china to invest $500 billions in 5 years, page-36

"I wonder why Hanlong paid close to $200 million for it's 14% stake in SDL?"

200m to get their foot in the door. Now you can't get rid of them. By paying for a 17% stake upfront, they've deterred all potential bidder and reduced the remaining 80% to 10c/share. It could get lower if SDL runs into solvency issues.

NRDC planned this all along (and it wasn't very hard to figure out) or else they HL would have never gotten their initial investment. The SOE condition earlier this year was an absolute joke as no SOE would ever partner HL without NRDC's approval.

In a way, both HL and SDL are losers in this deal.

It was fascinating to follow the Yes team on HC cheerlead the deal all the way whilst watching the board and HL destroy value at the same time