You must have missed the history...JNHT is just a sibling entity...

You must have missed the history...JNHT is just a sibling entity in a local government investment vehicle. The initial investment was made by SDTM, that had financial struggles (probably due to risky bets) and got it's assets/liabilities absorbed into other entities, including foreign shares. The transfer itself is funny business, for it was quoted at the time at higher than market price (perhaps to cook their own books to make it appear a better investment than reality), and promoted by TON management as some sort of cornerstone investor when it was practically forced by circumstances. JNHT did pour some more money into TON though, but got not much to show for it. I guess Chinese local government level SOE makes poor investment decisions just like anyone else.