From Kim Strassel in the WSJ:

The deal fell through on the Chinese end in the summer of 2017. CEFC was supposed to supply $10 million; it never arrived. This is where the Johnson report comes in. The Senate report notes that CEFC wired $5 million to a company called Hudson West in August 2017. The report says an associate of CEFC Chairman Ye in September opened a line of credit under Hudson West’s name, and Hunter, Jim Biden and Jim Biden’s wife, Sara, were given credit cards associated with the account, and bought items totaling more than $100,000.

The report says Hudson West also sent $4.7 million in “consulting fees” to Mr. Biden’s law firm over the course of a year. Mr. Bobulinski suspects Hunter and Jim had found an easier way to cash in on their name, one that didn’t involve pesky partners and complex deals. He sent a furious text to Jim Biden after the release of the Senate report, accusing Hunter and Jim of “lying” to their partners and secretly taking money from CEFC.