Core Viewpoint - The potential exclusion of RiShang Duty Free from the Shanghai airport duty-free bidding process raises concerns about the future of the company and the implications for foreign investment in China [1][2]. Group 1: Company Background - RiShang Duty Free (Shanghai) Co., Ltd. was established in June 1999 and is recognized as the first foreign enterprise operating airport duty-free shops in China [1]. - The company has been a prominent player in the Chinese airport duty-free market, ranking among the top 10 global travel retailers in 2015 and 2016 according to the Moodie Davitt Report [1]. Group 2: Recent Developments - On December 6, 2023, a board meeting was held where the chairman, appointed by the major shareholder China Duty Free Group (CDFG), opposed RiShang Shanghai's participation in the bidding for the Shanghai airport duty-free project [1]. - The bidding process for the Shanghai Pudong and Hongqiao International Airport duty-free shops commenced on November 17, 2023, and is set to close on December 9, 2023 [1]. Group 3: Legal and Regulatory Context - Following the implementation of the Foreign Investment Law in China, RiShang Shanghai is legally qualified to participate in the bidding process, as foreign investment restrictions no longer apply to duty-free operations [2]. - The bidding documents for Shanghai airport reaffirm that capable foreign-invested enterprises can participate, aligning with national laws and agreements with major shareholders [2]. Group 4: Potential Consequences - If RiShang Shanghai is unable to participate in the current bidding, it may lead to the loss of its main business, risking dissolution and affecting thousands of employees and related businesses [3]. - The situation is seen as a significant indicator of the foreign investment environment and the level of institutional openness in China [2].

Core Viewpoint - The upcoming Dutch elections are expected to favor mainstream parties as voters seek stability after a tumultuous political period marked by the ineffective governance of the far-right party [1][2][3] Political Landscape - The far-right Freedom Party (PVV) led a coalition government that collapsed in June, leading to a caretaker government in the Netherlands [2][3] - Mainstream parties have pledged to prevent the far-right from joining any future government [2][3] - The next parliamentary elections are scheduled for October 29, 2025, with current polls showing a competitive landscape among conservative and center-left parties [4] Voter Sentiment - Voters are looking for stability after experiencing chaotic governance, with two potential coalition scenarios being discussed: one centering on centrist parties and another leaning towards a more right-wing coalition [5] - Key issues for voters include the lack of affordable housing, healthcare costs, and immigration, which they attribute to the influx of asylum seekers [5] Economic Context - The Netherlands is an economic powerhouse within the EU, with a projected GDP per capita of €63,000 in 2024, significantly above the EU average [6] - The U.S. is the largest investor in the Netherlands, with investments amounting to €182.2 billion by the end of 2024, indicating a strong economic relationship [6] - The Netherlands is a significant player in foreign direct investment (FDI), with total overseas investments reaching €10 trillion and foreign investments in the country totaling €9.4 trillion [6] Investment Climate - The caretaker government has raised concerns about the investment climate, particularly following the ASML semiconductor incident, which may deter global capital from investing in the Netherlands [7] - The Chinese government has expressed concerns over the measures taken by the Dutch government regarding ASML, urging for a fair and transparent business environment [7] Election Candidates - Voters are choosing between two main candidates: Frans Timmermans of the Labor Party, who has merged with the Green Party, and Henri Bontenbal of the Christian Democratic Party, a newcomer to politics [8] - Current polling indicates the Freedom Party has about 20% voter intention, with the Christian Democratic Party and the Green-Left Party both at 15% [8]