When lossmaking Chinese iron ore miner Shandong Hongda scooped up a UK game developer in 2016, it also had grand plans to diversify into energy and healthcare businesses around the globe and move away from its low-growth mining past.
In the end, it held on to Jagex, the creator of the world’s largest online role-playing game for just short of two years and its other plans have since fallen away too.
The trajectory of Shandong Hongda, with its brief stint as a game developer and ambitions to expand elsewhere, has been followed by a number of Chinese companies, which have attempted to make debt-fuelled leaps into countries and industries far from their areas of expertise.
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