The Chinese idiom says: 'Adding frost to snow.' For people struggling to buy businesses in the mainland, Washington's latest decision to reject a privatisation of Asia Satellite Telecommunications Holdings is the frost.
The big 'No' will only serve to give fresh ammunition to supporters of stringent screening on acquisitions of domestic enterprises by foreigners in the name of 'national interest'.
This comes at a time when Beijing has yet to give details to a new guideline that requires acquisition of major domestic market players by foreigners to be vetted by several authorities.
GE Capital and Citic, the mainland's major investment arm, each controls 34 per cent of AsiaSat. They have proposed to take the company private for US$295 million. If succeeded, this would have resulted in a 50-50 shareholding between the US and mainland partners.
The plan required the US government approval because the company possesses dual-use US technology. Shareholders were informed of the disapproval two hours before putting the plan to vote.
No explanation has been given so far. One argument is that it will be more difficult for the US authorities to monitor AsiaSat's operation once it goes private, which means far less disclosure.