The Naspers share price appeared completely unaffected by the latest evidence of heart-stopping uncertainty in the Chinese regulatory environment. On Friday, after a period of subtle and then not-so-subtle hints, the Chinese government seized control of Anbang Insurance Group, which spent billions of dollars buying up businesses and properties around the globe, often at hefty premiums. Anbang’s sin seems to have been the use of huge amounts of debt to fund its buying spree. The Chinese government fears that this sort of big spending could destabilise the country’s finances. It has not only taken control of the company, it has charged the former high-flying chairman, Wu Xiaohui, with engaging in fraudulent fund raising. Wu, who is married to Deng Xiaoping’s granddaughter, was seen as being sufficiently politically connected to be sheltered from any aggressive moves by the Communist Party-led government. Sadly for Wu, the idea of "politically connected" seems to have been altered by t...
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