Big news! No wonder Haidilao's stock price dropped so much. According to insiders, a series of special teams have been formed to track and tax wealthy individuals. Some of these teams are even targeting specific billionaires. Their goal is to counter China's super-rich, who hire armies of lawyers, tax advisors, and consultants to reduce their tax burdens. Insiders say these teams include local officials, tax audit experts, and even regulatory personnel. For example, Shu Ping, co-founder of Haidilao International Holding Ltd., sold approximately $350 million worth of company shares through a family trust. Insiders revealed that this move was prompted by an unexpected tax bill received by her family. Haidilao has not responded to the matter. Some stubborn billionaires are fighting back. According to an insider, some are negotiating with tax officials; if the tax bill is too high or unbearable, others are considering legal action. To avoid local tax authorities, some Chinese tycoons are leveraging competition between cities. One insider shared that after a Guangzhou-based company received a tax bill of 100 million yuan (around $15 million), its controlling shareholder threatened to relocate the company to Shanghai, ultimately convincing local officials to reduce the tax amount to 5 million yuan. An insider disclosed that a wealthy family hired a consultant to help them find a smaller bank to store their deposits—preferably one unknown to Beijing officials. The family felt that big-name banks like JPMorgan Chase and UBS Group were too high-profile. Representatives from both banks declined to comment. Insiders also revealed that some Chinese tycoons are using their overseas assets as collateral to apply for loans to pay their taxes. They noted that tax loans for Chinese clients could become a growing revenue stream for banks like Goldman Sachs and JPMorgan Chase. Representatives from these banks declined to comment. Additionally, some companies are reportedly offering loans to their founders to help them cover tax payments, according to another insider. One major challenge for taxpayers is figuring out how to transfer funds back to China—a rare situation for a generation accustomed to moving money out of the country. China's annual remittance cap, designed to maintain the yuan's exchange rate, applies to both inbound and outbound transfers. Insiders revealed that cities like Chengdu and Zhuhai have established so-called "green channels" to help taxpayers quickly remit funds exceeding $50,000 for tax payments. In May, the tax department in Shijiazhuang, a bustling city in northern Hebei Province, announced the formation of special teams to assist taxpayers with remittances for tax payments. The department cited an example of a taxpayer named "Mr. Liu," who used a Hong Kong dollar account to remit approximately $149,000 to pay taxes on overseas stock transactions.