A veteran business consultant’s recent LinkedIn post detailing the realities of securing deals in China has resonated with observers of the country’s complex commercial landscape, highlighting a system where relationships and navigating internal hierarchies often outweigh meticulous planning and polished presentations.
Thomas Hoon, a Singaporean national who has lived and worked in China for 13 years, described in a post this week how his early experiences closing a multi-million dollar deal revealed a crucial truth: “perfect pitches barely matter.” Hoon recounted how, as a rookie 19 years ago, he believed a compelling slide deck would guarantee success. He quickly learned that success hinged on “reading power, navigating hierarchies, and finding who really held the pen.”
Hoon’s observations come as foreign investment in China faces headwinds. Recent economic data released in December 2025 indicates slowing retail sales growth, with November figures rising only 1.3% year-on-year, a significant drop from October’s 2.9% and the weakest increase since 2022. Fixed-asset investment as well fell 2.6% year-to-date, signaling a broader slowdown in corporate and government spending. These figures contributed to declines in Chinese stock markets, with the Hang Seng dropping 1.3% and the CSI 300 falling 0.7% following the release of the data, according to Investing.com.
Hoon illustrated his point with a more recent example: a stalled project involving a state-owned enterprise (SOE). The issue wasn’t technical, but rather a “face problem” – resistance from mid-level officials. His team resolved the impasse not through direct negotiation, but by identifying a retired advisor and hosting an informal dinner. The following day, approval was secured. “Some lessons cannot be taught,” Hoon wrote. “They are earned in chaos, with the right people beside you.”
The experience echoes concerns about the challenges facing businesses operating in China, particularly as the country’s economic outlook becomes more uncertain. Baidu, for example, saw its stock price fall nearly 4% on December 15, 2025, despite gains in its AI and cloud businesses, as investors reacted to the broader macroeconomic concerns, according to Investing.com. The company’s stock traded around $120.14, well below its 52-week high of $149.51.
Noah Holdings, a Chinese wealth manager, has also experienced a steep decline in its stock price over the past year, trading near its 52-week low despite a short-term bounce. Investors are grappling with regulatory uncertainties, capital outflows, and shifting client risk appetite, according to a report from ad-hoc-news.de. The company’s valuation multiple is depressed, and its one-year investment performance has been negative.
Alibaba, however, has bucked the trend somewhat, with a year-to-date increase of 84% as of December 15, 2025, despite a recent 2% fall in its ADRs. The company also led a Chinese tech funding spree in September 2025, participating in a US$3.2 billion deal, according to Business Times.
Hoon’s post concluded with a question: “Have you ever faced a problem no one else could solve? How did you secure it done?” The question remains open, reflecting the ongoing complexities of doing business in China.
