[toomuchtodo]

Yes, exactly. Just as in the US, when an enterprise gets wiped out and recapitalized, all of the physical assets remain. In China’s case, they are the backstop of last resort, and will always recapitalize according to their nation state planning and target outcomes. They allow companies to operate the assets as long as the Chinese government is willing to allow it, but they remain assets of China.

[truetraveller]

So, essentially, there is a root company called China, Inc. Correct?

[tifan]

Exactly. Not strictly China Inc, but SASAC (https://en.wikipedia.org/wiki/State-owned_Assets_Supervision...)