Cashing out

Hongkongers
will soon be able
to use electronic
cheques for bills
and even lai see

History lesson
Politics has
always been
part of the
University of
Hong Kong

> NEWS A3

> FOCUS A4

The new news?

Tencent the latest
to use a robot
reporter to write
a word perfect
business report

Put fans first

HKFA wants
cup qualifier
against China
at HK Stadium
> S P O R T B AC K

> C H I NA A 7

Saturday, September 12, 2015 / See live updates at www.scmp.com

PUBLISHED SINCE 1903 / VOLUME 71 / NO 253

SUBSCRIPTION COPY
ONLY NOT FOR SALE

Lion city
decides

CRIME

Citys banks being

used to launder
drug cartel money

Singapore Prime Minister

Lee Hsien Loong (left)
gestures after casting his
vote in the city-states
parliamentary election
yesterday. His ruling
Peoples Action Party was
destined to extend its time
in power but analysts
expected smaller parties
including the main
opposition Workers Party,
led by Low Thia Khiang
(right) to strengthen their
standings and possibly
mount a challenge to the
system of one-party rule.
The election took on even
greater significance due it
being the first since the
death of Singapores
founding father Lee
Kuan Yew.
> FULL STORY A3
Photos: Reuters, Xinhua

US court documents reveal at least US$5bn in

illicit proceeds cleaned in HK and the mainland
................................................
Niall Fraser and Mimi Lau

DIGEST

EXCLUSIVE

Almost 39,000 Chinese

awaiting deportation

TUNG CHEE-HWA SET TO

JOIN XI ON HIS U.S. VISIT

Almost 39,000 Chinese nationals

are awaiting deportation for
violating United States
immigration laws, with the
backlog created by China failing
to provide the paperwork
needed to expel them. Even as
China finally starts to take steps
to do so, the issue has further
strained the US-China
relationship. > WORLD A10

Stage set for appeal in

Rafael Hui graft case
An appeal in the citys most
high-profile graft case has taken
shape, with the spotlight tipped
to fall on whether the
convictions of ex-chief secretary
Rafael Hui Si-yan and three
others were sound in the
absence of specific evidence
showing he favoured Sun Hung
Kai Properties. > CITY C1

Top cop says body

should be found
A murder case can never be
considered closed without a
body, a top policeman said, after
investigating the disappearance
of a club hostess whose married
boyfriend was last month
convicted of her killing. Ivan
Chan Man-sum, 42, was found
guilty of murdering his mistress
Chun Ka-yee in 2011. Chan has
filed an appeal. > CITY C3

Moodys admits China

report had errors
Moodys admitted to a tribunal
its damning research report on
61 Chinese companies had
errors but maintained these did
not justify the securities
regulators HK$23 million fine
on the ratings agency as it stood
by its basic contention about
corporate governance problems
at these firms. > BUSINESS B1

WORLD
FANS HAIL JEREMY
CORBYNS BID TO
LEAD U.K. LABOUR

> PAGE A11

The former chief executive has been known for

serving as a middle man in relations between
Beijing and Washington over many years
................................................
Staff Reporters
Former Hong Kong chief executive Tung Chee-hwa, who has
played an important role in
behind-the-scenes talks between
Beijing and Washington, will join
President Xi Jinping
during Xis official visit to the United
States later this month, people
familiar with the matter said.
Xi will embark on a lengthy
trip to the United States with a
series of public engagements in
Seattle on September 22 before
heading to Washington DC to
meet US President Barack
Obama. He will conclude his trip
with a speech at the United
Nations General Assembly on
September 28.
Tung, who has served as a gobetween for many years, would
arrive in the US around September 22, the sources told the South
China Morning Post.
Tung was not considered an
official member of Xis entou-

rage and would not accompany

the Chinese president throughout his trip, but only attend one or
two events, the sources added.
The former Hong Kong leader
has emerged together with former US treasury secretary Henry
Paulson as a key unofficial back
channel between state leaders in
Zhongnanhai and the White
House.
Ever since Beijing and Washington normalised ties in the
1970s, both countries have come
to realise the importance of keeping back channels open so they
can communicate in a frank
manner on sensitive issues
before talks move to an official
level. This is particularly important in managing the Sino-US relationship that is becoming increasingly complex and critical to
global peace and prosperity.
Tung, as a figure with no affiliation to the Communist Party,
will play a unique role in the
delegation, said Jia Qingguo
, associate dean of the

school of international studies at

Peking University.
Hes not a member of the
Communist Party of China so his
words are different from those of
mainland officials, Jia said.
When he speaks, people who
have reservations about the
mainland political system will
listen.
The key person in back-channel talks between the US and
China is usually somebody well
connected in both countries. The
most famous is former US secretary of state Henry Kissinger one
of the few foreign diplomats to
have met all Chinas top leaders.
Tung, who was appointed a
vice-chairman of the Chinese
Peoples Political Consultative
Conference after stepping down
as Hong Kong chief executive in
2005, has been chairman of the
China-United States Exchange
Foundation since its establishment in 2008.
A former shipping tycoon
from a wealthy family in the
industry, Tung has been taking
on the role of an unofficial bridge
between China and the United
States since then, thanks to the
use of his extensive contacts in
> CONTINUED ON A3

CORRUPTION

China Resources ex-bosses face charges

................................................
Andrea Chen
andrea.chen@scmp.com
A former chairman of stateowned conglomerate China Resources is to face prosecution on
suspicion of taking bribes, embezzling company funds and
adultery.
Song Lin
, once a wellconnected business executive
based in Hong Kong, had been
expelled from the Communist
Party and removed from all official posts, the countrys top antigraft agency said yesterday, adding his case had been transferred
to the prosecutors.
Before coming under investigation for graft, Song was the
chairman of the Hong Kong Business Ethics Development Advisory Committee, a body working
under Hong Kongs anti-corruption agency, the Independent
Commission Against Corruption.
It replaced him with another local business executive last year.
He was alleged to have taken
bribes to help promote his sub-

Song Lin was based in HK before

the graft scandal emerged.
ordinates and seek profits for his
business partners, the Central
Commission for Discipline
Inspection said on its website.
He had also reportedly spent
company funds to play golf, the
commissions statement said.
The announcement did not
specify how much money was allegedly involved, or provide further details about the claim of
adultery.
Another former China Resources executive, Wang Shuaiting
, who left the company in 2011, had also been expelled from the party over allega-

tions of bribery, the discipline

commission said in a separate
announcement yesterday.
Wang was chairman of the
listed subsidiary of China Travel
Service (Holdings) Hong Kong
before he was placed under a
graft investigation.
Song was detained for corruption inquiries by the CCDI last
year. Mainland journalists had
earlier accused him of overpaying for a number of coal mines in
Shanxi
province in China
Resources 7.9 billion yuan
(HK$9.6 billion) in acquisition
deals in 2009 and 2010. The former owner of the assets, Shanxi
tycoon Zhang Xinming
,
was also detained after the investigations into Song. Zhang is believed to be the biggest beneficiary of the conglomerates controversial coal investment.
He Jintao, the son of former
CCDI head He Guoqiang
,
was also placed under house arrest during the investigations for
his involvement in the deal,
sources told the South China
Morning Post last year.

People who have

reservations
about the
political system
will listen
ACADEMIC JIA QINGGUO

South Americas notorious drug

cartels are using banks in Hong
Kong and the mainland to launder the proceeds of their multibillion-dollar global narcotics
trade, according to the United
States authorities.
Newly unsealed US court documents accuse three Colombian
nationals of helping to run a
worldwide money laundering
operation, based in Guangzhou,
which saw at least US$5 billion in
Colombian drug proceeds from
the US, Mexico, Colombia, Panama, Guatemala and Canada as
well as parts of Africa and Europe
cleaned in the SAR and on the
mainland.
The illicit drug money was
used to buy products often
counterfeit that were shipped
to Colombia and other countries,
prosecutors said.
The banks involved were not
identified in the indictment but it
is understood Hong Kong police
are assisting US investigators.
Last night, a police spokesman said they would not comment on individual cases, adding Hong Kong is vigilant to the
risk of being abused by criminals
to launder proceeds of crime.
A Monetary Authority spokesman said: We understand this
case involves cooperation between law enforcement agencies
in different jurisdictions.
The spokesman added it was
inevitable money launderers
would try to abuse the banking
systems of international financial
centres.

Earlier this year, the Post revealed South American drug cartels were targeting Hong Kongs
lucrative cocaine market.
Investigations also found that
Mexicos Sinaloa cartel one of
the worlds biggest syndicates
maintained both a corporate and
criminal presence in Hong Kong.
One of the three men named
in the US indictment, Henry
Poveda, appeared in court on
Thursday; the other two men,
Christian Duque-Aristizabal and
John Jairo Hincapie-Ramirez, are
in custody in Panama and
Colombia respectively, awaiting
extradition proceedings.
All three face a single count of
conspiracy to launder money.
Afourth defendant connected
to the case, Hong Kong woman
Luo Yuling, has pleaded guilty to
conspiring to launder money and
faces up to 20 years in prison.
According to the indictment,
the organisation used Chinese
casinos, currency exchange
houses, export companies and
factories to receive billions of dollars. The only legal casinos in
China are those in Macau.
In 2012, HSBC Holdings paid
US$1.9 billion to resolve claims it
allowed drug cartels in Mexico
and Colombia to launder proceeds through its banks.
Professor Lin Jiang, of Sun
Yat-sen University, said:
[Money laundering] is more
prevalent than you think
Chinas excessively strict foreign
exchange controls are indirectly
breeding money laundering,
providing a huge demand for
underground banks.
Additional reporting by Reuters

A2 Day by Day

SATURDAY, SEPTEMBER 12, 2015

WHAT YOU LIKED

WHO SAID IT?

Most read on SCMP.com this week

> CHINA
Former Hong Kong chief executive Tung Chee-hwa will accompany Xi
Jinping on the presidents state visit to the United States. Tung has acted
as a go-between to aid Sino-US ties.

> HONG KONG

This battle has been

painful for me personally
and professionally, and
also for my family. Its
time to move on

English standards must improve in Hong Kong for the city to stay
competitive, lawmaker Michael Tien says.

> CHINA
Premier Li Keqiang has rejected a quick fix for the Chinese economy
instead putting the focus on reform. The premier told the World
Economic Forum that quantitative easing would not solve structural
imbalances.

ELLEN PAO DROPS HER APPEAL OVER

HER FAILED GENDER DISCRIMINATION
LAWSUIT AGAINST A SILICON VALLEY
VENTURE CAPITAL FIRM

> CHINA INSIDER

Do some mainland drivers prefer to kill rather than just injure
pedestrians? US lawyer explains a twisted road logic among some
mainland drivers who believe it is better to leave a pedestrian dead if
they accidentally run over them.

> COMMENT
A university degree in Hong Kong is no longer worth what it once was
with a mismatch between market demand and university oversupply.

> WORLD A10

VIEW
POINT
Smiling welcome. A refugee takes a selfie with Dr Angela Merkel as the German chancellor visits a
refugee reception centre in Berlin. Germany expects to accept 800,000 asylum seekers this year, four
times more than last year and more than any other country in the European Union, which is split on
how to deal with the biggest refugee crisis since the second world war. Photo: EPA

Featured video of the week

Follow us on Twitter: @SCMPVideoMoJo

Boys case exposes ugly side of nativism

MY
TAKE

> MAKS SPECIAL MOMENT

Check out our video interview with Miss Hong Kong Louisa Mak, who says
that last years Occupy Central campaign was a special moment in Hong
Kong history. Check out the interview at scmp.com/misshk

CONNECT WITH US
Facebook: www.facebook.com/southchinamorningpost
Twitter: @SCMP_News
Tencent Weibo: @

Sina Weibo: @SCMP_

WeChat: nanzao_scmp

...................................................
Alex Lo
alex.lo@scmp.com
Good deeds rarely go unpunished.
Unionist legislator Chan Yuenhan thought she was helping
undocumented mainland boy Siu
Yau-wai and his grandmother
Chow Siu-shuen when she called a
widely covered press conference
back in May to publicise their
plight.
Now grandma Chow has been
charged with helping him breach
his conditions of stay by the
Immigration Department. The
boy, 12, who had been in hiding for
nine years since he arrived here on
a two-way permit, was practically
chased out of the city by antimainland nativist groups.
Protests were organised against
them. The boy, who probably
hadnt a clue what was happening,

was branded a cheat and a

criminal by those anti-mainland
groups. He is now in Shenzhen but
its unclear who is taking care of
him. Some reports say his other
grandparents are caring for him,
and that his parents continue to
ignore him and will not provide for
him.
Chan, a veteran leader of the
leftist Federation of Trade Unions,
completely misread the current
political climate in which
practically anything to do with the
mainland is automatically seen in a
negative light and exploited by socalled nativist groups to gain
political mileage. Chan should
have approached the department
quietly and tried to resolve Sius
legal status through the proper
channels.
If there is a silver lining, it is that
the incident has exposed the
callous, crude and ugly side of

Hong Kong nativism and its

representative groups.
So long as a case has a
mainland connection, those
groups would not let even a child
off the hook. What Hong Kong core
values are they championing or
fighting to preserve? I would love to
know.
They should remember that
most people in Hong Kong are
children or grandchildren of
refugees from the mainland or
ethnic-Chinese migrants from
other Asian countries, and that
despite an artificial border, Hong
Kong is an integral part of China.
If they really despise China so
much, they should consider
leaving. Those who unfailingly
wave the colonial flag during
protests should try to emigrate to
Great Britain. Perhaps the Brits
would welcome them with open
arms.

CONTENTS
NEWS (Section A): Leading the News A3, Focus A4, China A6-8,
China Digest A8, Asia A9, World A10-13, Opinion A14, Insight
A15
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Stocks B5, Mutual Funds B6-7, Back to Business B8
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Its not often you get a

politician who so
invigorates and energises
so many people
A FAN OF JEREMY CORBYN
(PICTURED), THE FAVOURITE
FOR BRITAINS LABOUR
PARTY LEADERSHIP

> WORLD A11

That is why I want a

rematch. One without
any injury and with fair
play. No favouritism
BOXER MANNY PACQUIAO CALLS FOR
ANOTHER BOUT WITH FIERCE RIVAL
FLOYD MAYWEATHER

> SPORT C9

Saturday, September 12, 2015 A3

LEADING THE NEWS

Singapore
voters ock
to polls in
huge turnout

America remembers

CONSUMER AFFAIRS

PEOPLE
WILL LOVE
E-CHEQUE
SYSTEM

PAP poised to extend

time in power but
opposition tipped
make inroads
................................................
Agence France-Presse
in Singapore
Singaporeans voted yesterday in
the most hotly contested election
in the countrys history after massive turnouts at opposition rallies
boosted chances that a two-party
system will emerge from half
a century of domination by the
ruling party.
The Peoples Action Party
(PAP), co-founded by the late
independence leader Lee Kuan
Yew and now led by his son,
Prime Minister Lee Hsien Loong,
was widely expected to retain
a clear majority in the 89-seat
parliament.
But analysts say an emboldened opposition buoyed by
turnouts of up to 30,000 at its
campaign rallies in contrast to
weak attendance at PAP gatherings could make further inroads
after gains in the 2011 polls.
The PAP, which steered the
former British colony to prosperity while using an iron fist to
suppress dissent, was stunned
in 2011 when its share of votes
plunged to 60 per cent, its lowest
share ever.
Government control of mainstream media was undermined
in the recent campaign by independent portals and the oppositions aggressive use of social
media platforms like Facebook
and
YouTube.Voting
is
mandatory in Singapore with
few exemptions.

I just hope its

a government,
its a party,
that rules
responsibly
GAYATHRI CHANDRA, FIRST-TIME VOTER

Whatever it is, I just hope its

a government, its a party, that
rules responsibly, schoolteacher
Gayathri Chandra, 24, a first-time
voter, said after casting her vote.
She said she was hoping for
a change of government in
certain areas.
Most MPs are elected as part
of geographic clusters. They are
in charge of municipal services in
addition to crafting legislation.
Despite its drop in popularity
in 2011, the PAP won 80 seats
thanks to the block-voting system, while the Workers Party
(WP) captured seven seats, the
oppositions highest ever.
Prime Minister Lee had
staked the PAPs fate on its performance record.
In this election, we are showing a report card. We are proud of
it, I hope you are proud of it too.
We are asking you for a mandate.
Work with us, help us to make
things better for Singapore,
the prmier said in his final
election rally speech on
Wednesday.
But the WP urged voters to
support the building of a robust
legislative opposition to rein in
the PAP and force it to reform its
policies on immigration, health
care and social safety nets for the
poor and elderly.
We cannot allow Singapore
to fall into a situation where
our survival depends only on
the PAP, or just on any one
party, WP chief Low Thia
Khiang, a charismatic former
schoolteacher, said in a campaign speech.

HKMA boss Norman Chan hails new online

payment method backed by nine banks that will
allow easy and simple cash transfers
................................................
Enoch Yiu
enoch.yiu@scmp.com

A family member of a victim of the September 11 terror attacks

carries his portrait yesterday at a New York ceremony to mark
the 14th anniversary of the day when hijacked planes hit the
World Trade Centre, the Pentagon and a field near Shanksville,
Pennsylvania. The New York ceremony was marked with a
moment of silence and sombre reading of names. Hundreds of
victims relatives gathered, carrying photos emblazoned with

the names of their lost loved ones. In Washington, US President

Barack Obama and first lady Michelle Obama stepped out of
the White House at 8.46am the time when the first plane hit
the trade centres north tower to observe a moment of silence.
Later yesterday, Obama was scheduled to observe the
anniversary with a visit to Fort Meade, Maryland, in recognition
of the militarys work to protect the United States. Photo: AFP

CRIME

Fraud charges over reverse mergers

Financier allegedly used Chinese companies seeking to raise US capital
................................................
Benjamin Robertson and
Agencies
A sharp-suited multimillionaire
has been charged by US authorities with securities fraud over
deals to list Chinese companies
in New York that allegedly netted
him tens of millions of US dollars
in illegal profits.
Benjamin Wey, 43, the head of
New York Global Group, was arrested on Thursday.
US Justice Department prosecutors charged Wey and his
Swiss-based banker, Seref Dogan
Erbek, with conspiracy, securities
fraud and other crimes.
Through a Beijing-based subsidiary, prosecutors said, Wey offered to help Chinese companies
raise US capital by arranging reverse mergers, in which the Chinese companies took control of
the US shell companies that were
already publicly listed.Wey got
the companies listed on Nasdaq
by fraudulently inflating the
number of shareholders and hiding his ownership interest from
the exchange, authorities said.

The companies were SmartHeat, Deer Consumer Products

and CleanTech Innovations, the
indictment said.
Wey manipulated the stock
prices by causing two brokers to
solicit customers to buy shares
while discouraging sales, the indictment alleged. Wey later sold
out for a profit, prosecutors said.
Complaints against Wey go
back at least four years. New York
hedge fund manager Jon Carnes
told the South China Morning
Post he filed whistleblower complaints against Wey with US regulators in 2011.

In a March 14, 2011 research

report by Carnes on Nasdaq-listed Deer Consumer Products a
Chinese kitchen appliance maker and one of the firms named in
the indictment Carnes accused
Wey and his associates of hiding
their shareholdings in the firm.
Deer was later delisted from the
Nasdaq.
Carnes said Thursdays indictments were vindication of his
efforts but the reputation of USlisted Chinese firms would suffer.
The US Securities and Exchange Commission on Thursday filed a parallel civil lawsuit

Benjamin Wey, head of New York Global Group. Photo: Reuters

that included as defendants

Weys wife, Michaela Wey; his sister, Tianyi Wei; and two attorneys, New York-based Robert
Newman and Pennsylvaniabased William Uchimoto. They
are accused of aiding the
scheme.Weys 40 Wall Street office was raided by the Federal Bureau of Investigation in 2012.
His attorney, David Siegel,
told the Post: Mr Wey denies the
charges against him and looks
forward to clearing his name.
Siegel did not address the accusations in the 2011 Carnes
report.
Lawyers for the civil defendants either declined to comment or did not return calls seeking comment.
Wey made headlines in June
when a US federal jury ordered
him to pay US$18 million to an
ex-employee, a Swedish former
model, for sexual harassment
and defamation.
Wey also ran a blog, The Blot,
on which he would attack his critics, as well as journalists, who
questioned the performance at
Chinese companies he was
promoting The blogs slogan?
Never Be Boring.
Reuters and Bloomberg

DIPLOMACY

Bangladesh may put port project with China on hold

................................................
Reuters in Dhaka
Bangladesh may shelve an
US$8 billion deep-water port
project it has been negotiating
with China, a government minister said, as it looks to pursue a
nearby facility financed by the
Japanese instead.
Such a decision would be a
setback for President Xi Jinpings
One Belt, One Road initiative to build a network of ports
and expressways and help expand trade, investment and influence in the region.
Dhaka has cleared Japans
proposal to finance and build a
seaport in Matarbari, located

about 25km from Sonadia, where

Beijing had offered to construct
the countrys first deep-water
port, Planning Minister Mustafa
Kamal said.
He said the Japan International Cooperation Agency had
offered 80 per cent financing on
easy terms to build four coal-fired
power plants of 600MW each and
a port complex in Matarbari.
That offer prompted a review
of whether the Sonadia project
was needed at all.
Matarbari is designed in
such a way that it will be comprehensive, with power plants, an
LNG terminal and a port, he
said. Matarbari is sufficient, we
may have to give up the other

port project, he said, adding the

government was still reviewing
the proposals.
Two Japanese companies,
Sumitomo Corporation and
Marubeni Corporation, have bid
to take part in the power plant
construction project.
A Sumitomo spokesman said
the project was in the early stages,
and nothing had been decided.
Marubeni declined to comment,
while the Japanese cooperation
agency said a loan agreement
had been signed with Bangladesh for the power plant and that
the project was in the procurement stage.
Shamsul Alam, senior secretary of Bangladeshs Planning

Commission, said the Japanese

agency, the main conduit for
Japans overseas development
aid, had offered US$3.7 billion at
an interest rate of 0.1 per cent
over 30 years with an initial
10-year grace period to build the
US$4.6 billion port and power
complex in Matarbari.
But he said there was no plan
to sideline China and Beijing remained a key player in the countrys efforts to build new roads
and bridges.
State-owned China Harbour
Engineering was the front runner
for the contract to build the Sonadia port, but officials in Dhaka
said Beijings financing terms
were an issue.

CONTINUED FROM A1

Tung Chee-hwa to join Xi on US visit

business and diplomatic circles.
Over the years he has visited
the United States on several
occasions and played an increasingly visible role in boosting SinoUS ties. Tung was asked to give a
speech on the subject three years
ago at the United States Military
Academy at West Point. This
came just two months after he
accompanied Xi Jinping then
vice-president during his first
visit to the United States.
Tung was again visible during
US President Barack Obamas
maiden trip to Beijing in November 2009.
He has been leveraging his
connections with the business

and political elite in the US then

spearheading Chinas efforts in
public diplomacy, said Professor Lau Siu-kai, vice-chairman of
mainland think tank the Chinese
Association of Hong Kong and
Macau Studies.
Another focus is how Tung
may use the opportunity to
advise Xi on Hong Kong politics.
It is widely believed that Tungs
recommendation of Leung
Chun-ying to the leadership
helped him to become the chief
executive of Hong Kong.
With the next chief executive
election to be held in 2017, speculation is rife as to whom Tung
will back.

Lau, who served as head of the

Hong Kong governments Central Policy Unit from 2002 to 2012,
said he did not believe anybody
at this stage could sway the cen-

He has been
spearheading
Chinas efforts
in public
diplomacy
PROFESSOR LAU SIU-KAI

tral government leaderships

thinking on the next chief executive election.
The central government has
agood understanding of the serving chief executive and likely contenders in the next chief executive race. I dont think Beijing has
decided who will become the
next chief executive, nor wants
the citys next leader to be
returned unopposed, Lau said.
Lau said Beijing was still
studying policies towards Hong
Kong in the wake of the Occupy
pro-democracy protests. Once
its policies are decided it will then
consider who can best implement relevant policies, he said.

Tung Chee-hwa will join Xi

Jinping on part of his US tour.

From December, Hong Kong

residents will be able to send
electronic cheques through their
phones or other internet devices
to settle bills, transfer money or
even give away lai see, according
to Hong Kong Monetary Authority chief executive Norman Chan
Tak-lam.
In a move to spur e-commerce and innovation, nine
banks, which between them
handle 70 per cent of the cheques
in the city, will join the HKMA
scheme, while another nine will
join at a later stage.
People can use e-cheques to
make all types of payments or
even give lai see during the Lunar
New Year, said the chief of the
citys de facto central bank. They
work the same way as traditional
cheques, but without using
paper.
On average, 450,000 cheques
are issued every day.
Those who want to issue
e-cheques can simply use their
mobile phones or internet banking accounts to generate a
cheque in an electronic format
and send the image to the receiver, who can then present it to the
participating banks to collect the
money.
Chan said the settlement
procedures and the time
required to clear e-cheques
would be no different from those
for paper cheques. A cheque presented to a bank in the morning
will be settled and cleared by the
bank the same night and the payment made to the receiver the
following day.
There has been a proliferation
of internet banking transfers and
e-payment mediums, especially
on the mainland, such as those
run by Alibaba and Tencent.

HKMA boss Norman Chan says

e-cheques will be quick and easy.
But Chan said e-cheques had
an advantage over these payment modes in that they would
not require both parties to register with the payment platform.
Many e-commerce payments require the receivers to
hand in their bank account
details. But with e-cheques, they
dont need to submit any bank
account information to the
issuer, Chan said. They will
only need to present the
e-cheque image to the bank and
collect the money. It is easy and
simple. People will love it.
Chan said e-cheques will be
the next major new project of the
Hong Kong Interbank Clearing
agency, which was established 20
years ago and is the clearing arm
co-owned by the HKMA and the
Hong Kong Association of Banks.
The agency has also readied
its payment system for the new
cross-border fund sales scheme
launched on July 1 allowing
mainland funds to be sold in the
city and international funds
domiciled in Hong Kong to be
sold on the mainland.
Chan said the clearing agency
now cleared HK$2 trillion a day,
including 1 trillion in yuan.
Besides cheque clearing, Hong
Kong Interbank Clearing also
handles real-time settlement of
Hong Kong dollars, US dollars
and yuan, as well as debt-instrument clearing.

ECONOMY

Mainland credit growth

stays on track following
monetary easing moves
................................................
Agencies in Beijing and Shanghai
The mainlands broadest measure of new credit increased in
August, suggesting demand for
loans is holding up after renewed
rounds of monetary easing that
followed the stock-market debacle of the past three months.
But banks extended less than
expected in new loans last
month, as the impact of the governments massive stock market
rescue in July faded.
The central bank also said it
would tweak the way it assessed
banks reserve ratios, using average levels over a period instead of
daily calculations.
The new methodology, to
take effect on September 15,
could help release liquidity and
maintain stability in money markets, the Peoples Bank of China
said.
Aggregate financing rose to
1.08 trillion yuan (HK$1.31 trillion) in August, from 718.8 billion
yuan in July, according to a report
from the central bank.
Credit growth is staying on
track despite the stock market
volatility, said Larry Hu, head of
China economics at Macquarie
Securities in Hong Kong. Were
going to see a pickup in the fourth
quarter for economic growth.
The credit data offers slight
relief to policymakers, as factory
deflation deepens to the worst
level since 2009 and pushes the
real interest rates higher for an industrial sector already hurt by
overcapacity and weak demand.
Slumping exports and manufacturing may help spur more easing
in addition to the rounds that followed the stock-market slide.
New yuan loans fell to 809.6
billion yuan after surging to a sixyear high of 1.48 trillion yuan in
July on government stock rescue

efforts. M2 money supply rose

13.3 per cent from a year earlier.
The money supply matched analysts forecasts, while economists
had projected an 850 billionyuan increase in new loans.
ANZ said the central bank was
expected to lower the banks reserve requirement ratio by another 50 basis points in the fourth
quarter to encourage banking
lending and maintain liquidity.
A month-on-month decline
of new loans in August wasnt unusual because the record high in
new loans last month was just a

1.08tr

Aggregate financing rose to

this much, in yuan, in August,
from 718.8 billion yuan in
July

result of the massive lending to

the securities industry for stock
market intervention, said Qilu
Securities chief strategist Luo
Wenbo. Given the lacklustre
auto sales and consumer spending, the big drop was in line with
expectations.
The figures showed that companies were still showing a lukewarm response to fresh investments while chasing new growth,
said Li Huiyong, chief economist
at Shenwan Hongyuan Securities. The national economy
lacked a real driving force based
on the current situation. It is expected that policy support will be
given to sustain economic
growth.
Bloomberg, Reuters
Additional reporting by Daniel Ren

A4 Saturday, September 12, 2015

FOCUS

HISTORY OF LEARNING THATS

a study in politics
Political considerations have been at play since founding of the University
of Hong Kong in 1911, although there have been changes since handover
................................................
Cannix Yau
cannix.yau@scmp.com
There are always two sides to
every story.
So with the University of
Hong Kong, which is at the centre
of a storm over the delayed
appointment of pro-democracy
scholar Johannes Chan Manmun to the post of pro-vicechancellor. It raises not only the
issue of institutional autonomy
but also concerns over HKUs
future as its campus becomes a
political battlefield that may endanger its reputation.
Yet the universitys history of
over 100 years shows that politics
has always played a role from its
founding in March 1911 up to the
present day.
A key difference between the
colonial administration and the
SAR government is the former
embraced the philosophy of
keeping your friends close but
your enemies closer, while the
latter is leaning towards a positive-intervention approach that
could fan the flames of conflict,
critics told the Post.
So politics in HKU has always
been a very complicated matter.
Its not just black and white, there
are many shades of grey, said Dr
Peter Cunich, associate professor
in the universitys department of
history.
I think what most people
dont realise is that there is this
complexity. Most people only
understand it in a simplistic way.
But when you look at the history
of the university, it is a whole
range of complexity hidden
beneath the surface.
An imperial university
HKUs establishment was based
on the proposition that it should
be an imperial instrument for
the purpose of spreading British
influence in China, a political
idea canvassed by then governor
Frederick Lugard, widely regarded as the founder of HKU, soon
after he came to Hong Kong in
1907.
According to A History of the
University of Hong Kong, vol. 1,
1911-1945 written by Cunich, the

It seems that the

chancellor has
abandoned the
laissez-faire
approach
FORMER OFFICIAL ELIZABETH WONG

university was not just a colonial

project for Hong Kong, but an
imperial scheme which would
influence relations between the
greatest Western power and the
rising giant ofAsia.
The universitys purpose was
therefore to promote Western
knowledge with the training of
technical personnel and assist in
the awakening of China
through the promotion of patriotism, British ideals of justice and
fair play and the suppression of
any revolutionary ideas during
the sunset years of the Qing
dynasty, the book says.
Lugard had his own idea
about what the university should
be used for in the future, obviously bringing modernity to
China, especially British modernity and the English language,
etc, said Cunich. This was very
much a form of cultural imperialism but I think this was certainly
very much a political element too
as well.
His imperial idea about HKU,
however, was received with scepticism by the British government
in London for fear of sowing the
seeds of anti-Western sentiment
among Chinese students. The
British government finally
approved the grant of land but
was unwilling to provide funds to
create the university.
Being the patron of the Hong
Kong College of Medicine where
the founder of modern China,
Sun Yat-sen
, graduated
as the colleges first alumnus,
Lugard also advocated the incorporation of the college into the
university as a strategy to consoli-

date donations. But things did

not turn out the way he expected
when Sun overthrew the Qing dynasty in October of the same year.
Sun, nowadays considered a
symbolic figure for HKU as a
licentiate of the earlier college,
was in fact regarded as an
enemy throughout the 1920s
and 1930s by the university and
the colonial government because
of his anti-imperialistic stance,
Cunich said.
Even when he was invited by
the students union to visit the
university in February 1923, it was
all for the purpose of working out
a plan for cooperation between
the British government and his
political regime.
When he proclaimed in his
address that Hong Kong and this
university were my intellectual
birthplace and Hong Kong was
the place where he obtained his
revolutionary and modern
ideas, Cunich believed Sun was
being very political.
This was a huge political consideration, he explained. The
problem for the British was that
Dr Sun was very anti-imperialist.
The local British people in Hong
Kong hated Dr Sun because of his
anti-imperial stance.
To their dismay, the negotiations fell through and Sun once
again turned against the British
government, leading to a breakdown in their relationship.
Still, Sun was widely adored
by students as a Chinese republican hero, with a number of
students and graduates joining
revolutionary activities on the
mainland.
After the death of Sun in
March 1925, HKU began to
employ high-handed methods to
clamp down on Suns influence
on student activity, such as banning any celebration of his life or
reading of his will on campus.
Governor frowns on radicalism
The governor, acting as HKUs
chancellor, also tried to keep a
tight grip on student politics.
The government here in
Hong Kong was very worried
about students radicalism. And
back in those days, there were
continued efforts at HKU to
ensure there was no political
activity within the university,
the historian noted.
The political clampdown was
halted in 1937 when the second
Sino-Japanese war broke out,
prompting HKU students to
come out in support of their
homeland a movement too
overwhelming for even the university to suppress.
The political activities of students were tolerated by both the

didnt cross the line, they would

use a soft approach in resolving
disputes.

government and the university as

long as they did not become too
extreme and were kept within
boundaries. So it was always
radicalism, radical action the
Hong Kong government most
feared among the students,
Cunich said.

Changes after 1997

Fears of communism
When the Communist Party
came to power in 1949, the university sought to distance itself
from the regime and tried to stub
out communist activity on campus. One lecturer named Chan
Kwan-po, who had been instrumental in maintaining university
libraries during the war, was considered too closely involved with
communist groups and was
forced to take early retirement at
the age of 55.
He was a really great guy.
This is a terrible blotch on the
universitys reputation that they
got rid of him because of his communist sympathy. But it shows
you how serious both the university and government considered
communist activity, Cunich
said.
Students became more concerned about their studies and
career prospects than political
affairs across the border as they
began to demand financial assistance in 1968, recalled Andrew
Fung Ho-keung, chief executive
of the Policy Research Institute,
who graduated from HKU in
1969.
Their calls prompted the government to introduce grants and
loans for university students in
1969 and also to speed up the
lengthy process of localisation of
the civil service. Former chief
secretary Anson Chan Fang Onsang, former security minister
Regina Ip Lau Suk-yee and
former civil service head Lam
Woon-kwong were examples.
Fung said localisation was
part of the governments carrotand-stick strategy to soothe political tensions especially in the
wake of the 1967 riots when leftist
protesters organised large-scale
anti-colonial activities that later
turned violent.
Expatriate officials were
largely out of touch with the local
community. Localisation could
provide a career ladder for local
graduates and people, and also
an effective means of communication for local people to air their
grievances, he explained.
Even so, students sense of
nationalism did not show signs of
abating with calls for Chinese to
be made an official language,
which was achieved in 1974, and
protests against Japans occupation of the Diaoyu Islands.
I know that we were being
monitored at that time by the
colonial government, albeit in a
subtle way, said Fung, who was
involved in the protests. Fortunately the students in those days
were not confrontational or radical because there werent any
political parties.
I think the colonial government was very skilful in tackling
student activists. As long as you

HKU protests are not a recent phenomenon. Photo: Felix Wong

104 YEARS OF POLITICAL CONTROVERSY

When HKU was formally established by ordinance on March 30 1911, it
stated the maintenance of the good understanding with the
neighbouring country of China as one of the universitys founding
purposes.
In 1926, a politically active professor of education, John Smith, a
regular columnist for the South China Morning Post at that time, was
forced to resign because of the universitys fears that he would
corrupt the student body.
In 1958, HKU reoriented its primary goal to training officers for the
colonial government following the enactment of a new University of
Hong Kong Ordinance with the deletion of the clause related to China,
representing a deviation from the original goal of awakening China.
In 1972, in line with the localisation policy, Rayson Huang Li-sung
took over the universitys leadership as its first Chinese vice-chancellor.
He remained at the helm for 14 years. Huang also dedicated the
campus square and steps to Sun Yat-sen as he regarded him an
important figure in the universitys history, a marked contrast to the
hostile approach taken by his predecessors.
In September 1998, the Hong Kong University Students Union
passed a motion to bring the Pillar of Shame, a sculpture marking the
June 4 crackdown, to the university despite opposition from the
university.
In 2000, HKU pollster Robert Chung Ting-yiu alleged he had faced
political pressure from former chief executive Tung Chee-hwa through
university heads to discontinue his popularity polls on the chief
executive and the SAR government, raising questions of political
interference in academic freedom. An HKU investigative panel
concluded there were covert attempts to pressure Chung into
discontinuing his polls, resulting in the resignations of vice-chancellor
Cheng Yiu-chung and pro-vice chancellor Wong Siu-lun.
Cannix Yau

After the handover, the chief

executive inherited the tradition
of succeeding the colonial governor as ex-officio chancellor.
In comparing their different
approaches to university affairs,
critics agree that the colonial governors took a laissez-faire approach unless they felt it necessary to step in, while the chief
executives tended to favour a
positive-intervention approach
by wielding more power.
In the colonial days, the university would tackle problems
covertly to stop them from growing, instead of fanning the flames
of controversy, said Elizabeth
Wong Chien Chi-lien, who graduated in the early 1960s and later
became health secretary from
1990 to 1994.
Now unlike in the past it
seems that the chancellor has
abandoned the laissez-faire
approach and would like to make
ado about nothing, she said.
Cunich said the big difference
between the governor and chief
executive was the way they exercised their power to appoint
members of the council, the universitys governing body.
In the pre-handover period,
the university would send out a
list of nominations to the governor and the governor would
appoint the people the university
nominated, he explained. The
system after the handover has
been that the chief executive
appoints who he wants.
Both Fung and Wong
expressed fears that the current
political tussles over the appointment of Johannes Chan would
tarnish HKUs image and deter
talent from studying or teaching
at the university.
Wong called for a study of
mainstream overseas practice to
see whether there was a need to
revamp HKUs governing structure to safeguard university
autonomy, taking into account
HKU is a government-funded
institution.
Cunich said according to
international norms, election is
regarded as the best way of finding a chancellor, and Hong Kong
is a rare case of having a chancellor appointed because it is an exofficio office. In most British universities, the chancellor is
appointed by the council for a set
term, but at Oxford and Cambridge the chancellors are elected
in a formal ballot.
It does not really have much
to do with fear of government
interference, but rather is based
on the idea that universities are
self-governing corporate bodies
that know best who should be
their chancellor, he said.

