Optionality
locked — state-directed capital (36.29% state pre-IPO); Entity-List/DoD-1260H constrained; strategic, not return-maximizing
Sourced figures 2
- The Next Web — CXMT IPO (export-control status) Pentagon added CXMT to 'Chinese military companies' (1260H) list; interagency cleared for Commerce Entity List (not yet effective)
- kestrel board.yaml cxmt optionality axis 36.29% state-owned pre-IPO, state-directed
the working
Threads 2
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