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:

For more than a decade, Italian authorities have been trying to shut down Chinese underground banking networks moving billions of euros across borders. But they keep coming back.

One recent investigation centers on Yang Lifeng, a businessman from Wenzhou in East China's Zhejiang province who rose to become an influential leader in northern Italy's Chinese business community. Prosecutors allege that his network used shell companies and fake invoices to move 32 million euros ($37.3 million) through accounts across Europe and into the Chinese mainland and Hong Kong.

In a separate investigation, Italian authorities uncovered an alleged 5 billion euro fake-invoice scheme involving 433 shell companies and more than 60,000 Italian businesses. More recent probes have also found Chinese underground banks allegedly providing financial services to drug traffickers and some of Italy's most powerful mafia groups.

In this episode of China Business Uncovered, host Kelsey Cheng speaks with Caixin finance reporter Yue Yue about how these underground banks operate and make money, how they have become so deeply rooted in Italy, and why years of police crackdowns have failed to stamp them out.

More importantly, these cases reveal the more layered roots of these networks. In Wenzhou, borrowing money from relatives and friends has long been a common way to finance small businesses, particularly before modern banking became widely accessible. When those informal financial practices followed Chinese migrants overseas, they served legitimate business needs — but they could also be exploited to hide cash, evade taxes and launder money.

Chapters:

(02:24) From entrepreneur to alleged money-laundering ringleader

(06:12) How the "fake invoice factories" worked

(12:12) The secret "cupola meeting" at a Chinese business gala

(16:24) Italy's long crackdown on underground banking

(23:55) Wenzhou migration and the roots of informal lending

(32:29) Why regulators struggle to stamp out the networks

This episode of China Business Uncovered was based on this story:

Italy Intensifies Crackdown on Chinese Underground Banking Networks

Produced by Kelsey Cheng and Du Bohan.

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Save an extra $50. Introductory offer for new readers. Subscribe now.

Program description:

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

Featuring conversations with Caixin journalists, each episode breaks down the most complex developments inside Chinese businesses. 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:

Hong Kong's rebounding capital markets were jolted in March when anti-corruption and securities regulators raided major Chinese brokerages as part of an investigation into suspected bribery and insider trading linked to share placements.

Authorities allege that senior brokerage executives accepted more than HK$4 million ($510,000) in bribes in exchange for confidential information on upcoming deals. With that information, a hedge fund allegedly built short positions before the deals were announced and profited when share prices fell, generating nearly HK$315 million in illicit gains. Eight people were arrested.

In this episode of China Business Uncovered, host Han Wei speaks with Caixin investigative reporter Wang Xiaoqing about how the probe unfolded, why Hong Kong's share-placement market can be vulnerable to information leaks, and how a little-known hedge fund became one of the city's most aggressive players.

More broadly, the case offers a glimpse into a part of Hong Kong's fundraising ecosystem that ordinary investors rarely see — and raises questions about market fairness, regulatory oversight, and confidence in the city's financial markets.

Chapters:

(02:04) Hong Kong's brokerage raids

(05:10) Leaked deals and HK$315 million in illicit gains

(09:51) How inside information was exploited

(16:15) Regulatory scrutiny amid a market rebound

(20:44) The mysterious rise of hedge fund Infini Capital

(29:25) The probe's market and compliance impact

This episode of China Business Uncovered was recorded in Mandarin and produced in English with the help of AI. Based on these stories:

Exclusive: Hong Kong Anti-Corruption Probe Hits Citic Securities, Guotai Junan

In Depth: Secretive Hedge Fund at Center of Hong Kong Insider-Trading Probe

Eight Arrested in Hong Kong Probe Into Insider Trading and Bribery

Produced by Kelsey Cheng, Han Wei and Du Bohan.

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Save an extra $50. Introductory offer for new readers. Subscribe now.

Program description:

Darers & Doers showcases groundbreaking innovations from China and features company founders and CEOs who are turning cool, bold ideas into reality. Produced by Caixin Global.

Episode intro:

Solar is one of China's most crowded renewable-energy sectors, if not the most. But a new generation of entrepreneurs is looking beyond manufacturing and capacity, finding new ways to turn solar into an investable and profitable business.

In this episode of Darers & Doers, Li Wenxuan, founder, chairman and CEO of PCG Power Technology, explains how he has built a business around making distributed solar work for commercial and industrial users — helping factories and industrial parks cut energy costs, improve efficiency and secure a more reliable supply of green power.

PCG Power turned a profit just two years after its founding. It has since grown into one of China's largest distributed-energy companies, operating 2 gigawatts of grid connected capacity and serving hundreds of customers. The company has also attracted backing from Singapore's state-owned investor Temasek and Saudi's Aramco, and has partnered with the U.K.'s Octopus Energy on power trading.

Speaking with host Kelsey Cheng, Li explains how China's vast industrial power market has created a unique testing ground for new energy business models, and how PCG Power plans to take that experience overseas. He also addresses concerns about overcapacity and dumping in China's renewable-energy industry, and how technologies such as storage, virtual power plants and artificial intelligence can help address shortfalls of renewable generation.