SOUTH CHINA MORNING POST SATURDAY, SEPTEMBER 12, 2015

A5

A6 Saturday, September 12, 2015

[The partys] legitimacy was maintained

by relying on economic growth, but now
economic growth is facing problems

BRIEFS

Nationwide check over

illegal GM soybeans

ZHANG LIFAN, BEIJING-BASED POLITICAL ANALYST > CHINA A7

The mainland will launch a

nationwide investigation over
the suspected illegal cultivation
of genetically modified crops,
the Agriculture Ministry said on
its website. The investigation
follows a report by a financial
newspaper this week that
genetically modified soybeans
had been found in the
mainlands top growing area for
the plant. Some farmers in
Heilongjiang
province
were growing GM soy crops
illegally to seek higher yields, the
China Business Journal reported.
Reuters

Salute
en route
Members of the Peoples
Armed Police stand on a
train platform in
Chongqing
and
salute retiring members
travelling home by train
after two years of service.
About 1,000 officers were
making the journey.
Photo: Xinhua

State Council direction

for local health care
The State Council has issued
guidance on health care reform
to direct resources at the grassroots level. Xinhua reported that
local health institutions would
create general health centres
with a wide range of services and
allow doctors to practise in
different institutions. The
mainland would also train more
general practitioners until there
was one for every 3,000 to 5,000
residents. Staff Reporter

Vietnamese deputy PM
ANALYSIS
Phuc to visit China
Vietnamese Deputy Prime
Minister Nguyen Xhan Phuc will
pay an official visit to China next
week, Chinas foreign ministry
spokesman Hong Lei
said.
Staff Reporter

12 dead in pile-up
caused by wine spill
A slick of rice wine spilled from a
truck, resulting in a pile-up that
killed 12 people on a highway in
Xinyang
in Henan
province, county authorities
said. AP

ONLINE
Get the latest stories today
For breaking news and updates on
China, go to scmp.com/news/china

FEARS LINGER AFTER STOCK ANSWERS

Premiers appearance at the World Economic Forum in Dalian did little
to dispel concerns about prospects for the mainlands share markets
................................................
Wendy Wu in Dalian
wendy.wu@scmp.com
When a moderator asked people
at a World Economic Forum discussion panel this week about
their willingness to hold Chinese
stocks, hesitation prevailed.
Fewer than 20 people in the
room of roughly 200 attendees
raised their hands when CNBC
anchor Geoff Cutmore asked on
Wednesday how many people

there would buy and hold Chinese stocks for at least one year,
believing they would increase in
value in that time.
That response reflected the
global tension about uncertainties in mainland financial markets, despite Beijings rescue
efforts. It was also on top of general criticism that the government had not communicated
about policies with enough
depth or speed.
Premier Li Keqiangs

meeting with selected business

executives later on Wednesday
and his opening speech to the
event on Thursday did not completely dispel those concerns.
Li underscored Beijings position that it did not favour a global
currency war or a continuous
deprecation of the yuan. He also
ruled out using quantitative easing as a policy tool to help the
worlds second-largest economy.
Li has told us what he can say,
but still it is not a satisfactory an-

swer and it is not enough to dispel

our doubts about the market and
economy. We are still gloomy, a
managing partner with a private
equity firm said.
Li said a quick and strong fix
was not a policy option, while
also ruling out the prospect of a
hard economic landing.
Xu Shaoshi
, head of
the National Development and
Reform Commission and the
only minister-level official at the
meeting, repeated the clich that
short-term volatility was normal.
But he offered no policy insight.
When the economic environment is good, officials are

talkative, but they get conservative and go quiet when the situation is bad, the private equity
executive said.
Lin Boqiang, dean of Xiamen
Universitys China Institute for
Studies in Energy Policy, said Lis
remarks, though partly a repeat
of previous comments, offered a
broad assessment of the economy. But the key now was to reverse market expectations and
prevent the economy from deteriorating further, tasks that
would take the joint effort of officials and business.
Speak less but do more, Lin
said.

TERRORISM

Bangkok bomb
mastermind
ed to Beijing
Suspect left Thailand on eve of blast, heading to
capital after two weeks in Bangladesh: police

Despite the premiers commitment to market-oriented reforms, forum attendees still have
no idea of details of how the government will proceed.
The executive of the private
equity firm said transparency
had always been a problem for
the government.
It wont be resolved thoroughly even in the next generation of leadership, she said.
Tsinghua University economist Li Daokui suggested the government send a clear signal to the
market by giving details of reforms, especially those related to
state-owned enterprises.

IS hostage
appears to
be missing
Chinese man
Man kidnapped by
Islamist group
matches description,
foreign ministry says

................................................
Reuters and
Agence France-Presse

................................................

The suspected mastermind of

last months deadly bomb attack
in Thailand travelled to Beijing
via Bangladesh on a Chinese
passport in late August, Bangladeshi police said yesterday.
No group has claimed responsibility for the August 17
attack at a Hindu shrine in Bangkok, which killed 20 people, including seven from mainland
China and Hong Kong.
The suspect, Abdusataer Abudureheman, also known as Izan,
fled on the eve of the blast to Bangladesh and spent two weeks
there, Bangladeshi police said.
The man Thai police believe organised the plot is said to have
taken a flight from Dhaka to Beijing on August 30, when the capital was under heavy security for
the massive military parade.
We verified the message and
found that he came to Dhaka on
the Biman Bangladesh Airlines
flight No BG0089 and flew out to
Beijing on August 30 on a Jet Airways flight, Bangladeshi police
spokesman Nazrul Islam said.
He was travelling on a Chinese
passport.
The police were looking for
the suspects hotel in Dhaka.
Thai Prime Minister Prayuth
Chan-ocha said at Government
House yesterday morning that
his government had already requested Chinese help in tracking
Izan down, according to Thai
media.
The foreign ministry gave no
immediate comment.
Jet Airways said the company
did not have direct flights from
Dhaka to Beijing.
If the suspect left for Beijing
on a Jet Airways flight as the police suggested, he would have
needed to transfer twice in New
Delhi and Hong Kong.
The investigation gained momentum after information was
given by one of two detained suspects, who was arrested with a
Chinese passport bearing the

The foreign ministry said yesterday a Chinese national reported

as being held hostage by Islamic
State insurgents appeared to be
one of its missing citizens.
Islamic State, which controls
territory in Iraq and Syria, published two pictures of men they
called prisoners in their English-language magazine Dabiq
this week.
The hardline Islamist group
said one was from Norway and
the second was a Chinese man
identified as Fan Jinghui. It has
executed an unknown number of
hostages over the past year.
After initial verification of the
relevant media reports of the two
hostages, one of them matches
the characteristics of a Chinese
citizen who has gone missing
overseas, ministry spokesman
Hong Lei
said.
Hong said China had
launched an emergency response mechanism, reiterating
the government was firmly opposed to violence against innocent civilians. He did not give
further details.
The magazine shows Fan,
identified as a 50-year-old freelance consultant from Beijing,
against a black background wearing a yellow top, and provides a
telegram number for anyone
who wishes to pay his ransom. It
is unclear where he is being held
and did not give a ransom
amount. State-run The Beijing
News said it had located an advertising company in western Beijing registered to Fan using the
partial address provided in the
magazine.
No one answered the door of
the company, located on the fifth
floor of a low-rise residential
building, when reporters visited.
Neighbours said they did not
know him well.
His face is familiar but he
hasnt been around here for a
long time, said one elderly woman, who didnt want to be named.

Reuters in Beijing

People pray at the site of the

deadly bomb blast in Bangkok.

He flew out
to Beijing on
August 30
travelling on a
Chinese passport
BANGLADESHI POLICE

name Yusufu Mieraili. Mieraili

admitted to giving a bag containing the device to the bomber.
He also said Abudureheman
had given orders to the plotters.
Thai visas were issued in
Kuala Lumpur to both Abudureheman and Mieraili in October
2014 and February 2015
respectively, according to a diplomatic source.
The use of Chinese passports,
at least one of which stated Xinjiang
as a birthplace, adds
fuel to speculation the bombing
may have been a revenge attack
by sympathisers of Turkic-speaking Uygur Muslims.
Thailand was widely condemned in Turkey for forcibly repatriating 109 Uygurs to China in
July, though Uygurs say they are
persecuted in Xinjiang.
Many Uygurs from the region
have travelled via Southeast Asia
to Turkey.
Beijing has accused the group
of fleeing abroad illegally and
claims some of them have joined
terrorist groups overseas.
Additional reporting by Andrea Chen

Saturday, September 12, 2015 A7

CHINA
Starry highlight

TECHNOLOGY

REPORTERS
BEWARE:
SOFTWARE
MAKES NEWS

Environmental reform
masterplan approved
................................................
Jun Mai
jun.mai@scmp.com

Tencent publishes word-perfect business article

on inflation, complete with analysts comments,
crafted in a minute by a computer programme
................................................
He Huifeng
huifeng.he@scmp.com
Internet giant Tencent has published a business news report
written by a computer programme on its popular online
portal.
The report, which carried the
byline Dreamwriter, was a 916word flawless dispatch about the
latest economic data showing
last months inflation rise, complete with quotes from experts.
It appeared on the Tencent
portal on Thursday, with the
headline: August CPI rises 2 per
cent, a 12-month high.
According to Science and
Technology Daily, Dreamwriter
is a computer programme developed by Tencent for automati-

The piece is very

readable. I cant
even tell it
wasnt written
by a person
LI WEI, REPORTER

cally creating content, although

so far the company is keeping
quiet about the achievement,
and has yet to release an official
statement.
It reportedly created the article in one minute, and included
several comments from analysts
about the prospects of Chinas
economy.
The piece is very readable. I
cant even tell it wasnt written by
a person, said Li Wei, a reporter
based in Shenzhen in Guangdong province.
Computer-generated news
stories have been around for several years.
In the United States, millions
of articles are written, produced

and published entirely by computers. Narrative Science, a Chicago-based company, has been
pouring out clean copy about
sport and business since at least
2012.
Its subscribers include the
websites of Forbes magazine and
the Big Ten Network, a broadcaster dedicated to American
university football.
The software uses algorithms
designed to collate data, find patterns and pull quotes from
sources by sifting through reams
of material, including information gleaned from online.
The algorithms learn to identify turning points the most
dramatic moments in a game of
sport or a business transaction
and highlight them.
In an interview with Wired
magazine a few years ago, Narrative Science co-founder Kris
Hammond predicted that more
than 90 per cent of the news in
the US would be written by computer programmes by 2027.
Chinese media reported the
Tencent article was so well composed that some local reporters
were worried about the future of
their careers. Ive heard about
automated reporting for a long
time, but thought they only operated in the United States and Europe, Li said. Im not ready to
compete with it yet.
The digital-driven correspondents have their human counterparts beaten not only on speed
and probably accuracy, but a
computer programme will get
along fine with government
censors.
You know, many reporters
working for government-run
newspapers across the country
usually copy and paste the statements and news press, one
Guangzhou-based reporter said.
They are not allowed to express doubt or really investigate
reports against the authorities. So
robot reporters could easily replace a lot of Chinese reporters
like this nationwide.

POLITICS

Talk of partys legitimacy

breaks with tradition
................................................
Nectar Gan
nectar.gan@scmp.com
Open discussion by top graftbuster Wang Qishan
about the legitimacy of the ruling
Communist Party a topic long
deemed unquestionable has
raised the eyebrows of some
commentators.
The legitimacy of the Communist Party of China derives
from history, and depends on

Wang Qishan

The will of the

people is
reorganised into
line with what
the party wants
STEVE TSANG

whether it is supported by the will

of the people; it is the peoples
choice, Wang said when meeting some 60 overseas attendants
of the Party and World Dialogue
2015 in Beijing on Wednesday.
Analysts said the aberration
was a step forward but some disagreed with Wangs interpretation of legitimacy.
Zhang Lifan
, a Bei-

jing-based commentator, said

Wangs remarks reflected a shift
of attitude in the party as a result
of intensified social conflicts and
increasing pressure from an
underperforming economy.
In the past, the issue was not
allowed to be discussed, because
the [party] thinks [its rule] is justified unquestionably. As the old
saying goes, political power
grows out of the barrel of a gun.
They fought their way into the
ruling position, instead of being
elected into it, Zhang said.
Its legitimacy was maintained by relying on economic
growth, but now economic
growth is facing problems. In the
past people thought [the party]
could continue governing and
did not have strong opposition to
it because they still had money in
their pocket. Now the size of their
pockets have shrunk, he said.
Zhang Ming
, a political
scientist with Renmin University,
applauded Wangs courage, but
disagreed with his use of legitimacy. You cant talk about legitimacy merely from a historical
perspective. How to let the people express their approval or disapproval [of the government]?
The ballots are the most obvious
way, he said.
Steve Tsang, a senior fellow at
the China Policy Institute of the
University of Nottingham, said
the legitimacy Wang mentioned did not mean democratic
accountability.
The will of the people, in
Chinas political reality, is collected and reorganised into something in line with what the party
wants, he said.
Then [it] uses the powerful
propaganda machinery to ensure the people embrace the
newly reformulated views as
their own.

POLICIES

People visit the Van Gogh Alive exhibition at Joy City in Beijing yesterday. Some 3,000 images
associated with Vincent van Gogh, including Starry Night, above, are on display. Photo: Reuters

Beijing has approved a masterplan for environmental protection reforms that deals with economic incentives, property rights
for natural resources, land planning, officials performance appraisals, and law enforcement.
The blueprint approved by
the Communist Partys Politburo
yesterday follows the partys
pledge in late 2013 to nurture
back to health the environment
after decades of breakneck economic development.
The Politburo said institutional reforms for environmental
protection were indispensable.
The country should respect
nature, adjust to nature and protect nature. Economic development and environmental protection should be coordinated.
It said a framework was needed for such reforms and called for
a clear ownership system for natural resources and systems for
compensation, evaluation and
responsibility.
The Politburo said fines for
polluting companies should better reflect the scarcity of natural
resources.

Writing in Caixin Weekly in

July, Yin Yanlin, a bureau chief at
the general office of the Leading
Group for Financial and Economic Affairs, argued that such
reform was necessary, as land,
water and certain mineral resources were priced far below the
market rate.
He said economic measures
such as taxation and levying fees
could be used to better charge
polluters.
The masterplan envisages involving multiple parties in protecting the environment, as well
as taking a more proactive approach to international partnerships on environmental issues.
Multiple parties include the
government, companies, the
public and community groups,
said Wang Jinnan, deputy director of the Chinese Academy for
Environmental Planning, under
the Ministry of Environmental
Protection.
Chang Jiwen, an environmental academic at the Chinese
Academy of Social Sciences, said
in the past China had often acted
on environment issues only
when pressured by the international community.
Now it will take more proactive steps, Chang said.

A8 Saturday, September 12, 2015

CHINA
Dark arts
master
Celebrated dancer
Yang Liping performs
Under Siege - The Full Story
of Farewell My Concubine
in Kunming
in
Yunnan
province.
Yang is a member of the
provinces Bai ethnic
minority. In the mid-1980s,
she created her dance
drama Spirit of the Peacock,
which was featured in the
closing ceremony of the
11th Asian Games.
Photo: Xinhua

CHINA
DIGEST
Tourism agency pledges
toilet revo-loo-tion
NATIONAL Tourists queuing to
use toilets at the mainlands top
attractions should not have to
wait in line for more than 10
minutes, the China National
Tourism Administration has
vowed after revealing new plans
for a toilet revo-loo-tion,
mainland media report.
All tourist sites classified as
3A or above the third-highest
ranking in a five-tier system
rated according to the
attractions importance will
undergo a one-month
refurbishment to boost hygiene
standards, the Beijing Times
reports.

Under new rules, the wait for a

toilet will be 10 minutes at most.
Peng Decheng, an
administration official, called
the measures a toilet revo-lootion, and said existing
standards of hygiene of toilets at
tourist sites needed to be
improved to ensure visitors did
not have to line up for more than
10 minutes to use the facilities,
the report said.
He added the reforms were
also aimed at toilets at
restaurants, accommodation,
shopping centres and car parks
at tourist sites.
Peng did not say when the
month-long improvement work
would begin.
But he said that after it was
complete officials would carry
out spot checks in certain areas
and issue warnings to those
places that failed to meet the
new standards.

boss-thanking ceremony on
video. A resident was quoted in
the report as saying the
restaurant chain planned to
share the footage with other
outlets to promote corporate
culture.
But many residents accused
the employer of lacking respect
for the workers, with some
saying the move might be
against the law.

College students in lucky

draw to choose majors
HUNAN Hundreds of civil
engineering students at a college
in Hengyang
have been
told to take part in a lucky draw
to determine their major areas of
study, according to a newspaper
report.
About 500 second-year
students in the civil engineering
faculty at the University of South
China took part in the draw
earlier this month, the
Changshan Evening Post
reported.
The draw decided which
students were allocated to
courses, including road and
bridge construction, water
supply and engineering
accounting.
The faculty director said they
could not come up with a better
way to convince students to take
the less popular subjects.
The top performing onethird of students were allowed to
pick their own majors while the
rest had to comply with the
results of the draw.
All students tend to choose
one or two popular areas.
Meanwhile, some less popular
ones do not get enough
students, the director said.
We cannot think of a better
solution than a lucky draw. We
know some other universities in
Hunan have adopted the same
practice.

New safety rules to

cover industrial dust

PLA pilot takes detour

after military parade
NATIONAL A colonel with the
PLA Air Force was so proud to be
in last weeks military parade in
Beijing marking the 70th
anniversary of the end of the
second world war that he took a
short detour back to base
leading his team of 10 armed
helicopters in a fly-past over his
hometown, mainland media
report.
Xu Desheng, who flew at the
front of the helicopter formation
during the parade, chose a route
that took the aircraft over the city
of his birth, Xiantao
in
Hubei
province, as they
returned to Guangzhou, the
Chutian Metropolis Daily said.
After leaving home many
years ago, I missed the old folks
in my hometown very much,
said Xu, 40, a star pilot in the
army. I hoped to take a look at
my birthplace from the sky one
more time and share my pride at
the special occasion with
everyone there.
His application to make the
detour to Xiantao was approved
by the Peoples Liberation Army,
the report said.
At around noon, after the
parade was over, the helicopters
appeared above Xiantao, then
changed their formation in the
sky, to acknowledge those
watching below, before flying
south towards their base.
Its really spectacular,
many local residents said on
social media. Weve never seen
so many helicopters before.

Waiters forced to
kowtow to bosses
LIAONING A hotpot restaurant in
Shenyang
made
employees kneel on a street and
show gratitude to their bosses in
a display that many residents
saw as insulting to the workers,
mainland media report.
A picture carried by the
Liaoshen Evening News showed
a dozen waiters, all wearing red
uniforms, kowtowing to the
restaurant managers in a public
square in the centre of the city.
According to the report, the
workers chanted: Thank you
boss! Thank you for giving me a
job.
Another 50 employees
watched from the sidelines. The
restaurant had assigned a
person to record the entire

Waiters chant their appreciation

to their bosses in a square.

The guidelines aim to avoid a

repeat of the Jiangsu explosion.
BEIJING The mainlands work
safety watchdog has released
new rules for flammable
industrial dust after a fatal blast
at a metal factory in Jiangsu
province last year, Xinhua
reports.
The regulations issued by the
State Administration of Work
Safety include a directory listing
flammable dusts in various
industries as well as guidelines
to avoid explosions.
The directory, which is the
first of its kind on the mainland,
specifies 45 types of dangerous
dusts and the conditions under
which they might cause an
explosion.
Employers should also
provide training to their
employees about the risks of the
material and train them on what
to do in the case of an explosion.
In August last year, a metal
products factory in Kunshan
exploded when dust built
up and caught fire.
At least 146 people were killed
when dust ignited at the car
parts factory owned by Kunshan
Zhongrong Metal Products.
The explosion originated in
the polishing workshop.

Universities try to
calm anxious parents
BEIJING A number of
universities have hosted a series
of counselling sessions not for
new students but for parents
suffering from separation
anxiety, Beijing Youth Daily
reports.
Zhang Jing, who specialises
in mental health at the
Communication University of
China, said many parents had
difficulty leaving the campus
after sending their children off to
classes.
So this year, they offered a
seminar for parents on the first
day of school, which drew more
than 600 participants.
Last year, there were more
than 40 parents who called me
to say they felt really bad after
their children had left home. We
told them to be courageous and
accept the separation and find a
better life, Zhang was quoted as
saying.
The report said it was
common on the mainland to see
four or five family members
accompanying a student to
campus on the first day of
university.

Saturday, September 12, 2015 A9

Whatever sentence the judge

hands out, it should be
able to satisfy the public

BRIEFS

Four killed during

fighting in Kashmir
SRINAGAR Fighting in Indianadministered Kashmir killed two
soldiers and two suspected
rebels yesterday, as
representatives from India and
Pakistan met to discuss security
on the disputed frontier. The
deaths were the latest to occur in
recent weeks, which have seen
an upsurge in firing by both
sides across the heavily
militarised border. Police said
the fighting broke out late after
the army received a tip-off that
militants were in Laribal village,
some 70 kilometres northwest of
the main city of Srinagar which
lies in the Kashmir Valley. AFP

PROSECUTOR RAJA THAKARA WANTS THE MAXIMUM PENALTY FOR

THE 12 PEOPLE CONVICTED OF THE MUMBAI TRAIN BOMBINGS

JAPAN

JOSO COUNTS THE COST AFTER FLOOD

22 people missing and dozens stranded after
two days of torrential rain caused rivers to
swell and left large parts of city submerged
................................................

Guerilla groups want

say in ceasefire talks
YANGON Three ethnic armed
groups have called on the
Myanmar government to
include them in talks on a
ceasefire being negotiated with
other groups, after they had
been excluded following clashes
with the army near the border
with China. Myanmar President
Thein Sein met leaders of five
main ethnic guerrilla groups for
ceasefire talks in the capital
Naypyitaw. They have agreed to
hold another round of talks on
the draft of the deal in early
October. The exclusion of the
Arakan Army, Myanmar
National Democratic Alliance
Army and the Taang National
Liberation Army from the
signing has been one of the main
stumbling blocks in the
negotiations. Reuters

Associated Press in Joso

Ruptured riverbanks have left Joso inundated by a sea of brown water. Photos: AFP, Kyodo

Thai junta intensifies

crackdown on critics
BANGKOK Thailands premier
has threatened to prosecute
anyone who criticised him or his
government as the army
detained a former lawmaker for
attitude adjustment after he
slammed the juntas economic
policy. In a sign the military is
not easing its grip on dissent
nearly 16 months after seizing
power in a coup, former energy
minister Pichai Naripthaphan
and ex-MP Karun Hosakul
from the ousted Pheu Thai party
are being held for making
critical comments on social
media. This time I will not
forgive him if he fails to
understand. And if he repeats his
actions then he will be
prosecuted, Prayuth Chanocha said. AFP

JOSO RESIDENT HISAKO SEKIMOTO

Firefighters rescue an elderly

woman from a flooded area.

SOUTH KOREA

12 convicted for deadly attack on Mumbai trains

US envoys knife
attacker given
12-year jail term

Agence France-Presse
in New Delhi
An Indian court yesterday convicted 12 people over a series of
blasts that ripped through
packed commuter trains in the
financial capital Mumbai in 2006,
killing nearly 200 people and
wounding many more.
The men were convicted of
murder, conspiracy and waging
war against the country over the
coordinated series of attacks
during the evening rush hour

that also injured more than 800

people.
The Press Trust of India news
agency said the Mumbai sessions
court had acquitted one person
and convicted 12 after a trial that
has lasted nine years and concluded on August 19 last year.
Sentencing will be on Monday and prosecution lawyer Raja
Thakare said he wanted the
strictest possible punishment
for those convicted.
Whatever sentence the judge
hands out, it should be able to
satisfy the public, he said.

Lawyer Shahid Nadeem, who

represented all 13 defendants in
the case, said the prosecution
had failed to provide evidence
that Abdul Wahid Shaikh, who
was acquitted, had played any
role in the blasts.
He said he would appeal
against the convictions of the
other 12.
We are not satisfied with the
judgment and will approach
High Court against the convictions, he said.
In all, police charged 30 people over the bombings, including

13 Pakistani nationals, who along

with four Indian suspects have
yet to be arrested.
Seven blasts ripped through
the suburban trains during the
evening rush hour in July 2006.
The bombs were packed into
pressure cookers then placed
in bags and hidden under
newspapers and umbrellas in
the trains.
Prosecutors said the devices
were assembled in Mumbai and
deliberately placed in first-class
coaches to target the citys
wealthy Gujarati community.

VIRTUAL CURRENCY

ISLAMIC MILITANCY

Bitcoin exchange boss will

face embezzlement charges

Japan bolsters security

at embassies following
Islamic States threats

................................................
Agence France-Presse in Tokyo
Japanese prosecutors said yesterday they had charged the head of
collapsed bitcoin exchange
MtGox with embezzlement,
amid fraud allegations over the
disappearance of hundreds of
millions of dollars worth of the
virtual currency.
The indictment of Frenchborn Mark Karpeles, 30, comes
after he was taken into police custody in Tokyo last month over the
affair. He remained in custody
yesterday but has the option of
petitioning the court for release
pending trial.
The charges are tied to allegations that Karpeles falsified data
while another relates to claims he
pocketed millions of dollars of
bitcoin deposits.
He has been held without formal charge for six weeks, as allowed under Japanese law.
Karpeles was first taken into
custody over claims he fraudulently tinkered with data and
transferred funds to other firms
controlled by him dozens of
times between 2011 and 2013.
He was later rearrested for allegedly pocketing about 321 million yen (HK$20.6 million) worth
of bitcoin deposits, extending an
initial three-week incarceration
during which time police likely
grilled him over the incident.
Bitcoins are generated by
complex chains of interactions
among a huge network of com-

There was no
time to escape,
all we could do
was go upstairs.
It was horrifying

INDIA

................................................

Thai army chief-turned-premier

Prayuth Chan-ocha.

Houses lean forward, knocked

partially off their foundations.
The worst-hit are gone, their stillintact blue-tiled roofs left sitting
on debris-strewn mud. The
floodwaters have receded somewhat, but a vast area of the Japanese city of Joso remains inundated by a sea of brown water.
As the sun came out yesterday, shocked residents and
officials began to take stock of
the damage wrought the previous day when a rain-swollen
river burst through its eastern
bank, pouring in water so rapidly
that many people could only
clamber upstairs or to their roofs
to escape.
We survived but it looks like
some of our soybeans and rice
didnt, said Keiko Iita, 70, who
spent the night with her husband
and son on the second floor of
their house.
She wore gloves and covered
her face with a towel as she
helped clean a neighbours
mud-coated barn. Farmers were
clearing the mess in their fields
and assessing the damage to their
flattened soybean plants and
other crops.
Two days of torrential rain
caused flooding and landslides
across much of Japan this week.
The Fire and Disaster Management Agency said three people
died, including a woman in her
60s who was found after a landslide hit houses in Kanuma city,
and a woman in her 40s who was
in a car that washed away in
Kurihara city. A man in his 20s

died after falling into a drainage

ditch in Nikko city.
Some 300 kilometres north of
Joso, another river overflowed
into the city of Osaki yesterday
morning, swamping homes and
fields and stranding at least 60
people, according to media
reports.
But the hardest hit place
appeared to be Joso, 50 kilometres northeast of Tokyo. The
fast-rising waters in the city of
60,000 people led to a series of
dramatic rescues by helicopters
on Thursday.

Police and other emergency

workers fanned out the next
morning to search for the
missing, while helicopters and
boats brought in more of the
stranded. More than 280 people
have been airlifted out since the
serious flooding began.
City officials said 22 people
were missing after they had lost
contact with them following
requests for rescue. Three others
were injured, one seriously. More
than 3,500 people were staying in
schools, community centres and
other buildings converted to
evacuation centres.
Hisako Sekimoto, 62, spent a
sleepless night on the second
floor of her flooded house with
her husband and three cats
before they were rescued by a
military helicopter early yesterday. Minutes after the flood
gushed into the house on
Thursday afternoon, all of their
furniture was floating and the
water was up to her neck.
There was no time to escape,
all we could do was go upstairs.
It was horrifying, she said. I
kept praying the water wouldnt
come upstairs.
The evacuees arrived at an
athletic field in the city, carrying
a few clothes and food in shopping bags, some of them without shoes.
Reiko Yamaji, 75, was
stranded at a supermarket with
dozens of other shoppers while
she and her daughter-in-law
Tomoko, 41, were buying rain
boots. Part of the first floor was
submerged under water.
We spent the night in the car
parked on the rooftop parking
lot. Water was cut and toilets
were out of service, but Im so
glad we all survived, Yamaji said.
She said her son, who was
elsewhere in the city, was rescued
by a boat.

321m

Value of the bitcoin

deposits allegedly
pocketed by MtGox CEO
Mark Karpeles

puters around the planet, and

are not backed by any government or central bank, unlike traditional currencies.
Tokyo-based MtGox shuttered last year after admitting
850,000 coins worth around
US$480 million at the time, or
US$387 million at current exchange rates had disappeared
from its digital vaults.
The exchange, which once
said it handled around 80 per

cent of global bitcoin transactions, filed for bankruptcy protection soon after the cybermoney went missing, leaving a
trail of angry investors calling
for answers.
The company initially said
there was a bug in the software
underpinning bitcoins that allowed hackers to pilfer them.
Karpeles later claimed he had
found some 200,000 of the lost
coins in a cold wallet a storage
device, such as a memory stick,
that is not connected to other
computers.
But the whereabouts of the
money and Karpeles involvement appear far from solved.
Im happy the police have
made breakthroughs on investigating the missing fiat money,
but it would be unsatisfying if
after all this time all we get is a
conviction for manipulated records and embezzlement only
amounting to a fraction of all the
money people lost, bitcoin investor Kim Nilsson said.
It may be better than nothing
for the people who want to
see someone held responsible,
but I think we should be expecting more.
Yoshimitsu Homma, head
of the Japan Digital Money Association, called Karpeles arrest
good news.
But the issue is in the past
for the virtual currency world
itself, and more people are getting interested in digital money,
he added.

................................................
Agence France-Presse in Tokyo
Japan has ordered beefed-up
security at its embassies worldwide, a top official said yesterday,
after Islamic State (IS) highlighted its missions in Indonesia,
Malaysia and Bosnia-Herzegovina in a broader threat.
The move comes about eight
months after IS claimed to have
beheaded two Japanese hostages
in Syria and amid anxiety at
home over impending legislation
that critics fear could drag the
officially pacifist country into
wars overseas.
In its Dabiq online magazines latest issue, the Jihadist
group issued a broadly worded
threat against 70 crusader
nations and apostate armies.
What, for example, prevents
[a jihadi] from targeting... communities in Dearborn, Michigan,
Los Angeles, and New York City?
Or targeting Panamanian diplomatic missions in Jakarta, Doha,
and Dubai? Or targeting Japanese
diplomatic missions in Bosnia,
Malaysia, and Indonesia? Or targeting Saudi diplomats in Tirana,
Albania, Sarajevo, Bosnia, and
Pristina, Kosovo? it said.
Top government spokesman
Yoshihide Suga told reporters in
Tokyo yesterday that security
would be ramped up at Japans
nearly 200 diplomatic missions
around the world.
We are aware of the [threat]

and, in cooperation with host

countries, are tightening security, he said.
He did not elaborate on what
steps were being taken.
Erika Nakano, a spokeswoman for the Japanese embassy in Jakarta, said the heavily
fortified building already had
very tight security and business
was going on as usual.
We are okay and we have a
good relationship with the Jakarta police thats all I can tell you,
she said.
Japans parliament is expected to pass legislation next week
that will expand the role of its
military, and possibly put troops
into combat for the first time
since the end of the second world
war. However, there is no suggestion that Japan has any immediate plan to get involved in the
military campaign against IS.
Japan has long avoided involvement in Middle East conflicts and has rarely been affected
by religious extremism.
But in a video released in January, IS militants said they had
beheaded war correspondent
Kenji Goto, a week after the group
also claimed responsibility for
the death of his friend Haruna
Yukawa, a self-styled contractor.
Their killings came after Japanese Prime Minister Shinzo Abe
pledged US$200 million in aid for
refugees fleeing jihadist-controlled areas in Syria and Iraq
during a tour of the Middle East.

Court says Kim Ki-jong showed no repentance

and tried to justify his actions throughout trial
................................................
Agence France-Presse in Seoul
The man behind a shocking knife
attack on the US ambassador to
South Korea was convicted of
attempted murder yesterday and
sentenced to 12 years jail for an
assault that left the envoy needing 80 stitches to a deep gash on
his face.
Prosecutors had sought a 15year sentence for Kim Ki-jong, 56,
who lunged at Mark Lippert with
a paring knife during a breakfast
function in Seoul in March.
In passing judgment, the
Seoul Central District Court noted Kim had shown no repentance, attempting to justify his
actions throughout the trial.
The public attack on the
envoy of South Koreas most important military and diplomatic
ally and dramatic TV footage of
Lippert being rushed to hospital
clutching his bloodied face was
shocking for a country where
passionate political protest is
common but acts of such extreme violence rare.
There was also a degree of
shame and disquiet that a man
with a record of violence against
foreign envoys had been able to
carry out such an assault.
A maverick activist who was
known to police, Kim had been
handed a two-year suspended
sentence in 2010 for hurling a
rock at the then Japanese ambassador to Seoul.
The defendant, wearing a
blue prison outfit, closed his eyes
but showed little emotion as the
court verdict was read out.
He was then taken from the
court in a wheelchair he has been

using as the result of a leg injury

sustained while being tackled to
the ground after the assault.
Under police questioning,
Kim said Lippert was the symbolic target of his opposition to
annual US-South Korea military
exercises. The joint drills always
trigger a surge in tensions with
the North and Kim argued they
were responsible for blocking a
resumption of dialogue.
While admitting the assault,
Kim repeatedly denied any intent
to kill the ambassador, insisting
that his sole aim was to bring
attention to his campaign against
the military exercises.
The court acquitted Kim of
separate charges filed under
South Koreas strict National Security Law that bans any act seen
as aiding North Korea or promoting its ideology.
Kim has visited the North seven times and once tried to erect a
memorial in Seoul to the late
North Korean leader Kim Jong-il
after his death in 2011.
North Korea rejected accusations that it might have been behind the attack on Lippert as a
vicious smear campaign, although the official KCNA news
agency described the assault as
just punishment for Washingtons refusal to cancel the drills.
Lippert underwent two-anda-half hours of surgery after the
attack. There was no irreversible
nerve damage to his face but a
separate cut to his left hand damaged the nerves of his little finger.
South Korea has been largely
untouched by the spectre of terrorism, and the assault led some
to question whether it had become complacent.

Mark Lippert underwent two-and-a-half hours of surgery after the

attack by Kim Ki-jong, yesterday convicted of attempted murder.

A10 Saturday, September 12, 2015

Any time that you have multiple

shootings against American citizens
on a highway, thats terrorism

BRIEFS

Parts on runway point

to catastrophic failure
LAS VEGAS Jet engine parts
found on the Las Vegas runway
where a British Airways flight
aborted take-off as the engine
burst into flames indicate a rare
catastrophic failure, experts said.
Early findings show the failure
occurred where the engine was
under the highest pressure,
though there was no immediate
indication of what caused it or
the fire that forced 170 people to
evacuate at McCarran
International Airport. You really
dont see catastrophic or
uncontained engine failure like
this very often, said John Cox,
an aviation safety consultant. AP

ARIZONAS PUBLIC SAFETY DIRECTOR FRANK MILSTEAD ON THE SPATE OF SNIPER

SHOOTINGS TARGETING VEHICLES ON A PHOENIX FREEWAY > WORLD A13

EUROPES REFUGEE CRISIS

SINO-US RELATIONS

U.S. SEEKS
TO DEPORT
THOUSANDS
OF CHINESE

Music promoter held

for money laundering
SYDNEY Five men including a
well-known music promoter
have been arrested following an
investigation involving the FBI
into cocaine trafficking and
money laundering in Australia.
New South Wales police said the
case, which allegedly involves
money laundering through
casinos, dates back to 2011 when
they seized A$702,000 (HK$3.83
million) from a Sydney hotel
room. Well allege that the
criminal network involved has
been importing cocaine to
Australia and that approximately
A$5 million or so has been
laundered as a result of that
importation, Detective
Superintendent Scott Cook said.
AFP

Massive backlog of mainlanders awaiting

deportation has caused an issue likely to be
discussed during a state visit later this month
................................................
Reuters in Washington
and Los Angeles

Al-Qaeda a myth, says

Afghanistans Karzai
KABUL Hamid Karzai, the
former president of Afghanistan,
has questioned the existence of
al-Qaeda, and denied that the
9/11 terror attacks were planned
in Afghanistan. On the eve of the
anniversary of the 2001 attacks,
Karzai, who left office last year
after 12 years, used an interview
with Al-Jazeera to express his
doubt that the terrorist group
was responsible. I dont know if
al-Qaeda existed, said Karzai. I
have not seen them and Ive not
had any report about them, any
report that would indicate that
al-Qaeda is operating in
Afghanistan. It is for me a myth.
The Guardian

Hamid Karzai has questioned

the existence of al-Qaeda.

Russia urges world to

help arm Syrian army
MOSCOW Russian Foreign
Minister Sergey Lavrov has
called on world powers to help
arm the Syrian army which he
described as the most efficient
force against the Islamic State
group. The US and Nato have
raised concerns over Russias
military buildup in Syria since
they see President Bashar Assad
as the cause of the Syrian crisis,
which has claimed more than
250,000 lives in over four years.
Moscow has sought to cast arms
supplies to Assads government
as part of efforts to combat
Islamic State militants. AP

A woman cries as she crawls through the border police block in the southern Macedonian town of Gevgelija. Photo: AP

Obama says US should take 10,000

President asks staff to scale up the number of Syrian refugees admitted
................................................
Agence France-Presse
in Washington
US President Barack Obama has
asked for at least 10,000 Syrian
refugees to be admitted to the
United States next year, amid
criticism his government has
done too little to help.
Spokesman Josh Earnest on
Thursday said Obama had asked
staff to scale up the number of
refugee admissions, which are
likely to total around 1,800 in the
fiscal year ending September 30.
He has informed his team
that he would like them to make
preparations to accept at least
10,000 Syrian refugees in the next
fiscal year, said Earnest.
Around the world, voters
shocked by images of drowning
refugees have put pressure on

their governments to act. European countries have taken in

waves of migrants fleeing violence. Germany alone allowed
20,000 migrants into the country
last weekend and is preparing for
800,000 this year.
More than 62,000 Americans
have signed a petition calling on
Obamas administration to resettle at least 65,000 Syrians by 2016.
Earnest defended the administrations response, saying the
US could not realistically provide
sanctuary to the four million Syrians feeling a brutal civil war.
The United States currently
accepts around 70,000 refugees a
year from all conflicts around the
world and has been particularly
slow to accept Syrians.
Federal Bureau of Investigation director James Comey was
asked on Thursday about the risk

This is not
leadership,
it is barely
a token
contribution

checks designed to weed out extremists, even after being registered by the United Nations.
The process to bring refugees
here is careful and deliberate, a
senior State Department official
said on Wednesday. It takes between 18 to 24 months between
when a refugee is referred to us
and when they end up arriving in
the United States.
Each refugee and their family
is interviewed by the Department
of Homeland Security and names
are checked against government
databases. Advocacy groups
have called on the Obama administration to take in more refugees and do so more quickly.
This is not leadership, it is
barely a token contribution given
the size and scale of the global
emergency, said Human Rights
Firsts Eleanor Acer.
Additional reporting by Reuters

ELEANOR ACER, HUMAN RIGHTS FIRST

> HENGS VIEW A14

of Islamic State group extremists

infiltrating the Syrian refugees
coming into the United States.
Thats a threat we have to
worry about, he said. We have
to make sure we understand who
is coming in ... because there is a
risk here.
Refugees from the country
must undergo strict security

CHILD-KICKER CAMERAWOMAN PANICKED

A Hungarian camerawoman who caused global
outrage after being caught on film tripping and
kicking refugees as they fled police broke her
silence yesterday, saying she had panicked.
As I watch the footage now, its like Im not
watching myself. I honestly regret what I have
done and take responsibility for it, wrote Petra
Laszlo in a letter to Hungarian newspaper
Magyar Nemzet published on its website.
I panicked. Im not a heartless, childkicking racist cameraperson, she added.
In the footage, which spread rapidly across
the internet earlier this week, Laszlo, 40, can
be seen tripping a man sprinting with a child in
his arms, and kicking another running child

near the town of Roszke, close to the border

with Serbia.
She was fired from her job at N1TV, an
internet-based television station close to
Hungarys far-right Jobbik party, and also faces
criminal charges for breaching the peace.
She was detained for questioning by police
on Thursday and later released.
Only now could I get myself together
enough to be able to write. Im in a state of
shock because of what I did and what has been
done to me, she wrote to the newspaper.
I was recording with the camera when
hundreds of migrants broke through the police
cordon, one of them ran into me and I panicked.

