The conglomerate Tomorrow Group responded on July 18 to Beijing’s announcement of takeovers of nine of its subsidiaries with an online version of a “solemn statement.”
The Tomorrow Group was founded in 1999 by Xiao Jianhua, who has been suspected of being a “white glove” (money launderer) for certain high-ranking communist officials in China. Chinese commentators believe the takeovers—and the strong response from Tomorrow Group—reflect a power and money struggle between factions within the CCP.
