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State-owned Chinese shipping conglomerate Cosco has been one of the worst affected by the financial crisis, and continues to suffer crippling losses, which has eventually resulted in the loss – dressed up as a retirement – of its talismanic head, Wei Jiafu. This fine analysis explores the central strategic mistake that put Cosco on its ruinous path and explores what options are open to Wei’s successor, Ma Zehua, in his attempts to turn the leviathan around.

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