The New American
In the last two months of 2022, Chinese firms like Guangdong DP Co., Jinke Property Group, and Country Garden Services Holdings declared major stock sell-offs, according to a report by The Epoch Times.
These sell-offs come amid government efforts to repress illegal stock sales, one of various attempts of the Chinese Communist Party (CCP) to bring the economy back under state control and curb capital flight from China. Observers surmise that the aforementioned stock sales are part of a rising trend by China’s super-wealthy to cash out and leave the country. As China tries to retain capital via fines, regulations, and forced donations, Chinese companies become even more alienated and more driven to depart.
Based on a Reuters report, Guangdong DP Co., a key supplier of LED lighting products, revealed that its controlling shareholder would unload a 6-percent stake in the company. The firm was listed as a public company in 2019, but in the three years since then, its performance has taken a nosedive. In 2022, the gross profit margin of its main business fell suddenly to 8.95 percent, down from 21.51 percent in 2021.
Caravan To Midnight
