More news on the Grace-Hua Hong merger

I was in China about a week ago and a well informed source close to parties in both firms suggested that the merger is definitely going ahead. The likely CEO of the merged company will be Grace's Schumacher not Hua Hong's TY Chiu. Indeed, the source speculated that TY Chiu would probably leave Hua Hong for a second time because it is too hard to run this state-owned company due to government interference. Supposedly the planned merger will be basically financial with the two companies still maintaining operational independence.