A less common way to do it is the SPAC, the special purpose acquisition company (or “blank-check company”). 1 The SPAC is an empty shell that raises a bunch of money publicly (in an IPO) and then tries to find a target company to merge with; the merger makes the target company public. The simple way to think of this is that the SPAC will agree to buy a private company’s entire IPO at a fixed price: Instead of launching a deal and marketing it to investors and seeing what price it can get, you just negotiate the price with the SPAC and announce it with a fixed price and size. The SPAC gives the cash to the company, the company gives shares back to the SPAC, the SPAC gives those shares to its investors, and now those investors are the owners of shares in a newly public company.
I will freely admit, as I have all along, that I come at these issues as a Westerner, as an American, and as a believer in liberalism. This is not about being anti-China; rather, it is about respecting China, and recognizing the Chinese Communist Party for the ideological foe that it is, which Garnaut’s essay details.
It is shaping up to be a summer of US sanctions and visa restrictions against the PRC.
Although they might serve re-election campaign more than actually punishing anyone.
Chris Buckley is one of the best foreign reporters on China of his generation. He was effectively expelled from the PRC earlier this year, and now his application for a visa to report from Hong Kong has been rejected.
The biggest victim of Chinese gov expelling US reporters out of China and HK is the journalism in China and the global audience. Not only it eliminates any possibility for Chinese journalists to learn from US counterparts, but also scare the hell out of them for even trying to do independent journalism. On the other hand, losing the independent (of China) journalism from US means global audience has one less option to understand China.
I think a blanket US visa ban on CCP members is misguided, incendiary, self-defeating and counterproductive, but I have little patience for the argument that being a Party member is meaningless and most are always harmless non-believers. That is not how Xi’s CCP works.
Again this is nothing more than a trick for re-election campaign.
On the other hand, 2 things come up in my mind. One is how ironic that CCP fuels the anti-US nationalism among Chinese citizens while its elite members all send kids and assets to US; the other is how effective a CCP visa ban would have been if white house is really determined to make a dent: they can simply just target with elite group, instead of all members.