I was afraid as they were rushing toward

me and then something snapped in my head. As
I had my camera in my hand I couldnt see who
was coming at me, my only thought was that I
was going to be attacked, and that I had to
defend myself, she added.
As a mother Im particularly sorry that fate
had it that a child was running at me, and I
wasnt able to sense that. Its not easy to make
a good decision when youre in a panic.
A Wall of Shame page on Facebook
featuring pictures, videos and commentaries
linked to the incident had gathered more than
35,000 likes by yesterday.
Agence France-Presse

CANADA

Linda Ching replaced as investor in merger

................................................
Ian Young in Vancouver
ian.young@scmp.com
The Nasdaq-listed firm which received a US$1million investment
in its upcoming merger from the
teenage daughter of Chinese corruption suspect Michael Ching
Mo Yeung says she no longer has
a stake in the deal and has been
replaced by another investor.
However, Premier Exhibitions the cash-strapped owner
of salvage rights to the Titanic
shipwreck did not respond
when asked who had taken ownership of the stock-convertible
debentures that were issued on
April 2 to 1030443 BC Ltd, a Canadian firm of which student Linda
Ching is the sole director.
Linda Chings investment was
part of a crucial US$13.5 million
financing deal for Premier that
was organised by Dinoking Tech,
as part of Dinokings planned
merger with Premier. Dinokings

majority owner, Bao Daoping,

will take over as executive chairman and CEO of the combined
firms, if Premier shareholders
agree to the merger next month.
Premier has been informed
by Dinoking that, on or about July
6, 2015, the investment in the
[funding] note by 1030443 BC Ltd,
was replaced by another investor
and 1030443 BC Ltd had no further interest in the note or, to the
knowledge of Dinoking, any other ownership interest in any other securities of Premier, Premier
said in a news release issued on
Wednesday.
According to Dinoking, it is
not party to any other agreements nor is Dinoking in any discussions with Michael Ching or
his relatives. Reports to the contrary are false.
Nineteen-year-old Linda
Chings initial role as a financier
of the deal was revealed by the
South China Morning Post last
week. Her companys invest-

ment was disclosed in documents lodged with the British Columbia Securities Commission
and the US Securities and Exchange Commission.
The debentures that were
issued to Chings firm are convertible into shares of the merged
company upon maturity of the
investment on April 2, 2016.
Neither Linda Ching, Bao,
nor Premiers interim CEO and
president Michael Little responded to the Post when asked to
identify the new owner of the
US$1 million stake, or to confirm
whether it had been resold by
1030443 BC Ltd.
The other three members of
the US$13.5 million financier
group pulled together by Dinoking include a named individual
whose identity the SCMP has
been unable to confirm, and two
firms registered in the British Virgin Islands, where ownership can
be kept secret.
Shareholders in Premier will

13.5m

Value, is US dollars, of
the Premier deal, which
included Linda Chings
investment

vote on the merger with Dinoking

a BC-based firm that specialises
in animatronic dinosaur displays
on October 29. Premier, whose
main asset is a collection of 5,500
Titanic artefacts, remains committed to the merger, it said in its
statement.
Linda Ching is the eldest
daughter of Michael Ching Mo
Yeung, a Vancouver property developer who is accused by China
of embezzlement and concealing
and transferring illegal gains, all
of which he denies. The Post does
not have evidence of his guilt or
innocence, and nor does it suggest wrongdoing by his daughter.
Michael Ching who is fighting for refugee status in Canada
is sought by Beijing and Interpol
under the name Cheng Muyang. He is the son of disgraced
Hebei communist party chief
Cheng Weigao, who was himself
investigated for corruption and
expelled from the party in 2003.
Cheng Weigao died in 2010.

In early June, in cities across

America, US immigration agents
arrested more than two dozen
Chinese nationals with unfulfilled deportation orders, telling
them that after years of delay,
China was finally taking steps to
provide the paperwork needed to
expel them from the US.
But not for the first time
China failed to provide the necessary documents, and three
months later not one of those
arrested has been deported, and
many have been released from
custody. They form part of a
backlog of nearly 39,000 Chinese
nationals awaiting deportation
for violating US immigration
laws, 900 of them classed as violent offenders, according to immigration officials.
The issue, which is likely to
come up during a state visit to
Washington later this month
by Chinese President Xi Jinping,
has further strained a US-China
relationship already frayed by
tensions over economic policy,
suspected Chinese cyber hacking
and Beijings growing military
assertiveness.
Meanwhile, China is pushing
the US on a different immigration
issue: the return of Chinese citizens it says are fugitives from corruption investigations at home.
The June arrests, described by
immigration lawyers, US officials
and some of the arrestees themselves, grew out of meetings
aimed at speeding up a clogged
process that has long frustrated
the US.
China has been extremely
slow, US immigration officials
say, to provide the proof of citizenship necessary to send visa
violators home. Some awaiting
deportation have been under
orders to leave for well over
a decade.
One of the immigrants detained in the recent sweeps was
Daniel Maher, who was arrested
as he left for work from his San
Francisco home on June 2.

Daniel Maher, ordered to return

in 2000, has remained in the US.
Taken to a US deportation office, Maher says, he was searched
along with 13 other Asian men
and put into a prison jumpsuit.
We were told there was a 99.9
per cent chance the travel documents were arriving to deport us
to China, said Maher, who was
born in Macau.
But Maher, who was convicted of holding up a San Jose auto
parts warehouse in the 1990s and
served a six-year term before
being ordered deported in 2000,
has since been released. In statement, ICE said Maher was let go
on August 14 after it became
apparent the agency would not
be able to obtain a travel document in the foreseeable future.
US frustrations over the massive deportation backlog come as
Beijing is pushing for more help
in tracking down and repatriating dozens of alleged fugitives
living in the US who are wanted
in China as part of a widespread
crackdown on corruption
dubbed Operation Fox Hunt.
Officials in the US put distance between the two issues,
saying there will be no quid pro
quo agreement to provide Operation Fox Hunt suspects in exchange for cooperation on immigration violators. But they acknowledged that there are parallel discussion on the matters.
But China sees the two as tied.
In a statement, Chinas Foreign
Ministry said: China believes
that there should be no double
standards when it comes to the
issue of handling the repatriation
of illegal immigrants, urging
support for Chinas efforts to
fight corruption.

DISCRIMINATION

Ellen Pao drops appeal

due to risk of more costs
................................................
Associated Press in San Francisco
The woman who lost her highprofile gender discrimination
lawsuit against a Silicon Valley
venture capital firm said she
was dropping her appeal and
ending the case that became a
flashpoint for inequality in the
technology industry.
Ellen Pao said on Thursday
she could not afford the risk of
incurring additional costs to fight
Kleiner Perkins Caufield & Byers.
A jury in March found that the
firm did not discriminate or
retaliate against Pao when it fired
her in 2012.
This battle has been painful
for me personally and professionally, and also for my family,
Pao said. It is time to move on. I
look forward to continuing the
conversation about workplace
equality and to building great
companies in the technology
industry.
Paos lawsuit went to trial
amid an ongoing discussion
about gender inequity at elite
technology and venture capital
firms, where women are grossly
under-represented. Industry observers said during the trial that
the case had led some companies
to re-examine their workplace
cultures and practices for possible obstacles to hiring and promoting women.
Paos decision to drop the
lawsuit will not weaken her im-

Ellen Pao lost her lawsuit

against a Silicon Valley firm.
pact on gender inequity in Silicon
Valley, said Freada Kapor Klein,
founder of the Level Playing Field
Institute, which aims to increase
diversity in the technology sector.
[Ellens lawsuit] has completely reshaped the conversation about bias both overt
and subtle in Silicon Valley,
she said.
Pao said she had not reached
a settlement with the firm and
would pay some of its legal fees. A
judge ordered her to pay Kleiner
Perkins US$275,000 in legal fees.
Kleiner Perkins said it was
glad to put the case behind it.
Pao recently left her position
as interim CEO of online discussion forum and news site
Reddit amid anger among some
users over the firing of a popular
staffer and new policies intended
to fight harassment.
Pao said she was currently
reconnecting with old friends
and colleagues and taking time
to figure out what is next.

Saturday, September 12, 2015 A11

WORLD
BRITAIN

NORTHERN IRELAND

First minister resigns in

wake of IRA-linked killing
Peter Robinson stepping down leaves CatholicProtestant government on the verge of collapse
................................................
Associated Press in London

Jeremy Corbyn supporters cheer at the Labour leadership contenders final campaign rally, at the Rock Tower in north London. Photos: AFP

FANS HAIL CORBYN RUN

TOWARDS LEADERSHIP
The favourites supporters crowd into his final
campaign rally after the close of voting in a
Labour Party ballot set to alter British politics
................................................
Agence France-Presse in London
Chanting Jez We Can and
wearing T-shirts celebrating their
hero, supporters of Britains Labour leadership favourite Jeremy
Corbyn crammed into his final
campaign rally after ballots
closed in a vote set to upend British politics.
Youthful and elderly fans of
the 66-year-old socialist rebel
said he represented a different
kind of politics as he addressed
the crowd on Thursday from a
stage in the domed Rock Tower
church in Tufnell Park, north
London, his home turf.

Jeremy Corbyn was not making

any predictions about winning.
He got my vote early on,
said James, a 24-year-old local
actor, after a campaign which has
taken Corbyn from relative obscurity to the political frontline.
The results of the ballot will be
announced today.
Supporters wore Labour-red
rosettes, badges and T-shirts saying Jeremy Corbyn For Labour
Leader at the gathering.
Its not often you get a politician who so invigorates and energises so many people, James
said. I think Jeremy ran a campaign full of hope: hope for
change.
Anti-austerity and pacifist,
Corbyns policies have been likened to those of Greeces Syriza
and Spains Podemos movements, and his improbable rise
from an underdog early in the
campaign is being closely
watched across Europe.

Despite all the evidence suggesting he will win, Corbyn was

not making any predictions
about what will happen.
Im looking forward to that
with interest, if not some anticipation, he said.
However, he hailed a phenomenal campaign.
The inspiration thats been
the last 100 days, Saturday is simply one staging point in it, he
said. We change politics in Britain, we challenge the narrative
that only the individual matters
and instead we say the common
good is the aspiration of all of us.
All around, his supporters
were living proof of the idealistic
enthusiasm sparked by his campaign. Volunteers filtered on
stage one by one to pay tribute to
Corbyns campaign. Attendees
held signs reading I Voted For A
New Kind of Politics a slogan
for the campaigner and pacifist
who helped set up the Stop the
War coalition and wants to scrap
Britains nuclear deterrent.
Isobel Riskcurry, a 22-yearold sporting a Corbyn T-shirt,
said he cut a different figure.
He seems to care about policies for people as opposed to big
business, she added.
Corbyns campaign has successfully harnessed younger leftists who have not previously been
engaged in party politics.
He has also been boosted by
the endorsement of several influential trade unions.
Others have simply been impressed by his modest manner.
He came across as a person,
not a showman. I felt he was talking to me, not addressing a room
full of people, said Gill Whisson,
a 55-year-old gardener from
south London. For the first time
in a long time I feel there is somebody representing me, my family
and the wider world.
British Prime Minister David
Cameron was expected to launch
a pre-emptive attack on Corbyn
and say he has watched the
Labour leadership contest with
bewilderment.

CANADA

Lynton Crosby hired for

PM Harpers campaign
................................................
Reuters in Ottawa and Collingwood
Canadas Conservatives have
turned to a high-powered Australian political strategist known as
the Wizard of Oz to help Prime
Minister Stephen Harper win a
rare fourth straight term,
campaign spokesman Kory Teneycke said.
Macleans magazine had reported that the strategist, Lynton
Crosby who helped engineer
British Prime Minister David
Camerons election win last May
would take over framing the
Conservatives campaign message ahead of the countrys October 19 election.
Crosbys nickname refers to
his homeland and campaign
messaging skills. He also helped
Boris Johnson become mayor
of London and last month helped
engineer victory in Sri Lankas recent election.
Teneycke, speaking to reporters, declined to confirm details

but said: Hes been around for a

very long time, and continues to
be around.
A Canadian Conservative
Party source said: Hes got a
winning track record and has
helped Conservatives [elsewhere] get to first place despite
the odds. Why not have an extra
hand? It shows no disrespect to
the current crew.
The source declined to be
identified, on grounds of not having authority to speak to media.
Crosby guided Cameron to
unexpected victory by focusing
the British Conservative Partys
message on economic stability.
His strategy that you cant fatten
a pig on market day meant voters were bombarded with a message in the hope that relentless
repetition would help it take.
Harpers oft-repeated message that Canadas Conservatives
are the best fiscal stewards has
been undermined by an economy that was in recession for the
first half of 2015.

The future of the Catholic-Protestant power-sharing government in Northern Ireland is

hanging by a slender thread with
First Minister Peter Robinsons
decision to step down, along with
all but one of his ministers, because of a series of disputes.
Democratic Unionist leader
Robinson left one party figure,
Arlene Foster, in place as temporary first minister and finance
minister, but the coalition government has been seriously
weakened by Thursdays developments and may ultimately be
suspended, leading to a restoration of direct British rule from
Westminster.
The crisis stems in large part
from a police finding that Irish
Republic Army dissidents were
involved in last months killing of
former IRA member Kevin
McGuigan, a development that
Robinson said raised serious
doubts about the future of the co-

alition government that is a

prime achievement of the 1998
peace agreement.
Robinson said business as
usual is impossible because of
the assessment of the chief constable of the involvement of the
IRA in murder, the continued
existence of IRA structures, and
the arrests that followed has
pushed devolution to the brink.
He said he was leaving Foster
in place as a gatekeeper to prevent other parties from taking advantage of the situation in what
may be the final days of the

Involvement
of IRA in murder
has pushed
devolution to
the brink
PETER ROBINSON

power-sharing government.
Robinson, who leads the major
Protestant-backed party, said crisis talks with the government will
continue. Downing Street officials said British Prime Minister
David Cameron is gravely concerned by the developments
and that he will seek a solution.
The unlikely coalition of
former enemies, formed in 2007
after earlier governments were
suspended, has lasted for eight
years, longer than many had
expected. But it hasnt functioned fully for the past year, with
Catholic-based parties blocking
budget plans.
Several prominent figures
have been arrested as part of the
murder investigation in recent
days, including Sinn Fein regional chairman Bobby Storey. Local
media reported on Thursday
night that Storey was released
from custody without charge.
The killing was a suspected revenge attack for the killing of a
former IRA commander several
months earlier.
Critics say the killings show
the IRA remains an active and
violent paramilitary force despite
the peace agreement.

A12 Saturday, September 12, 2015

WORLD
BRIEFS

Holmes booby-trapped flat

ENVIRONMENT

Adventurer plans
to swim 16,000km
around the world

UN headquarters gives
status to Palestine flag
UNITED NATIONS The UN
General Assembly voted on
Thursday to allow the
Palestinians to raise their flag at
its headquarters in a diplomatic
victory in their campaign for
statehood. A resolution was
adopted by member states with
119 in favour, eight voting
against and 45 abstentions. The
text allows the flags of Palestine
and the Holy See to be hoisted
alongside those of the member
states. It is a symbolic thing, but
another step to solidify the
pillars of the state of Palestine in
the international arena, said
Riyad Mansour, the Palestinian
representative to the UN. AFP

60-year-old marathon swimmer wants to

draw attention to increasingly polluted waters
................................................
Associated Press in New York

Taser worker critically

injured in explosion
PHOENIX One worker was
critically injured and six hurt on
Thursday in an explosion at the
Arizona-based operations of the
company that makes Taser
weapons. The male worker was
taken by ambulance to a local
burn unit with life-threatening
injuries from the explosion at
Taser International in
Scottsdale. The other workers
sustained concussion-related
symptoms and were reported to
be in stable condition at area
hospitals. Firefighters were
called following a report of a
possible hazardous incident.
Reuters

Venezuelan opposition
leader gets 13 years jail
CARACAS Jailed Venezuelan
opposition leader Leopoldo
Lopez was sentenced to 13 years,
nine months and seven days in
prison, his lawyer Roberto
Marrero said. The popular
dissident, a US-trained
economist held at a military
prison since February 2014, is
accused of inciting violence
against the government of
President Nicolas Maduro. If
the sentence condemns me, you
will be more fearful to read it
than I will be to hear it, because
you know that Im innocent,
Lopez told the judge. AFP

Leopoldo Lopez was jailed over

protests that led to violence.

Memorial revisits
Mau Mau rebellion
NAIROBI It was one of the British
Empires bloodiest insurgencies,
but the thousands killed,
tortured and jailed in Kenyas
Mau Mau rebellion were
forgotten for decades. Now, in a
rare example of former rulers
commemorating a colonial
uprising, a British-funded
memorial to all the victims will
open today. This memorial is a
symbol of reconciliation
between the British government,
the Mau Mau, and all those who
suffered, reads the plaque. Mau
Mau guerrillas terrorised
colonial communities,
challenging settlers for land. AFP

Prosecutors have released new photos taken in the chaotic

aftermath of the Colorado theatre shooting, including pictures
of the auditorium where James Holmes killed 12 people and
injured 70 others. The images released in response to openrecords requests, also show the elaborate homemade
explosives in Holmes apartment, which he had rigged into a

potentially deadly booby trap. The hundreds of photos include

images of the three guns he used in the July 20, 2012, shooting
and his car, where he dressed head-to-toe in body armour
before slipping into the packed cinema. He was convicted of
165 felonies and sentenced to life in prison because jurors could
not agree that he deserved the death penalty. Photo: EPA

HEALTH

DIABETES COMMON
IN ASIAN AMERICANS
Condition regularly goes undiagnosed among
ethnic group, who are at higher risk despite
being less overweight than general population
................................................
The Washington Post
More than half of Asian Americans with diabetes do not know
they have the condition, according to new research that quantifies, for the first time, how common diabetes is among that minority group in the United States.
Whats even more surprising:
Asian Americans have the highest proportion of undiagnosed
diabetes among all ethnic and racial groups, at 51per cent, according to researchers from the National Institutes of Health and the
Centres for Disease Control and
Prevention.
And something else to keep in
mind: Asian Americans may be
less overweight, generally, than
the rest of the US population, but
they may actually be at greater
risk for developing diabetes.
Compared to Americans in
general, Asian Americans are
not as overweight, but they
should still be mindful of their
activity levels and their diet and
see their doctors to make sure
they dont have diabetes, said
Catherine Cowie, the studys
senior author and director of
diabetes epidemiology programmes at the National Institutes of Healths National Institute of Diabetes and Digestive
and Kidney Diseases.
Because at lower weight
levels, they actually have a higher
risk for diabetes, she said.
Thats because Asian Americans often develop diabetes at a
lower body mass index, or BMI,

than the US population overall.

BMI estimates how much a person should weigh based on their
height. But it does not address the
distribution of fat in a persons
body. Fat around the waist is a
risk factor for diabetes and other
diseases, research has shown.
The latest analysis was published this week in the Journal of
the American Medical Association. Other studies have found
that many Asian Americans have

26,000
People whose health
and nutrition records
were reviewed for
the study

higher blood pressure and more

fat than other groups.
That may indicate a propensity to put on fat in the middle part of the body, even though
their BMI looks okay, Cowie
explained.
Asian Americans who are at
risk may not realise it, and as a result, they dont go to the doctor,
and the doctor doesnt do a blood
test to look for diabetes, she said.
The average BMI for all Asian
Americans surveyed was under
25. The American Diabetes Association recommends Asian
Americans get tested for diabetes
at a BMI of 23 or higher.
Researchers reviewed the records of 26,000 people from a
longstanding national health and
nutrition survey to determine
prevalence and trends in diabetes. Overall, about 14 per cent of
the population has diabetes, a
third of whom are undiagnosed.
What surprised researchers
was their finding that about
21 per cent of Asian Americans
have diabetes, a prevalence
comparable to that in blacks and
Hispanics.
Then to also find that about
50 per cent of diabetes is undiagnosed in Asian Americans it was
those two statistics that are
scary, Cowie said.
Data for specific groups within the Asian American population were not available.
The good news is that by
learning more about who has diabetes, and who has the disease
but does not know it, health officials can better target research
and prevention efforts, they said.
You can intervene. You
can increase physical activity,
and you can eat a better diet,
Cowie said. You really can reduce your risk.

LIFESTYLE RISKS
The number of people
worldwide whose deaths were
tied to avoidable health risks
like high blood pressure and
smoking has shot up by almost
23 per cent since 1990,
researchers said yesterday.
According to results
published in British journal The
Lancet, scientists concluded that
a range of 79 health dangers
contributed to 30.8 million
deaths in 2013, 5.7 million more
than in 1990 even when
population growth and ageing
were taken into account.
Nobody risks not changing
the oil in their car, but nobody
pays the same attention to their
own body, said study co-author
Ali Mokdad of the University of
Washington.
Since 1990, the most
dangerous factors have changed
significantly, shifting from
causes rooted in privation to
those stemming from excess.
High blood pressure which
is easily diagnosed and readily
treated - was the top risk in
2013, contributing to 10.4 million
deaths in the 188 countries
studied.
After blood pressure, the top
four risk factors worldwide
driving the 22.7 per cent jump in
deaths were smoking, a persons
height and weight, high blood
sugar levels, and a diet high in
sodium, according to the study.
Diets high in red meat and
sugary drinks and low in fruits
and vegetables accounted for 21
per cent of deaths in 2013, the
study reported.
Agence France-Presse

Martin Strel swims with a knife

strapped to his right leg in case
he encounters sharks, vampire
fish and other deadly marine life
in the worlds wildest waters.
On Thursday, the 60-year-old
marathon swimmer announced
the toughest feat of his life: A
16,000km, around-the-world
swim to draw public attention to
increasing aquatic pollution.
He aims to circle the globe in
about 450 days, starting in Long
Beach, California, on March 22
and passing through oceans,
rivers, canals and other bodies of
water in more than 100 countries.
He will swim about five to 12
hours each day, depending on
the weather and changing currents. An escort boat will offer
emergency support and space for
small breaks.
But first, Strel took a demonstration 3.5km dip in a choppy,
rain-swept New York Harbour
on Thursday, taking 63 minutes
to swim from the Statue of Liberty to a marina near the World
Trade Centre.
On the eve of the 9/11 terror
attack anniversary, still in his wet
suit, he bowed his head for a
moment of silence to remember
those who died in the complex
that is now rising again.
Since 2000, Strel has swum
the entire length of five rivers
the piranha-infested Amazon,
the Danube in Eastern Europe,
Chinas Yangtze, the Parana in
South America, and the Mississippi. Those daring forays have
earned him the nickname Big
River Man.
A native of Slovenia, Strel now
lives in Phoenix.
He is still finalising details of
his next big, multimillion dollar
adventure, which will include the
Panama and Suez canals, the
English Channel, the Amazon
again as well as the Atlantic and

................................................
Agence France-Presse
in Chicago
A morticians widow found out
to her dismay that her late husband had been taking his work
home with him after discovering
bodies in their garage, local media reported.
Police made the grisly discovery after the morticians
widow called for help on Wednesday night.
They told the Chicago Tribune
that the garage contained four
bodies, a container of human organs and cremated remains.
The coroners office is working to identify the remains.
Neighbours who saw bodies
covered in bloodstained sheets
being carried out of the garage
were horrified.
My theory is he was going
to bury those people and brought

them home and never got

around to burying them, one
neighbour, J.H. Horn, 69, told the
newspaper.
Thats bringing too much
work home. He had to bury people. That was his job.
Several tombstones were also
discovered on the property in the
Chicago suburb of Riverdale.
Anton Godfrey died last
month of a heart attack.
He had run a funeral home
but he closed it four years ago and
began working as a contractor
with several area funeral homes,
the paper said.
His widow called the police
after discovering the first body,
her father told the Tribune.
Ernest Wallace, who lives
across the alley from the home,
described Godfrey as a real
neighbour.
We talked about church all
the time, Wallace said.

Days it will take

Martin Strel to circle
the planet on his
16,000km swim

Its not especially clean, but

its not dangerous, except for the
boats, maybe, he said, compared to what he called the most
dangerous fish on the planet
the tiny candiru in South America
that bores into every human cavity, from the mouth to the ears
and nose and grows by feeding
on human flesh and blood.
By comparison, he said,
bloodthirsty piranhas are OK
but partially because those on
the support boat poured buckets of blood into the Amazon to
draw the fish away after they attacked him.
As for sharks, Strel said they
have left him alone as long as he
swam in the same direction,
without confronting them.

ZIMBABWE

Boarding schools
ban cereal used
for brewing beer
The Guardian

Widow nds mortician

brought his work home

450

Martin Strels marathon will take him across 107 countries.

................................................

UNITED STATES

Pacific oceans and the Red Sea.

Costs, including overnight accommodations, plus food and
other supplies, will largely be organised by the Arizona-based
TDG global marketing and
branding firm.
Strel will not be alone in the
water. He says he welcomes anyone who is interested to join him
for stretches of the route, including the president of Slovenia, Borut Pahor, who Strel said was a
fine swimmer.
Well all be discussing ecology like how to eliminate plastics from water, he said.
How does he rate the Hudson
River that flows past the World
Trade Centre?

Breakfast cereal has been banned

from some boarding schools in
Zimbabwe because some pupils
were using it to brew beer, it was
reported this week.
The countrys Chronicle
newspaper said at least three
schools in the south of the country had warned parents that oats
and cereal made of sorghum
would be confiscated when term
began on Tuesday.
Pupils reportedly mix the cereals with brown sugar and yeast
and leave the mixture to ferment
in the sun, creating a potent alcoholic mixture which the pupils
drink right under the noses of
school authorities, noted the
paper.
It said Tennyson Hlabangana
high school in Bulawayo sent text
messages to parents notifying
them Morvite powdered cereal
and oatmeal porridge would no
longer be allowed at the school.
An unnamed parent was
quoted saying: We received
messages advising us not to buy
Morvite when buying groceries
for our children. After conducting
our investigations we established
that the cereal was being fermented into alcohol.

Michael Dube, a chemist, told

the Chronicle that the illicit brew
could be harmful.
The danger of doing this is
that there is no method to control
the alcohol content, he said.
Their beer might have high alcohol levels, which may be a threat
to their health.
Under-age drinking is a growing concern in Zimbabwe.

The danger
is that there
is no method
to control the
alcohol content
MICHAEL DUBE, CHEMIST

Last month police in Bulawayo arrested 224 pupils some

as young as 13 attending a vuzu party, in which alcohol is consumed on the outskirts of the city.
Youths are said to abuse
alcohol and drugs at the parties,
reported the Chronicle.
Pupils whose parents are in
the diaspora often host the lavish
parties.

Saturday, September 12, 2015 A13

WORLD
WHITE HOUSE RACE

UNITED STATES

Highway shootings rattle motorists

Police fear multiple snipers behind attacks labelled as domestic terrorism
................................................
Associated Press
in Phoenix, Arizona

Republican presidential candidate Carly Fiorina has seen a rise in her poll numbers. Photo: AFP

FIORINA TO JOIN
CROWDED FIELD
IN NEXT DEBATE
Eleven Republican candidates qualify for next
televised contest, believed to be the largest such
group in modern American political history
................................................
Associated Press in Washington
Eleven Republican presidential
candidates have qualified for
next weeks televised debate, a
slate that features the full diversity of the partys 2016 class and
is believed to be the largest group
to share a presidential debate
stage in modern American political history.
The candidates scheduled to
meet for Wednesdays evening
affair, announced on Thursday
night by debate host CNN, will include former technology executive Carly Fiorina, whose weak
polling numbers kept her out of
the first debate.
But a bump in the polls and an
aggressive lobbying effort persuaded CNN to broaden its participation criteria, a coup for Fiorina and Republican officials eager to feature the partys only
2016 female candidate in the nationally televised clash.
Fiorina isnt expected to get as
much airtime as Donald Trump,
who will be positioned front and
centre when the candidates meet
at the Reagan Presidential Library in California.
The undisputed leader of the
crowded field in early national
polls, Trump is generally considered the biggest reason why Fox
News Channel reached 24 million people for the first Republican presidential debate last
month the most watched programme in Fox News history.
But their appearance together
will draw added interest after
Trump criticised Fiorinas looks
this week, in comments that were
widely panned.
Trump was quoted in Rolling

Stone magazine on Wednesday

as saying of Fiorina: Look at
that face! Would anyone vote
for that?
Democrat Hillary Clinton said
on Thursday that the billionaire
real-estate mogul seems to delight in insulting women every
chance he gets.
Former Florida Governor Jeb
Bush dismissed Trumps latest
comments as small and inappropriate. And Fiorina, a former
technology executive, suggested
she was getting under his skin.
The first primary votes arent
until next year, but Republican
leaders have been unnerved by
the surge of Trump and his incendiary comments about Mexican immigrants and a popular female Fox News host.
Sharing the stage alongside
Trump and Fiorina at next weeks
debate will be Bush, Wisconsin
Governor Scott Walker, Texas
Senator Ted Cruz, Kentucky
Senator Rand Paul, Florida Senator Marco Rubio, retired neurosurgeon Ben Carson, former
Arkansas governor Mike Huckabee, New Jersey Governor
Chris Christie and Ohio Governor John Kasich.
Anticipating Fiorinas attendance, Trump last week cited the
obvious challenges associated
with sharing the stage with so
many people.
I dont like the fact there are
11 people there now as I understand it, the billionaire businessman said in a press conference.
There are too many people.
Because when youve got 11,
youre not going to hear me and
youre not going to hear other
people talking, and I think thats
too bad.

LABOUR

New York lifts fast-food

workers hourly wage
................................................
Associated Press in New York
New York state will gradually
raise the minimum wage for fastfood workers to US$15 an hour
the first time any US state has set
the minimum that high.
Governor Andrew Cuomos
administration formally approved the increase on Thursday,
a move the Democratic governor
announced at a labour rally with
Vice-President Joe Biden.
Cuomo said he would work to
pass legislation setting a US$15
minimum for all industries, a
promise that comes as more and
more cities across the United
States move toward a US$15
minimum wage.
Every working man and
woman in the state of New
York deserves US$15 an hour,
the governor told the enthusiastic crowd of union members.
Were not going to stop until we
get it done.
Biden said the US$15 wage for
fast-food workers would galvanise efforts across the country.
Youre going to make every
single governor in every single
state in America look at themselves, he said at the rally in New
York City. Its going to have a
profound impact.
He said he and President Barack Obama remain committed

to raising the federal minimum

wage to US$12 an hour.
The wage increase for fastfood workers in New York will be
phased in over three years in New
York City and over six years elsewhere in the state. It will apply to
some 200,000 employees at large
chain restaurants.
So far, Los Angeles, Seattle,
San Francisco and the California
cities of Oakland and Berkeley
have approved phased-in increases that eventually will take
their minimum wage to US$15 an
hour, or about US$31,200 a year.
New Yorks increase was recommended by an unelected
Wage Board created by Cuomo
a tactic that allowed the governor
to circumvent the Legislature,
where the Republican-led Senate
has blocked big increases in recent years. The current US$8.75
minimum is already set to rise to
US$9 at years end under a law
passed by lawmakers in 2013.
Republicans held a hearing
on Thursday into the process
behind the fast-food wage increase, which some restaurant
owners have said they may challenge in court.
Fast-food workers had pushed for the increase. Franchise
owners, however, say it singles
them out and gives an unfair
advantage to mom-and-pop
competitors.

Police in Arizona are on alert

following a spate of shootings
targeting motorists on busy freeways, with officials describing the
attacks as domestic terrorism.
The latest confirmed shooting
involved a commercial truck
whose driver reported a bullet
hole in the cargo area on Thursday morning. The driver had
been making deliveries for hours,
and was not sure when or where
the truck was shot, Arizona Department of Public Safety spokesman Raul Garcia said.
Bart Graves, a spokesman for
Arizona state police, said there
are fears that one or more snipers
may be behind the attacks. Most
of the 11 vehicles hit since the
gunfire began on August 29 were
travelling on Interstate 10 (I-10), a
main route through central and
west Phoenix. No one has been
seriously injured, but one bullet
shattered a windshield, and broken glass cut a 13-year-old girl.
Any time that you have
multiple shootings against
American citizens on a highway,

11 vehicles were hit by bullets and other projectiles. Photo: EPA

This is a
very important
matter for
the travelling
public
SAFETY DIRECTOR FRANK MILSTEAD

thats terrorism, Department of

Public Safety Director Frank Milstead said.
Authorities also were studying
a tractor-trailer rig at a location
near I-10 high and a car whose
window was severely cracked on
Thursday, but those results were
not conclusive, Garcia said.
The shootings have rattled
nerves and heightened fears
among drivers that a possible
serial shooter could hit them

next. Electronic freeway billboards urge people to call a hotline with any tips. Some are
commuting on city streets
instead. It is unclear if the attacks
are connected. Most were hit by
bullets; some projectiles were
harder to identify.
The FBI, the Bureau of Alcohol, Tobacco and Firearms and
local police are helping. Authorities are conducting surveillance
and deploying undercover detectives; a police Swat team and
gang task force also are assisting,
and police have quadrupled a
reward to US$20,000 for help
identifying a suspect.
But Graves said details of the
surveillance effort and investigation will not be revealed. Doing so
would help the bad guy.
The Phoenix attacks recall
other random highway and
roadside shootings in recent
years, most notably the sniper
attacks in Washington, DC, more
than a decade ago.
I dont know if this is a
copycat crime, if its multiple
people thats involved in this type
of insanity. This is a very important matter for the department
and the travelling public,
Milstead said.
Additional reporting by Agence
France-Presse

A14 Saturday, September 12, 2015

Reporting abuse
must be the law

Steep hike.
With preschool fees
climbing by an average
of 8.3 per cent, and some
by as much as 29 per
cent, do you agree with
the head of a teachers
union that the system
for approving
kindergarten tuition
fees is unsatisfactory
and lacks transparency?

he terrible physical abuse of a seven-yearold girl, apparently at the hands of her

family, makes plain that the safeguards
Hong Kong has in place are not enough. A
teacher noticed bruises and that the child
was underweight, but did nothing; the girls
pitiful state was ignored by all who
encountered her. Social workers never got to see her and were
lied to by her parents, but there was no suspicion. Only when
she was admitted to hospital, unconscious, malnourished and
suffering from sores and scars, was the alarm raised.
That was more than a month ago and the girl, who came to
Hong Kong from the mainland last November to live with her
parents and siblings, remains in hospital, brain damaged,
unable to talk and being spoon fed. When admitted, she had
gangrene, was severely underweight and her body was scarred
by abrasions, ulcers and bed sores. Kindergarten staff had
noticed marks on her legs in April, but her mother withdrew her
from the school. Police were never alerted; no call was made to
a Social Welfare Department child abuse hotline.
The girls parents and 15-year-old twin half-sisters were
arrested and are free on bail. A six-year-old brother and the
sisters have been put in child custody. It is bewildering that
these moves took place only last week instead of months ago.
Such cases come to light from time to time. It is surprising
that they occur in a city so crowded and with such cramped
living conditions, where there is so little privacy. Yet it seems
that even when a child is obviously being abused, neighbours as
much as strangers are willing to look the other way.
Government hotlines and police are of no use in such a hearno-evil, see-no-evil environment.
Hong Kong is not alone in this respect; child abuse often gets
deliberately ignored due to the sensitivities of getting involved
in other peoples affairs. But there is nothing more repugnant
than an adult abusing those too weak or young to fight back.
The physical scars may heal, but there may never be a recovery
from the mental ones. Communities have to deal with that lifelong damage, so prevention is a necessity.
Child rights advocates believe Hong Kong needs a
comprehensive protection system. One proposal is to adopt
rules set by some other governments legally obligating
professionals like doctors, nurses and teachers to report
suspected abuse to child protection officials. At the least,
authorities need to review procedures.

Time to scrap
the two-can limit

he two-can limit on taking baby milk

formula out of Hong Kong was supposed to
be a temporary measure. Two-and-a-half
years later, the rule is still in place, with the
government contending it is still necessary
to protect local supplies. But
manufacturers, retailers and suppliers
disagree. Nor has the measure deterred cross-border traders
and travellers from breaking the law. Its continued imposition
tarnishes our citys claim to champion a free economy.
A drop in mainland visitor numbers has brought fresh
attention to the issue. Hong Kongs retail sector has been hit by
the decline and pharmacies are among those suffering.
Scrapping the limit of 1.8kg per person is being touted by the
industry as a straightforward way of rejuvenating sales. But
even as Chief Executive Leung Chun-ying was in Beijing urging
authorities to help revive the tourism sector, officials here were
firm that the rule would stay in place. A spokesman said that as
pregnant women coming to Hong Kong for delivery and bulk
purchase of milk powder are not tourist activities, the
government has no intention to change the relevant policies.
Equating women seeking Hong Kong permanent residency
for their babies with purchasing several weeks supply of milk
formula is a flawed analogy. Similarly, a small number of people
are trying to profit from buying in bulk; the majority want it for
their children. Criminalising visitors for their shopping habits
contributes to anti-mainlander sentiment. That dislike was
behind the first protests in six months against cross-border
visitors at Sheung Shui on Sunday.
It is arguable that there are still supply shortfalls of baby
formula. The industry does not believe so, contending that
suppliers of the six most popular brands can readily restock
shelves in any part of the city. That leaves the matter of free
market principles being violated. There is even a belief that the
rule is protectionist and infringes on World Trade Organisation
regulations. Given the negatives, and the benefits, Hong Kong
would best be served by the scrapping of the two-can rule.

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LETTERS
We welcome all letters. Include your full name, address and
telephone number, not necessarily for publication. Please keep letters
to a maximum of 400 words. Email letters@scmp.com Fax 2250 3242
Post 22 Dai Fat Street, Tai Po Industrial Estate, Tai Po, Hong Kong.

