Note: This is Part 2 in a series of articles and cases on Asian Conglomerates. Read Part 1 here. You may read more about the Asian Conglomerate Series here, or view all the published cases here.
Are conglomerates the dominant structure in Asia because they optimize the production and application of power?
Going back to the Power series, conglomerates help with the 2nd and 3rd aspects of power: 2) Gain control over what they want (The more businesses you have fingers in, the more likely you will have control of something they want when you learn what they want) and 3) trading that control for something you want (Your varied business interests will have more opportunities to be helped).
Is this what you mean by opportunistic diversification?
Now that is a very astute observation. 
It’s not the only reason (a purported other reason, so commonly pointed out by Western journalists, is greed) but it’s a very shrewd observation.
If you’ve survived war and general instability, you instinctively crave diversification. Don’t put all your eggs in the same basket and all that.
But the power dimension is a very smart thing to point out, and one that not many seem to notice.