Chapters:

(02:11) From real estate and tech investor to distributed solar entrepreneur

(05:04) Solving the "energy trilemma"

(08:14) Why PCG's business model works

(12:55) How distributed solar took off in China

(15:14) AI's two-way relationship with energy

(18:03) Dumping and oversupply concerns

(20:33) Where China's renewable-energy push falls short

(23:02) Taking PCG Power global

This episode of Darers & Doers was recorded in Mandarin and produced in English with the help of AI.

Produced by Kelsey Cheng ([email protected]) and Du Bohan

Read more on Caixin Global:

Exclusive: China's Power Market Reforms Reshape Strategy for Renewable Developers, PCG Power Chairman Says

PCG Power, Octopus Energy Launch Power Trading Venture in China

Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.

Group discounts are available — contact us for a customized plan.

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:

Spring in Jiangnan, a classical Chinese handscroll donated to the Nanjing Museum in 1959 by one of China's most prominent collector families, suddenly showed up in an auction lot with an estimated value of 88 million yuan ($12.9 million), triggering public outcry over the mismanagement of treasured artifacts.

In this episode of China Business Uncovered, host Kelsey Cheng speaks with Caixin investigative reporter Xiao Hui and Wang Qiusheng, founder of the Society for the Ancient Chinese Art to trace the handscroll's complicated journey: how it went from a prized donation to a work deemed fake, removed from the museum's collection and then sold into private hands before reappearing on the auction market last year.

More importantly, the case offers a look at the development of China's art auction market, the systems governing the country's museums and how trust is built — or, in this case, broken — between collectors and public institutions.

Chapters:

(01:55) The $13 million handscroll that ignited a museum scandal

(03:16) Why Spring in Jiangnan matters

(05:39) Why the Pang family gave it away

(07:44) How the scroll vanished — and returned

(14:32) Eight years searching for answers

(17:19) How Caixin poked holes in the museum's explanation

(20:35) Lessons from the incident

(23:37) Development of China's art auction market

This episode of China Business Uncovered was recorded in Mandarin and produced in English with the help of AI. Based on these stories:

In Depth: A Lost Masterpiece's Return Exposes Scandal at a Top Chinese Museum

China Recovers Stolen Museum Relics After Auction Tip-Off

Produced by Kelsey Cheng and Du Bohan.

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Save an extra $50. Introductory offer for new readers. Subscribe now.

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:

Baolide Holdings Group, once one of East China's biggest luxury car dealers, collapsed in 2024 under the weight of a market downturn, high-interest private borrowing and alleged falsified accounts.

But what made the case stand out was the star-studded group of investors founder Yu Haijun managed to draw in, including figures linked to Alibaba, NetEase and Hillhouse Capital.

In this episode of China Business Uncovered, host Kelsey Cheng speaks with Caixin reporter Wang Juanjuan about how Yu kept Baolide's IPO story alive for years and what the company's fall reveals about a private-business financing ecosystem where relationships can substitute for proper due diligence.

Chapters:

(01:55) Baolide's rise as a luxury car dealer

(03:46) How founder Yu Haijun turned relationships into business

(08:32) The listing story that became a fundraising tool

(11:10) The lakeside banquet that kept star-studded investors believing

(15:35) Two sets of books and Baolide's real financial picture

(17:04) High-interest private debt and the cash-flow black hole

(21:13) Business failure or fraud?

(27:56) What Baolide's case reveals about trust in China's business world

This episode of China Business Uncovered was based on these stories:

In Depth: How a Lakeside Banquet Reinforced Confidence in Baolide Among China's Tech Elite

In Depth: How China's Tech Elite Got Burned by Luxury Car Dealer Baolide's IPO Mirage

Founder of Bankrupt Luxury Auto Dealer Baolide Detained in Fraud Probe

Produced by Kelsey Cheng and Du Bohan.

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Save an extra $50. Introductory offer for new readers. Subscribe now.

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:

For years, Vanke was seen as one of the best-run developers in China's real estate sector. So, when liquidity pressure began to build around the company, it jolted the market. In this episode, host Han Wei speaks with Caixin senior reporter Chen Bo about her investigative reporting on Vanke's crisis — from mounting debt pressure and state-backed rescue efforts to the complex off-balance-sheet funding network that grew around former president Zhu Jiusheng during the boom years.

More importantly, through Vanke, they explore the deeper reckoning underway in China's property market: the sector's biggest risks this year, what tools policymakers still have left, and why many in the industry believe a true market bottom remains elusive.

Timestamps:

(2:47) From model property developer to liquidity crunch

(07:12) Vanke's vast "shadow" financing network

(16:12) Who is Zhu Jiusheng?

(20:51) Shenzhen's shifting rescue stance

(24:03) What Vanke tells us about China's property crisis

(27:32) Is China's housing market really bottoming out?

(32:19) Reading the latest policy signals

This episode of China Business Uncovered was based on this Caixin Global story:

In Depth: The Vast Funding Network Outside Vanke

Produced by Kelsey Cheng and Du Bohan.