Wait for new

bypass to ease
congestion
I am a former long-time permanent resident of Hong Kong.
I visit the city several times a
year and each time I usually
enjoy a trip on a tram. It is one of
the best things for a visitor to do.
Where else in the world can
one still ride double-decker
trams? When I do, it always
takes me back to my childhood
in the 1940s in Birmingham.
I read in your paper about
the proposal to remove the
trams from Central to reduce
congestion. But the government that is, the taxpayer, of
which I am still one is
spending billions of dollars on
the Central-Wan Chai bypass.
And the people of Hong Kong
have had to put up with the
current congestion caused by
its complicated construction
for a number of years.
The clue is in the title Central-Wan Chai bypass. The
current congestion in Central
will surely be removed when
the new bypass opens.
The people of Hong Kong,
and visitors alike, can then
continue to enjoy the trams and
the wonderful form of transport
they provide.
Please dont close them
down just when the solution to
the congestion is about to be
solved anyway.
David Gem, Macclesfield, England

Time to get rid

of trams
in Central
The trams have been in Hong
Kong since 1904 and started operating to cope with increased
demand.
With an upsurge in population from the early 1880s, horsedriven carriages and rickshaws
could not cope with the needs
of residents on Hong Kong
Island. So the Legislative
Council cleared the way for
trams to be allowed on the
roads.
Over the decades traffic
patterns change and mature.
Consequently the number of
passengers using the trams has
dropped.
A retired government
planner has called on the tram
system to be axed between
Central and Admiralty to relieve
congestion problems in
Central.
He points to the opening of
the MTRs West Island Line in
December which means there
is no need for the trams on that
route.
I agree that the trams on this
part of the route should be
cancelled, because I think it will
improve traffic conditions.
There are enough public
transport options available to
people, including the MTR,
buses and minibuses. They go

to the same locations as the

trams.
With the trams removed,
more efficient use can be made
of the available land and, as I
said, I believe we would see an
improvement in the difficult
traffic conditions in Central.
Chloe Chan, Tseung Kwan O

Gridlock due
to weak law
enforcement
Doing away with the trams is of
course nonsense.
They are one of the few remaining constants in a city that
has far too late acknowledged
its eroded heritage. Whereas
many cities plagued by congestion lament the loss of their
tramways Hong Kong has
assiduously hung on to the old
world charm of its tram system
ever since its inception in 1904.
The tram remains an affordable mode of conveyance for
locals and a more than worthwhile experience for visitors.
If trams cannot stray from
their designated route then
how can the tramways be
responsible for causing congestion throughout Hong Kong
and in areas they do not even
traverse?
The culprits are those
motorists who flagrantly ignore
the yellow-box junctions
because of weak law enforcement. This in turn causes cacophonous honking also
outlawed yet nothing is done
about that either.
Save the ding-ding.
Frank Fischbeck, Central

Fines not
enough for
illegal parking
I could not agree more with the
article by Yonden Lhatoo (Slap
a HK$2,500 fine on drivers who
park illegally, September 4).
However, even a hefty fine
may not be enough as many of
these drivers work for tycoons
who have no problem paying
the fines for their personal convenience. Besides, it will be
their companies paying.
Perhaps, a more effective
deterrent would be to have a

Time to get tough over Illegal

parking. Photo: David Wong

History and liberal

studies are both
important subjects
I refer to the letter by Cyrus Lo Chak-chi (Students take
initiative with liberal studies, August 29). He was replying to
an earlier correspondent who was critical of liberal studies
which he considered as less important than history.
I believe that after liberal studies became a compulsory
subject, students started to pay more attention to social issues.
They are encouraged to analyse data, express their own views
and be critical thinkers.
Like Cyrus Lo I have benefited from liberal studies lessons.
However, I believe that history is an even more important
subject for teenagers.
It also helps us to develop our critical thinking skills. Critics
argue it is just about memorising facts, but students are
required to think about and interpret past events. They have to
think about the causes and the short- and long-term
consequences. In this regard history is similar to liberal studies.
With the latter, we are mainly focusing on current events.
However, if you do not have a good understanding of what
happened in the past, you may only have a partial
understanding of a contemporary social issue.
Many of the problems in society have their roots in
historical events. We have to try and see the link between the
past and the present.
For example, not many students know the origin of
filibustering, which has proved controversial in our Legislative
Council. It originated in ancient Rome and was first used in
Hong Kong by pro-Beijing politicians in 1999. If you are just
doing liberal studies you probably would not know that. By
also doing history you can acquire a deeper understanding of
the filibuster.
I agree with Mr Lo that the government should not make
history one of the compulsory subjects in local schools.
However, it should use publicity to encourage more young
people to choose it. We should not see it as being an attempt to
brainwash teenagers.
Schools need to take the initiative and explain how students
can benefit from exploring the wonders of history.
History keeps repeating itself. Through studying it, we can
have a better understanding of the present and what might
happen in the future.
Hopefully the more we understand about history the better
chance we have of avoiding repeating the mistakes made by
previous generations. I hope todays young can equip
themselves to become global citizens.
Clover Lau, Ma On Shan

points system that is three

strikes and you are out by
suspending the drivers driving
licence. For repeat offenders,
we should also consider impounding the vehicles.
I hope the authorities will
have the gumption to take the
necessary action to resolve this
problem once and for all.
Many elderly and wheelchair-bound residents face
considerable difficulties disembarking and getting into vehicles such as taxis and shuttle
buses.
Peck How, Mid-Levels

Punishing
mobile misuse
makes sense
Melody Seto is wrong to say that
we cannot infringe the right of
people to use their phones
(Education key to curb phone
nuisance, September 6).
In the UK, parliament hasnt
hesitated to do so where safety
is concerned (cars) or the interests of justice require it (law
courts). Use of a hand-held
mobile while driving is also
illegal in Hong Kong.
Does safety require such
legislation? Whether it would
work is not a true answer to that
question. Your editorial of
September 8 talked of the ineffectiveness of parking fines
(Take action on illegal

parking). It rightly concludes

the answer is to raise the fine
rather than to suggest the law
should not exist.
The use of mobile phones in
congested roads and pavements presents a far greater risk
to public safety, both of the user
and the non-user. The parking
laws are really only designed to
promote the efficient movement of vehicles in Hong Kong.
This week I was almost
nudged towards the edge of a
very busy pavement in Hong
Kong by a young lady entirely
focused upon her electronic
device and oblivious to those
and the world around her. What
about the risk to her own safety?
What if she had also been wearing headphones?
I agree that if they are
charged or prosecuted because
of these actions, many would
feel furious at the injustice.
In the UK many drivers
respond angrily when caught
on their mobiles. But this is an
instinctive reaction.
Once it sinks in, they invariably think about the risks
created by their behaviour and
this educates them towards
change.
On-the-spot fines akin to littering would be the right way
forward. It would be proportionate and perhaps, just
perhaps, would result in the
very education which your correspondents promote by
word of mouth (or smartphone)
of those who have been fined.
Jonathan Lewis, Bath, England

Sex education
in schools
needs revamp
I am concerned about cases of
sexual offences and alleged
offences involving underage
children.
I think these cases highlight
some social problems in Hong
Kong.
There have been changes in
society, with children facing
greater exposure in the mass
media and online to material on
sexual matters. Western cultural influences also come into
play here. This makes teenagers
even more curious about sex
and without the right guidance
they may have distorted ideas.
In schools there is insufficient sex education. In local
schools too much emphasis is
placed on academic performance, and some head
teachers may neglect the
importance of sex education.
Also, the sex education that
does exist may be too conservative with teenagers given only
basic information. Sensitive
social and moral issues, for
example, promiscuity, and
abortion, are often avoided.
This makes it difficult for teenagers to develop the right value
systems.
The government should
allocate more resources to
schools for sex education.
And officials should make it
clear the lessons should be
wide-ranging, including sensitive topics.
Parents must also be willing
to talk about sex education with
their children.
Cheng Nga-yan, Cheung Sha Wan

Mainland
Christians
still suffering
The disappearance of Chinese
lawyer Zhang Kai raises further
questions about Beijings
repressive human rights policies in Zhejiang
province.
What is particularly disturbing is the governments antichurch campaign and its
attempt to silence lawyers
working on behalf of Christians
in Wenzhou
. The
campaign to topple rooftop
crosses and demolish church
buildings has shown little
evidence of diminishing, under
President Xi Jinpings crackdown on mainland Christians.
On my visit to Hong Kong
nearly 50 years ago, a faculty
member at New Asia College in
Hong Kong told me she had fled
Beijing. She was among scores
of other Christian expatriates
living in the British colony who
recalled those fateful years
under Mao Zedong
and
the millions who perished in
the famine caused by the Great
Leap Forward (1958-1961).
The plight of Zhang Kai is a
stark reminder that little has
changed. The White House can
ill-afford to leave the case of the
respected rights lawyer unmentioned when Mr Xi comes to the
US-China summit in Washington later this month.
Silence in the face of evil is
itself evil, said German theologian Dietrich Bonhoeffer.
Brian Stuckey, Denver,
Colorado, US

Saturday, September 12, 2015 A15

Global compassion
Piya Muqit says the whole world must help refugees fleeing persecution, including wealthy Asian nations

n one day, the photograph of

a drowned Syrian child
washed up on Europes
shores went viral and provoked discussion on the
Syrian crisis in corners of the world
that previously gave little coverage
to this ongoing conflict. What we
are seeing unfold is not a European or migrant crisis; it is about
refugees people fleeing from persecution who are in desperate need
of protection and it requires a
global response, including from
wealthy countries here in Asia.
For the first time in my 15-year
career as a lawyer and policy expert
in the UK asylum field, I have both
been surprised and encouraged by
the response from the British public. People from all walks of life have
been moved by the recent crisis in
the Mediterranean and have mobilised to show an outpouring of
support in the past couple of
weeks.
This is not unique to the UK.
From Austria to Spain, citizens are
standing in solidarity with refugees
and have even been at the very
frontline to receive them and
directly offer humanitarian aid.
European governments are
starting to take note. While the
commitment that the UK will take
only 20,000 Syrian refugees over
the next five years is woefully inadequate, 1.4 million citizens have

signed a petition to Prime Minister

David Cameron calling for more to
be done to help refugees. When the
government of Iceland initially
stated it would offer a paltry quota
of 50 Syrian refugees, 10,000 Icelanders offered to open their
homes in response.
Germany is taking in thousands
of refugees and Chancellor Angela
Merkel has already committed
6 billion (HK$52.5 billion) for support services in 2016. France is calling for EU member states to make a
greater collective effort ahead of an
emergency meeting scheduled in
Brussels next week. On Wednesday, the European Union proposed a plan to redistribute 160,000
refugees across the region. After all,
this is Europes worst refugee crisis
since the second world war. European Commission President JeanClaude Juncker noted that Europe
today is an island of hope for the
people in the Middle East fleeing
war and oppression. This is something to be proud of, not something
to fear.
What is missing from these discussions is how other wealthy
economies around the world can
share responsibility. The UN High
Commissioner for Refugees
(UNHCR), which was ironically
founded to assist displaced Europeans after the second world war, is
calling for global leadership on not

only the refugee crisis in Europe

but on the matter of the 50 million
people displaced across the world.
According to the agency, in 2014,
global displacement was at an alltime high, pointing out that developing countries hosted 86 per cent
of the worlds refugees and 25 per
cent are in the least developed
ones.
What this shows is an increasing urgency for countries around
the world to take action and offer
protection to these people, including wealthy economies here in
Asia, such as Japan and South
Korea, or here in Hong Kong. However, the trends coming from these
places are troubling. With nascent
asylum systems, restrictive immigration policies and lengthy processing times, people seeking asylum in this region face an uphill
battle with little hope of a positive
outcome.
The figures speak for themselves. In Japan, the government
gave refugee recognition to a mere
11 people in 2014. Whats even
more shocking is that it has rejected 61applications from Syrian refugees since 2011. Nonetheless, Japan
is the second-highest donor to the
UNHCR after the US.
In South Korea, the government
has offered zero resettlement
places to Syrian refugees, but on a
more positive note, it did pass a

ground-breaking Refugee Act a

couple of years ago the first of its
kind among East Asian countries.
Strikingly similar patterns can be
seen in the Hong Kong governments year-old unified screening
mechanism to process protection
claims, which so far has only had 12
successful claims. This makes for a
worryingly low recognition rate.
At the same time, in the wake of
humanitarian crises, time and
again, people in Hong Kong res-

The trends in
Japan, South
Korea and
Hong Kong
are troubling
pond to the call for help through
generous donations to conflict and
disaster-ridden places around the
world. This kind of humanitarian
spirit does not seem to be translating into policies and laws at home
towards people seeking asylum in
Asia, who are a drop in the bucket
compared to global refugee figures.
Europe has positioned itself as a
global leader on human rights

issues for decades and should do

more to address the refugee crisis
through a human rights lens rather
than based on political agendas.
However, the same is true here in
Asia. The refugee crisis unfolding in
Europe is a long-overdue opportunity for the powerhouses in this
region to step up to the challenge to
demonstrate their leadership in
managing a global refugee crisis
that has so far been plagued by
complacency and inaction.
As recent policy developments
in Europe show, it is when citizens
galvanise around a cause and voice
their concerns publicly that governments respond. Many people in
Asia and here in Hong Kong have
been moved by the heart-breaking
image of Aylan Kurdi. Lets bring
this same humanity into national
debates about refugees who come
to our shores.
I look forward to working with
Hong Kong civil society to secure
rights-based legislative and policy
change for refugees which can be
considered the gold standard in the
region.
Piya Muqit has recently joined Justice
Centre Hong Kong as executive
director, having most recently worked
at UNICEF UK as head of policy and
advocacy, and Freedom from Torture
as their senior legal adviser. Justice
Centre Hong Kong is an NGO that works
to protect the rights of refugees and
survivors of human trafficking.
www.justicecentre.org.hk

China military
parade not just
muscle-exing
Sonny Lo says the line-up of
modernised weapons and
announcement of cuts to the PLA
reflect the internal and external
complexities of a new diplomacy

hinas military parade last week had significant

implications for its military diplomacy: for the
first time, it is using its military modernisation
to achieve two seemingly contradictory goals.
On the one hand, the military will become more
elite, with a better balance of land, naval and air
forces. Simultaneously, Beijing will shift demobilised
soldiers to the paramilitary police force, which will be
integrated into a newly formed national security
guard. Clearly, part of the modernisation is to
upgrade the national security guard, which will play a
major role in safeguarding domestic security,
especially dealing with riots and terrorism. In terms of
protecting domestic national security, the move is a
watershed.
On the other hand, the trimming of the Peoples
Liberation Army was aimed at sending a signal to the
outside world that China remains militarily defensive
and that a peaceful path of development continues to
be the hallmark of its foreign policy.
While some foreign countries view Chinas
military parade as a move to flex its military muscles,
they fail to see that China remains internally fragile,
particularly given the recent stock market turmoil
and its economic downturn that is affecting
consumer spending of mainland Chinese, both
domestically and regionally. That is having a
significant effect on the economies of Macau and
Hong Kong.
While critics argue that China should be looking
forward, history remains extremely important in the
minds of the top Communist Party leaders.
Internally, the parade took on significance after
the extensive purges of corrupt generals in recent
months. The new military leadership that led the
troops in the parade signalled to the people that the
era of an uncorrupt, elite and modernised military is
looming.
The parade was also aimed at an international
audience. With South Korean President Park Geunhye and Russian President Vladimir Putin standing at
the viewing gallery, President Xi Jinping
appears to be stressing Chinas role as a middleman
in international relations, not least between the two
Koreas, and that the Sino-Russian partnership
remains a crucial force balancing the US-Japan
alliance.

The showcasing of Chinesemade weapons was also

aimed at the potentially
huge export market

Pension reform can help

China meet its economic goals
Erik Tollefson says government ambitions to
foster a consumption-driven economy and
inject stability into the stock market will rely
greatly on a better-managed pension system

hina faces an increasing

number of economic policy
challenges. Indeed, as
Chinese markets have continued
their vertiginous spasms, the lack
of a long-term investor base,
coupled with reduced
government support, has resulted
in further losses. At the same time,
a slowing economy has raised
concerns that Chinas necessary
transition from an investmentbased economy to one based on
consumption may be stalling.
At first glance, these problems
may seem tangentially linked,
especially with roughly 2 per cent
of Chinas population investing in
the stock market. A policy solution
does exist, however, that
inherently addresses both
problems: pension reform.
Chinas pension system suffers
from a legacy of unfinished
reforms. Indeed, while Deng
Xiaoping
and other
leaders aggressively moved to
open the economy and develop
the manufacturing sector, the
pension system remains a relic of
the mixed state-market system.
Currently, three main pension
schemes exist. The civil servant
pension system, which was
established shortly after the
Peoples Republic was founded, is
a central-government funded
scheme that offers generous

benefits. Private-sector workers

and citizens in urban areas have
their own city and county-level
schemes primarily funded via
personal and employer
contributions. Finally, many rural
citizens did not have a formal
pension scheme until reforms
were announced to establish a
rural pension system in 2009.
This patchwork system has
given rise to a number of
problems. First, different schemes
have different contribution and
pay-out regulations; this
asymmetry reinforces economic
inequality, and particularly
inequality between rural and
urban areas.
Second, although the pension
system boasts substantial assets in
the aggregate, roughly 3.5 trillion
yuan (HK$4.2 trillion), it does not
play a substantial role in the
countrys equity markets. This
dynamic was clearly observed in
June and July as retail investors
entered and subsequently exited
the market amid a dizzying array
of margin calls. Yet, in other equity
markets, pension funds play a key
role not only by maintaining
ownership in key national
companies, but also in stabilising
the market by purchasing and
holding shares in a downturn.
Finally, the lack of a
comprehensive pension system

may contribute to precautionary

saving. China boasts a high
savings rate compared with many
other economies. While the high
savings rate is due to many factors,
including the lack of (stable)
investment opportunities outside
China, the piecemeal pension
system is arguably a main reason
older individuals and working
households save more.
The countrys ageing
demographic profile also means it
can expect a decreasing number
of workers who can support the
countrys elderly population.
Beijing has introduced reforms
to help bridge the gap. The State
Council announced early last year
that the urban and rural pension
systems would be combined by
2020, attempting to standardise
benefit payouts and pension
administration.
The government also
introduced an important reform
last month to allow the nations
fund to invest in equity markets, a
step that should increase returns
and provide greater market
stability.
Pension reforms, however, will
not be a silver bullet for Chinas
financial and economic woes.
They require a long timeline, and
their implementation is made
more challenging still in China by
the relations between the central
and local governments. Indeed,
Beijings willingness to tackle the
complexities may serve as a
broader proxy to undertake critical
economic reforms.
Erik Tollefson is a freelance
economic analyst

Literacy enriches, literally

Linda Hiebert says leaders must refocus on
quality education to help reduce poverty
and drive a new era of economic development
s the cornerstone of
development, literacy
unlocks human potential. It
leads to better health, better
employment opportunities and
safer and more stable societies. In
short, literacy matters to
children, adults and nations.
This year is especially
important: the Millennium
Development Goals will expire
this month and the Sustainable
Development Goals will set the
agenda for the next 15 years of
global progress on education and
development. In 2000, when the
MDGs were adopted, about 100
million children of primary school
age were out of school. Since then,
that has fallen by almost half. The
literacy rate among young people
between 15 and 24 has increased
globally from 83 per cent in 1990 to
91 per cent this year.
These numbers should be
lauded, but carefully. The
expansion in childrens school
enrolment is a great gain, but has
strained the capacity of education
systems to provide quality
learning. Globally, 250 million
children including many of the
most vulnerable are not learning
the basics reading, writing and
maths even though half have
attended school for at least four
years.
Some days, these numbers
seem daunting: how do we help so
many children learn? One way we
are helping is through literacy
boost, a programme that
supports the development of
reading skills in young children. It
has been proven to strengthen

learning outcomes through

reading assessments, teacher
training and community activities
like reading clubs and parental
awareness training. This approach
is working.
In Ethiopia, where our largest
literacy boost effort is under
way, nearly 750,000 children have
joined after-school reading clubs.
Led by over 9,000 community
volunteers, World Vision Ethiopia,
in partnership with the
government and local
communities, has set up nearly
2,400 such clubs.
We are at various stages of
implementing the literacy boost
programme in 11 countries in subSaharan Africa and Asia. Were
seeing good results in Burundi,
Malawi and India, for example.
Members of the UN will meet
later this month to discuss and
adopt the Sustainable
Development Goals. We need
global leaders to refocus on the
role of education in poverty
reduction. The global community
must make a concerted effort to
measure and fund education
programming for the most
vulnerable children.
Quality education and the
acquisition of literacy skills can
help lead to a new era of economic
development, and continued
momentum towards a world
where children have the literacy
skills they need to succeed in work
and in life.

The presence of many Central and South Asian

leaders on the viewing platform was equally
significant. China attaches great importance to the
Central Asian states which, in the mind of Beijing,
play an indispensable role in the fight against
terrorism, which has affected the stability of western
Xinjiang
.
The participation of the Pakistani, Afghan and
Russian militaries in the parade also showed the
necessity of maintaining good relations with these
neighbours, which will pave the way for Chinas One
Belt, One Road policy.
The showcasing of Chinese-made weapons, while
demonstrating the fruitful result of military
modernisation, was also aimed at the potentially
huge export market.
The military parade came as Japan was engulfed
in a heated domestic dispute over legislative changes
designed to give the Japanese army limited powers to
engage in foreign combat for the first time since the
second world war. A package of bills has been passed
by the lower house but are opposed by many
Japanese people.
The Chinese message to Japan is clear: its leaders
must reflect on the mistakes made during the war
and they must not engage in any move construed as a
revival of Japanese military imperialism. Ironically,
under US support, Japans leaders are drifting
towards remilitarisation in order to tackle the socalled China threat.
Regardless of Xis efforts to emphasise his nations
peaceful nature and outlook, the military parade was
always going to be seen by some as China flexing its
muscles. Yet, this outdated and biased view neglects
the complexities of the new Chinese military
diplomacy.
Professor Sonny Lo is head of the department of social
sciences at the Hong Kong Institute of Education

Linda Hiebert is the senior director,

education and life skills, at
World Vision International

> CONTACT US: Agree or disagree with the opinions on this page? Write to us at letters@scmp.com If you have an idea for an opinion article, email it to oped@scmp.com

Chinas military will become more elite, with a better

balance of land, naval and air forces. Photo: Xinhua

A16 Saturday, September 12, 2015

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Hong Kong Disneyland celebrates its 10th birthday this weekend. To

celebrate the milestone, the South China Morning Post looks back at the
parks history and the way it has entertained millions of people.

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Printed and published by South China Morning Post Publishers Ltd, Morning Post Centre, 22 Dai Fat Street, Tai Po Industrial Estate, Tai Po, Hong Kong. Tel: 2680 8888.

t of the parks Toy Story

Land

Saturday, September 12, 2015

Trailblazer
Lawmaker Noda in
battle to empower
Japanese women

China green push

On the road
from being big
to being strong

> DIVERSITY B8

> CARS B3

Snapshot
H-share index: 9,718.28
-61.88 points, 0.63%
Top blue-chip mover:
China Shenhua
-5.09%

Hang Seng
Index

0.27%
Close 21,504.37
Down 58.13

Power plays
China demand for
oil favours state
energy companies
> PORTFOLIO B2

REGULATION

BUSINESS
DIGEST
Gold tumbles in wait
for Fed rate move

MOODYS ADMITS REPORT HAD ERRORS

Ratings agency says red flags research report on 61 Chinese companies
had input and mathematical errors, but still stands by basic contention
................................................
Benjamin Robertson
benjamin.robertson@scmp.com

Gold dropped to a one-month

low yesterday, heading for a
third successive weekly loss, as
uncertainty over the timing of
the United States Federal
Reserves first interest rate
increase in nearly a decade
weighed on appetite for the
metal. Spot gold was down 1 per
cent at US$1,100.40 an ounce,
while US gold futures for
December delivery were off
US$9.60 at US$1,099.70. Prices
are down 2 per cent this week,
and touched their weakest level
since August 11 at US$1,099.05
an ounce on Wednesday.
Traders were waiting for the
Feds next policy statement next
week for clues on the timing of
an interest rate rise, before
taking any big positions in gold.
Reuters

Moodys yesterday admitted its

damning research report on 61
Chinese companies had errors
but maintained these did not justify the securities regulators
HK$23 million fine on the ratings
agency as it stood by its basic
contention about corporate governance problems at these firms.
Moodys said there were input and mathematical errors in
its red flags report, but its coun-

sel, Adrian Huggins, told the tribunal hearing the case between
Moodys and the Securities and
Futures Commission (SFC) that
the errors did not render the
whole red flags framework
fundamentally flawed. He
added the errors did not have a
material impact on overall accuracy of the report.
In a case being closely
watched, the SFC argued the July
2011 report flagging warning
signs at the mainland firms, was
written as part of a credit ratings
exercise and breached the code

of conduct to which SFC-regulated firms, including credit rating

agencies, are subject.
Yesterday it produced
Moodys internal emails and
interview transcripts with the
firms senior executives to justify
the fine. The (report) was shoddy and unprofessional, Benjamin Yu QC, representing the regulator, told the Securities and Futures Appeals Tribunal.
Moodys is arguing the report
was not part of a credit ratings
exercise, and so the firm should
not be held accountable to the

SFC code of conduct. Michael

West, Moodys managing director of global structured finance,
and Gary Lau, managing director
of corporate finance in Hong
Kong, were among Moodys
executives whose emails were
handed over to the SFC.
The emails revealed that the
report, entitled Red Flags for
Emerging Market Companies: A
Focus on China was commissioned by senior Moodys executives concerned about fraud allegations at major Chinese companies following probing articles in
the US media.
We need to undertake a
complete scrub of our Chinese
ratings, one email read out at the

240m yuan to be fined and confiscated from

Huatai, Haitong, GF, Founder and Zheshang
................................................
Xie Yu and Jing Yang

Amount stolen from Dore Holdings, a junket operator for Wynn Macau, could range from HK$200 million to HK$2 billion. Photo: Bloomberg

Wynn shares sink on reports of HK$2 billion theft

................................................
Bloomberg and Sidney Leng
Wynn Macau, one of Macaus
largest casino operators listed in
Hong Kong, fell more than 3.5 per
cent yesterday after an analyst
report that one of its junket operators lost about HK$2 billion in
theft.
Other major Hong Kong-listed Macau casino operators also
saw their stocks decline yesterday, although not as much as
Wynn. Sands China lost 1.5 per
cent to close at HK$26.65 while
SJM Holdings ended down 2.7
per cent at HK$6.53.
Wynn Macau, controlled by
Steve Wynn, fell to HK$10.86 in
Hong Kong after parent Las Vegas-based Wynn Resorts fell 4.6
per cent in New York overnight.

The group gets almost 70 per cent

of its revenue from the Macau
unit.
The amount stolen from Dore
Holdings could range from
HK$200 million to HK$2 billion,
according to a report by Daiwa
Capital Markets analysts led by
Jamie Soo. A Dore employee at
Wynn casino declined to comment.
The alleged theft, if it proves
true, could crimp liquidity
among junkets and accelerate
closures of exclusive gambling
rooms operated by middleman.
The balance in this instance,
even at the low end, is material
and quite significant, Soo wrote.
Our on-the-ground checks
point to the possibility that other
junket operators may share some
of Dores existing stakeholders,

which may exacerbate this contagion impact.

Junket operators are independent from casinos, supplying
high rollers with credit. The casinos provide dealers and chips in
private rooms where the junket
operators take their clients.
Dore owes no money to the

Other junket
operators may
share some of
Dores existing
stakeholders
JAMIE SOO, DAIWA CAPITAL MARKETS

company and continues to operate in Wynn Macau, a Wynn

spokesman said in an email. The
concerns over Dore have no
direct financial impact on Wynn
Macau, he said.
Opened in September 2006,
Wynn Macau operates approximately 284,000 square feet of casino space in Macau. The firms
first-half casino revenues
dropped 37.3 per cent year on
year to HK$9.6 billion. It blamed
the poor performance on low
gaming volumes in its VIP tables,
a headache for casino operators
in the wake of the anti-corruption
campaign on the mainland.
The campaign has hit Macau
hard as the casino industry is the
mainstay of the citys economy.
Revenues from casinos fell 37 per
cent in the first half.

CURRENCIES

Yuan rms in wake of stronger PBOC support

................................................
Reuters, Enoch Yiu and Jing Yang
The yuan firmed against the US
dollar yesterday, encouraged by
the central bank setting a stronger midpoint and a rally in the offshore market a day earlier that
dealers suspected was instigated
by state banks acting at the central banks behest.
Traders said they believed
Beijing was seeking to steady the
yuan after it came under pressure
following its abrupt devaluation
in mid-August.
The central bank has continuously offered dollar liquidity to
the (onshore) market of late,

ADRIAN HUGGINS, MOODYS COUNSEL

Beijing cracks
the whip again
on brokerages

Fosun International is not

prepared to negotiate the
purchase of Portugals Novo
Banco on the basis of an
increased bid price as requested
by the Portuguese central bank,
a source close to the process said
yesterday. Fosun was not
available to comment.
Portuguese business daily Diario
Economico had reported Fosuns
bid was too low to lead to a sale.
It said Fosun would only pay 1.5
billion (HK$13.05 billion) for
Novo Banco, the good bank
carved out of the collapse last
year of Banco Espirito Santo.
Reuters

Oil prices fell more than 2 per

cent yesterday after Goldman
Sachs cut its crude forecasts,
citing global oversupply and
concerns over the Chinese
economy, and after Saudi Arabia
dismissed the idea of an oil
producer summit. Joining a list
of banks cutting their price
forecasts, Goldman reduced its
US crude oil estimate for this
year to US$48.10 a barrel, from
US$52. The bank also lowered
next years forecast to US$45
from US$57. Reuters

[The errors] did

not have a
material impact
on overall
accuracy

view. If this is not a function of a

credit rating agency then I dont
know what is, Yu told the tribunal. He likened the research
report to a medical screening,
saying it was a key part of the
analysis that goes into a diagnosis, which in this metaphor
was a credit rating review.
Moodys report listed potential problems at prominent companies including developers
Evergrande Real Estate Group
and Kaisa Group Holdings. Share
prices at several firms mentioned
in the report fell in the days
following its publication while
borrowing costs rose.
Moodys lost its case for the
tribunal to be held in private.

MARKETS

GAMING

Fosun rules out higher

bid for Novo Banco

Oil falls after Goldman

lowers forecasts

tribunal said. I suggest you have

a portfolio review of all Chinese
ratings, read another. The
emails discussed using a Red
Flag system to rank companies.
They are doing a portfolio re-

said a trader at a Chinese commercial bank in Shanghai. Nobody wants to fight against the
central bank, so the market today
took cues from the midpoint as
well as from yesterdays unusual
yuan appreciation in the offshore
market.
Hong Kong Monetary Authority chief executive Norman
Chan Tak-lam refused to comment on whether the PBOC had
intervened in the offshore yuan
market in Hong Kong on Thursday.
When asked by reporters yesterday if such an action by the
PBOC would be an embarrassment for the HKMA, he said: I do

not think the HKMA should feel

embarrassed or uncomfortable
just because other central banks
are intervening in their own currencies here. Japan and Germany
have had their central banks intervene in currency trading in
Hong Kong.
The HKMA also has intervened in Hong Kong dollar trading in London, New York or
Frankfurt. It is the duty of central
banks to do whatever they deem
fit for their currencies.
The PBOC yesterday set the
midpoint rate at 6.3719 per dollar
prior to market opening, or 0.08
per cent firmer than the previous
fix. The spot market closed at

6.375 per dollar yesterday, 0.03

per cent firmer than the previous
day.
Traders said they expected
the onshore yuan to move narrowly between 6.35 and 6.40 in
the near term. The offshore yuan
staged a correction of 0.2 per cent
yesterday morning, after suspected rare intervention by stateowned banks on behalf of the
monetary authorities pushed it to
strengthen 1.2 per cent on Thursday, the offshore rates biggest
daily gain on record.
As a result of the suspected intervention, the long-standing
spread between the onshore and
offshore rates narrowed sharply.

Offshore yuan was trading

0.54 per cent weaker than its onshore counterpart by 5pm yesterday, the smallest discount since
the devaluation on August 11,
compared to a peak of 2 per cent
in the past month.
In addition to market intervention, mainland officials have
gone all out to soothe investor jitters over long-term yuan depreciation. Premier Li Keqiang, for
the second day running, told
business leaders and investors on
Thursday that China does not
want a currency war.
Offshore one-year non-deliverable forwards contracts traded
at 6.5800 at 7pm yesterday.

The China Securities Regulatory

Commission yesterday announced punitive action against
five brokerages, refusing to let up
the regulatory crackdown even as
the stock markets showed signs
of stabilising.
A total of 240 million yuan
(HK$291.1 million) will be fined
and confiscated from Huatai Securities, Haitong Securities, GF
Securities, Founder Securities
and Zheshang Futures for their
insufficient inspection and
understanding of clients identity, the regulator said in an announcement.
The CSRC has been cracking
the whip on errant financial institutions it blames for the stock
slump.
Some financial institutions
have been connecting their clients with illegal trading platforms
offering high-leverage margin
trading, one of the factors that
had pushed stocks to stratospheric levels in the bull run before a stock market rout in midJune.
These platforms, including
Hundsun Technologies, partly
owned by Alibaba founder Jack
Mas financial investment company, were fined 453 million
yuan in total.
A further 151 million yuan of
illicit gains were confiscated by
the CSRC earlier this month.
The mainland markets yesterday made small gains as the selloff mania eased, while Hong
Kong stocks edged down.
The Hang Seng Index closed
down 0.27 per cent at 21,504.37
points.
The H-share index slipped
0.63 per cent to 9,718.28 points.
However, it ended a four-week
losing streak by adding 6.19 per
cent this week.
H shares will surge 33 per cent
by the end of this year as stronger
fiscal stimulus on the mainland
revives economic growth,
Bloomberg quoted Deutsche
Bank as saying. We remain up-

beat, the strategists wrote in the

report on Thursday. We prefer H
shares to position for macro improvement ahead.
But Zhao Wenli, the chief
strategist at China Merchants Securities, was less upbeat. In the
short term, the external environment facing the H-share market
remains adverse. The biggest
problem for Hong Kong equities
is the absence of catalysts. So a
bull run is unlikely to take place
any time soon, said Zhao.
The Shanghai Composite Index flatlined, up just 2.34 points,
while CSI 300 Index slid 0.31 per
cent.
Investors favoured smallcaps this week, particularly in
volatile sectors such as information technology, which seem to
suggest that they are a bit less

0.31%
The CSI 300 Index slid by
this much on Friday

conservative than in previous

weeks, said Gerry Alfonso, an
analyst with Shenwan Hongyuan
Securities.
Li Daxiao, chief economist at
Shenzhen-based Yingda Securities, said: Remarks by Premier Li
Keqiang at the World Economic
Forum and Zhou Xiaochuan this
week helped stabilise the sentiment.
Societe Generale said in its
Friday morning call that over the
weekend, the release of Chinas
data is likely to show some improvement, albeit partly owing to
helpful base effects.
Annual growth rates in retail
sales, industrial production, fixed
asset investment and exports are
all expected to have increased
meaningfully in August.

Premier Li Keqiang has warned that transforming the mainland

economy will be a painful and treacherous process. Photo: AFP

B2 Saturday, September 12, 2015

THE INFORMER
EVENTS
Tuesday, September 15: Hong Kong
General Chamber of Commerce
lunch: Creating a sustainable and
equitable global economy for
generations to come. Conrad HK.
Canadian Chamber of Commerce
lunch: Valuing mineral resources:
Methods and pitfalls. Kinwick
Centre.

Chart of the day: Internet faces ad blocker threat

Number of active desktop users using ad-blocking software (m)

Wednesday, September 16: Joint

panel discussion: What does the
new Competition Ordinance mean
for Hong Kong? Two Exchange
Square.

225

175

Safari
9m

Hong Kong General Chamber of

Commerce breakfast: Successful
finance transformation: Doing better
with less. United Centre.

150

Others
15m

Hong Kong General Chamber of

Commerce lunch: Exploring
opportunities in Colombia. United
Centre.
Canadian Chamber of Commerce
lunch with General Electric vicechairman John Rice. Club Lusitano.

Chrome
126m

200

125

September 15 Interim: PRADA

S.p.A.
Final: Bamboos Health Care
Holdings, China Tianyi Holdings
AGM: Coastal Greenland, Freeman
Financial Corporation, Netel
Technology (Holdings), QPL
International Holdings
September 16 Final: Bossini
International Holdings, Vision Values
Holdings
AGM: Asia Cassava Resources
Holdings, Asia Commercial Holdings,
Chun Sing Engineering Holdings,
Computime Group, Yangtzekiang
Garment, YGM Trading
September 17 Final: Huazhang
Technology Holding

NOTICES
Simsen International Corp .............B4
More announcements
in Directory Notices
For notices inquiries, please contact:
Becky Tso 2680 8303
Fax 2565 7272

CONTACT US
Business News Desk
Telephone 2565 2653
Fax 2565 1624
E-mail bizpost@scmp.com
If you have information on events
that should be included here, e-mail
business.diary@scmp.com

INSIDE TODAYS

CLASSIFIED
POST

HOW CRAIG
SMITH GOT HIS
GLOBAL VIEW
> SECTION 1

198.3 million users,

6% of global internet population

US$21.8b
Estimated loss in global
advertising revenue

Recent share price falls make CNOOC, Sinopec

and PetroChina obvious stock picks in sector

75

50
25
2010

2011

2012

2013

2014

2015

Global digital advertising revenue (last four quarters) (US$b)

69.6

RESULTS
September 14 1st Quarter: Novo
Group
Final: Mega Expo Holdings, Sitoy
Group Holdings
AGM: Bingo Group Holdings, China
Culiangwang Beverages Holdings,
Code Agriculture (Holdings), Pizu
Group Holdings

Chinas traditional
energy stocks now
the real bargains

Jun 2015

100

2009
Canadian Chamber of Commerce
evening: The app entrepreneur
generation: How to combine
technical coding skills with design
thinking to solve real-life problems.
Kinwick Centre.

Firefox
48m

PORTFOLIO
JING YANG

13.7

4.87

1.78

1.3

Includes US$12b from

mobile search advertising
Google

Facebook

Yahoo

Twitter

Sources: PageFair Adobe 2015 Ad Blocking Report, Goldman Sachs, Statista

Apples upcoming smartphone operating system will let users

install ad blockers, which help pages load faster. The move
threatens the US$70 billion annual mobile advertising business.
According to a report from PageFair and Adobe, ad blockers are
catching on quickly and accounting for massive losses in

Amazon
SCMP / Graphic News

potential ad revenue. Globally, close to 200 million internet

users are using ad-blocking software, and that number is
expected to keep growing rapidly. The report says the global
loss of ad dollars due to such software is an estimated US$21.88
billion and US$10.78 billion in the United States alone.

EQUITIES

MARKETS MAKING YOU

SICK? ITS THE CORTISOL
Investors, who tend to buy and sell at the wrong time, need to develop
strategies so they are not influenced by chemically induced feelings
................................................
James Saft
Do you remember that sick feeling you had on August 24 when
the Dow Jones Industrial Average
plunged more than 1,000 points
only to shoot back up by 900 and
end the day down 588?
Remember how you felt after
weeks and weeks of the financial
crisis in 2008? That was probably
the stress hormone cortisol talking and it was working hard to
shift how you experience risk.
How you manage that can be
key to your success as an investor.
Understanding how cortisol can
affect investors and the market as
a whole can be key to figuring out
what happens next.
A March study by nine British
and Australian academics published in the September edition
of the Proceedings of the US National Academy of Sciences
found that prolonged exposure
to cortisol can increase risk aversion.
In contrast, a one-off acute increase in cortisol did not have
much impact on attitudes towards risk.
In other words, hit one bump
in the road and you will tend to
maintain speed; hit a bunch of
bumps and you tend to slow
down.
We have found that an acute
elevation of cortisol has no significant effect on financial risk taking whereas a sustained elevation
leads to greater risk aversion,
with study participants preferring lower expected return and
lower-variance bets, the authors
write.
Much of this will be intuitive
to close observers of financial
markets. During bear markets,

A recent study by nine British and Australian academics found that

prolonged exposure to cortisol can increase risk aversion. Photo: AFP
when future returns are in theory
increasing, investors are less and
less willing to take on risk. During
bull markets, the higher the prices, the more willing to take risks
investors seem to be.
Cortisol is known to increase
when people are put in new, uncertain conditions or those they
clearly cannot control. An earlier
study by the group, of Londonbased financial traders, found
that as volatility increased over
an eight-day period the mean
cortisol level of the subject shot
up by 68 per cent.
So if volatility makes cortisol
rise what happens to risk appetite
when it does?
This study dosed volunteers
with varying amounts of cortisol
or placebos and then had them
play computer games to gauge
risk appetite.
Our findings point to an
alternative model of risk taking.
In it risk preferences are not stable; rather, they are highly dynamic. Such a model might help

explain why the risk premium on

equities rises and falls with volatility, and why the appetite for risk
among the financial community
seems to expand during a rising
market, and contract during a declining one, the authors write.
This rather implies that investors, who as a species tend to buy
and sell at more or less the wrong
time, need to accept that they will
have these feelings and develop
strategies to make sure they are
not overly influenced by them.
One way is simple awareness,

68

The rise in financial traders

cortisol levels as volatility
increased over
eight days

another is by delegating investment decisions to third parties,

preferably institutions with a better chance of operating within
frameworks that discourage
chemically driven buying and
selling. The study says little about
bull markets and how to avoid
the possibly chemically generated mistakes they engender.
From a more macro point of
view this is an obvious lesson for
policy makers. Global central
bankers seem to have learned
well the lesson that acute and
long financial events require
shock therapy to avert panic selling. What policy makers seem
less good at is returning to neutral.
As for the current bout of market volatility, it is uncertain if it
has gone on long enough to make
a lasting change in investors risk
appetites. In China surely, in the
US perhaps.
One-off stress events wont
drive dynamic risk aversion. We
need a sustained period of stress
and chaos to change hearts and
minds, Wesley R. Grey, chief investment officer of asset allocation and investment firm Alpha
Architect wrote in a note.
The recent turmoil in August,
and now into September, may
not be enough sustained stress to
change minds, but if the drama
continues ... watch out!
It really is genuinely difficult
to know what exactly the chemical mindset of the market is right
now. On the one hand clearly
weve had a decent period of
higher volatility. But this is after
an extended period of very low
volatility, almost certainly due to
monetary policy.
It would be interesting to see
what happens to cortisol levels
around the possible interest rate
rise by the Federal Reserve next
week.
Reuters

ossil fuels are not dead yet,

neither are traditional
energy stocks.
Despite the buzz over clean
energy like wind, solar, hydro
and nuclear, Asia and Chinas
energy consumption growth
over the next decade will
continue to be driven by oil and
coal, the dark monarchs, says a
report by Macquarie analysts led
by James Hubbard.
The demise of fossil fuels is a
fantasy, at least in Asia; even
with Herculean Chinese
construction of non-fossil fuel
capacity, our base case is that oil,
gas and coal will still account for
84 per cent of Asias energy
consumption by 2025,
Hubbard wrote in a report.
Asias primary energy
demand will rise 31 per cent by
2025, an increase equivalent to
the size of Saudi Arabias oil
production.
The region will also account
for 46 per cent of global energy
consumption by 2025, from 41
per cent this year.
Driving that growth will be
oil, coal and cleaner-burning
gas, which will rise 23 per cent.
China, accounting for half of
Asias energy consumption, will
absorb over half of the growth in
Asia, Hubbard estimates. Hence
Chinas national oil companies,
whose share prices have taken a
dive along with the oil rout, are
the obvious stock picks in this
sector.
CNOOC, PetroChina and
Sinopec Corp, the big three state
energy firms in China, have
weathered the oil rout through
spending cuts and cost
reductions. In the last earnings
season, the three delivered
comforting financial results,
holding up their A-plus credit
ratings.
Chinas big three national
oil firms maintained strong
financial profiles despite a weak
operating environment [in the
first half of this year]. Cost
reductions, lower oil production
levies as well as stronger refining
margins at the three companies
helped to offset the drop in cash
generation that resulted from a
fall in realised oil prices during
the period, Fitch Ratings said.
All three stocks make good
investment sense. Both CNOOC,
the offshore oil and gas player,

Chinas oil firms have weathered

the oil rout through cost cuts.

