Game’s up:

The US has imposed sanctions against a Chinese company for allegedly supplying Iran with ballistic missile technology, without providing details of the deal.

The penalties will deprive one of China’s largest conglomerates, North China Industries (Norinco), of annual sales in the US worth more than $100m for the next two years.

US officials said the sanctions – which cancel all export-import licences and contracts with the US – are thought to be the severest yet to be imposed against a Chinese company.

The company has chosen to remain silent concerning the sanctions but promises a statement “in a few days.”

Coincidentally (?), China’s government announced today that it will undertake sweeping changes in the management of state-owned businesses.