Subscribe now to unlock full access to Caixin Global and The Wall Street Journal for $200 a year. Group discounts are available — contact us for a customized plan.

Program description:

Darers and Doers, a special segment of China Business Uncovered, showcases groundbreaking innovations from China and features company founders and CEOs who are turning cool, bold ideas into reality. Produced by Caixin Global.

Episode intro:

Cancer treatment has long relied on a largely fixed set of options: surgery, radiation, chemotherapy and targeted drugs. But a new generation of biotech founders is trying to push the field toward something more precise — treatments built around the biology of a single patient.

In this debut episode of Darers & Doers, Likang Life Sciences Founder and CEO Chen Li explains how his Beijing-based biotech startup is using artificial intelligence to develop personalized mRNA cancer vaccines.

Chen's entrepreneurial journey began with the cancer diagnosis of his mother, who later became his company's first patient. Ten years on, Likang's product, LK101, is already being used on patients in South China's Hainan province under a pilot policy, has won FDA approval, and is now advancing toward international clinical development.

Speaking with Caixin Global Managing Director Li Xin, Chen discusses how his approach aims to overcome the limits of current immunotherapy, how he sees the race between biotech startups and pharmaceutical giants, and why China's biotech boom matters to the rest of the world.

Chapters:

(01:41) Why current cancer treatments aren't enough

(04:44) Likang Life Science's approach and success

(07:19) A founder's personal mission

(10:56) Rethinking cancer treatment for solid tumors

(16:06) The race between startups and big players

(21:09) From China lab to FDA approval

(24:04) Real world clinical application and scaling up

(26:45) Why China's biotech boom matters globally

This episode of Darers & Doers was recorded in Mandarin and produced in English with the help of AI.

Producers: Kelsey Cheng and Qing Na

Read more on Caixin Global:

Cover Story: Chinese Pharma Turns to Global Deals to Cure Capital Crunch

China Aims to Tame Cancer Gene Test Pricing With Bulk-Buying Plan

Subscribe now to unlock full access to Caixin Global and The Wall Street Journal for $200 a year. Group discounts are available — contact us for a customized plan.

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

This episode of China Business Uncovered was recorded in Mandarin and produced in English with the help of AI. Based on this story:

In Depth: How Ruyi's 'LVMH of China' Dream Unraveled

Subscribe now to unlock full access to Caixin Global and The Wall Street Journal for $200 a year. Group discounts are available — contact us for a customized plan.

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:

Across e-commerce, EVs and mining, Brazil is having a Chinese moment. In this episode, Caixin Global Managing Director Li Xin speaks with reporter Zhao Xuan about how this investment wave is affecting Brazil's local economy and whether the long-promised "country of the future" is finally arriving.

Chapters:

(01:49): Which Chinese companies are expanding in Brazil?

(04:58): Why China and Brazil fit together economically

(06:55): How Chinese firms localize

(12:18): Chinese carmakers move in

(14:41): The battle for Brazil's market

(21:40): Is Brazil ready for the AI boom?

Read more about Chinese businesses in Brazil:

Cover Story: How China Inc. Is Discovering Its New World in Brazil

In Depth: How BYD Is Navigating Tariffs and Regulations in Brazil's Auto Market

In Depth: How a Chinese Mining Giant Learned to Win in Brazil

Subscribe now to unlock full access to Caixin Global and The Wall Street Journal for $200 a year. Group discounts are available — contact us for a customized plan.

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:

A Chinese tycoon's mysterious rise in Cambodia, and behind him, an alleged scam network that ensnared victims in China and the U.S. In this debut episode of China Business Uncovered, host Kelsey Cheng speaks with Caixin reporter Tang Ailin to unpack the sudden fall of Chen Zhi, his empire Prince Holding Group, and the seizure of $15 billion in bitcoin.

(01:32) Why Chen's fall caught the world's attention

(05:06) Chen's early life in China and his connection to a hacker group

(08:12) Arriving in Cambodia and a mysterious $2 million loan

(17:27) Pig-butchering schemes, romance scam scripts and money laundering services

(23:36) A chilling portrait of Chen Zhi

(27:05) Caixin's exclusive findings

This episode is based on this Caixin story:

Cover Story: Six Things to Know About the Fall of Cambodia's Cybercrime Kingpin Chen Zhi

Subscribe now to unlock full access to Caixin Global and The Wall Street Journal for $200 a year. Group discounts are available — contact us for a customized plan.

After investing in a Dalian meat company, a consortium of investors discovered their money had vanished, only to face obstacles from local authorities.

(00:00:58) The Cross-Border Investor's Nightmare Scenario

(00:01:54) The $15.4 Million Bet on a Pork Empire

(00:02:22) When the Lights Went Out: Filings Halt and Capital Vanishes

(00:03:15) Bankruptcy Restructuring — Or a Shell Game?

(00:04:04) A Zombie Company: Factory Alive, Equity Dead

Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story:

In Depth: How a $15 Million Chinese Pork Deal Turned Into a Cautionary Tale for Foreign Investors

Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.

Group discounts are available — contact us for a customized plan.