Chinas energy
consumption
growth will
continue to be
driven by oil
and coal
and Sinopec, the countrys
largest refiner, are trading at
record lows of 0.9 and 0.7 pricebook ratios, respectively.
PetroChina is valued by the
market at a 15-year low, with a
0.8 ratio.
CNOOC has operational
competency in line with the
[international oil company]
peers and is well-placed to help
the country minimise its
growing energy import gap
simply by exploiting its already
discovered offshore oil and gas
resources, wrote Hubbard.
PetroChina, having swiftly
recovered from an anti-graft
campaign, managed to cut costs
without undermining
production, he added.
Sinopec, the dominant oil
refiner and petrochemical
producer, is taking comfort from
robust domestic petrol demand.
So far in 2015, [petrol] demand
is up 11 per cent and oil products
up 4 per cent strong by any
measure, Hubbard said.
The price upside of the three
stocks, he calculated, was 56 per
cent for CNOOC, 60 per cent for
PetroChina and 45 per cent for
Sinopec.
jing.yang@scmp.com

Connect Watch
Northbound trading
Turnover (m yuan)
1,256.63 1,326.08

Buy

Sell

Number of trades
Buy
59,433
72,635
Daily quota balance (%)

Sell

Total
2,582.71
132,068
99

Top 10 most actively traded stocks (m yuan)

Rank

Stock name

Buy

Sell

Ping An Insurance

87.88

259.76

Industrial Bank

55.22

32.77

China Merchants Bank

44.17

32.72

Shanghai Pudong Development Bank

28.9

37.06

Shanghai International Airport

5.62

49.36

China Minsheng Banking

38.6

15.2

Citic Securities

40.11

9.38

China Shipbuilding Industry

13.72

34.72

Industrial and Commercial Bank of China

22.92

18.97

10

Agricultural Bank of China

32.7

8.42

Southbound trading

DILBERT

Turnover (HK$m)
930.89
655.9

Buy

Sell

Number of trades
20,177 14,155

Buy

Sell

Total
1,586.79
34,332

Top 10 most actively traded stocks (HK$m)

CASUAL STAFF
CAN BOOST
START-UPS
> SECTION 2

24 PAGES IN
2 SECTIONS

Rank

Stock name

Buy

Sell

GAC Group

60.19

10.31

Alibaba Pictures

23.03

39.76

Haitong Securities

14.4

48.05

Fosun International

46.9

12.3

Citic Bank

34.36

10.05

Agricultural Bank of China

30.52

10.24

PetroChina

37.25

3.32

Car

37.59

2.82

CRRC

12.43

26.58

10

Citic

0.14

36.88

Source: HKEx

SCMP

Saturday, September 12, 2015 B3

BUSINESS
CARS

ECONOMY

Japan rms stick

to spending plans
as mood rebounds
Strong US demand offsets the gloom in Chinese
economy and the ensuing market turmoil
................................................
Reuters in Tokyo

Chinas car industry is looking to grow from being big to being strong as the central government pushes carmakers to develop battery electric vehicles. Photo: Reuters

GREEN VEHICLES LEAD CHINA

PUSH AGAINST COMPETITION
Sales of electric cars rise sharply as Beijing seeks to close gap with
global rivals in new energy vehicles through incentives and targets
................................................
Reuters in Beijing
Vehicle sales on the mainland
could be heading for a rare fall
this year, but one bright spot is in
so-called green cars, where sales
have almost quadrupled.
With a part-carrot, part-stick
strategy of incentives and targets,
Beijing is pushing carmakers to
develop battery electric cars, seeing this as its best shot at closing a
competitive gap with global rivals
which have a 100-year head start
in traditional combustion engines.
Electric powertrains are simpler to develop, and driving a
push to green cars fits President
Xi Jinpings policy goal of reducing pollution.
With an eye on both big subsidies and looming fuel economy
targets, carmakers are earmarking at least 50 billion yuan
(HK$60.65 billion) this year for
developing and making new energy vehicles, a Chinese catchall term for electric and highly
electrified cars, data shows.
Some time ago, Xi explained
it very well, saying that developing new energy vehicles is the
Chinese car industrys only road
to grow from being big to being
strong, Xu Heyi, the chairman of
Beijing Automotive Group and a
high-ranking Communist Party
official, told reporters recently.
Electric and plug-in hybrid
car sales jumped 270 per cent to
108,654 units in the first eight

months of the year, the China Association of Automobile Manufacturers said on Thursday, and
China is on track to overtake the
United States as the worlds leading producer, making more than
130,000 such cars this year, according to consultancy LMC
Automotive.
The government has set a goal
of annual production of one million new energy cars by 2020, although industry researcher IHS
Automotive forecasts output
then at nearer 791,000.
As for the carrot, motorists in
Shanghai, for example, can save
up to 182,600 yuan over a traditional petrol-powered car by taking advantage of free licence
plates for some green vehicles
and other subsidies, according to
data and analysts estimates.
However, Beijing said in April
it would roll back subsidies faster
than expected, and may lean increasingly on fuel economy requirements that grow progressively stricter to 2020.

270

The increase in electric and

plug-in hybrid car sales in
the first eight months of
the year

The authorities have not yet

spelt out how these requirements
will be enforced, although a feasibility study by Great Wall Motor
last month suggested carmakers
could face big fines for failing to
meet the requirements.
The central government
planned to roll out a Californiastyle system that rewarded manufacturers and drivers for going
electric, while punishing those
who relied on traditional petrol
cars, Xu said in July.
Chinese carmakers are leading the charge to invest in green
vehicles, with brands such as
Geely Automobile Holdings and
Great Wall raising money in private share placements or building factories specifically earmarked for new energy vehicles.
Among foreign makers, General Motors joint venture with
SAIC Motor Corp said in April it
would invest 26.5 billion yuan in
new energy technologies and increased electrification by 2020. A
spokeswoman said this was still
on track.
GM and SAICs other joint
venture, with Wuling Motors
Holdings, said last month it
would build a US$470 million
new energy vehicle factory with
200,000-unit capacity by 2017, although it did not specify whether
the cars would be traditional hybrid, plug-in hybrid or full electric.
While official data does not
break down market share for
green cars, Chinese marques

ECONOMY

South Korea keeps rates at record low

................................................
Reuters in Seoul
South Koreas central bank reassured investors yesterday its future policy decisions would be
based on economic data, but
noted that another interest rate
cut soon was unlikely because
the economy was already recovering as expected.
The Bank of Koreas sevenmember policy committee
unanimously held the base rate
steady at a record-low 1.5 per
cent, the third straight month it
unanimously kept the rate unchanged after cutting it in June.
Trader reaction to the decision and the Bank of Korea chiefs
remarks was muted as global
financial markets watch and wait
for the outcome of the US Federal

Reserves policy meeting on September 16 and 17.

If and when growth does
stray from our previous forecast
of 2.8 per cent, we will decide
what to do about the situation
then, Bank of Korea governor
Lee Ju-yeol told reporters.
Lee dismissed forecasts by

The Bank of
Korea will
probably lower
this years
growth forecast
OH SUK-TAE, SOCIETE GENERALE

MALAYSIA RULES OUT RATE CHANGE

Malaysias central bank yesterday kept its benchmark interest rate
unchanged at 3.25 per cent, with the ringgit continuing to slide and the
global economic outlook remaining uncertain.
Bank Negara Malaysia said the benchmark rate remained
supportive of the economy, which it said faced growing risks to
growth amid greater uncertainty on global and domestic fronts.
But it said it was entering a challenging period from a position of
strength, and economic growth could remain in the region of 4.5 to 5.5
per cent a year.
Economists say the central bank had to hold the benchmark rate
unchanged for fear a rate cut would further undermine the ringgit and
lead to more capital outflows. All 13 economists polled said it would
hold the rate.
The ringgit will persist in remaining weak, so the rate will not be
adjusted to boost the ringgit as our central bank isnt an exchange rate
targeting one, said Patricia Oh, an economist at AmInvestment Bank
Group.
Reuters

some analysts that this years

economic growth could be just
above 2 per cent.
He said the Bank of Korea expected the Fed to begin raising its
rates before the end of the year,
but did not specify a month.
Lee said Koreas current monetary policy was loose enough to
support economic recovery,
pointing to long-term bond
yields and bank lending rates
similar to or even lower than in
the US.
Most analysts in a survey conducted before yesterdays policy
meeting predicted no further rate
cut for a some time, while about a
third foresaw another cut soon to
lift economic growth.
The Bank of Korea will probably lower this years growth forecast to about 2.5 per cent next
month, but I dont think it would
cut the interest rate at the same
time and for a while afterwards,
said Oh Suk-tae, an economist at
Societe Generale.
The central bank revises economic growth and inflation forecasts every three months. Its next
update is scheduled for October
15, when the policy board meets
again.
The Bank of Korea has
trimmed the policy rate twice in
25-basis-point moves this year to
maintain the economys recovery momentum, something that
has proven difficult as weak global demand drains energy from
the export-reliant economy.
A slowdown in China, South
Koreas biggest trade partner, has
also troubled policymakers as
China takes in about 25 per cent
of Koreas exports.

dominate the lists of top-selling

electric and hybrid models.
BYD leads the market with its
Qin plug-in hybrid, while Beijing
Auto subsidiary BAIC Motor
Corp sells the leading full-electric
car, the E-series, according to the
China Passenger Car Association.
Foreign carmakers dont believe the technology is evolved,
said Yale Zhang, the managing
director of industry researcher
Automotive Foresight. They
dont think theres enough demand for pure-electric vehicles.
Some foreign makers are
showing faith, however, in the
long-term demand for electrified
vehicles in China.
Toyota Motor Corp is gearing
to launch by the end of this year a
lower-cost petrol-electric hybrid,

similar to its Prius, which has

been developed specifically for
China.
Tesla Motors Gary Tao said
the company was optimistic
about the energy vehicle market
in China after it recorded rapid
sales growth this year, contributing to a near doubling of sales in
the Asia-Pacific in the second
quarter compared with the first
three months of the year.
Gradually, people can be
more knowledgeable about these
[electric cars] and better accept
[them], then the whole market
could be ready for the mass market [electric cars], Tao said.
Quality and best-in-service will
be a good base for the future of
long-term development more
than volume at this stage.

Japanese business sentiment

turned positive in the July-September quarter and companies
stuck to upbeat spending plans, a
government survey showed, offering some relief for policymakers worried about a hit from slowing Chinese growth and ensuing
market turmoil.
The poll, the first comprehensive business confidence survey
for this quarter, followed a recent
run of gloomy data, including a
survey showing the service sectors mood worsening last
month.
Big manufacturers appear a
bit cautious about the outlook,
probably due to uncertainty over
China. But its not as if they are all
gloomy since US demand remains strong, said Takeshi Minami, the chief economist at
Norinchukin Research Institute.
Capital expenditure plans remain fairly strong, so I dont think
we need to be too pessimistic
about the economy.
An index gauging sentiment
at large manufacturers stood at
11 in the September quarter, rebounding from minus six in the
previous quarter, a joint survey
by the Finance Ministry and a research arm of the Cabinet Office
showed yesterday.
Companies planned to raise
capital expenditure by 6.1 per
cent over the business year that
started in April, up from the
previous polls 5.9 per cent, the
survey showed.
But the index gauging big
manufacturers business conditions in October-December fell
slightly, a sign that some are feeling the pinch from weakening
demand in China.
Higher capital spending and

wages are critical to the success of

Abenomics, which aims to
prod companies into spending
more instead of sitting on huge
cash piles.
After having pressured companies into raising wages last
year, the government hopes
to nudge them into boosting
capital expenditure in a rare dialogue with private firms next
month.
We need to strengthen
Japans domestic demand to offset any negative impact from
overseas economies, Economics Minister Akira Amari said yesterday. From that perspective,
we want to hold a public-private

I dont think we
need to be too
pessimistic
about the
economy
TAKESHI MINAMI, ECONOMIST

sector dialogue and one area we

would look at is how companies
are using their cash reserves.
Japans economy shrank in
April-June and growth is expected to rebound only modestly this
quarter as sluggish Asian demand hurts exports, keeping
policymakers under pressure to
offer further fiscal or monetary
steps to rev up growth.
The surveys index measures
the percentage of companies
that expect the business environment to improve from the
previous quarter minus the percentage of firms that expect it to
worsen.

B4 Saturday, September 12, 2015

MANAGEMENT
INVESTMENT

BRANDING

Peltzs Trian fund

suffers brutal
decline in August
Billionaires activist fund falls 4.8 per cent in one
month as stock market turbulence takes its toll
................................................
Reuters in New York
Trian Partners, the activist fund
run by billionaire Nelson Peltz,
fell 4.8 per cent last month, adding to the ranks of hedge funds
that have been slammed by recent stock market turbulence.
Slowing economic growth in
China has ramped up volatility in
stock markets and also shown
that activist investors focused on
individual corporate situations
are not immune to broader
macroeconomic forces.
In recent weeks, many hedge
funds and activists in particular
such as William Ackman and Dan

3.45%
Trian Partners loss in the
year so far after last
months decline

Loeb have been hammered by

the wider market pullback.
Trian is no exception of the
11 companies in its publicly disclosed stock portfolio as of June
30, eight are down for the year, as
of Wednesdays close. Those
companies include chemical and
crop company DuPont and soft
drink giant PepsiCo.
Last months decline contributed to a 3.45 per cent drop at
Trian year to date although the
fund could still push back into the
black if markets recover between
now and the end of the year.
Since launching in 2005,
Peltzs only down year was 2008,

when the financial crisis handed

Trian an approximately 19 per
cent loss. The companys main
fund has averaged annual returns of approximately 8 per cent
since inception compared with 7
per cent annual gains in the Standard & Poors 500 index.
Trian has logged some successes. Its 7 per cent stake in food
distributor Sysco is sharply higher since the holding was disclosed on August 14.
Peltz and Josh Frank of Trian
were elected to the companys
board of directors on August 20.
Peltz is also set to join the board of
pump and valve maker Pentair,
in which Trian recently took a 7.2
per cent stake, although its shares
have declined more steeply than
the broader market since then.
But the fund has also had
some notable losses this year.
Peltzs campaign to have a
slate of directors added to DuPont earlier this year was voted
down by shareholders. DuPonts
shares have fallen from US$75 on
the morning after Peltz lost the
fight to US$48.24 where they
were trading on Thursday.
Trian declined to comment.
Activist investors typically buy
up shares of an under-valued
company and push for relatively
quick changes, such as divestitures and ask for management or
structural improvements. Peltz is
one of the largest investors in the
activist space at US$12 billion in
assets under management and
callable commitments.
The investors, including
Trian, were largely performing
well until August. The HFRI Event
Driven Activist Index was down
3.46 per cent last month, and is
up 0.45 per cent year to date. That
is better than the S&P 500 index,
which has fallen about 5 per cent
so far this year.

Celebrity portrait photographer Annie Leibovitz, who boasts a portfolio including the Rolling Stones and John Lennon, is never far from controversy. Photo: AFP

UBS BANKS ON ANNIE LEIBOVITZ

FOR GLOBAL BRAND OVERHAUL
Swiss lender hopes world-renowned photographer can help to make its
image more human-centric as it undergoes a strategic transformation
................................................
Celine Ge
celine.ge@scmp.com
What will a celebrity portrait photographer bring to a 161-year-old
Swiss bank undergoing a structural overhaul after being mired
in scandal since the global financial crisis?
UBS, Switzerlands biggest
lender, is banking on world-renowned photographer Annie
Leibovitz in its first global brand
relaunch campaign since 2009, in
what marketing chief Johan Jerve says is a bid to make its image
more human.
Leibovitz has a natural talent
for capturing people in her images, as evident from her portraits of celebrities, Jerve,
UBSs global group chief marketing officer, told the South China
Morning Post. We would like to
make the banks image more human-centric. It is one of the
fundamental parts of our strategic transformation.
The image makeover is expected to polish the Zurichbased banking behemoths reputation, which was battered by a
succession of massive fines for
employee misconduct such as
foreign exchange rate manipulation.
The campaign is also considered part of a pipeline of changes
led by group chief executive Sergio Ermotti as he seeks to stage a
turnaround, including a shift of

focus from investment banking

to wealth management business.
But some branding experts
expressed doubts about how
high the return on investment
from the multi-million-pound
campaign would be.
Leibovitz will doubtless do
some great photos but that will
do little if anything for the banks
image if it isnt combined with a
credible strategy about how its
going to clean up its act, said
Patrick Barwise, a marketing professor at London Business
School. Otherwise, clients are
unlikely to give UBS the benefit of
the doubt.
Rebranding a bank has become a trickier business since the
global financial crisis, when the
industrys image was badly tarnished. One scandal that rocked
UBS saw a rogue trader place vast
and risky bets that resulted in a
US$2.3 billion loss, the biggest
fraud discovered at a bank in Britain.
In fact, it (the relaunch)
might even backfire, at least
among business customers, regulators and those consumers
who are relatively well informed
and averagely ethical, Barwise
said. In that case, people will interpret this relaunch as a cynical
ploy to put lipstick on a pig.
Jerve, who spent years with
Intel and McDonalds before
joining UBS, said Leibovitz offered a sense of surprise.
The move came as a surprise

UBS has been mired in scandal

since the global financial crisis.

Leibovitz has
a natural talent
for capturing
people in her
images
JOHAN JERVE, UBS

to branding experts, too. Leibovitz, who boasts a portfolio including the Rolling Stones and
John Lennon, the English singer
portrayed naked hours before his
death, is never far from controversy. In 2008, photos she shot of
15-year-old Disney star Miley Cyrus wrapped in a bed sheet dealt a
huge blow to the entertainment
powerhouse.
On top of the print advertising
campaign, UBS had Leibovitz
shoot a series of photographs of
entrepreneurs pondering big
questions such as, Am I a good
father? and Can I truly make a
difference?
This is different from what
banks will normally do, Jerve
said. Usually when people think
about banks ads, they will come
up with scenes like businessmen
in meetings or in private jets,
while through our photographs,
we are telling some interesting
personal stories.
But Barwise said all banks
communication tended to tell
the same story we have highly
dedicated staff and were all
about helping our customers
usually with lots of smiling faces
and/or feel-good stories about
helping people in a crisis or enabling them to realise their
dreams.
The big issue is therefore:
what has UBS said about improving its management priorities, reward and compliance systems,
and recruitment criteria and corporate culture so that it does not
end up being repeatedly in the
news for the wrong reasons?
Barwise asked.

ENERGY

Petrobras may cut spending further

................................................
Reuters in Rio de Janeiro
Brazils state-run oil company
Petroleo Brasileiro (Petrobras),
which slashed its five-year
spending plan by 40 per cent in
June, is likely to cut back further
as growing debt costs, falling oil
prices and a weak currency have
already made the plan obsolete,
two company sources said.
Standard & Poors decision to
cut Brazils sovereign credit
rating to junk grade on Wednesday was followed by a separate downgrade for Petrobras a
day later.
The sources said the downgrade would raise the cost of refinancing Petrobras more than
US$130 billion of debt and reduce
the capital available to drill wells,

build production ships and refineries and pay for infrastructure to

boost output and revenue.
The June plan is already obsolete, its outlook for oil prices,
debt costs and the currency are
no longer realistic. The plan will
have to be changed, one of the
sources said.
In a statement released on
Thursday, Petrobras said its
project financing was sound in
the medium term and was not affected by a downgrade in credit
risk by a ratings agency.
Hailed as a return to reality
after years of missed output
goals, record spending and a
corruption scandal that led to
US$17 billion of write-downs, the
plan unveiled in June cut the
2015-19 spending goal to US$130
billion from US$221 billion.

Both sources, which are

directly involved in Petrobras
planning efforts, said a planned
sale this year of up to 25 per cent
of fuel distribution arm Petrobras
Distribuidora was now almost
impossible.
Chief executive Aldemir Bendine said in June Petrobras would
likely start reviewing its strategic
plans on a quarterly basis.
The June plan is based on
Brent crude oil averaging US$60 a
barrel this year and US$70 from
next year to 2019. So far this year,
Brent has averaged US$57 and
Brent futures are trading below
US$60 a barrel through November 2017, a sign that few investors
and traders expect an increase
soon. The highest current futures
price is US$65.10 for December
2022 settlement.

Petrobras plan also assumed

Brazils real currency would
average 3.10 to the US dollar this
year and 3.26 next. But it has already weakened 19 per cent since
then to 3.85, driving up the localcurrency cost of paying the companys debts, most of which are
in dollars.
The S&P move is also Petrobras second downgrade to junk
this year after Moodys Investors
Service stripped the company in
February.
Many foreign pension funds
and other large investors are required to unload bonds once
two separate agencies rate them
as speculative-grade. That could
lead to a plunge in the price of
existing Petrobras debt and
limit the pool of buyers for new
offerings.

Saturday, September 12, 2015 B5

MARKETS
HONG KONG STOCKS
Code
1361
1530
2018
2686
3383
1288
8279
1299
753
538
241
1060
1312
373
56
347
914
2020
3337
1045
743
1135
522
105
232
2357
1958
874
3988
1963
3328
23
1293
2009
1250
694
154
392
925
1880
2326
2111
2299
1112
2868
2389
371
963
2388
1685
3998
434
1428
933
1114
1211
285
1028
341
1848
1381
699
996
293
1224
939
6818
832
1375
1811
1164
1816
1800
721
1117
658
1866
2600
2778
951
147
2286
25
3839
976
31
606
633
1566
3883
39
3983
217
1359
1898
552
1919
3969
661
3818
670
257
165
85
1185
3777
506
6881
384
2099
3788
1378
8083
1027
139
2128
2628
1234
931
2953
916
1371
1829
867
3968
144
978
941
3993
1278
1321
1258
81
715
603
2883
688
2601
2380
736
1838
735
1186
390
269
1313
291
1193
1109
836
1966
1432
1088
1138
974
815
1004
1055
1668
3311
966
728
1252
308
762
8156
2202
6166
855
1333
3188
3668
354
127
1111
2982
116
1929
378
884
2039
3899
267
998
1205
6030
1883
256
775
1113
1
1038
2
1636
3323
883
400
383
1778
2342
586
182
1681
2369
517
1199
2298
2007
1415
43
906
3618
8207
8158
1766
2866
2822
82822
1093
3898
317

Share
361 Degrees xd
3SBio
AAC Tech xd
AAG Energy
Agile Property
Agricultural Bk
AGTech Holdings
AIA Group
Air China
Ajisen (China)
Alibaba Health
Alibaba Pictures
Allied Cement
Allied Group xd
Allied Prp (HK)
Angang Steel
Anhui Conch
ANTA Sports xd
Anton Oilfield
APT Satellite
Asia Cement (China)
Asia Satellite
ASM Pacific
Asso Intl Hotels xd
AVIC Intl
AviChina Ind-1000
BAIC Motor
Baiyunshan Pharm
Bank of China
Bank of Chongqing
Bank of Comm
Bank of East Asia
Baoxin Auto
BBMG Corp
BE Clean Energy
Beijing Airport
Beijing Dev (HK)
Beijing Ent
Beijing Properties
Belle Intl
BEP Intl
Best Pacific
Billion Industrial xd
Biostime Intl
BJ Capt Land
BJ Ent M&H
BJ Ent Water
Bloomage BioTech
BOC Hong Kong
Boer Power
Bosideng Intl
Boyaa Interactive
Bright Smart
Brightoil Petro
Brilliance China
BYD
BYD Electronic
C.banner
Cafe de Coral
CALC
Canvest Enviro
CAR Inc
Carnival Group
Cathay Pac Air xd
CC Land Holdings
CCB
CEB Bank
Central China
Central China Sec
CGN Meiya
CGN Mining
CGN Power
Ch Comm Cons
Ch Fin Intl Inv
Ch Modern Dairy
Ch Transmission
Ch XLX Fertiliser
Chalco
Champion Reit
Chaowei Power
Chaoyue Group
Chen Xing Dev
Chevalier Intl
Chia Tai Ent
Chiho-Tiande Gp
China Aerospace
China Agri-Ind
China All Access
China Animation
China Aoyuan
China Beidahuang
China BlueChem
China Chengtong
China Cinda Asset
China Coal
China Comm Svc
China COSCO
China CRSC
China Daye Non
China Dongxiang
China East Airlines
China EB Intl xd
China EB Ltd
China Electron
China Energine
China Fiber Optic
China Foods
China Galaxy Sec
China Gas Holdings
China Gold Intl
China Hanking
China Hongqiao
China Innovation
China Jicheng
China Jinhai
China Lesso
China Life
China Lilang xa
China LNG-new
China LNG-old
China Longyuan
China LotSyn
China Machinery
China Med Sys
China Mer Bank
China Mer Holdings
China Mer Land
China Mobile xd
China Molybdenum
China New Town
China Newcity
China NF Mining
China O G Oceans
China Oceanwide
China Oil & Gas
China Oilfield
China Overseas xd
China Pac Insurance
China Power
China Ppt Inv
China Properties
China Pwr N Energy
China Rail Cons
China Railway
China Res & Trans
China Res Cement
China Res Ent
China Res Gas
China Res Land
China Res Power
China SCE Prp
China Shengmu
China Shenhua
China Ship Dev
China Shun Ke Long
China Silver
China Smarter Engy
China South Airlines
China South City
China State Cons
China Taiping
China Telecom
China Tianrui
China Travel HK xa
China Unicom
China Vanguard
China Vanke
China VAST
China Water xd
China Zhongwang
ChinaAM CSI300
Chinalco-CMC
Chinasoft Intl
Chinese Estate H
Chong Hing Bk
Chong Hing Bk rts
Chow Sang Sang xd
Chow Tai Fook
CIAM Group
CIFI Holdings
CIMC
CIMC Enric
CITIC
CITIC Bank
CITIC Resources
CITIC Securities
CITIC Telecom xd
Citychamp
CK Life Sciences
CK Property
CKH Holdings
CKI Holdings
CLP Holdings
CMRU
CNBM
CNOOC xd
Cogobuy
COL Capital
Colour Life Ser
Comba
Conch Venture
Concord NE xd
Consun Pharma
Coolpad Group
Cosco Intl xd
Cosco Pacific xd
Cosmo Lady
Country Garden
Cowell Holdings
CP Pokphand
CPMC Holdings xd
CQRC Bank
Credit China
CRMI
CRRC Corp
CSCL
CSOP A50 ETF
CSOP A50 ETF-R #
CSPC Pharma
CSR Times Elec
CSSC Offshore

Close
chg
2.50 +0.01
7.95 -0.03
47.85
+1
1.21 +0.01
3.81 +0.04
3.04 -0.03
1.55 +0.08
42.40 -0.40
5.77 +0.18
3.28 +0.11
5.22 +0.02
1.93 +0.07
0.54 -0.01
36.60

1.87 +0.02
3.44
+0.2
23.70 -1.10
19.14 +0.18
1.02 +0.01
5.53 +0.08
2.47 -0.08
13.04 +0.22
59.55 -0.70
22.70

0.85 +0.01
5.34 -0.07
6.72 +0.04
19.56 +0.18
3.57 +0.08
5.72 +0.02
5.54 -0.02
26.45 -0.05
2.58 +0.15
5.56 +0.13
1.10 -0.04
7.44 -0.04
1.74 +0.01
49.45 +1.3
0.465

7.44 +0.05
1.51 +0.01
3.43 -0.04
4.12 +0.02
13.40 +0.16
3.15 -0.01
0.76 +0.01
5.48 -0.16
12.08 +0.42
24.30 -0.20
13.28 -0.20
0.73

3.12 +0.04
2.18

2.69

9.30 -0.04
33.80 -0.50
4.76 -0.02
2.60

25.70 +0.15
7.84 +0.28
3.45 -0.07
13.94 +0.68
0.97 -0.01
14.14 +0.12
1.91 +0.01
5.41 +0.05
3.43

1.42 -0.01
4.22 +0.06
1.84 -0.02
0.63 +0.03
3.06 -0.07
9.49 -0.24
0.95 +0.01
2.13 +0.02
6.50 +0.07
2.85 +0.05
2.62 -0.04
3.95 -0.04
4.17 +0.23
0.39

2.29 +0.04
13.84

3.28 +0.18
5.02 -0.07
1.11 +0.01
2.81 -0.06
2.50

7.10 -0.06
1.44 -0.01
1.48 -0.04
2.24 +0.02
0.97 -0.02
2.91 +0.09
3.37 +0.02
2.91 -0.03
Susp

6.06

0.163 -0.006
2.02 +0.05
4.40 +0.21
10.58 -0.04
17.20 -0.26
2.36 +0.07
0.65

Susp

3.83 -0.07
5.65 +0.06
11.26

10.14 -0.06
4.12 +0.01
3.91 +0.06
0.56 -0.02
2.81 +0.25
0.73 +0.03
5.79 +0.21
26.20 -0.80
6.50 +0.09
0.295 +0.015
0.295 +0.005
8.34 -0.15
0.345 +0.025
6.68 +0.1
9.14 -0.10
18.84 -0.16
25.00 +0.05
1.23 +0.03
91.55 -0.15
4.22 -0.02
0.32 -0.005
7.47 +0.84
1.77

2.50 +0.02
1.03

0.52 +0.02
8.08 -0.43
22.50 +0.2
28.80 -0.35
5.42 +0.1
0.165 -0.005
1.35 -0.04
0.445 -0.01
10.80 -0.28
7.15 -0.19
Susp

3.73 -0.08
24.40 +0.15
21.55 -0.15
19.10 +0.16
19.56 +0.74
1.70 +0.01
1.73 +0.01
12.68 -0.68
Susp

3.08 +0.05
1.91 +0.06
0.81 +0.01
5.14 +0.16
1.93 -0.03
10.60 -0.24
23.40 +0.35
4.02 -0.02
1.95

2.76 +0.01
10.34 +0.06
0.97 +0.02
16.90 -0.42
2.71 -0.02
3.39 -0.01
2.77 +0.03
40.25 -0.50
0.72

2.81 +0.02
17.70 -0.16
17.20 -0.18
0.05 -0.098
15.86 +0.36
7.03 -0.04
6.85 +0.1
1.36 -0.03
13.96 +0.04
4.38 -0.01
14.30 +0.14
4.68 -0.04
1.24 -0.01
16.12 +0.42
2.43 -0.01
1.26 +0.05
0.72 +0.03
58.50
+1.7
104.90 -3.20
66.90 -0.30
64.10 -0.30
2.37 -0.09
4.81 -0.07
8.57 -0.23
7.76 +0.07
0.38 +0.01
5.60 -0.12
1.57

17.48 -0.22
0.53

4.94 +0.05
1.20 -0.04
Susp

Susp

8.33 +0.01
2.75 +0.03
3.73 +0.23
0.85 -0.01
4.00 -0.12
4.52 +0.07
1.96 -0.04
0.445 +0.025
9.71 +0.04
Susp

11.90 -0.10
9.84 -0.11
6.65 -0.13
54.40 -0.30
17.90 -0.80

%
chg V000
+0.4
778
-0.38
643
+2.13 4,908
+0.83
620
+1.06 3,863
-0.98206,550
+5.44 16,682
-0.93 31,967
+3.22 21,827
+3.47 2,134
+0.38 15,404
+3.76 146,583
-1.82 1,458

6
+1.08 9,180
+6.17 20,306
-4.44 10,873
+0.95 5,909
+0.99 1,196
+1.47
166
-3.14
241
+1.72
43
-1.16
360

+1.19 28,338
-1.29 13,934
+0.6
2,111
+0.93
872
+2.29560,887
+0.35 1,761
-0.36 51,634
-0.19 2,298
+6.17 8,714
+2.39 15,755
-3.51 4,020
-0.53 9,908
+0.58 1,325
+2.7 4,483
1,786
+0.68 25,402
+0.67 20,140
-1.15
764
+0.49
74
+1.21 1,143
-0.32 2,672
+1.33 16,470
-2.84 9,801
+3.6
85
-0.82 12,051
-1.48
401
3,360
+1.3 1,061
5,378
5,070
-0.43 10,041
-1.46 5,843
-0.42 8,821

49
+0.59
231
+3.7 2,345
-1.99
704
+5.13 11,213
-1.02 9,790
+0.86 3,155
+0.53
928
+0.93 293,748
18,916
-0.70
590
+1.44 2,893
-1.08 5,710
+5 1,895
-2.24 58,604
-2.47 33,216
+1.06 10,070
+0.95 6,082
+1.09 5,681
+1.79
548
-1.50 12,808
-1.00 6,461
+5.84 1,840

5
+1.78
248

56
+5.81
38
-1.38
516
+0.91 13,962
-2.09 9,417
1,036
-0.84 1,030
-0.69 1,901
-2.63 3,614
+0.9 3,877
-2.02 2,280
+3.19 232,867
+0.6 134,107
-1.02 30,214

1,859
-3.55 3,058
+2.54 30,428
+5.01 24,583
-0.38 3,181
-1.49 5,325
+3.06 5,876
3,434

-1.79 4,118
+1.07 59,202
2,180
-0.59
72
+0.24 7,809
+1.56 8,876
-3.45 27,048
+9.77 13,441
+4.29 45,318
+3.76 5,645
-2.96 50,999
+1.4
557
+5.36 252,611
+1.72 2,775
-1.77 12,528
+7.81 53,140
+1.52 6,574
-1.08 5,706
-0.84 24,958
+0.2 3,565
+2.5 2,334
-0.16 11,358
-0.47 4,295
-1.54
660
+12.67 6,256

+0.81 1,800
3,460
+4 5,492
-5.05 13,151
+0.9 32,090
-1.20 15,826
+1.88 10,462
-2.94 172,714
-2.88 2,113
-2.20 19,900
-2.53 9,948
-2.59 31,836

-2.10 6,025
+0.62 5,469
-0.69 2,848
+0.84 22,810
+3.93 7,741
+0.59 1,992
+0.58
354
-5.09 39,077

+1.65
941
+3.24 3,668
+1.25 22,466
+3.21 32,048
-1.53 11,940
-2.21 3,636
+1.52 5,503
-0.50 67,660

+0.36 5,022
+0.58 23,998
+2.11 8,810
-2.42 15,850
-0.73
8
-0.29
692
+1.09 3,688
-1.23 4,396

46
+0.72 23,930
-0.90
13
-1.04
389
-66.22 56,730
+2.32
177
-0.57 2,142
+1.48
180
-2.16 7,938
+0.29
907
-0.23 1,272
+0.99 88,430
-0.85 44,539
-0.80 11,916
+2.68 27,351
-0.41 7,513
+4.13 1,882
+4.35 8,046
+2.99 12,038
-2.96 9,022
-0.45 2,956
-0.47 3,297
-3.66 2,916
-1.43 51,113
-2.61 60,415
+0.91 4,332
+2.7 7,330
-2.10
500
1,971
-1.24 3,318
19,180
+1.02
217
-3.23 43,886

+0.12 1,214
+1.1 9,994
+6.57
7,939
-1.16 4,452
-2.91
404
+1.57 13,165
-2.00 31,156
+5.95 36,730
+0.41 50,009

-0.83 87,996
-1.11 8,677
-1.92 7,858
-0.55 1,794
-4.28 3,044

Hang Seng Index

Fix (per oz)

Hong Kong gold
Gold (Lon spot)
Silver (Lon spot)
Platinum (Lon spot)
Palladium (Lon spot)

HK$10,250 (tael)
US$1,101.25
US$14.32
US$958.99
US$578.72

-8.25
-0.35
-19.01
-8.98

PHYSICAL (HK$)
Buy
99 gold (1 tael)
London gold (1 oz)
London silver (10 oz)
Zurich platinum (1 oz)
Great Wall silver (10 tael)

10,148
8,511
1,108
7,383
1,355

Sell
10,183
8,546
1,126
7,533
1,405

INDUSTRIAL
Last
Aluminium (US$/tonne)
Copper (US$/tonne)
Lead (US$/tonne)
Nickel (US$/tonne)
Tin (US$/tonne)
Zinc (US$/tonne)
Nymex (US$/barrel)
Brent (US$/barrel)
Nat gas (/MWh)

1,607.50
5,400
1,715
10,325
15,655
1,807.50
44.68
47.68
41.49

Chg
-20.50
+34
+3.50
+260
+155
-7.50
-1.24
-1.21
+0.11

AGRICULTURAL
Last
Cotton (US/lb)
Rubber (US/kg)
Sugar (US$/tonne)
Palm oil (RM/tonne)
Rice (US$/cwt)
Wheat (US$/bushel)
Soyabean (US$/bushel)
Corn (US$/bushel)
Cocoa (US$/tonne)
Coffee (US/lb)

63.39
126.4
342.60
2,000
12.435
4.67
8.798
3.595
3,285
113.05

21,504.37

58.13
(0.27%)

Chg

Generic near-month forwards.

