A local team can run China operations well while headquarters sees only part of the picture. Explore what independent business research adds.

A 2019 Suning.com case study on established strengths, new business obstacles and the role of independent operating reviews during the holding period.

FUWA LAB provides independent China research for investors and M&A teams, using in-depth interviews and cross-verification to assess business operations and management.

A factory’s performance reflects its capabilities, its owners’ priorities, and their investment choices. A case examining changes before and after an acquisition.

When an upstream supplier plans to enter its customers’ market, long-standing relationships may begin to change before orders do. A Commercial Due Diligence case.

The capabilities that built a company may not be enough for its next stage. A Management Due Diligence perspective on how leadership responds when the business changes faster than its existing capabilities.

Rapid growth can be real even when the business activity behind it is not immediately visible. A Commercial Due Diligence case on what becomes worth verifying when transaction growth and observable operations do not move at the same pace.

Strong historical performance may be real without being fully attributable to one executive. A Management Due Diligence perspective on what can—and cannot—travel with the individual.

Existing clients may stay while new projects begin to move elsewhere. A closer look at what the client’s next choice can reveal after key personnel changes.

A project can continue after key people leave, while some capabilities may be harder to transfer. A case study on what handover records cannot fully capture.

Why can the same interview produce different answers? Learn how experienced interviewers identify bias, detect anomalies, and build verification paths.

Learn why the most valuable findings in independent primary research often emerge when an interview moves beyond the prepared guide.

Learn how independent primary research complements financial and legal due diligence by using in-depth interviews and evidence discipline to identify risks not yet framed as questions.

What investigative reporting taught us about investment research: trace information to its source, cross-check evidence, and match conclusions to what can be verified.

More than 25 years of China-related research taught me to recognise contradictions, ask better follow-up questions and find the evidence that matters.

Multiple experts may agree while relying on the same underlying source. An anonymised due diligence case shows why consensus is not independent evidence.

Financial, legal and independent primary research answer different questions. Learn how external evidence tests the commercial assumptions behind an investment.

Management risk is not only about capability. This article looks at how incentives, informal influence, and behavioral boundaries affect management assessment in Management Due Diligence.

A strong resume does not necessarily prove management capability. This article examines how actual responsibilities, decisions, and outcomes can be assessed through Management Due Diligence and independent primary research.

In China-related investment, understanding the market and the business is not enough. This article looks at why management capability, decision-making and execution matter, and how independent primary research can help assess the people behind an investment target.

In China-related investment, M&A, business partnerships and supplier assessment, public information alone may not be enough. This article explains how primary interviews can be used as an independent verification layer to test company claims against customers, distributors, suppliers, competitors and actual market behavior.

Public information is an essential starting point for understanding the Chinese market, but it is rarely sufficient on its own. This article looks at how independent primary research can help verify customers, sales, suppliers, competition and actual market conditions.