How Chinese private equity firms got scammed by their own sales teams
WHEN an entrepreneur surnamed You set out to build a sales team in Shanghai in December 2020, she thought she had hired a team full of potential to sell her firm’s fund products.
What she didn’t count on was for the 10 new hires to be regularly absent for work and fail to seal any deals. Worse still, they worked together to create a false sense of assurance of progress.
Eventually, she learned that these employees were con artists, whose ulterior motive was to milk the firm of base salaries.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Global
Haidilao restaurant operator Super Hi targets US$1.38 billion valuation in US IPO
UK housing rents driven by record migration, analysis finds
Melinda Gates to step down as co-chair of Bill & Melinda Gates Foundation
IMF staff, Argentina reach agreement on latest review of US$44 billion programme
Biden’s China tariffs salvo to range from doubling to quadruple
China averts moral hazard, for now, after Country Garden pays