All data as at 10.30pm HK time;
LME prices at previous closing.
Data suppliers: Metals LME; hydrocarbons Nymex,
IPE; steel Metal Bulletin European exports; cotton,
rice grains CBOT; rubber, SGX; palm oil, Kuala Lumpur Futures Exchange; sugar Liffe

20,000

Key indicators
Turnover (HK$b)
Volume (b shares)
High
Low
Sep futures
Oct futures
H-share index
Red-chip index

87.14
210.15
21,909.82
21,472.16
21,375
99
21,349
104
9,718.28 61.88
4,020.17
5.76

3.93
3.93
2.99
2.5
Henderson Land
CNOOC
CKH
China Life Ins
PetroChina
China Shenhua

H-share index

61.88

9,718.28
Past 15 days
12,000

Advanced
Declined
Unchanged

4,700

8,600

2,509

3,636

3,500

Red-chip index

2,855

5.76

4,020.17

Sources: Thomson Reuters, HKEx

Close

CT Enviro
2.29 +0.08 +3.62 5,917
3 1.489 *30.3
Dah Sing Bank xd
14.70 -0.10 -0.68 1,412
19.6 11.84
9.9
Dah Sing Financial xd 42.80

83 60.35 40.2
8.1
Dalian Port
2.51 -0.01 -0.40 5,246
5.12
1.88 17.1
Daohe Global
1.13 -0.03 -2.59 3,380 2.08 0.083 289.7
Datang Power
3.19 -0.01 -0.31 12,980 5.02
2.8 19.4
Dawnrays Pharm xd
6.54 -0.03 -0.46
464
8.13
3.91 20.7
DCH Holdings xd
2.75 -0.03 -1.08 1,541 5.35
2.5
6.7
Differ Gioup
4.58 +0.05 +1.1
650 10.62 1.44 50.6
Digital China
7.44 +0.03 +0.4 4,674
15.4 5.82 11.4
Digital Domain
0.425 +0.01 +2.41 48,790 3.03 0.102 96.6
Dongfang Elec
8.60 -0.04 -0.46 1,020
21.6
7.69 10.8
Dongfeng Motor
9.05 -0.43 -4.54 24,947 14.48
7.02 4.9
Dongpeng Holdings
2.75 +0.01 +0.36
986
4.73 2.62 4.9
Dongyue Group
2.01 -0.01 -0.50 3,014 3.63
1.66
7.1
Dynam Japan
9.59 +0.17 +1.8
252 22.55
9.2 4.4
Emperor Capital
0.61

38,241 2.03 0.292 *9.8

Emperor Intl
1.51 +0.01 +0.67 1,136 2.03
1.33 6.3
Enerchina Holdings
0.39 +0.015
+4 61,689
1.01 0.186 5.5
ENN Energy
41.25 -0.60 -1.43 1,622 59.95 35.45 12.1
Esprit Holdings
6.56 +0.04 +0.61 1,774 13.52
6 60.6
EVA Holdings xd
1.67 -0.08 -4.57 4,871 2.69
1.53 10.1
Evergrande
4.72 -0.02 -0.42 23,982
8.4 2.89 4.4
Evergrande-new
1.26

9,465
1.61 0.027 969.2
Evergrande-old
1.26 -0.01 -0.79
100
1.5
1.15

Fantasia Holdings
0.83 +0.01 +1.22 3,069
1.69
0.72
3.1
Far East Consortium
3.04 +0.03
+1
294
4.1
2.5
6
Far East Horizon
5.95 -0.16 -2.62 6,772
9
5.77 6.8
Fast Retail-Drs
30.00 +0.45 +1.52
11 38.3 23.8 57.3
FDG E Vehicles
0.48

37,975 0.88 0.355

Feiyu Technology
1.78 -0.07 -3.78 1,763 4.406 1.469 12.7
FIH Mobile
3.63 +0.01 +0.28 3,197
5 3.293 20.8
Finsoft Fin Inv
0.166 +0.005 +3.11 89,400
3.41 0.092 59.3
First Pacific xd
4.81 -0.06 -1.23 3,604
9.19 4.67 32.6
Fortune Reit
7.50 +0.06 +0.81
656 9.05
6.2

Fosun Intl
13.30 -0.12 -0.89 29,679
22 8.47 10.5
Fosun Pharm
23.25 -0.50 -2.11 1,083 35.15
18.8 20.2
Franshion Prp
1.88 -0.03 -1.57 14,957 3.34
1.73 3.3
Freeman Fin
0.54

15,412 0.92 0.103 10.5

Fu Shou Yuan xd
4.92 +0.14 +2.93 1,785
5.14
2.95 35.7
Fufeng Group
3.41 +0.01 +0.29 7,326 6.82
3.11
9.1
Fuguiniao
11.48 -0.02 -0.17
79 19.28 8.27
11
Fullshare Holdings
1.20 +0.03 +2.56 19,628
1.61
0.31

Future Land
1.01 +0.03 +3.06 4,193
1.87 0.62 4.5
Fuyao Glass
15.00 +0.02 +0.13 2,368 22.85 12.16

G-Resources
0.205

29,003 0.32 0.176

11
Galaxy Entert
23.00

11,360 55.79
22 9.4
GCL New Energy
0.52 +0.02
+4 12,148 1.44
0.31

GCL-Poly Energy
1.36 -0.03 -2.16 45,447 3.08
1.15 10.8
Geely Automobile
3.20 -0.03 -0.93 29,160
4.72
2.4 15.9
Gemdale Properties
0.38 -0.01 -2.56 2,962 0.69
0.3
7.7
Genting Hong Kong
2.30

3.37
2.22 6.2
GF Securities
15.66 +0.1 +0.64 94,064 26.95
9.9

Giordano Intl xd
3.88

1,974 4.75 3.25 14.9

Glencore-S xd
16.40 -0.36 -2.15
31 49.75 15.14 11.9
Global Brands
1.51 +0.01 +0.67 3,988 1.86
1.2 15.5
Glorious Property
0.89 +0.01 +1.14 2,601
1.42
0.6

Golden Eagle
8.90 +0.16 +1.83 1,319 13.24
7.66 11.9
Golden Throat
4.45 -0.09 -1.98
71
5.1
3.91

Goldin Financial
15.48 -0.22 -1.40 3,236 35.4 3.08 147.2
Goldin Properties
7.70 +0.28 +3.77 3,159
29.5 4.08 41.9
Goldpac Group
4.00 -0.03 -0.74 1,331
7.91
3.3 12.5
Goldwind
13.80 +0.4 +2.99 7,776 19.78 10.78 16.3
Gome Elec App
1.22 -0.01 -0.81 67,513
2.51 0.96 12.9
Good Resources
2.27 +0.02 +0.89 5,050
6.21 0.47 164.5
Goodbaby Intl
3.54 +0.12 +3.51 1,914 3.98 2.07 67.4
Great Eagle H
23.90 +0.25 +1.06
332 31.05 22.6
7.4
Great Wall Motor
22.75 -0.75 -3.19 13,248 60.7 18.48 6.9
Greatview Aseptic
3.69 +0.1 +2.79 4,840 5.85
3.1 14.2
Greenland HK
3.53 +0.11 +3.22 2,058
8.6
2.61
67
Greentown China
5.94 +0.05 +0.85 1,835 11.58
5.16
6
Guangdong Inv
10.82 -0.08 -0.73 4,114 12.22
8.72 15.4
Guangdong Land
1.79 +0.04 +2.29
484 2.85
1.3 37.5
Guangshen Rail
3.22 +0.02 +0.63 2,631 5.43
2.92 27.6
Guangzhou Auto
5.38 +0.15 +2.87 121,880
9.6
4.71
8.7
Guoco Group
84.05 -0.50 -0.59
7
99 82.3 5.9
Guolian Securities
4.15 +0.1 +2.47 6,061
7 3.65

Guorui Prop
3.83 -0.02 -0.52 1,414 4.43 2.47 13.1
Guotai Junan
2.09

23,904 5.82
1.68 *15
Haeco
65.05 -0.75 -1.14
15
89.1 64.8 18.9
Haichang Holdings
1.47

2,427
2.13
1.07 23.3
Haier Electronics
12.84 +0.08 +0.63 3,735
25.9
11.7 11.2
Haier Healthwise
0.49

5,278
1.22 0.415 158.1
Haitian Intl xd
14.10 -0.04 -0.28
671 20.45
12 13.8
Haitong Intl xd
3.85 -0.08 -2.04 15,520
9.2 2.714 *10.4
Haitong Securities
12.00 +0.16 +1.35 47,115
27.9
10
12
Hanergy TFP
Susp

9.07
1.28
39
Hang Fat Ginseng
0.62 +0.01 +1.64 110,470
1.02 0.169 *53
Hang Lung Group xd
27.90 +0.39 +1.42 1,105 44.5 27.65 5.5
Hang Lung Ppt xd
17.76 +0.13 +0.74 5,040 26.45 16.96 6.8
Hang Seng Bank
145.50 +0.9 +0.62 1,301 162.1 123.2 18.4
Harbin Bank
2.39 +0.01 +0.42
32
3.17
2.19 5.2
Harbin Electric
4.38 -0.01 -0.23 1,472
7.68
3.72 8.5
Harbour Centre
13.16

14.96
12.5 8.6
Harmonicare
5.71 -0.13 -2.23
380
8.4 4.39

Harmony Auto
3.47 +0.01 +0.29 7,110 11.76 2.96 5.5
HC Intl
3.75 +0.03 +0.81 2,254
15.4 3.03 10.6
Henderson Land
49.10 -1.25 -2.48 10,943 59.46 44.27 9.6
Hengan Intl
75.00 -1.10 -1.45 2,135 107.4 70.45 23.5
Hengdeli Holdings
1.08

4,368 2.09 0.92 8.3

Hengshi Mining
2.01 +0.07 +3.61 1,647
3.78
1.68 9.3
Heritage Intl
0.89 -0.01 -1.11 4,764
1.72 0.29

Hi Sun Technology
1.39 +0.05 +3.73 7,575 4.09 1.04
9.7
Hilong Holding
1.58 +0.04 +2.6 2,922 4.23
1.4 5.4
HK & China Gas
14.90 -0.22 -1.46 12,635 17.273
14.3 *24.2
HK Electric-SS
5.50

7,520 5.54 5.02

14
HK&S Hotels
8.28 -0.07 -0.84
375
12.6 8.28 10.9
HKBN
8.27 -0.15 -1.78
780
10.7
7.6

HKEx xd
186.30 +0.5 +0.27 5,346 311.4
162
42
HKR Intl
3.53 +0.03 +0.86
406 4.94 3.42 5.2
HKT-SS xd
8.99 -0.08 -0.88 4,334 10.66 8.63 21.3
HN Renewables
2.80 +0.02 +0.72 6,343
3.8 2.33 18.2
Honbridge Holdings
1.03 +0.01 +0.98 1,833
3.19 0.84

Hopewell Holdings
26.80 -0.10 -0.37
349
31
23.7 8.2
Hopewell Infra
3.74 -0.01 -0.27 2,239 4.05 3.52 22.2
Hopson Dev
6.45 +0.08 +1.26
418 10.88 5.06 4.9
Hosa Intl
3.01 +0.18 +6.36 1,650
4.51 2.686
10
HS H ETF
99.40 -0.80 -0.80 8,965 151.2 92.5

HS HSI ETF
220.40 -0.80 -0.36
18 292.4
210

HSBC Holdings
60.45 -0.35 -0.58 48,652 84.4
58.1 11.2
Hsin Chong Con
0.88 -0.02 -2.22 10,552
1.12 0.64 6.5
Hua Han
0.97 +0.01 +1.04 6,100 2.523 0.85 *15.3
Hua Hong Semi
7.48 +0.04 +0.54
614
12.7
6.41 8.8
Huabao Intl
2.68 +0.04 +1.52 5,311
9.31 2.26 4.2
Huadian Fuxin
2.61 -0.03 -1.14 18,628
5.01 2.35 8.9
Huadian Power
6.60 +0.02 +0.3 6,460
9.81 5.07
7.1
Huaneng Power
8.73 +0.08 +0.92 33,639
11.9 8.06 9.2
Huarong Energy
0.31 +0.005 +1.64 21,511
1.59 0.29

Huatai Securities
16.10 +0.18 +1.13 87,556 26.8
11.8

Hui Xian Reit #

3.10 +0.03 +0.98 1,229
3.57 2.94

Huishan Dairy
2.90 +0.01 +0.35 50,799
2.9
1.15 38.1
Huishang Bank
3.70 +0.06 +1.65 6,204
4.3 2.65 5.8
Huiyuan Juice
2.80 +0.11 +4.09 2,578
5.1 2.03

Hutch Tel HK
2.98

821 3.94
2.79 17.2
Hybrid Kinetic
0.37 +0.01 +2.78 27,452 0.75 0.115

Hydoo Intl
0.90 +0.01 +1.12
852 2.29
0.77
5.7
Hysan Dev xd
31.70 -0.10 -0.31 1,236 38.85
29.9 6.9
ICBC
4.70 +0.1 +2.17 455,452
7.1
4.3 4.8
IGG xd
2.86 -0.04 -1.38 3,410
9.16 2.533
7.5
Imperial Pac
0.181

24,770 0.65 0.075

Intl Elite
0.265 +0.026 +10.88 2,260
1.13
0.17 *54.1
Intime Retail
8.52 +0.14 +1.67 5,461 17.24
4.2 12.8
iOne Holdings
0.335

1,940 0.74 0.19 176.3

Jiangnan Group
1.58 +0.01 +0.64 3,582 2.65
1.12 6.4
Jiangsu Express
9.49 -0.06 -0.63 1,900 11.46 8.08 14.9
Jiangxi Copper
10.16 -0.30 -2.87 11,443
18.5
8.9
9.7
Jingneng Cln Engy
2.28 -0.01 -0.44 9,186 4.19
1.98
9.9
JinJiang Hotels
2.70 +0.11 +4.25 5,836 4.14 2.02 19.4
Jinmao Inv-SS
4.79 -0.01 -0.21
8 6.36
4.1
9
Jintian Pharm
2.66 +0.01 +0.38 9,341 5.58
2.32
9
Johnson Elec H
26.95 -0.25 -0.92
381 30.45
22.7 14.4
Joy City Property
1.12

3,855
2.67
1.01 5.3
Ju Teng Intl
3.41 +0.05 +1.49 3,024 5.54 2.56 5.2
K Wah Intl
3.29 -0.01 -0.30 1,649
5.12
3.19
5
Kanda Int Env
2.10 +0.01 +0.48 2,331
5.11
1.88 10.1
KB Chemical
10.14 +0.12 +1.2 1,172 16.52 9.48
4.1
KB Laminates
3.26 +0.03 +0.93
736 4.18
2.7
8.7
Kerry Log Net
11.12 +0.14 +1.28 1,752 13.08
9.5 11.3
Kerry Properties
22.45 +0.3 +1.35 1,330 34.4
21.2 4.8
KF Security-new
0.40

10,750 1.208 0.141 800

PE Yield
*0.6
2.5
2.9
2
8.7
5.1
1.8
4.6

2.7

1.3
2.8
6.2
4.5
10.3
*4.4
7.3

2
0.8
2.9
11.4

6.5
5.3
3.9
0.7

2.8
5.3

4.4
5.6
1.3
1.5
6.1

0.9
2.6
1.6

6.3

2.3
3.2

0.8

3.4

7
8.5

3.5

2.5
3.6
3.2

3.1
5.8
5.4

2.6

1.9
3.7
4.8

1.6
*3.4
3.2

0.9

2.4
*6.1
2.6

*2.6
2.9
4.3
3.9
5.4
1.2
4.7

2.9

2.2
2.8
3.7

3.2
*2.5
7.2
2.8

2.8
3.7
5.5
0.9

4.5
11.4

5
3
3.5
6.4
3.6
*3.1

20.1
2.1
5.1
5.4

10.3
0.7
5.4

4.7

6.7
3.9
6.8
7.9

4.5

3.9
5
2.5
2.3
2.3
9.9
1.8
1.8
0.9
4.4
4.6

4.9
5
1.3
4

FUTURES
540.00
541.95
577.55
788.10
115.80
864.15
11.04
6.3255
175.85
93.60
23.60
482.80
16.18
7.17
120.26
120.14
91.51
542.15
21.16
772.05
0.6300
55.65

12.050

11.885

778.05
778.05
778.05
778.35

771.95
771.95
772.00
772.15

12.045
12.045
12.040
12.040

11.885
11.885
11.880
11.880

Code

Share

Close

chg

%
chg V000

52-week
high low

8390
268
3888
1031
827
295
3709
34
8027
442
439
135
1813
8195
973
195
488
582
1270
1683
1499
2314
950
3396
992
1089
494
2331
1212
1302
8267
8237
823
194
1513
3380
960
3339
590
2186
1461
95
323
1680
2193
1999
945
848
1317
136
273
391
200
2319
1618
2282
853
8147
846
230
1988
425
71
1208
975
66
3918
680
1236
777
1336
360
917
17
342
1231
1323
1316
2689
1438
433
659
316
265
6899
2014
2343
543
1382
8316
8361
3368
327
8
1968
857
1515
2008
1339
2328
2318
1345
119
208
3813
6
1238
1913
808
2378
626
1498
1358
6198
1122
3369
2777
1528
1622
78
1881
1387
376
555
486
563
338
178
1910
1928
631
583
251
2727
363
2607
755
69
691
2066
829
218
548
152
604
2313
813
2877
86
16
697
639
272
242
1165
107
993
444
716
750

KF Security-old
Kingdee Intl
Kingsoft Corp
Kingston Finl
Ko Yo Group
Kong Sun Holdings
Koradior Holdings
Kowloon Dev
KPM Holding
KTL Intl
KuangChi Science
Kunlun Energy
KWG Property
L & A Intl
LOccitane Intl
Lsea Resources
Lai Sun Dev
Landing Intl
Langham-SS xd
LC Group
LEAP Holdings
Lee & Man Paper xd
Lees Pharm
Legend Holdings
Lenovo Group
Leyou Technologies
Li & Fung xd
Li Ning
Lifestyle Intl
LifeTech Scientific
Linekong
Link Holdings
Link Reit
Liu Chong Hing xd
Livzon Pharm
Logan Property
Longfor Properties
Lonking Holdings
Luk Fook Holdings
Luye Pharma
Luzheng Futures
LVGEM China
Maanshan Iron
Macau Legend
Man King Hold
Man Wah Holdings
Manulife-S xd
Maoye Intl
Maple Leaf Edu
Mascotte Holdings
Mason Financial
Mei Ah Enter
Melco Intl Dev xd
Mengniu Dairy
Metallurgical
MGM China xd
MicroPort
Millennium PG
Mingfa Group
Minmetals Land
Minsheng Bank
Minth Group
Miramar Hotel
MMG
Mongol Mining
MTR
NagaCorp
Nan Hai Corp
National Agri
NetDragon xd
New Ch Life Ins
New Focus Auto
New World China
New World Dev
NewOcean Energy
Newton Res
Newtree Group
Nexteer Auto
Nine Dragon Paper
Nirvana Asia xd
North Mining
NWS Holdings
Orient Overseas xd
Orient Victory
Ourgame Intl
Ozner Water
Pacific Basin
Pacific Online
Pacific Textiles xd
Pak Wing
Parenting Network
Parkson Retail
PAX Global xd
PCCW xd
Peak Sport xd
PetroChina xd
Phoenix Health
Phoenix TV
PICC Group
PICC P&C
Ping An Insurance xd
Pioneer Pharma
Poly Property
Polytec Asset
Pou Sheng Intl
Power Assets xd
Powerlong Real Est
Prada
Prosperity Reit xd
Prudential xd
Public Financial
PuraPharm
PW Medtech
Qingdao Port
Qingling Motors
Qinhuangdao Port
R&F Properties
Red Star Macalline
Redco Properties
Regal Hotels
Regal Reit xd
Renhe Commercial
Reorient Group
RexLot Holdings
Rusal
Shai Ind Urban
Shai Pechem
Sa Sa Intl
Samsonite Intl
Sands China
Sany Heavy Equ
SCMP Group
SEA Holdings
Shanghai Electric
Shanghai Industrial H
Shanghai Pharm
Shanghai Zendai
Shangri-La Asia
Shanshui Cement
Shengjing Bank
Shenguan Holdings
Shenwan Hongyuan
Shenzhen Express
Shenzhen Intl
Shenzhen Inv xd
Shenzhou Intl
Shimao Property
Shineway Pharm
SHK & Co
SHK Properties
Shougang Intl
Shougang Res
Shui On Land
Shun Tak Holdings
Shunfeng Intl
Sichuan Express
Simsen Intl
Sincere Watch
Singamas Container
Singyes Solar

0.39

2.75 +0.07
15.90 +0.1
2.40 +0.04
0.52

0.74 +0.04
10.02 +0.02
9.08 +0.06
1.04

7.90 +0.19
1.70 -0.04
5.74 +0.14
4.90 +0.01
2.55 +0.15
16.42 -0.26
0.53 +0.02
0.131

0.214 +0.001
2.80 -0.03
1.28 +0.19
0.43 +0.11
4.51

9.87 +0.07
28.80 +0.3
6.58 +0.06
0.72 +0.02
4.96 +0.09
3.88 +0.16
11.74 +0.1
1.08

6.16 -0.13
1.06 -0.01
41.25 -0.20
8.85 +0.11
Susp

3.40 -0.01
9.50 -0.19
1.06

19.36 +0.5
7.24 -0.06
1.75

2.19 -0.10
1.81 +0.02
1.01 +0.02
0.79 +0.01
7.90 +0.05
120.40 -0.50
1.02 -0.01
2.00 -0.09
0.345 +0.01
0.295 +0.005
0.91 +0.02
11.40 -0.225
26.60 +0.05
Susp

12.06 -0.28
3.05 -0.01
10.72 +0.34
1.88 -0.07
0.75 +0.01
7.30 -0.04
14.50 -0.32
12.06 +0.06
1.65 -0.05
0.225 +0.005
35.05 +0.1
4.72 +0.02
0.124 +0.007
3.37 +0.05
17.88 +0.32
31.55 +0.05
0.83 +0.01
4.55 -0.09
7.86 +0.03
3.19 +0.01
0.69

3.50
+0.3
7.85 +0.19
4.46 +0.22
1.96 +0.05
0.112 -0.003
9.80 -0.08
38.05 -0.20
1.71 -0.01
3.88

1.48

2.58 -0.02
2.20 +0.03
10.98 -0.02
2.80

2.20 +0.1
1.06 +0.04
8.27 +0.05
3.98 -0.06
1.94 +0.06
5.75 -0.23
12.02 +0.04
1.67 +0.03
3.73 -0.07
15.46 -0.18
38.10 -0.30
3.51 +0.07
2.17 +0.02
1.05

1.23 +0.02
70.00 -0.05
1.45 +0.02
30.40

2.78 +0.03
169.30 +1.2
3.61 +0.01
3.90 +0.05
1.68 -0.02
3.57 +0.07
2.58 -0.01
3.69 +0.01
7.47 +0.04
9.49 -0.10
5.38 +0.05
4.08

1.97

0.435 -0.005
11.94 +0.14
Susp

3.50

1.33 +0.03
2.99 -0.02
3.15 +0.05
24.60 +0.2
26.65 -0.40
1.79 +0.03
Susp

7.38 +0.16
4.26 -0.09
18.64 +0.04
16.02 +0.04
0.158 +0.019
7.21 -0.05
Susp

11.98

1.06 +0.02
3.26 +0.03
5.30 +0.01
10.94

2.81 -0.02
39.30 +0.25
10.88 -0.28
9.19 +0.04
5.15 -0.06
103.10 +3.9
0.335 +0.005
1.13 +0.05
1.73

3.13 -0.03
1.92 -0.01
2.59 +0.04
4.81 +0.03
1.31 -0.06
1.01 +0.01
5.16 +0.32

240
+2.61 30,826
+0.63 6,833
+1.69 1,894
2,540
+5.71 2,150
+0.2
249
+0.67
136

135
+2.46
344
-2.30 10,741
+2.5 14,822
+0.2 2,152
+6.25 27,584
-1.56 1,543
+3.92 27,767
4,375
+0.47 70,214
-1.06 2,001
+17.43 11,364
+34.38 106,830
14,298
+0.71
24
+1.05
350
+0.92 33,218
+2.86 22,885
+1.85 21,473
+4.3 7,977
+0.86
541
3,288
-2.07
101
-0.93
614
-0.48 6,393
+1.26
32

-0.29 1,880
-1.96 1,410
3,121
+2.65 3,012
-0.82 7,479
1,162
-4.37
496
+1.12 8,210
+2.02 20,001
+1.28
352
+0.64 2,531
-0.41
34
-0.97 3,270
-4.31
116
+2.99 95,936
+1.72 10,942
+2.25 2,320
-1.94
844
+0.19 12,160

-2.27 1,812
-0.33
254
+3.28
784
-3.59
457
+1.35 1,046
-0.54 34,453
-2.16
164
+0.5
139
-2.94 3,866
+2.27
680
+0.29 2,125
+0.43 1,163
+5.98 102,291
+1.51 2,362
+1.82
565
+0.16 5,751
+1.22 1,277
-1.94
667
+0.38 8,854
+0.31
776

+9.38 11,712
+2.48 2,813
+5.19 17,366
+2.62
749
-2.61 154,200
-0.81
817
-0.52
280
-0.58
40

421
1,501
-0.77 2,451
+1.38
320
-0.18
762

+4.76
768
+3.92 4,961
+0.61 5,624
-1.49 6,668
+3.19 5,592
-3.85 186,183
+0.33 1,760
+1.83 2,848
-1.84 35,882
-1.15 16,920
-0.78 35,903
+2.03 1,342
+0.93 10,749

185
+1.65 4,921
-0.07 3,773
+1.4 1,470

233
+1.09 1,096
+0.71
3
+0.28
8
+1.3
56
-1.18 3,854
+2 1,727
-0.39
340
+0.27
222
+0.54 4,141
-1.04
191
+0.94
376

297

378
-1.14 18,694
+1.19
206

673
+2.31 7,324
-0.66 32,385
+1.61 1,363
+0.82 1,735
-1.48 15,281
+1.7
719

+2.22 1,098
-2.07 23,996
+0.22 2,989
+0.25 1,536
+13.67 83,125
-0.69 2,093

1,815
+1.92 9,836
+0.93 1,910
+0.19 1,020
2,796
-0.71 15,488
+0.64
933
-2.51 6,398
+0.44
778
-1.15 1,615
+3.93 11,219
+1.52 3,930
+4.63 18,360
8,391
-0.95 4,049
-0.52 7,698
+1.57 1,846
+0.63
302
-4.38 3,110
+1
854
+6.61 12,578

0.465
6.41
34.95
4.05
2.85
1.9
11.12
10.4
2.55
15.2
6.38
12.88
8.7
2.8
24.55
1.38
0.225
2.209
3.72
1.33
0.33
5.6
15.4
43.95
14.3
2.1
9.617
5.55
16.74
3.08
16.88
3.06
53.65
10.96
53.31
3.7
15
2.12
30.8
11.54
3.94
4.2
3.6
4.29
1.52
10.16
159
2
3.52
0.71
0.88
1.67
21.05
51
4.85
24.47
4.79
11.6
3.05
1.31
11.88
21
15.222
3.54
0.836
40
6.66
0.39
6.03
42.05
56.55
2.42
5.7
11
5
1.53
5.7
9.92
8.35
2.83
0.41
28
54.5
3.68
9.48
4.7
4.79
5.16
12.7
8.3
2.6
2.68
14.2
5.62
2.94
11.04
17.2
3.56
5.85
20.15
62.9
7.79
5.29
1.2
1.25
82.8
2.09
54.65
3.05
205
4.19
5.9
5.04
6.07
3.26
5.43
10.9
12.98
6.15
5.15
2.37
1.12
25
0.86
6.29
2.83
5.35
5.812
29.8
49.3
2.78
_
7.48
9.25
32.8
29.45
0.375
12.5
6.88
13.66
3.13
9.75
8.47
15.25
4.66
42
20.35
15.85
8.6
137.6
0.74
2.07
2.75
4.611
9.56
5.19
9
2.95
1.68
15.28

0.198
2.18
14
0.83
0.39
0.6
7.14
8.56
0.8
3.65
1.11
4.67
4.25
0.37
15.98
0.23
0.122
0.176
2.7
1.05
0.265
3.55
9
26.05
6.02
0.58
4.7
2.668
11.36
0.72
5.3
0.54
40.5
8.5
27
2.3
8.38
0.99
18.34
5.65
1.7
1.7
1.55
0.92
0.5
5.06
117
0.82
1.7
0.083
0.089
0.47
10.4
24
1.85
11.62
2.63
1.6
1.45
0.64
6.7
11.9
9.351
1.5
0.181
29.95
4.33
0.035
1.6
11.8
26.2
0.44
3.6
7.36
2.22
0.4
2
5.85
3.89
1.64
0.053
9
36
0.45
2.32
1.25
1.97
1.84
9.1
1.7
1
0.99
5.79
3.9
1.38
5.73
9.5
1.52
3.1
12.82
28.53
2.95
1.86
.89
0.47
64
0.99
29.05
2.32
161
3.33
3.47
1.34
3.12
2.21
3.38
6.35
7.6
3.18
3.81
1.92
0.282
3.3
0.425
2.91
1.16
2.17
2.9
21.9
25.1
1.3
_
4.36
3.38
17.34
14.3
0.091
7.04
2.68
7.06
0.98
2.53
4.55
9.6
2.08
23.38
9.23
8.22
4.5
93.25
0.3
0.87
1.43
3.1
1.6
2.29
1.54
0.345
0.9
4.29

CAPITAL MARKETS
536.80
540.95
575.55
786.80
112.50
861.35
10.69
6.3140
175.10
93.15
23.60
480.80
15.88
6.87
120.26
120.14
91.01
541.15
21.01
769.55
0.6300
55.25

HK dollars to one unit of foreign currency

11.830

USD forward rates

1 month
2 months
3 months
6 months
Sterling forward rates
1 month
2 months
3 months
6 months

52-week
high low

1363
2356
440
2880
915
991
2348
1828
6878
861
547
1072
489
3386
189
6889
717
163
622
2688
330
838
3333
708
2973
1777
35
3360
6288
729
1022
2038
8018
142
778
656
2196
817
279
1448
546
1819
607
1030
3606
1051
27
451
3800
175
535
678
1776
709
805
787
845
3308
6896
530
283
3315
2208
493
109
1086
41
2333
468
337
3900
270
124
525
2238
53
1456
2329
1788
44
2255
1169
348
1882
665
6837
566
911
10
101
11
6138
1133
51
1509
3836
2280
12
1044
3389
1370
412
818
1623
3
2638
45
1310
388
480
6823
958
8137
54
737
754
2200
2828
2833
5
404
587
1347
336
816
1071
902
1101
6886
87001
6863
3698
1886
215
1188
1396
14
1398
799
1076
1328
1833
982
1366
177
358
579
2006
6139
2211
179
207
3336
173
6136
148
1888
636
683
8315

556.05
554.90
593.80
804.65
118.75
885.70
12.34
6.5260
181.10
96.35
24.31
495.45
16.98
7.67
122.73
122.60
94.02
554.60
21.83
778.05
0.6805
58.10

Sterling

%
chg V000

Share

The following are the opening indicative counter

exchange rates for September 11, 2015.
Currency
Sell
Buy T.T.
Buy O.D.
HK dollars to 100 units of foreign currency
Australian dollars
Brunei dollars
Canadian dollars
Swiss francs
Danish kroner
Euro
Indian rupees
Japanese yen
Malaysian ringgit
Norwegian kroner
New Taiwan dollar
New Zealand dollars
Philippine pesos
Pakistan rupees
Chinese Onshore rmb
Chinese Offshore rmb in HK
Swedish kronor
Singapore dollars
Thai bahts
US dollars
Korean won
South African rand

chg

SCMP

Code

One-month Hibor
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Three-month Hibor
Sep-15
Oct-15
Nov-15
Dec-15
Mar-16
Jun-16
Exchange Fund notes
Sep-15

Vol.

O.I.

99.73
99.73
99.72
99.72
99.72
99.72

+0.01
+0.01

99.59
99.56
99.56
99.47
99.28
99.11

+0.01

20

113.02

The free market rates for banknotes yesterday were:

Country

Unit

per

Buying

Selling

Australia
Britain
Canada
China
Denmark
Eurozone
India
Indonesia
Japan
Korea
Macau
Malaysia
New Zealand
Norway
Philippine
Singapore
S. Africa
Sweden
Switzerland
Taiwan
Thailand
United States

Dollar
Pound
Dollar
Yuan
Krone
Euro
Rupee
Rupiah
Yen
Won
Pataca
Ringgit
Dollar
Krone
Peso
Dollar
Rand
Krone
Franc
Dollar
Baht
Dollar

1
1
1
100
1
1
100
100
100
100
1
1
1
1
1
1
1
1
1
100
100
1

5.44
11.89
5.833
120.10
1.121
8.71
9.70
0.0371
6.40
0.645
0.950
1.646
4.843
0.894
0.164
5.442
0.47
0.887
7.884
23.70
21.20
7.721

5.52
12.04
5.893
121.40
1.181
8.79
14.70
0.0671
6.48
0.715
0.975
1.946
4.923
0.954
0.179
5.502
0.62
0.947
7.974
25.70
23.20
7.771

......
......
......
......
......
......
......

0.13450
0.15700
0.20635
0.27200
0.33600
0.54050
0.85480

......
......
......
......
......
......
......

0.48125
0.48550
0.50538
0.53950
0.58688
0.74438
1.05556

......
......
......

-0.18000
-0.16786
-0.11357

Sterling
Overnight
1 week
1 month
2 month
3 month
6 month
1 year

USD Deposits
ON
1 week
1 month
2 months
3 months
6 months
1 year

HKD Deposits

0.16-0.35
0.23-0.33
0.23-0.42
0.27-0.45
0.30-0.50
0.62-0.72
0.91-1.01

0.01-0.37
0.03-0.16
0.20-0.25
0.23-0.30
0.31-0.42
0.50-0.60
0.75-0.85

Currencies
Australia
Britain
Canada
China
Denmark
Europe
Hong Kong
Japan
N Zealand
Norway
Sweden
Switzerland
Thailand
US

Saving
1 Wk
1M
3M
0.0500
0.1000
0.2500
0.2500
0.0100
0.0100
0.0100
0.1000
0.0100
0.0100
0.0100
0.0500
0.2500
0.3000
0.5000
0.5500
0.0010
0.0010
0.0010
0.0010
0.0010
0.0010
0.0010
0.0010
0.0100
0.0100
0.0100
0.0200
0.0001
0.0001
0.0001
0.0001
0.0500
0.1000
0.2500
0.4000
0.0100
0.0100
0.0100
0.0100
0.0010
0.0010
0.0010
0.0010
0.0010
0.0010
0.0010
0.0010
0.0001
0.0100
0.0100
0.0100
0.0100
0.0100
0.0200
0.0200
All interest rates are for indication only

6M
0.4000
0.1500
0.1000
0.6000
0.0010
0.0010
0.0500
0.0010
0.5000
0.1000
0.0010
0.0010
0.0100
0.0800

CURRENCY FORWARDS
EUR/USD
USD/JPY
GBP/USD
USD/CHF
AUD/USD
USD/CAD
USD/HKD

Spot

1M

3M

6M

1.1281
120.7200
1.5408
0.9772
0.7065
1.3275
7.7496

1.1284
120.5429
1.5440
0.9719
0.7064
1.3236
7.7491

1.1296
120.4403
1.5435
0.9697
0.7041
1.3239
7.7495

1.1317
120.1523
1.5429
0.9659
0.7012
1.3241
7.7510

Overnight
1 week
1 month

AIA
Bank of China
Bank of Comm
Belle Intl
Bk of East Asia
BOC HK
Cathay Pac Air
CCB
CK Property
CKH Holdings
China Life Ins
China Mengniu Dairy
China Mer Hold
China Mobile
China Overseas
China Res Land
China Res Power
China Resources
China Shenhua
China Unicom
Citic
CLP Holdings
CNOOC
Galaxy Entertain
Hang Lung Prop

42.40
3.57
5.54
7.44
26.45
24.30
14.14
5.41
58.50
104.90
26.20
26.60
25.00
91.55
22.50
19.10
19.56
24.40
12.68
10.34
14.30
64.10
8.57
23.00
17.76

780
28.8
19.3
33.1

217.7
27.7
10

20.8

8.3
3.5

23.1

1.8

10.1

11.1
27.8

10.9

12

1.4
*23.8
5.8
5
8.7
7.1
28.7

181
50.7
13.5

14.2
10.8
3.1

5.6

11.9
17.6
11
8

11.1
5.9
4.5
11.4
5.4
10.8

13.1
10.2

41.2
12.3

8.5
5.7
5.3

15.6
9.4
14.4

8.4
11.3
2850
19.1
14.6

8.8
14.8

6.6
22.8
8.8
10.2
7.9
34.7
12.6
9.7
11.7
*12.4
14.3
8.5
107.1
175.7
2.5
3.4
20.5

16.6
10.3

12.7
8
11.5
7.5
3.7

19.5
9.2

6.9

23.3
39.7

10.7
23.8
10.8
25.9
20.4
7.4
17.6
6.6
13.3

16
42.2
7.7
5.1
18.4
4.2
8.4
5.2
21.3
3.7
8.6
8.4
9.3

6.3
2.1
2.7
6.5
215.7
107.4
11.2
4.9

0.6
0.8

1.6
6.3

3.5
8.4

3.3

1.9

9.6

3.6
0.9

8.3

5.4

4.3
4.6
*0.4
3.2
3.7
6.1
5.7

8
3.2
3.2

0.8
1.3
2.2
3.3

2
3.2
3.6
4.3

3
7.9

2.2
0.8

0.7
5.3
2.1

1.3
2.3
2.6

5
2.3

2.1

1.9
7.9
7.3

5.9
0.2
5.3
8.3
5.7
1.4
2.4
.3
2.2
*1.5
5
3.5
.7

3.8
5.5
3.2
5.9
2.7
4.4

2.2
7.7
11.8
4.9

0.9
3.9
8.2

1.8

.8

7.5
2
7.5

2.9
1.5
1.7
4.4
2.3

1.5

2.9
3.9
1.5
10.6
4.2
5.7
2.5
8.3
4.5
5.1
3.3

3.3
3.6
6.9

3.9

3
1.7

Change
-0.40
+0.08
-0.02
+0.05
-0.05
-0.20
+0.12
+0.05
+1.70
-3.20
-0.80
+0.05
+0.05
-0.15
+0.20
+0.16
+0.74
+0.15
-0.68
+0.06
+0.14
-0.30
-0.23

+0.13

2 month
3 month
6 month
1 year

......
......
......
......

-0.07071
-0.04286
0.03271
0.14457

......
......
......
......
......
......
......

0.02714
0.03143
0.05300
0.07714
0.08714
0.12800
0.23900

......
......
......
......
......
......
......

Close

Overnight
1 Week
2 Weeks
1 Month

Fixings
..........0.04857
..........0.09014
..........0.12800
..........0.24500

Period
2 Months..........
3 Months..........
6 Months..........
12 Months..........

