One of the problems in this case shall be the board. Waburg Pincus's guy shall not pay a good role there. Too much politics there, too many politicians sitting there asses on Asiainfo's last century's illusion.
Besides, the CFO shall be replaced a long time ago. Exactly as stated in the article, Hanying's knowledge and skill are not enough for a public company and she is basically a no-brainer in a start-up company.
In China, if a company has too much stories, it will be doomed to death.