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In Depth: Saving Peking University’s Fallen Tech Conglomerate

2021年05月25日 20:27 来源于 财新网
Creditors of Peking University Founder Group will meet by the end of May to vote on a restructuring that will see Ping An Insurance lead a takeover of a portfolio of attractive businesses and jettison a rump of worthless assets

Peking University Founder Group Corp. (PUFG) was once the poster child for the entrepreneurial spirit that flowed from the hallowed halls of China’s elite universities in the 1980s as reform and opening-up fever gripped the country. Today, it’s become yet another example of a debt-ridden sprawling conglomerate undergoing a court-mandated bankruptcy reorganization after years of reckless expansion built on unsustainable debt, with some corruption thrown in for good measure.

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