China Business Uncovered #3: Inside the Fall of 'China's LVMH'

Program description:

China Business Uncovered takes listeners inside China's business world through the eyes of reporters who investigate it firsthand.

Featuring open conversations with Caixin journalists, each episode breaks down the most complex developments inside Chinese companies. Tune in to understand how critical stories are covered, what's really happening beneath the surface, and why it matters for businesses and investors operating in and around China.

Recorded in Mandarin and produced in English with the help of AI, China Business Uncovered brings Caixin's in-depth investigative reporting to a global audience.

Episode intro:

With humble beginnings as a textile factory in Shandong, Ruyi dreamed of becoming China's version of LVMH. In this episode of China Business Uncovered, host Kelsey Cheng speaks with reporter Yue Yue about how the company's debt-fueled shopping spree backfired.

Chapters:

(01:41) From textile mill to "China's LVMH"

(06:52) Ruyi's worldwide shopping spree

(09:21) Where did Ruyi's money come from

(13:15) The 1 euro transfer scandal

(18:22) Asset freezes and the larger lesson