDL a favour?, page-32

Hi Frank, I guess China could have done 2 things.

Either commit with the CBD term sheet to complete the 45c T.O (perhaps China was no longer allowed to)

Withdraw support from Hanlong, sell all the shares and cease any further discussions with Sundance.

It did neither, Chinese SOE stepped up (made into a formal NDRC condition after 3 months of media blast) , Chinese state interests immediately picked up from where Hanlong left off, SDL quickly enaged China SoE in pre-tender engagement, China participated in the open tender (lost EPC).

Also, China Development bank appeared on SDL's presentation as a potential source of funding (why would China fund something it has no interest in ?)