Fixings
0.32079
0.39807
0.56214
0.87257

US ($)
Japan ()*
Euro ()
UK ()
Switzerland (SFr)
Canada (C$)
Australia (A$)
China (yuan)
Indonesia (Rupiah)*
Malaysia (RM)
Philippines (peso)
New Zealand (NZ$)
Singapore (S$)
South Korea (won)*
Taiwan (NT$)
Thailand (baht)
Indian (rupee)
S Africa (rand)

* per 100 units. Rates at 6pm

Bid

Ask

7.7495
6.4210
8.7275
11.9404
7.9279
5.8482
5.4711
1.2153
0.0541
1.7947
0.1654
4.8737
5.4709
0.6544
0.2378
0.2144
0.1164
0.5698

7.7505
6.4240
8.7313
11.9451
7.9313
5.8508
5.4757
1.2161
0.0541
1.7962
0.1656
4.8782
5.4727
0.6556
0.2380
0.2146
0.1165
0.5701

Index
Composite
TO (b yuan)
252.77

Yield
-0.02%
-0.01%

0.02%
0.04%
0.07%

Issue

Coupon

Price

Yield

02Y1611
05Y1712
05Y1903
05Y1912
10Y2206
10Y2412
15Y2908

0.37
0.27
1.35
1.32
0.97
1.84
2.24

100.27
99.48
101.88
101.53
97.34
101.89
104.96

0.144
0.502
0.809
0.956
1.389
1.627
1.845

GOVERNMENT BONDS
0.220
0.090
1.128
1.776
1.930

Ch

0.008
0.010
0.008

1.600
2.299
3.202
3.373
3.732

-0.700
0.002
0.006
-0.003

0.280
0.370
1.536
2.203
2.960

-0.002
-0.009
-0.019
-0.028

0.007
0.063
0.352
1.422

%
chg V000

Index
Composite
TO (b yuan)
263.29

+0.90
-1.25
-1.10
-0.22
+0.50
-0.35
+0.10
+0.14
+0.06
+0.09
-0.20
+0.10
+0.03
-0.23
-0.30
-0.05
-0.40
+3.90
+0.10
-0.09
-0.35
-1.20
-0.08
-0.12
-0.55

52-week
high low

Ch %
+0.07
Day low
3,163.45

Close
1,781.35
Ch ytd %
+38.84

Change
+10.98
Day high
1,793.94

Ch %
+0.62
Day low
1,756.44

Change
+23.93
Day high
5,116.1

Ch %
+0.47
Day low
5,053.7

Close
1,381.72
Ch ytd %
-12.6

Change
+14.44
Day high
1,403.3

Ch %
+1.03
Day low
1,381.48

Close
4,360.47
Ch ytd %
-15.05

Change
+17.21
Day high
4,381.66

Ch %
+0.4
Day low
4,360.36

Close
1,603.6
Ch ytd %
-14.07

Change
+10.42
Day high
1,612.32

Ch %
+0.65
Day low
1,602.54

Close
6,911.38
Ch ytd %
-4.04

Change
+17.84
Day high
6,945.62

Ch %
+0.26
Day low
6,888.72

Close
25,610.21
Ch ytd %
-5.3

Change
+11.96
Day high
25,875.96

Ch %
+0.05
Day low
25,530.41

Close
1,941.37
Ch ytd %
-4.56

Change
+20.74
Day high
1,951.26

Ch %
+1.06
Day low
1,939.73

Close
2,888.03
Ch ytd %
-13.72

Change
+40.15
Day high
2,898.15

Ch %
+1.37
Day low
2,868.15

Close
8,305.82
Ch ytd %
-10.91

Change
+37.14
Day high
8,313.18

Ch %
+0.45
Day low
8,233.14

Close
18,264.22
Ch ytd %
+14.8

Change
+35.4
Day high
18,362.99

Ch %
+0.19
Day low
18,124.35

Change
+22.77
Day high
5,683.89

Ch %
+0.4
Day low
5,644.59

AUSTRALIA
Index
S&P ASX200
TO (A$b)
4.04

Close
5,071.08
Ch ytd %
-8.57

BANGKOK
Index
SET
TO (b baht)
42.52

JAKARTA
Index
Composite
TO (b rupiah)
2,917.78

PE Yield

KUALA LUMPUR
Index
FBM KLCI
TO (m RM)
1,863.46

MANILA
Index
Composite
TO (b pesos)
4.05

MUMBAI
Index
Sensex
TO (b rupees)
26.13

SEOUL
Index
Composite
TO (tr won)
5.18

SINGAPORE
Index
STI
TO (S$m)
757.33

TAIPEI
Index
Weighted
TO (NT$b)
74.68

TOKYO
Index
Nikkei-225
TO (b yen)
3,992.16

WELLINGTON
Index
NZX 50
TO (NZ$m)
123.91

Close
5,648.22
Ch ytd %
+7.33

MSCI INDICES
INTERNATIONAL - US$:
Sep 10
World .........................................
1,625.4
EAFE ..........................................
1,710.2
Europe .......................................
1,549.5
Pacific ........................................
2,215.7
Far East .....................................
2,859.9
Korea .........................................
338.2
Malaysia ....................................
320.6
Philippines .................................
527.6
Thailand ....................................
331.8
MAJOR COUNTRIES - Local Currency:
Australia ....................................
1,035.3
Austria .......................................
415.9
Belgium .....................................
1,135.8
Canada ......................................
1739
Denmark ....................................
8,127.7
Finland ......................................
611.4
France .......................................
1,618.4
Germany ....................................
886.9
Greece .......................................
88.6
Hong Kong .................................
12,958.6
Ireland .......................................
229.2
Italy ...........................................
772.9
Japan .........................................
900.6
Netherlands ...............................
1,325.5
New Zealand ..............................
110.7
Norway ......................................
2,362.1
Portugal ....................................
76.6
Singapore ..................................
1,495.9
Spain .........................................
913.6
Sweden ......................................
11,412.6
Switzerland ................................
1,140.5
United Kingdom .........................
1,796.9
USA ............................................
1,870.3

Sep 9
1,628.2
1,730.6
1,561.6
2,259.6
2916
336.5
318.9
531.8
332.1

Year end
chg%
-4.93
-3.65
-3.64
-3.85
+0.73
-12.54
-27.00
-8.72
-16.21

1,061.3
420.8
1152
1,733.6
8,169.6
617.3
1641
894.2
87.1
13,233.6
231.4
780.6
919.3
1349
110.7
2,418.9
77.9
1,521.3
931.7
11,511.2
1,152.1
1819
1,860.7

-6.35
+7.77
+7.34
-7.00
+29.52
+1.46
+7.46
+2.50
-43.85
-5.02
+22.63
+14.49
+3.94
+7.64
-2.47
-2.77
+1.46
-15.54
-4.12
+2.49
-2.41
-6.98
-4.80

All data except that on Hong Kong Stocks

supplied by Thomson Reuters unless otherwise indicated.
On scmp.com See full stock
listings in real time for Hong
Kong, plus indices for leading
markets, along with investor
relations information such as
company results and reports
at www.scmp.com/
business/investor-relations

ON
1y
5y
10y
30y

0.550
0.528
1.283
1.855
2.523

ON
1y
5y
10y
30y

-0.269
0.029
0.667
1.440

ON
1y
5y
10y
30y

1.525
1.878
2.237
2.487

0.002
-0.001
-0.015

1y
3y
5y
10y
15y

1.929
1.892
2.194
2.724
3.047

Link Fin Cayman 2009

Hutch Whampoa Int 12
Hutch Whampoa Int 12
HK Land Fin
Swire Pacific Mtn Fin
Sun Hung Kai Prop
Pccw-Hkt Capital
NWD Mtn
Bestgain Real Estate
China Overseas Fin
China Overseas Fin
Sinochem Offshore
Sinopec Grp Osea 2014
Sinopec Grp Osea 2014
CNOOC Finance 2014
CNOOC Finance 2014
Ex-Im Bk China
Ex-Im Bk China
China Cinda Finance
China Cinda Finance
AIA Group
AIA Group
China RMB fixed
China Government Bond
China Government Bond
China Government Bond
China Government Bond
China Dev Bk
China Dev Bk
Export Import Bank China
Export Import Bank China
ICBC Asia
New World China Land
Singapore US$ fixed
Temasek Financial I
Temasek Financial I
Dbs Group Holdings

Maturity

United Overseas Bank

3.75
Oversea-Chinese Banking
4
Oversea-Chinese Banking 4.25
Sp Powerassets
2.7
Clifford Capital Pte
1.625
CMT Mtn Pte
3.731
Capitaland Treasury
4.076
Korea US$ fixed
Republic Of Korea
7.125
Republic Of Korea
5.625
Republic Of Korea
4.125
Korea Dev Bk
2.25
Korea Dev Bk
3.75
Ex-Im Bk Korea
2.375
Ex-Im Bk Korea
3.25
Ex-Im Bk Korea
3.25
Korea Exchange Bank
4
Shinhan Bank
1.875
Woori Bank
2.875
Nonghyup Bank
2.625
Korea Housing Finance
1.625
Korea National Oil Corp
2.75
Korea National Oil Corp
3.25
Korea Gas Corp
3.875
Korea Gas Corp
3.5
Korea Gas Corp
6.25
Kt Corp
2.625
Korea Midland Power
2.75
Gs Caltex Corp
3
Philippine US$ Fixed
Republic Of Philippines
4.2
Republic Of Philippines
5
First Gen Corporation
6.5
Fpc Treasury
4.5
Ictsi Treasury B.V
4.625
Ictsi Treasury B.V
5.875
Jgsh Philippines
4.375
San Miguel Corp
4.875
Sm Investments Corp
4.875

Mid pr M yield
(US$) (Ann) %

3.6
2
3.25
4.625
4.5
3.625
3.75
5.25
2.625
5.95
4.25
3.25
2.75
4.375
4.25
4.875
2.5
3.625
4
5.625
2.25
4.875

2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2

3-09-2024
8-11-2017
8-11-2022
16-01-2024
9-10-2023
16-01-2023
8-03-2023
26-02-2021
13-03-2018
8-05-2024
8-11-2022
8-11-2022
10-04-2019
10-04-2024
30-04-2024
30-04-2044
31-07-2019
31-07-2024
14-05-2019
14-05-2024
11-03-2019
11-03-2044

97.67
100.28
98.91
106.55
106.15
100.46
98.60
104.65
98.15
108.21
98.91
98.91
100.96
103.85
100.78
102.77
100.87
101.46
100.90
102.78
99.79
104.54

3.91
2.00
3.42
3.70
3.62
3.55
4.00
4.28
3.40
4.78
3.42
3.42
2.46
3.84
4.14
4.70
2.27
3.43
3.74
5.22
2.32
4.59

2.56
2.65
3.1
3.48
3.35
4.3
5.239
5.43
6
5.5

2
2
2
2
2
2
1
1
2
2

29-06-2017
29-06-2019
29-06-2022
29-06-2027
20-03-2017
2-08-2032
2-04-2017
2-04-2019
4-11-2021
6-02-2018

99.17
97.54
97.07
99.11
98.23
96.81
103.39
106.52
99.32
95.28

3.05
3.36
3.60
3.58
4.58
4.60
3.04
3.52
6.11
7.83

2.375 2
3.375 2
2.246 2

23-01-2023
23-07-2042
16-07-2019

97.50
89.61
100.63

2.75
4.01
2.08

2 19-09-2024
2 15-10-2024
2 19-06-2024
2 14-09-2022
2
5-11-2018
2 21-03-2018
2 20-09-2022

102.24
102.14
100.35
97.79
100.15
104.01
100.81

3.15
3.44
4.20
3.05
1.57
2.08
3.94

2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2

16-04-2019
3-11-2025
10-06-2044
18-05-2020
22-01-2024
12-08-2019
12-08-2026
12-08-2026
14-01-2024
30-07-2018
2-10-2018
1-11-2018
15-09-2018
23-01-2019
10-07-2024
12-02-2024
2-07-2026
20-01-2042
22-04-2019
11-02-2019
18-06-2019

117.56
124.22
112.93
99.94
104.66
100.15
100.17
100.17
105.87
99.03
102.10
101.50
98.46
101.37
99.73
104.32
101.32
134.23
100.72
100.82
99.83

2.02
2.85
3.42
2.27
3.11
2.34
3.23
3.23
3.19
2.22
2.15
2.12
2.15
2.33
3.29
3.28
3.35
4.11
2.41
2.49
3.04

2 21-01-2024
2 13-01-2037
2 9-10-2023
2 16-04-2023
2 16-01-2023
2 17-09-2025
2 23-01-2023
2 26-04-2023
2 10-06-2024

110.16
116.79
104.84
96.87
101.00
106.96
100.01
93.22
100.66

2.83
3.84
5.54
5.00
4.46
4.98
4.38
6.00
4.78

Ch

-0.011
-0.030
-0.007
-0.013

0.001
-0.021
-0.028
-0.005

-0.001
-0.001
0.001
0.006

Australia

Japan
ON
1y
5y
10y
30y

Yield

South Korea

US
ON
1y
5y
10y
30y

Dur.
UK

Germany

China
ON
1y
5y
10y
20y

chg

Coupon Frq

2 years
3 years
4 years
5 years
7 years
10 years
15 years

ON
1y
5y
10y
15y

145.50
49.10
75.00
14.90
186.30
60.45
4.70
5.74
6.58
4.96
41.25
35.05
7.86
5.75
38.10
70.00
26.65
103.10
11.58
5.15
85.70
127.40
11.32
6.66
42.95

Change
+2.34
Day high
3,223.76

BONDS

............................................
............................................
............................................
............................................
............................................
............................................

Yield

Hang Seng Bk
Henderson Land
Hengan Intl
HK&C Gas
HKEx
HSBC Holdings
ICBC
Kunlun Energy
Lenovo Group
Li & Fung
Link Reit
MTR Corp
New World Dev
PetroChina
Ping An Ins
Power Assets
Sands China
SHK Properties
Sino Land
Sinopec
Swire Pac A
Tencent
Tingyi
Want Want China
Wharf (Holdings)

Close
3,200.23
Ch ytd %
+38.44

SHENZHEN A SHARES

Change

China/HK US$ fixed

Terms

Dur.
HK

HKD MARKET RATES

Close

2,500

SHANGHAI A SHARES

xr = ex-rights xa = ex-all
xd = ex-dividend # traded in RMB
Stocks in bold saw price changes of more than 5%.

EXCHANGE FUND

HK dollar interest settlement rates fixings at 11am

yesterday

Stock

5,500

Turnover
252.77
b yuan

Sino Biopharm xd
9.39 -0.01 -0.11 10,916 10.76
6.8 30.7 0.6
Sino Land
11.58 +0.1 +0.87 4,393
14.2 10.42
7.5 4.3
Sino Oil & Gas
0.174

8,010 0.255
0.12 290

Sino-Ocean Land
4.15 +0.04 +0.97 10,490 6.76
3.73
5.7 5.8
Sinocom Software
2.07 -0.10 -4.61 8,942
4.5
.58

Sinofert Holdings
1.19 -0.01 -0.83 4,920 2.38 0.95 29.2 0.9
Sinopec Corp
5.15 -0.09 -1.72 126,971
7.95
4.72 10.3 4.9
Sinopec Engine
7.07 -0.08 -1.12 3,715 8.68
5.19
7.2 5.1
Sinopec Kanton xd
4.25 +0.08 +1.92 1,986
7.45 3.38 15.1 1.2
Sinopec Oilfield Svc
2.38 +0.06 +2.59 14,361 4.96
1.91 23.1

Sinopharm
28.05 +0.1 +0.36 6,102 41.75 24.55 20.2 1.4
Sinosoft Technology
3.56 +0.07 +2.01 2,758
7.76 2.49 21.9 0.7
Sinotrans xd
3.81 -0.07 -1.80 9,128 6.65
3.2 10.9 3.1
Sinotrans Ship
1.60 +0.02 +1.27 1,993 2.44
1.38 410.3
5
Sinotruk (HK)
3.29 -0.07 -2.08 1,485 6.58
3.22 17.8 1.8
SITC Intl
4.11 +0.04 +0.98 1,253 6.18
3.27 11.3 5.4
Sitoy Group
3.80 -0.05 -1.30
214
7.45 3.39
7.6 7.4
SJM Holdings
6.53 -0.18 -2.68 7,217 18.26
6.4 5.4
11
Sky Light Holdings xd
2.73 +0.08 +3.02 1,959
3.74
1.6

Skyworth Digital
4.85 -0.06 -1.22 4,977 8.26 3.872 4.4 4.2
SmarTone Telecom
14.74

1,615 15.98
9.41 16.5 4.1
SMI Holdings
0.68 +0.02 +3.03 75,764
1.39 0.255 48.9 0.5
SMIC
0.69 -0.02 -2.82 130,101 0.98
0.6 19.7

SOHO China
3.03 -0.10 -3.19 17,948
6.3
2.91
3.1 5.4
South East Group
0.59 +0.01 +1.72 55,220
1.32 0.111

SPDR Gold
824.00
+2 +0.24
5 970.5
801

Spring Reit
3.13 +0.07 +2.29 1,322 3.85
2.95
8.4
Springland
2.04 -0.01 -0.49
262
3.15
1.95 6.4 6.4
SSY Group
2.19 -0.02 -0.90 3,686 4.105
1.8 10.7
9
Std Chartered
85.85 -1.00 -1.15 1,008 157.4 83.4 10.8 6.5
Stella Holdings
19.12 +0.02 +0.1
151
23
17.4 16.1 4.5
Summit Ascent
4.01 +0.14 +3.62 4,154
6 2.88

Sun Art Retail

6.50 -0.11 -1.66 2,139 9.29
5.61 17.2 2.5
Sunac China
4.02 +0.05 +1.26 32,971 10.78 3.83 3.3 5.9
Suncorp Tech
0.26 +0.063 +31.98 548,754
1.56
0.11

Sunevision
2.34 +0.02 +0.86
583 3.03 2.05 16.6 5.2
Sunlight Reit
3.90 +0.12 +3.17 2,495 4.09 3.05
5.4
Sunny Optical
14.22 +0.12 +0.85 3,556 19.94 9.82 21.7 1.3
Sunshine 100
2.94 +0.01 +0.34
446 4.38 2.84 5.8

Swire Pacific A xd
85.70 -0.35 -0.41 1,329 109.8
79.5 11.7 4.6
Swire Pacific B xd
15.88 +0.08 +0.51
318
20.7 14.94 10.8 4.9
Swire Properties xd
21.85 -0.15 -0.68 2,017 27.75
21.2 13.4 3.1
Tack Fiori
1.39 +0.02 +1.46 3,352
3.72 0.87

Tai Cheung Hold xd

6.19 -0.02 -0.32
37
7.26
5.95 6.9 4.9
TCC Intl
1.53 +0.01 +0.66 2,874
3.3
1.36 *3.1 *10.5
TCL Comm
5.42 +0.06 +1.12 1,313
10.9 4.87 5.9 7.2
TCL Multimedia
3.77 +0.12 +3.29 1,628 8.88
2.55 21.2 1.4
Tech Pro-new
1.92 +0.01 +0.52 22,396
2.13 0.915

Tech Pro-old
1.90

8
2.13
1.79

Technovator Intl
4.67

1,246
8.6
2.57 15.2

Techtronic Industries 29.65 -0.15 -0.50 2,350 30.35 20.65 23.2 1.2
Tencent
127.40 -1.20 -0.93 23,621
171 104.5 39.8 0.3
Tenwow Intl xd
2.59 +0.01 +0.39
384
3.8
2.1 12.4 2.6
Texhong Textile xd
5.40 +0.31 +6.09
832 11.14
5.06 12.6 3.7
Texwinca Holdings
7.62 +0.06 +0.79
482 9.58
5.9 15.6 6.7
Tian An China
4.25 +0.02 +0.47
2
5.4
3.72
5 2.4
Tian Ge Interactive
2.95 -0.01 -0.34 1,697
7.72 2.28

2
Tian Lun Gas
6.80 -0.05 -0.73
17
9.8
6.17 20.5

Tianjin Dev
5.07 +0.05
+1 1,698 8.69 4.62
7.6
2
Tianjin Port
1.23

5,553
2.77 1.09 9.3 4.3
Tianneng Power
4.25 +0.39 +10.1 15,585
5.1
1.8

Tianyun Intl
1.47 +0.14 +10.53
254
2.57
0.91

Tibet 5100
2.10 -0.04 -1.87
455 3.48 1.84 12.6 1.9
Times Property
3.00 +0.08 +2.74 1,465 3.94
2.5 3.3
6
Tingyi
11.32 -0.08 -0.70 4,074 21.95
10.5 20.3 2.5
TOM Group
1.63 +0.06 +3.82 1,532
2.97
1.26

Tong Ren Tang

11.18 +0.22 +2.01
798
14.9
9 24.8 1.6
Tong Ren Tang CM
8.86 +0.06 +0.68
43 14.82
7.71 25.6 1.1
Tongda Group xd
1.27 +0.02 +1.6 7,761
1.75
0.77 13.5 2.8
Town Health
1.67 +0.02 +1.21
872
3.16
1.16 90.8 0.2
Towngas China
5.25 -0.06 -1.13 4,539
8.75 4.52 13.1 1.9
TPV Technology
1.22 +0.06 +5.17
1,774
2.33
1.05
8.8 0.8
Tracker Fund
22.25 -0.05 -0.22 37,402 29.05 21.15
3.9
Traditional C Med
5.49 +0.01 +0.18 2,962
7.03
3.74 27.2

Transport Intl
20.80 -0.05 -0.24
46
22.3 13.72 20.2 5.1
TravelSky Tech
9.75 -0.21 -2.11 3,841
15.6
7.3 13.8 1.7
Truly Intl
1.97

4,506 4.69
1.82
5.1 7.6
Tsaker Chemical
3.98

4.9
2.71

Tsingtao Brewery
35.35 -1.20 -3.28 2,314
59.1 33.6 19.2 1.6
TST Properties
22.60 +0.2 +0.89

23.2 17.72
7.8 2.2
Tsui Wah
1.90 +0.01 +0.53 1,568
3.15
1.78
17 4.2
TVB
26.85 -0.65 -2.36 2,328 51.55 26.4 8.3 18.3
U-Presid China
7.19 +0.08 +1.13 4,116
8.19 4.92 80.8
.2
United Energy
0.90 -0.01 -1.10
318
1.65 0.74 6.4

United Lab
3.72 -0.06 -1.59 1,268 6.56 3.09 8.9

United PV
0.73 -0.01 -1.35 21,256
1.61 0.58
8.1

Universal Medical
5.82 -0.05 -0.85
692 8.29 4.68

Value Partners
7.45 +0.07 +0.95 7,137
18.1 5.318 16.4
3
Vinda Intl
14.12 +0.06 +0.43
732 19.72 10.48 23.8 1.2
Vision Values
Susp

2.12 0.41

Vital Mobile
1.27 +0.02 +1.6
267
2.76
1.01

Vitasoy Intl xd
11.52 +0.052 +0.45 1,412 14.92
9.79 32.1 2.1
Viva China
0.95 +0.04 +4.4 5,120
1.54
0.51

VST Holdings
2.18 -0.04 -1.80 9,376
3.3
1.99 5.4 5.4
VTech Holdings
94.65 +1.75 +1.88
442 116.8 86.15
15 6.4
Wan Kei Group
0.88 +0.07 +8.64 4,490
1.22
0.78

Wanda Comm
47.25 -2.15 -4.35 2,876
78 42.45 5.8 2.5
Wanda Hotel Dev
1.18 +0.01 +0.85
453
2.6
0.9

Want Want Ch
6.66 -0.12 -1.77 23,573 10.68 5.87 18.2 2.1
Wasion Group
8.15 +0.01 +0.12 3,144 12.86 6.34 12.8 2.9
Weichai Power
8.68 -0.01 -0.12 5,326
18.2
7.78 5.5 7.2
Weigao Group
5.71 -0.04 -0.70 7,399
8.92
4.11
19 1.6
Welling Holdings
1.27 +0.01 +0.79
218
2.19
1.1 5.4 5.9
West China Cement
1.23 -0.04 -3.15 19,596
1.76
0.7 125.5 0.2
WH Group
4.14 +0.05 +1.22 11,271 6.76
3.75 8.3

Wharf (Holdings)
42.95 -0.55 -1.26 5,308 63.9 40.1 3.6 4.2
Wheelock
35.45 +0.3 +0.85 1,292 46.8 32.6 3.3 3.1
Wing On Co
24.25 +0.25 +1.04
1 29.8 20.85 5.6 7.1
Wing Tai Prop
4.32 +0.02 +0.47
28 5.35
4.13
3 3.1
Wisdom Holdings
3.48 -0.09 -2.52 4,202 8.82 2.64 16.1 3.3
Wison Engine Svc
1.21 +0.02 +1.68 1,889
3.14 0.64
22

Wuzhou Intl
1.23

5,800
2.19
1.16 18.2

Wynn Macau
10.86 -0.40 -3.55 17,191
27.2 10.82
8.7 9.7
X iShares A50
10.20 -0.06 -0.58 69,836 16.62 8.83
2.5
Xiabuxiabu
3.78 -0.02 -0.53
6
6
3.3
18
3
Xiamen Port
1.89 +0.01 +0.53 3,600
5.78
1.65 9.6
4
Xinchen China Pwr
1.80 +0.07 +4.05
751
4.4
1.51 6.8

Xingda Intl
1.61 +0.02 +1.26 2,377 2.96
1.4
6 8.1
Xinhua Winshare
6.09 +0.08 +1.33 1,316
10.8
5 8.8 6.2
Xinming China
1.20 +0.01 +0.84
434
1.57
1.01

Xinyi Glass
3.90 +0.02 +0.52 7,941
5.6
3.12 11.2
4
Xinyi Solar Holdings
2.72 -0.10 -3.55 15,631
3.97
1.97 32.3 2.4
Xtep Intl
3.86 +0.12 +3.21 6,782 3.96
2.1 14.2 4.7
Yanchang Petro
0.227 +0.002 +0.89 1,800 0.465
0.2

Yanzhou Coal
3.62 -0.07 -1.90 8,863 10.46 3.35 18.6 0.7
Yashili Intl Holdings
1.98 -0.03 -1.49
204 3.44
1.71 22.7
1
Yestar Intl
3.01 -0.07 -2.27 2,400
4.61
1.73 44.9 1.1
Yida China Holdings
2.69 +0.01 +0.37
654
3.31 2.33 5.5 6.1
Yingde Gases
3.25 -0.02 -0.61 4,967 8.49 2.98 5.2
10
Yongda Auto
3.58 +0.12 +3.47 1,635
7.17 3.08 8.5 3.5
Yuanda China
0.395 +0.01 +2.6 1,008 0.79 0.37 77.5 25.3
Yue Yuen Industrial
27.90 -0.20 -0.71
694 32.4
23 17.8 4.1
Yuexiu Property
1.25 +0.01 +0.81 15,161
2.1
1.11 4.3 4.5
Yuexiu Reit
4.15 +0.04 +0.97 4,918 4.57 3.63
7.2
Yuexiu Transport
4.93 +0.07 +1.44 1,080 6.09 4.28 10.9 5.9
Yunbo Digital
2.87 -0.01 -0.35
6.03
2.21

Yurun Food
2.14 +0.13 +6.47 12,402
4.14
1.6 68.8

Yuxing Infotech
2.64 +0.08 +3.13 1,088
4.77 0.93 152.6 1.9
Yuzhou Properties
1.73

2,246 2.68
1.45 3.8 9.3
Zall Dev
4.48 -0.01 -0.22 6,508 4.94 2.134
8

Zhaojin Mining
4.06 +0.05 +1.25 3,656 6.74
3.4 21.1 1.5
Zhejiang Express
8.55 -0.23 -2.62 5,316 13.38
7.5 12.7 4.8
ZhengTong Auto
3.05 +0.04 +1.33 9,630 5.84 2.58
6.7 3.3
Zhongsheng Group
3.01 +0.02 +0.67 1,915 8.82
2.81 6.9
3
Zhongzhi Pharm
2.37 -0.02 -0.84
47
2.8
2.16

Zhuguang Holdings
1.41

294
2
1.33 33.3

Zijin Mining
1.95 -0.11 -5.34 40,677
3.63
1.81 14.4 5.2
Zoomlion Hvy Ind
3.04 +0.09 +3.05 9,496 6.88 2.69 31.6 2.1
ZTE Corp
16.92 -0.40 -2.31 4,533 24.85
12.4 *21.2 *1.8

Exchange Fund bills

-0.77900
-0.81000
-0.79400
-0.76300
-0.73100
-0.67200
-0.56100

HIBOR

Shanghai Composite Index

3,200.23 Past 3 months
2.34

1177
83
702
3377
299
297
386
2386
934
1033
1099
1297
598
368
3808
1308
1023
880
3882
751
315
198
981
410
726
2840
1426
1700
2005
2888
1836
102
6808
1918
1063
8008
435
2382
2608
19
87
1972
928
88
1136
2618
1070
3823
2955
1206
669
700
1219
2678
321
28
1980
1600
882
3382
819
6836
1115
1233
322
2383
1666
8138
698
3886
1083
903
2800
570
62
696
732
1986
168
247
1314
511
220
467
3933
686
2666
806
3331
862
6133
345
8032
856
303
1718
3699
169
151
3393
2338
1066
382
2233
288
4
20
289
369
1661
2236
1369
1128
2823
520
3378
1148
1899
811
2699
868
968
1368
346
1171
1230
2393
3639
2168
3669
2789
551
123
405
1052
8050
1068
8005
1628
2098
1818
576
1728
881
3737
1176
2899
1157
763

Exchange Fund notes/bonds

Period

-0.47
+1.42
+0.03
-0.21
+1.25
-1.06
-0.31
-0.32
-0.57
+0.54
-2.52
-0.49
-0.21
-0.29
+0.07
-0.15
-0.33
-0.08
+0.28
-0.61
-1.75

Key

Terms
1 week
1 month
3 months
6 months
9 months
1 year

Swiss franc
Overnight
1 week
1 month
2 month
3 month
6 month
1 year

Ch (%)

-123.54
+6.59
+9.38
-106.21
+368.05
-131.63
-9.24
-5.60
-23.58
+11.10
-189.12
-21.65
-2.55
-11.85
+2.22
-2.83
-23.88
-2.48
+7.94
-32.72
-50.90

Share

(September 11, 2015)

Opening aggregate balance: $326,935 million
Closing aggregate balance: $326,935 million
Change attributable to:
Market activity: nil
Interest payment/issuance of Exchange Fund paper: nil
Discount window reversal: nil
Discount window: nil
Discount window; base rate: 0.5%
Effective Exchange Rate Index: 103 (-0.2)

Yen
Overnight
1 week
1 month
2 month
3 month
6 month
1 year

Change

Code

Money market operations

Euro

FORWARD RATES

DEPOSIT RATES

Source: Hong Kong Association of Banks

Overnight
1 week
1 month
2 month
3 month
6 month
1 year

Close

HKMA

US dollar
Chg

Stock

PE Yield

LIBOR

Settlement
price

Month

Close
26,419.71
471.38
29,814.10
51,313.32
29,849.29
12,286.91
2,951.57
1,745.20
4,116.71
2,052.38
7,326.70
4,409.18
1,216.47
4,007.44
3,035.49
1,882.89
7,146.41
3,237.84
2,820.22
5,370.26
2,863.43

HSI constituents performance

Stock performers

BANKNOTE RATES
-0.09
+0.5
+3.70
-24

-0.01
-0.048
-0.023
+9

China Res Power

SHK Prop
CK Property
Kunlun Energy
-2.48
-2.61
-2.96
-2.96
-3.85
-5.09

30,000

BULK RATES
Chg

S&P/HKEx LargeCap Index

S&P GEM Index
Finance
Utilities
Properties
Commerce & Industry
Hang Seng Composite Index
Hang Seng LargeCap Index
Hang Seng MidCap Index
Hang Seng SmallCap Index
HS Energy
HS Materials
HS Industrial Goods
HS Consumer Goods
HS Services
HS Telecommunications
HS Utilities
HS Financials
HS Properties & Construction
HS Information Technology
HS Conglomerates

Top HSI movers (%)

Index
30-day moving average
Past three months

COMMODITIES CURRENCIES
PRECIOUS METALS

Sub-indices

Hong Kong daily round-up

52-week
high low
PE Yield
3.35
1.7 10.5
4
10.68
6.9

60
34 20.3
2
2.85
1.1

7.14 3.298 2.5 10.4

4.55 2.87 4.4 7.5
1.5
0.54

58.2
39.1 18.9 1.2
10.2 4.54 14.9 1.1
6.58 2.82
13 5.4
14.32
3.81

4.9
1.24

2.03 0.338 125.6

51.05
31
4.1 4.5
2.67
1.38 6.3 2.9
7.1
2.95 21.5 1.6
34.15 20.3 9.2 3.4
21.9 11.32 22.6 3.5
3.27 0.97

9.83 5.03 *10.2 *1.5

5.56
2.37 3.9 7.6
24
12.4
9.1 95.6
89.9 54.6 14.9 3.9
24.5
21.3 6.3 5.3
1.88 0.415 144.1

10.5
3.9 29.9 0.5
11.5
5.13
7.7 5.6
34.1
17.5
17 1.8
5.68 3.25 4.7 6.6
8.49
5.01 4.4 5.9
8.61
5.2
5 6.1
35.85
25
9.7
4
7.28
2.1
7.5 1.9
10.78 4.26 8.6 1.1
1.92 0.111 12.4

9.71 5.42 18.5 2.3

3.43
1.45 300

73.65 40.75 13.1 1.9

0.96 0.385 18.5

12.26 6.56 10.3

10
3.2 0.026 1677.8 0.2
4.33
2.9 12.7
3
5.67
3.1
36 1.5
42 11.72
8 3.1
7.39 2.62
3.1
10
1.43 0.48

7.37 4.16 26.4 1.7

20.95
9.6 19.9
.2
33.7 23.15 10.5 4.6
18.5 6.574 17.6 3.4
1.46 0.63 35.3
3
10.86 2.86
6 4.9
5.08
1.12 14.3 1.7
5.2
1.72 39.3

18.02
7.93 6.9 1.2
62.3
18.7 151.4

13.94 4.08 9.5

3.81
2 17.2

30.05 24.05 25.3

3
15 5.83 13.6 2.6
4.85
2.22 27.1

22
9.88 51.7

1.79
0.8 293.9

20.8 13.38 17.7 3.7

2.46
1.27 4.6 2.6
7.98 5.02 4.8 6.9
5.65
3.22 4.4 6.8
2.73
1.36
3.1 9.6
9.92 2.47
14 9.4
3.6
1.53
4

1.27 0.325 572.7

5.53 2.84 14.4 0.1

17 5.45 8.8 2.3
1.9 0.405

4.19
1.77 11.2 0.6
8.39 4.49 40.9

5.3
1.91 11.2 2.6
5.62 2.26

4.62
3.18
5.2
6.96
3.05

0.57 0.29

3.8
1.66

16 12.12
2.7 8.7
8
2.9

12.6
2.41

2.38
0.81 8.2 0.9
5.15 2.54

4.12
1.7 13.7 3.2
12.5
3.3
30

2.45
1.14
4 9.1
3.48 0.47 19.2

3.686 2.05 89.6 6.7

1.51 0.37

5.23
2.5
7.1 4.2
5.6 3.29 253.4 0.9
4.69 2.69
7.5
4
8.16
3.11 111.5

6.67
5.67

0.41
0.1

2.378 1.177
9.7 8.7
7.56
2.45 13.1

16.28
9.2 27.9 1.2
33.75
12.6 11.4 3.4
4.83
1.47 24.7 1.1
1.43 0.395 28.4 1.1
2.667
1.3 *5.5

6.5 2.46

14.12
4.72
9.1 3.5
15.5 10.24 16.7 1.4
23.25
8.3
13

4.58
1.23 675.4

8.51 3.08 3.5 7.2

1.46 0.37

2.6 0.046 *460.7

3.996 0.164

7.8
3.41 9.3 2.3
41
21 18.4 1.9
10.71 4.586 11.4 6.5
0.604 0.162 *53.6 *0.3
0.29 0.216

11.36
7.12
21 0.9
1.01
0.25 27.2 0.7
11.4 3.87 10.5 3.8
15.54
7.78 16.9
2
26.85 13.12 6.9 4.4
37 23.05 15.7 3.1
2.76
0.91 12.8
.8
118
85 13.7 3.2
9.3
3.78 9.4 5.3
0.62 0.26

6.63
1.75 18.7

2.75
1.55 5.4 1.2
5.42
2.3 4.5 0.4
1.76
0.6 105.1 19.4
1.245 0.45 8.4

22.3
7.56
4.1 7.4
34.05
19.8 6.6 2.4
47.1 24.8 18.9 2.2
6.81 3.24 10.5 3.9
3.85
0.11

2.85
1.11
1.3

0.84 0.38 15.1 2.3

17.7
6.92 9.4 1.7
12.3 4.03 11.9 1.4
0.32 0.054

5.64 3.56 5.8 4.6

26.15 14.04
0.7
27.6 16.76 18.9 1.4
29.1 15.265
7.6 2.6
24.7
17.5 10.1 4.1
1.86
1.3 5.2 2.9
2.53
1.25 11.7

24.4 12.22
5.2
7.3
7.8
3.97 48.4 0.7
3.15 2.85

6.4 1.46 5.6 3.1

1.88
0.73

10.36 2.42 22.8

1
4.19
1.7
4 7.3
15.6
9.01 11.9 2.8
33.3 14.31 16.2

6.17
3.8 14.8 2.4
4
1.7 6.6 13.4
4.052 2.059 8.9 4.4
16 9.68 16.6 2.4
1.65 0.55*202.1

21.6 13.36 9.5 3.7

4.47
2.4 4.3 5.5
5.1 2.96
13 2.1
5.15 2.46 6.3 6.9
67.2 29.95
0.9
1.21 0.65

5.79
2.12
21

25.85 13.33 3.9 23.2

27.08 14.88
2.7 3.6
1 0.145

21.6
13.5
9.9 3.9
11.68
6.6
9.7 4.6
10.5
1.17

2.67
1.32 3.6 10.3
24.4
12.1
2.8
10.46 3.64 6.6 4.5
16.4 11.64 8.9 2.1
7.4 4.36 4.3

2.61 0.97 43.7

40.5 14.28 12.5 2.4

4.42 2.28 11.2 4.7
1.54
0.81 42.9 2.9
0.98 0.59 26.3 1.1
77.55
50.1

125 71.77 4.5 3.5

73.35 53.45
5.1 3.1
69.85 61.8 14.4 4.1
2.49 0.85 15.5 2.5
9.85 4.06 3.5 4.3
14.72
7.6
5.1 6.7
16.8 3.23 37.3

0.694 0.102 *4.4 *1.3

13.5 4.75 27.2 1.6
3.482
1.3 *19.1 *1.71
26.15 13.24 11.3 2.3
0.75 0.355 14.6 1.9
7.37 4.28 18.7 1.7
3.28 1.08 10.1

5.73
2.9 18.5 3.9
12.8
9 12.9 3.3
9.48 4.18 27.1 1.2
4.55 2.38
4.1 9.7
8.85
3.02

1.39 0.705 10.9 4.6

6.79
3.5 9.3 2.2
7.03 3.44 4.9 5.5
2.4 0.67 84.9 0.2
1 0.215

20.65
6.8 20.2

4.97
1.7 27.9

18.66
8.73
2.9
14.94
6.9
3.6
8.57
5.81
31 1.5
75
27.9 21.3 0.9
40
12
98

-0.021
0.002
-0.006
-0.015
-0.015

ASIAN USD BOND INDEX

HSBC

ADBI

China

HK

Phil

Indo

Korea

Malay

Thai

Spore

India Vnam SLanka

Current level
Previous day level
Net changes (%)
Country weighting (%)
Index yield (%)
Index duration (yr)
Index T-spreads
T-Spread change
Average life (yr)
Average coupon (%)
Average price
L-adj cap
Total mkt cap (mm)

377.8
377.7
0.02
100.00
4.13
5.12
255
-1
6.85
4.41
112.63
525,191
525,988

329.2
329.2
0.01
35.36
4.10
4.78
258
-1
6.04
3.95
98.62
185,707
185,707

373.9
373.9
0.00
10.98
3.69
4.15
229
0
4.93
4.47
120.11
57,644
57,922

537.5
537.3
0.04
7.19
3.66
7.67
163
-1
10.73
6.43
125.88
37,761
38,281

252.4
252.4
0.01
11.36
5.48
7.38
349
-1
12.81
5.72
64.22
59,641
59,641

303.2
303.2
0.00
14.03
2.81
3.93
145
0
4.56
3.41
107.99
73,700
73,700

357.2
356.7
0.15
3.70
3.85
5.93
210
-4
8.28
4.28
112.42
19,409
19,409

459.5
459.5
-0.01
2.50
4.19
5.67
249
-1
8.23
4.24
131.85
13,118
13,118

315.4
315.3
0.03
3.05
3.21
5.15
162
-2
6.38
3.61
131.81
16,020
16,020

385.5
385.2
0.08
9.24
4.46
4.44
301
-2
5.53
4.70
111.39
48,531
48,531

KEY

This information has been issued by the treasury and capital markets division of the Hongkong and Shanghai Banking
Corp. This information is derived from sources believed to be reliable but HSBC cannot guarantee its accuracy and
completeness and is not responsible for errors of printing or editing of data, nor shall HSBC be liable for damages arising
out of any persons reliance on this information.
The prices quoted are indicative and are subject to change without notice and do not necessarily represent the price at
which HSBC is prepared to deal.
This document is neither an offer to sell nor the solicitation of an offer to purchase any investment.
For enquiries telephone (+852) 2822 3086

Frq = coupon payment

frequency per annum;
Mid pr/Mid sp/Mid
yield = The mid of bid and
offer price/spread/yield;
UST = US Treasury

