Excerpt: The old paradigm for building a corporate juggernaut in China has been swept away,” Bernstein said in an email exchange. “Previously, the interests of the private and public sector were strongly intertwined,” he said. “Now, there is a level of distinction between private and public interests.”

The upshot: Companies that are emerging and even non-unicorns have stronger prospects for investment right now. Recent scenarios like the HNA restrictions serve as “an amazing case study of the challenges inherent to the meteoric ‘go global’ expansion model.”

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