We are witnessing the exodus of coins from chinese exchanges before they finally get shut down for good.

My question about revenue is serious. A Chinese article from a week or two ago seemed to claim that their revenue came mostly from fees of leverage trading (i.e. interest from lending money/bitcoins to traders) and from inside trading at their own exchanges.  The former must have bothered the government, the latter may have angered normal customers.  In the "five exchanges" announcement they apparently promised to clean up their act, and they do seem to have stopped leverage trading.  Does that mean that they are now living off their stored fat?