408.7
408.6
0.02
0.39
5.20
5.11
363
-1
6.45
5.93
108.26
2,048
2,048

387.7
387.4
0.09
1.40
6.00
3.95
465
-2
4.85
6.29
217.21
7,342
7,342

B6 Saturday, September 12, 2015

MUTUAL FUNDS
All prices are for indication only

Aberdeen International Fund Managers Ltd

Aberdeen Global Fund 10/9
NAV
Asia Pacific Equity A2
$62.1106
Asia Pacific Equity D2
40.3448
Asian Local Currency Short Duration Bond A1
$3.8118
Asian Local Currency Short Duration Bond A2
$6.3723
Asian Property Share A2
$16.2071
Asian Smaller Companies A2
$37.9553
Asian Smaller Companies D2
24.5747
Australasian Equity A2
A$32.5021
Chinese Equity A2
$21.4016
Chinese Equity D2
13.8759
Eastern European Equity A2
82.0801
Emerging Markets Equity A2
$53.0055
Emerging Markets Equity D2
34.5207
Emerging Markets Local Currency Bond A2
$8.0900
Emerging Markets Smaller Companies A2
$15.5779
Emerging Markets Smaller Companies D2
10.0742
European Equity A2
45.4212
European Equity Dividend A2
192.1752
European Equity Ex UK A2
11.5568
European Equity Ex UK D2
8.3803
Indian Equity A2
$121.3754
Indian Equity D2
78.8318
Japanese Equity A2
425.0207
Japanese Smaller Companies A2
1238.3870
Japanese Smaller Companies D2
6.6254
Latin American Equity A2
$2424.8613
North American Equity A2
$22.2036
North American Equity D2
14.3411
Responsible World Equity A2
$9.6938
Russian Equity A2
6.5943
Select Emerging Markets Bond A1
$16.8839
Select Emerging Markets Bond A2
$37.4918
Select Euro High Yield Bond A1
6.1058
Select Euro High Yield Bond A2
20.2715
Select Euro High Yield Bond D1
4.5251
Select Global Credit Bond D1
1.6927
Select High Yield Bond D1
0.9814
Technology Equity A2
$4.2114
Technology Equity D2
2.7323
UK Equity A2
20.0002
UK Equity D1
17.0866
World Equity A2
$15.7846
World Equity D2
10.2357
World Equity Dividend A1
$8.8527
World Resources Equity A2
$9.5808
Aberdeen Global I 10/9
NAV
Asia Pacific Equity A2 Base Currency Exposure
8.6526
Asian Local Curr Sh Duration Bond A2 Base Curr Exposure 9.2243
Asian Property Share A2 Base Currency Exposure
7.5265
Chinese Equity A2 Base Currency Exposure
8.4731
Emerg Mkts Corporate Bond A1
$9.6752
Emerg Mkts Corporate Bond A2
$11.7277
Emerg Mkts Corporate Bond A2 Base Currency Exposure 10.1166
Emerg Mkts Local Currency Bond A2 Base Curr Exposure 6.5400
Emerg Mkts Local Currency Bond A1
$6.1935
European Equity Dividend A2 Base Currency Exposure $190.2345
European Equity Dividend A1
156.6403
Japanese Equity D2
2.2764
Japanese Equity A2 Base Currency Exposure
$11.7924
Japanese Equity A2 Base Currency Exposure
11.6458
Japanese Smaller Companies A2 Base Curr Exposure
$14.9364
Japanese Smaller Companies A2 Base Curr Exposure
19.9938
Latin American Equity A2 Base Currency Exposure
5.0443
North American Smaller Companies A2
$12.0348
Select Emerg Mkts Bond A1 Base Currency Exposure
8.3580
Select Emerg Mkts Bond A2 Base Currency Exposure
122.2244
Select Euro High Yield Bond A1 Base Currency Exposure $10.0115
Select Euro High Yield Bond A2 Base Currency Exposure $14.9232
Select Euro High Yield Bond A1 Base Currency Exposure 19.0645
Select Euro High Yield Bond A2 Base Currency Exposure 32.8162
Select Euro High Yield Bond D2 Base Currency Exposure 12.9434
Select Global Credit Bond D2
11.7699
Select Global Credit Bond A2 Base Currency Exposure
$11.9340
Select Global Credit Bond D1 Base Currency Exposure
$10.3591
World Resources Equity A2 Base Currency Exposure
9.6248
World Smaller Companies A2
$11.8624
Aberdeen Global Infrastructure 10/9
Brazil Bond A1
$5.2732
Brazil Bond A2
$85.7356
Brazil Equity A2
$3.9145
Emg Mkts Infrastructure Eq A2
$6.8147
Emg Mkts Infrastructure Eq A2 Base Currency Exposure 6.6942
AIA International Ltd 9/9
NAV
AIA Optima Conservative Fund
$18.12
AIA Optima Balanced Fund
$20.27
AIA Optima Growth Fund
$21.36
AIG Eleven Plus Fund by AIA
$14.49
AIA Ten Years Interest Plus Fund (Int rate)-10/9
3.70%

AllianceBernstein Hong Kong Limited 10/9

AB(HK)American Income Portf A Acc
AB(HK)American Income Portf A Inc
AB(HK)Asia Ex-Japan Eq Portf A Acc
AB(HK)Asia Ex-Japan Eq Portf A Inc
AB(HK)Emerging Markets MltAsst A Acc
AB(HK)Emerging Markets MltAsst A Inc
AB(HK)European Income Port A Acc
AB(HK)European Income Port A Inc
AB(HK)Global High Yield Port A Inc
AB(HK)Global High Yield Portf A Acc
AB(HK)Global Value Portfolio A Acc
AB(HK)Global Value Portfolio A Inc

NAV
RMB99.91
RMB99.91
RMB101.03
RMB101.03
RMB99.39
RMB99.39
RMB100.14
RMB100.14
RMB99.97
RMB99.97
RMB99.26
RMB99.26

Allianz Global Investors Asia Pacific Limited 10/9

Allianz Global Investors Fund
Allianz Asian Multi Income Plus
- Class AM Distribution (HKD)
- Class AM Distribution (USD)
- Class AM Distribution (H2-AUD)
- Class AT Accumulation (USD)
Allianz Flexi Asia Bond
- Class AM Distribution (HKD)
- Class AM Distribution (USD)
- Class AM Distribution (H2-AUD)
- Class AM Distribution (H2-CAD)
- Class AM Distribution (H2-EUR)
- Class AM Distribution (H2-GBP)
- Class AM Distribution (H2-NZD)
- Class AM Distribution (H2-SGD)
- Class AT Accumulation (USD)
Allianz Asia Pacific Equity
-Class A Distribution (EUR)
-Class A Distribution (USD)
Allianz Best Styles Euroland Equity
-Class AT Accumulation (EUR)
Allianz Brazil Equity
-Class A Distribution (GBP)
-Class AT Accumulation (EUR)
-Class AT Accumulation (USD)
Allianz BRIC Equity
- Class AT Accumulation (EUR)
- Class AT Accumulation (USD)
Allianz China Equity
-Class A Distribution (HKD)
-Class A Distribution (USD)
-Class AT Accumulation (USD)
Allianz Emerging Asia Equity
-Class A Distribution (USD)
-Class AT Accumulation (HKD)
Allianz Enhanced Short Term Euro
-Class AT Accumulation (EUR)
-Class I Distribution (EUR)
Allianz Euro High Yield Bond
-Class AM Distribution (EUR)
-Class AM Distribution (H2-USD)
-Class AT Accumulation (EUR)
Allianz European Equity Dividend
-Class A Distribution (EUR)
-Class AM Distribution (EUR)
-Class AM Distribution (H2-AUD)
-Class AM Distribution (H2-HKD)
-Class AM Distribution (H2-USD)
-Class AM Distribution (H2-SGD)
-Class AT Accumulation (EUR)
Allianz Euroland Equity Growth
-Class A Distribution (EUR)
-Class AT Accumulation (EUR)
-Class AT Accumulation (H2-USD)
Allianz Europe Equity Growth
-Class A Distribution (EUR)
-Class AT Accumulation (EUR)
-Class AT Accumulation (H2-SGD)
-Class AT Accumulation (H2-USD)
-Class IT Accumulation (EUR)
Allianz Europe Equity Growth Select
- Class A Distribution (EUR)
-Class A Distribution (H2-USD)
- Class AT Accumulation (EUR)
-Class AT Accumulation (H2-SGD)
-Class AT Accumulation (H2-USD)
Allianz Global Agricultural Trends
-Class A Distribution (EUR)
-Class AT Accumulation (EUR)
-Class AT Accumulation (USD)
Allianz Global EcoTrends
-Class A Distribution (EUR)
Allianz Global Equity
-Class AT Accumulation (EUR)
-Class AT Accumulation (USD)
Allianz Global Hi-Tech Growth
-Class A Distribution (USD)
Allianz Global Sustainability
-Class A Distribution (EUR)
-Class A Distribution (USD)
Allianz Greater China Dynamic
-Class AT Accumulation (HKD)
-Class AT Accumulation (USD)
Allianz HKD Income
-Class AM Distribution (HKD)
-Class AM Distribution (USD)
-Class AT Accumulation (HKD)
Allianz Hong Kong Equity
-Class A Distribution (HKD)
-Class A Distribution (USD)
-Class AT Accumulation (HKD)
-Class IT Accumulation (USD)
Allianz Income and Growth
-Class AM Distribution (HKD)
-Class AM Distribution (USD)
-Class AM Distribution (H2-AUD)
-Class AM Distribution (H2-CAD)
-Class AM Distribution (H2-EUR)
-Class AM Distribution (H2-GBP)

NAV

HK$7.17
$7.73
A$8.08
$9.99
HK$8.62
$8.62
A$8.68
C$8.66
8.33
8.33
NZD8.78
SGD8.30
$10.29
21.75
$16.42
8.91
38.07
46.81
3.78
75.34
$4.89
HK$9.29
$48.66
$9.28
$53.94
HK$11.12
108.62
1005.17
10.16
$10.20
144.20
128.85
11.08
A$11.08
HK$10.97
$10.98
SGD10.14
242.96
180.46
186.38
$12.17
216.52
219.55
SGD14.37
$13.72
2436.43
130.48
$9.82
130.96
SGD9.22
$9.17
154.38
123.75
$11.15
98.43
9.79
$11.56
$16.23
20.63
$22.57
HK$8.52
$12.74
HK$9.88
$9.92
$10.15
HK$9.59
$220.79
HK$10.04
$268.63
HK$9.21
$9.46
A$9.63
C$9.09
9.14
9.11

-Class AM Distribution (H2-NZD)

NZD8.96
-Class AM Distribution (H2-SGD)
SGD9.30
-Class AT Accumulation (USD)
$13.44
Allianz India Equity
-Class I Distribution (USD)
$1131.85
Allianz Indonesia Equity
-Class A Distribution (USD)
$4.13
Allianz Japan Equity
-Class A Distribution (USD)
$17.09
-Class IT Accumulation (USD)
$19.16
Allianz Korea Equity
-Class A Distribution (USD)
$9.47
Allianz Little Dragons
-Class A Distribution (USD)
$98.83
-Class AT Accumulation (USD)
$98.96
Allianz Oriental Income
-Class A Distribution (USD)
$90.17
-Class A Distribution (H-USD)
$10.20
-Class AT Accumulation (EUR)
154.49
-Class AT Accumulation (USD)
$97.04
-Class I Distribution (USD)
$92.82
-Class IT Accumulation (USD)
$105.39
-Class P Distribution (USD)
$92.03
Allianz Thailand Equity
- Class A Distribution (USD)
$37.53
- Class IT Accumulation (USD)
$45.17
Allianz Tiger
-Class A Distribution (USD)
$80.71
Allianz Total Return Asian Equity
-Class A Distribution (USD)
$23.09
-Class AM Distribution (HKD)
HK$9.44
-Class AM Distribution (USD)
$9.45
-Class AM Distribution (H2-AUD)
A$9.44
-Class AM Distribution (H2-SGD)
SGD8.42
-Class AT Accumulation (HKD)
HK$11.61
-Class AT Accumulation (USD)
$26.32
-Class PT Accumulation (USD)
$28.86
Allianz US Equity Fund
-Class A Distribution (USD)
$14.01
Allianz US High Yield
-Class AM Distribution (HKD)
HK$8.67
-Class AM Distribution (USD)
$8.75
-Class AM Distribution (H2-AUD)
A$9.09
-Class AM Distribution (H2-CAD)
C$8.94
-Class AM Distribution (H2-EUR)
8.92
-Class AM Distribution (H2-GBP)
8.96
-Class AM Distribution (H2-NZD)
NZD8.79
-Class AM Distribution (H2-SGD)
SGD8.75
-Class AT Accumulation (HKD)
HK$11.91
-Class AT Accumulation (USD)
$11.96
-Class IT Accumulation (USD)
$1345.49
Allianz Global Investors Asia Fund
/NAV
Allianz Selection European Equity Dividend
-Class AM Distribution (H2-RMB)
RMB10.18
Allianz Selection Income and Growth
-Class AM Distribution (H2-RMB)
RMB9.59
Allianz Selection Total Return Asian Equity
-Class AM Distribution (H2-RMB)
RMB8.55
Allianz Selection US High Yield
-Class AM Distribution (H2-RMB)
RMB9.24
Allianz Selection US Income
-Class AM Distribution (H2-RMB)
RMB9.55
Allianz Global Investors Opportunities
/NAV
Allianz China A-Shares
-Class AT Accumulating USD-9/9
$15.28
-Class AT Accumulating USD (Indicative)
$15.16
Retirement Funds: RCM Choice Fund 10/9
NAV
RCM Hong Kong Fund
-Ordinary Class A
HK$31.21
-Ordinary Class B
HK$30.51
-Ordinary Class C
HK$27.64
-Ordinary Class I
HK$38.92
-Administration Class A
HK$29.64
-Administration Class B
HK$28.97
RCM Greater China Fund
-Ordinary Class A
HK$12.52
-Ordinary Class B
HK$12.34
-Ordinary Class C
HK$11.82
-Ordinary Class I
HK$12.71
-Administration Class A
HK$10.55
-Administration Class B
HK$12.92
RCM Asian Fund
-Ordinary Class A
HK$26.58
-Ordinary Class B
HK$25.98
-Ordinary Class C
HK$23.55
-Ordinary Class I
HK$31.30
-Administration Class A
HK$25.24
-Administration Class B
HK$24.66
RCM Oriental Fund
-Ordinary Class A
HK$12.78
-Ordinary Class B
HK$12.59
-Ordinary Class C
HK$12.07
-Ordinary Class I
HK$13.09
-Administration Class A
HK$10.83
-Administration Class B
HK$12.46
RCM Growth Fund
-Ordinary Class A
HK$22.00
-Ordinary Class B
HK$19.39
-Ordinary Class C
HK$18.16
-Ordinary Class I
HK$18.58
-Administration Class A
HK$22.03
-Administration Class B
HK$20.72
RCM Balanced Fund
-Ordinary Class A
HK$27.98
-Ordinary Class B
HK$19.97
-Ordinary Class C
HK$16.63
-Ordinary Class I
HK$29.45
-Administration Class A
HK$20.92
-Administration Class B
HK$20.14
RCM Stable Growth Fund
-Ordinary Class A
HK$21.34
-Ordinary Class B
HK$19.98
-Ordinary Class C
HK$18.35
-Ordinary Class I
HK$17.17
-Administration Class A
HK$20.06
-Administration Class B
HK$19.64
RCM Capital Stable Fund
-Ordinary Class A
HK$23.85
-Ordinary Class B
HK$19.57
-Ordinary Class C
HK$17.79
-Ordinary Class I
HK$15.96
-Administration Class A
HK$19.30
-Administration Class B
HK$18.59
RCM Absolute Return Fund
-Ordinary Class A
HK$16.28
-Ordinary Class B
HK$15.91
-Ordinary Class C
HK$14.42
-Ordinary Class I
HK$20.14
-Administration Class A
HK$15.45
-Administration Class B
HK$15.11
RCM RMB Money Market Fund
-Ordinary Class (HKD)
HK$10.27
-Ordinary Class (RMB)
CNY10.56
-Administration Class (HKD)
HK$10.01
RCM HK$Cash Fund
-Ordinary Class
HK$12.13
-Administration Class
HK$11.26
RCM HK$Liquidity Fund
-Ordinary Class
HK$12.5028
-Administration Class
HK$11.5796
Amundi Hong Kong Ltd
*Indocam Hong Kong Global Balanced Fund 10/9
bid/offer
-Distribution
$54.865/57.755
-Accumulation
$51.220/53.920
(*The Fund is not an authorised fund by SFC and is not for public
subscription.)
AXA China Region Insurance Co (Bermuda) Ltd
Flexi Series Funds 10/9
bid/offer
Balanced Fund
HK$17.2190/18.1230
Cash Fund
HK$8.6463 /9.1003
Global Equity Fund
HK$16.7788/17.6597
Growth Fund
HK$18.1567 /19.1100
HONEY/FUTURE/DIMENSIONS Investment Fund 10/9
bid/offer
Technology Fund
$10.00/10.50
Global Growth Trends Fund
$10.62/11.16
Europe Growth Fund-9/9
13.91/14.61
Select 500 Fund-9/9
$12.22/12.84
Balanced Growth Fund
$13.05/13.71
Haven Fund
$10.68/11.22
Pacific Growth Fund
$29.05/30.51
Global Bond Fund
$15.65/16.44
Global Value Fund
$9.85/10.35
Emerging Markets Growth Fund
$11.93/12.53
AXA Financial Planning (Hong Kong) Ltd
AXA Unit Trusts 10/9
bid/offer
AXA Unit Trusts-Pacific Fund
$52.26/55.61
AXA Unit Trusts-Global Fund
$29.43/31.32
AXA Unit Trusts-Currency & Bond Fund
$33.95/35.02
AXA Rosenberg Investment Mngt Asia Pacific
AXA Institutional Funds 9/9
bid/offer
-Hong Kong Fund A
$82.25/82.93
AXA Pooled Funds 9/9
NAV
AXA Growth Fund-A Class Unit
$34.29
AXA Growth Fund-I Class Unit
$35.95
AXA Balanced Fund-A Class Unit
$34.94
AXA Balanced Fund-I Class Unit
$35.96
AXA Capital Stable Fund-A Class Unit
$24.69
AXA Capital Stable Fund-I Class Unit
$25.19
AXA Capital Growth Fund-A Class Unit
$20.08
AXA Capital Growth Fund-I Class Unit
$20.45
AXA Fixed Income Funds 10/9
NAV
-Hedged Glbl Bond Fund
$18.468
-USD Liquidity Fund
$13.822
AXA Investment Managers 10/9
NAV
Framlington Europe Opportunities A
64.56
Framlington Europe Opportunities F
71.94
Framlington Health Fund A
$221.44
Framlington Health Fund F
$236.67
Framlington Europe Real Estate A
204.17
Framlington Europe Real Estate F
220.23
Framlington Europe Real Estate A Hedged
$135.37
AXA WF Framlington Global Real Estate A
$117.22
AXA WF Framlington Global Real Estate F
$100.81
AXA WF Framlington Euro Relative Value A
53.76
AXA WF Framlington Emerging Markets A
$74.34
AXA WF Framlington Emerging Markets A
98.25
AXA WF Framlington American Growth A
$213.07
AXA WF Global Inflation Bonds A Hedged
$163.34
AXA WF Global Inflation Bonds A
142.05
AXA WF Universal Inflation Bonds A
$93.11
AXA WF US High Yield Bonds A
$146.60
AXA Rosenberg Equity Alpha Trust 10/9
NAV
AXA Rosenberg Eurobloc Equity Alpha B
10.92
AXA Rosenberg Europe ExUK Equity Alpha B
11.99
AXA Rosenberg Global Equity Alpha B
$15.11
AXA Rosenberg Global Small Cap Alpha B
$31.61
AXA Rosenberg Japan Equity Alpha B
1003.05
AXA Rosenberg Japan Small Cap Alpha B
2194.96
AXA Rosenberg Pacific ExJapan Equity Alpha B
$30.17
AXA Rosenberg Pacific Ex-Japan Small Cap Alpha B
$65.31
AXA Rosenberg Pan-European Equity Alpha B
11.87
AXA Rosenberg Pan-European Small Cap Alpha B
23.71
AXA Rosenberg UK Equity Alpha B
15.50
AXA Rosenberg US Equity Alpha B
$17.02
AXA Wealth Management (HK) Ltd 9/9
Bid price
HK$Money Market Fund-10/9
HK$20.62
Euro Money Market Fund
$1574.67
Fidelity Australian Dollar Currency Fund
$26.49
Sfr Money Market Fund
$723.41
Sterling Money Market Fund
$7369.96
US$Money Market Fund
$3067.74
AllianceBernstein American Income Portfolio Fd
$25.34
AllianceBernstein Global High Yield Portfolio Fd
$13.17
BlackRock Asian Tiger Bond Fund
$35.90
BlackRock Emerging Mkts Local Currency Bond Fd
$20.07
Parvest Bond Best Selection World Emerging Fund
$191.01
Dynamic International Bond Fund
$150.51
Dynamic US$Bond Fund
$330.15
Fidelity Asian High Yield Fund
$14.33
Fidelity International Bond Fund
$1.51
Fidelity US High Yield Fund
$14.28
Morgan Stanley Global Convertible Bond Fund
$42.48
Pictet Global Emerging Debt Fund
$329.07
Pictet Latin American Local Currency Debt Fund
$102.42

Schroder ISF Asian Bond Absolute Return Fund

Swiss Bond Fund
Templeton Global Bond Fund
Templeton Global Total Return Fund
AllianceBernstein Gbl Growth Trends Portfolio Fd
BlackRock Global Allocation Fund
Parvest Equity World Utilities Fund
Fidelity America Fund
Fidelity European Growth Fund
Fidelity Germany Fund
Fidelity International Fund
Fidelity Japan Fund
Franklin Mutual Beacon Fund
Global Balanced Fund-8/9
Henderson Global Property Equities Fund
Invesco Asia Balanced Fund
Invesco Japanese Equity Fund
Janus Global Real Estate Fund
Janus US Core Fund
Janus US Strategic Value Fund
JPMorgan America Equity Fund
Morgan Stanley European Property Fund
Schroder ISF Euro Equity Fund
Templeton Global Fund
Aberdeen Global Asia Pacific Equity Fund
Aberdeen Global Chinese Equity Fund
Aberdeen Global Emerging Markets Equity Fund
Aberdeen Global Indian Equity Fund
AllianceBernstein India Growth Fund
Baring China Select Fund
Baring Eastern Europe Fund
Baring Hong Kong China Fund
BlackRock China Fund
BlackRock Latin American Fund
BlackRock New Energy Fund
BlackRock World Gold Fund
BlackRock World Mining Fund
Parvest Equity Europe Emerging Fund
Parvest Equity High Dividend Pacific Fund
Parvest Equity World Materials Fund
Fidelity ASEAN Fund
Fidelity Asian Special Situations Fund
Fidelity Australia Fund
Fidelity China Focus Fund
Fidelity European Smaller Companies Fund
Fidelity Global Financial Services Fund
Fidelity India Focus Fund
Fidelity Indonesia Fund
Fidelity South East Asia Fund
Fidelity Taiwan Fund
Fidelity Thailand Fund
Franklin MENA Fund
Henderson China Fund
Invesco Asia Consumer Demand Fund
Invesco Asia Infrastructure Fund
Invesco Global Health Care Fund
Invesco Global Leisure Fund
Invesco Global Technology Fund
Invesco Nippon Small/Mid Cap Equity Fund
Investec GSF Global Energy Fund
Investec GSF Global Gold Fund
Janus Global Technology Fund
JPMorgan Eastern Fund
JPMorgan Korea Fund
JPMorgan Thailand Fund
Morgan Stanley Asian Property Fund
Morgan Stanley EM Europe,Middle East&Africa Fd
Parvest Equity Brazil Fund
Parvest Equity Latin America Fund
Pictet Clean Energy Fund
Pictet Digital Communication Fund
Pictet Premium Brands Fund
Pictet Russian Equities Fund
Pictet Security Fund
Pictet Timber Fund
Pictet Water Fund
Schroder Alternative Solutions Agriculture Fund
Schroder AS Gold and Precious Metals Fund
Schroder Global Climate Change Equity Fund
Schroder ISF BRIC Fund
Schroder ISF Greater China Fund
Schroder ISF Hong Kong Equity Fund
Templeton Frontier Markets Fund
Templeton Global Smaller Companies Fund
AHL Diversified Futures Fund-8/9
Global Bond Portfolio Fund
Global Equity Portfolio Fund-8/9
HK$Money Market Portfolio Fund
Global Equity Small Cap Portfolio Fund
US$Money Market Portfolio Fund

$12.51
$20.07
$27.00
$27.23
$53.79
$49.20
$93.21
$8.71
$16.95
$55.39
$46.24
$1.51
$67.21
$18.32
$16.75
$22.50
$17.70
$15.28
$27.04
$19.43
$76.56
$39.32
$36.28
$36.23
$63.02
$22.78
$53.93
$122.15
$141.75
$9.87
$62.12
$862.58
$13.99
$48.81
$7.33
$19.35
$24.65
$247.39
$75.28
$94.60
$28.79
$34.68
$43.87
$50.53
$48.02
$33.06
$35.07
$19.47
$16.52
$10.06
$49.47
$6.25
$13.69
$12.72
$13.52
$138.02
$36.33
$154.30
$23.99
$199.34
$28.59
$6.62
$253.88
$41.72
$127.50
$17.29
$72.90
$60.76
$128.68
$74.31
$211.75
$153.42
$37.97
$179.35
$138.00
$260.10
$74.57
$5.77
$10.80
$157.16
$21.80
$38.61
$16.57
$33.71
$42.04
$17.20
$21.14
$10.00
$20.38
$10.70

Parvest Asset Allocation Range (Capitalization) 10/9 NAV

PARVEST Bond USD Short Duration
$445.49
PARVEST Bond World Infl.-Linked
140.18
PARVEST Equity Brazil
$59.09
PARVEST Equity BRIC
$107.06
PARVEST Equity Europe Mid Cap
731.01
PARVEST Equity Europe Small Cap
188.42
PARVEST Equity High Div. Europe
89.34
PARVEST Equity Japan
4787
PARVEST Equity Latin America
$414.98
PARVEST Equity Russia
80
PARVEST Equity Russia Opportunities
$56.03
PARVEST Equity US Mid Cap
$185.29
Parvest Asset Allocation Range (Distribution)
PARVEST Bond USD Short Duration MD
$117.6
PARVEST Bond World Infl.-Linked
129.06
PARVEST Equity Brazil
$44.1
PARVEST Equity BRIC
$86.94
PARVEST Equity Europe Growth
$102.83
PARVEST Equity Europe Mid Cap
453.8
PARVEST Equity High Div. Europe
47.45
PARVEST Equity Japan
3679
PARVEST Equity Latin America
$275.23
PARVEST Equity Russia Opportunities
$46.28
PARVEST Equitiy US Mid Cap
$159.96
BNPP A FUND Asset Allocation Range (Cap) 9/9
BNPP A Fund European Multi-Asset Income
105.84
BNPP A FUND Asset Allocation Range (Dist) 9/9
BNPP A Fund European Multi-Asset Income
$99.59
BNPP A Fund European Multi-Asset Income
HK$99.49
Baring Asset Management (Asia) Ltd 10/9
Baring International Umbrella Fund
/NAV
Baring Australia Fund A USD Inc
$95.68
Baring Australia Fund A EUR Inc
85.47
Baring Australia Fund A AUD Inc
A$135.25
Baring Australia Fund A GBP Inc
62.06
Baring Australia Fund I GBP Acc
66.60
Baring Europa Fund A USD Inc
$50.32
Baring Europa Fund A EUR Inc
44.96
Baring Europa Fund C USD Inc
$49.36
Baring Europa Fund C EUR Inc
44.01
Baring Hong Kong China Fund A USD Acc
$841.16
Baring Hong Kong China Fund A USD Inc
$825.87
Baring Hong Kong China Fund A EUR Inc
737.93
Baring Hong Kong China Fund C USD Inc
$784.47
Baring Hong Kong China Fund C EUR Inc
705.49
Baring Hong Kong China Fund A GBP Inc
535.46
Baring Hong Kong China Fund A HKD Inc
HK$6400.52
Baring Hong Kong China Fund I USD Acc
$841.53
Baring Hong Kong China Fund I GBP Acc
546.05
Baring International Bond Fund A USD Inc
$24.83
Baring International Bond Fund A EUR Inc
22.19
Baring International Bond Fund A GBP Inc
16.11
Baring International Bond Fund I GBP Inc
16.15
Baring International Bond Fund I USD Acc
$25.47
Baring Asia Growth Fund A USD Inc
$61.84
Baring Asia Growth Fund A EUR Inc
55.25
Baring Asia Growth Fund A GBP Inc
40.10
Baring Asia Growth Fund Class I USD Acc
$61.99
Baring Asia Growth Fund I GBP Acc
40.20
Baring ASEAN Frontiers Fund A USD Inc
$154.23
Baring ASEAN Frontiers Fund A USD Acc
$158.74
Baring ASEAN Frontiers Fund A EUR Inc
137.80
Baring ASEAN Frontiers Fund A GBP Inc
100.04
Baring ASEAN Frontiers Fund A AUD Hedged Acc
A$172.96
Baring ASEAN Frontiers Fund I EUR Acc
143.97
Baring ASEAN Frontiers Fund I GBP Acc
105.10
Baring ASEAN Frontiers Fund I USD Acc
$166.10
Baring Investment Funds Plc
Baring Emg Mkts Debt Local Ccy Fd A USD Inc
$7.66
Baring Emg Mkts Debt Local Ccy Fd A EUR Inc
8.98
Baring Emg Mkts Debt Local Ccy Fd A GBP Hedged Inc
7.21
Baring Emg Mkts Debt Local Ccy Fd A USD Acc
$9.80
Baring Emg Mkts Debt Local Ccy Fd A EUR Acc
8.43
Baring Emg Mkts Debt Local Ccy Fd A HKD Inc
HK$59.55
Baring Emg Mkts Debt Local Ccy Fd I EUR Inc
14.54
Baring Emg Mkts Debt Local Ccy Fd I USD Inc
$7.79
Baring China Select Fund A USD Inc
$9.71
Baring China Select Fund A EUR Inc
13.53
Baring China Select Fund A HKD Acc
HK$75.34
Baring China Select Fund I EUR Acc
15.08
Baring China Select Fund I GBP Inc
6.55
Baring China Select Fund I USD Acc
$10.60
Baring MENA Fund A USD Acc
$13.35
Baring MENA Fund A EUR Acc
16.07
Baring MENA Fund A GBP Inc
12.20
Baring MENA Fund I GBP Inc
12.17
Baring India Fund A USD Acc
$13.45
Baring India Fund A GBP Inc
13.62
Baring India Fund I GBP Inc
13.64
Baring Asian Debt Fund A USD Acc
$8.02
Baring Asian Debt Fund A USD Inc
$7.49
Baring Asian Debt Fund A HKD Inc
HK$59.53
Baring Asian Debt Fund A AUD Hedged Inc
A$7.83
Baring European Opportunities Fund A EUR Acc
13.33
Baring European Opportunities Fund I EUR Acc
13.53
Baring European Opportunities Fund I GBP Inc
11.36
Baring Global Umbrella Fund
Baring Global Select Fund A USD Inc
$15.59
Baring Global Select Fund A EUR Inc
13.93
Baring Global Select Fund A GBP Inc
10.11
Baring Global Select Fund I USD Acc
$15.80
Baring High Yld Bond Fd A CHF Hedged Acc
CHf12.05
Baring High Yld Bond Fd A USD Inc
$10.04
Baring High Yld Bond Fd A USD Acc
$12.95
Baring High Yld Bond Fd A USD Inc Monthly Div
$9.95
Baring High Yld Bond Fd A EUR Inc
8.95
Baring High Yld Bond Fd A HKD Inc Monthly Div
HK$78.33
Baring High Yld Bond Fd A EUR Hedged Inc
9.81
Baring High Yld Bond Fd A GBP Hedged Inc
6.47
Baring High Yld Bond Fd A AUD Hedged Inc Mnthly Div
A$10.62
Baring High Yld Bond Fd A CAD Hedged Inc Mnthly Div
C$10.33
Baring High Yld Bond Fd A NZD Hedg Inc Mnthly Div
NZD13.78
Baring High Yld Bond Fd I GBP Hedged Inc
6.49
Baring High Yld Bond Fd I USD Acc
$12.66
Baring Global Resources Fund A USD Inc
$16.12
Baring Global Resources Fund A EUR Inc
14.40
Baring Global Resources Fund A GBP Inc
10.45
Baring Global Resources Fund I GBP Acc
10.54
Baring Eastern Europe Fund A USD Acc
$61.57
Baring Eastern Europe Fund A USD Inc
$58.87
Baring Eastern Europe Fund A EUR Inc
52.59
Baring Eastern Europe Fund A GBP Inc
38.18
Baring Eastern Europe Fund I GBP Acc
39.71
Baring Eastern Europe Fund I USD Acc
$63.05
Baring Emgerging Markets Umbrella Fund
Baring Global Emg Mkts Fund A USD Inc
$26.14
Baring Global Emg Mkts Fund A EUR Inc
23.36
Baring Global Emg Mkts Fund A GBP Inc
16.95
Baring Global Emg Mkts Fund A USD Acc
$26.73
Baring Global Emg Mkts Fund I EUR Acc
24.56
Baring Global Emg Mkts Fund I GBP Acc
17.97
Baring Emerg Opportunities Fund A USD Inc
$25.57
Baring Emerg Opportunities Fund A EUR Inc
22.85

Baring Emerg Opportunities Fund A GBP Inc

16.58
Baring Emerg Opportunities Fund I GBP Inc
16.66
Baring Latin America Fund A USD Inc
$26.35
Baring Latin America Fund A EUR Inc
23.50
Baring Latin America Fund A GBP Inc
17.08
Baring Latin America Fund I GBP Acc
17.7200
Baring Latin America Fund I USD Acc
$27.4700
Baring Fund Managers Ltd 10/9
NAV/bid/offer
Baring Korea Trust GBP
2.6180 /2.590/2.748
Baring Korea Trust I GBP Inc
2.6620 /2.636/2.662
Baring Korea Trust I USD Acc
$4.1140 /4.069/4.114
Baring European Growth Trust GBP
10.3400 /10.290/10.840
Baring European Growth Trust I GBP Inc 10.3800 /10.340/10.380
Baring Eastern Trust GBP Acc
5.9270 /----/---Baring Eastern Trust GBP Inc
5.8160 /----/---Baring Eastern Trust USD Acc
$9.1410 /----/---Baring Eastern Trust I GBP Inc
5.8990 /----/---Baring Eastern Trust USD Inc
$8.9680 /----/---Baring German Growth Trust USD Acc
$8.9370 /----/---Baring German Growth Trust A USD Hedged Acc $8.6760 /----/---Baring German Growth Trust GBP Acc
5.7960 /----/---Baring German Growth Trust EUR Acc
7.9870 /----/---Baring German Growth Trust EUR Inc
7.3440 /----/---Baring German Growth Trust GBP Inc
5.3360 /----/---Baring German Growth Trust A CHF Hedged Acc CHf8.2280 /----/---Baring German Growth Trust I GBP Inc
5.3110 /----/---Baring German Growth Trust I EUR Acc
8.1360 /----/---Baring Europe Select Trust USD Acc
$40.8100 /----/---Baring Europe Select Trust GBP Inc
25.3000 /----/---Baring Europe Select Trust EUR Inc
34.8700 /----/---Baring Europe Select Trust Acc EUR
36.4600 /----/---Baring Europe Select Trust I EUR Inc
35.0500 /----/---Baring Europe Select Trust I EUR Acc
35.4700 /----/---Baring Europe Select Trust I GBP Inc
25.4200 /----/---Baring Investment Unberlla Fund
/NAV
Baring Global Agriculture Fund GBP A Acc
1.5270
Baring Global Agriculture Fund USD A Acc
$2.3650
Baring Global Agriculture Fund EUR A Acc
2.1080
BNY Mellon Global Funds plc 10/9
NAV
S&P 500 Index Tracker-A-9/9
$1.7450
S&P 500 Index Tracker-C-9/9
$1.9248
SmCap Euroland USD A
$0.9733
SmCap Euroland USD C
$1.0185
Asian Equity-A
$2.6465
*Asian Equity-B
$2.8007
Asian Equity-C
$3.1104
Pan European Equity-A
$1.8218
*Pan European Equity-B
1.5439
Pan European Equity-C
$2.4858
Global Opportunities-A
$2.2352
*Global Opportunities-B
$2.3610
Global Opportunities-C
$2.4700
Global Equity-A
$1.8574
*Global Equity-B
$1.9584
Global Equity-C
$2.0818
Global Bond-A
$2.0846
*Global Bond-B
$2.1202
Global Bond-X
$2.2768
Global Bond-C
$2.2113
Global Emg Mkts Equity Value Fund-A
$2.5144
Global Emg Mkts Equity Value Fund-C
$2.8491
US Dynamic Value-A-9/9
$2.2285
US Dynamic Value-C-9/9
$2.4484
Emerging Mkts Debt Local Currency-A-9/9
1.0454
Emerging Mkts Debt Local Currency-A-9/9
$0.9411
Emerging Mkts Debt Local Currency-C-9/9
1.0920
Emerging Mkts Debt Local Currency-C-9/9
$1.2234
Emerging Mkts Debt Local Currency-X-9/9
$1.3457
Emerging Mkts Debt Local Currency-C Inc-9/9
$0.6501
BOCHK Asset Management Ltd 10/9
NAV
BOCHK Wealth Creation Series
BOCHK All Weather CNY Equity Fund-A1
RMB5.89
BOCHK All Weather CNY Equity Fund-A2
$5.73
BOCHK All Weather CNY Equity Fund-A3
HK$5.73
BOCHK All Weather HK & China Equity Fund A1
HK$9.67
BOCHK All Weather HK & China Equity Fund A2
$9.68
BOCHK All Weather HK & China Equity Fund A7
RMB10.27
BOCHK All Weather HK & China Equity Fund A3
A$10.15
BOCHK All Weather HK & China Equity Fund X1
HK$8.41
BOCHK All Weather Global Opportunities Fund A1
$8.70
BOCHK All Weather Global Opportunities Fund A2
HK$8.69
BOCHK All Weather Global Opportunities Fund A3
A$8.77
BOCHK All Weather China High Yield Bond Fund A1
RMB9.64
BOCHK All Weather China High Yield Bond Fund A2
$9.35
BOCHK All Weather China High Yield Bond Fund A3
HK$9.34
BOCHK All Weather China High Yield Bond Fund A4
A$10.23
BOCHK World Bank Emerging Mkts Bond Fund A1
$6.83
BOCHK World Bank Emerging Mkts Bond Fund A2
HK$6.83
BOCHK World Bank Emerging Mkts Bond Fund X1
$7.71
BOCHK Investment Funds 10/9
NAV
BOCHK Aggressive Growth Fund-A
$21.3544
BOCHK Balanced Growth Fund-A
$19.1537
BOCHK Conservative Growth Fund-A
$16.1788
BOCHK Sterling Income Fund-A
10.0899
BOCHK Asia Pacific Equity Income Fund-A
$9.8054
BOCHK Australia Income Fund-A
A$9.4724
BOCHK China Income Fund-A
HK$12.0328
BOCHK Hong Kong Income Fund-A
HK$12.1829
BOCHK Hong Kong Dollar Income Fund-A
HK$11.0147
BOCHK RMB Fixed Income Fund-A RMB
RMB10.0400
BOCHK RMB Fixed Income Fund-A HKD
HK$12.1554
BOCHK RMB Fixed Income Fund-A USD
$1.5684
BOCHK Global Equity Fund-A USD
$19.1411
BOCHK Global Equity Fund-A RMB
RMB122.5289
BOCHK Asia Pacific Equity Fund-A
$24.5981
BOCHK Asia Pacific Property Fund-A
$7.4563
BOCHK Japan Equity Fund-A
$11.5212
BOCHK China Equity Fund-A HKD
HK$51.6015
BOCHK China Equity Fund-A USD
$6.6582
BOCHK China Golden Dragon Fund-A
HK$35.9537
BOCHK China Consumption Growth Fund-A
HK$14.1133
BOCHK Hong Kong Equity Fund-A HKD
HK$33.4625
BOCHK Hong Kong Equity Fund-A RMB
RMB27.6390
BOCHK Global Bond Fund-A
$16.0722
BOCHK US Dollar Money Market Fund-A
$12.1218
BOCHK Hong Kong Dollar Money Mkt Fund-A
HK$11.5496
BOCI-Prudential Asset Management Ltd
BOC-Prudential Unit Trust-Provident Class 10/9
NAV
BOC-Prudential Global Equity Fund
HK$19.7642
BOC-Prudential European Equity Fund
HK$9.1304
BOC-Prudential Asia Equity Fund
HK$25.3910
BOC-Prudential China Equity Fund
HK$29.7780
BOC-Prudential Hong Kong Equity Fund
HK$25.2806
BOC-Prudential Japan Equity Fund
HK$13.4189
BOC-Prudential Global Bond Fund
HK$20.9339
BOC-Prudential Hong Kong Dollar Bond Fund
HK$18.0891
BOC-Prudential Index Fund Series-Provident Class-A 10/9
NAV
BOC-Prudential North America Index Fund
HK$15.6784
BOC-Prudential European Index Fund
HK$13.3394
BOC-Prudential Index Fund Series-Provident Class-B 10/9
NAV
BOC-Prudential North America Index Fund
HK$10.2843
BOC-Prudential European Index Fund
HK$8.9784
BOC-Prudential Index Fund Series-Investment Class 10/9
NAV
BOC-Prudential North America Index Fund
HK$11.5945
BOC-Prudential European Index Fund
HK$9.9419
BOCIP Asset Management Investment Funds 10/9
NAV
BOCIP China Health Care Fund-A
HK$6.6145
BOCIP China Wealth Fund-A
HK$9.0853
BOCIP China Value Fund-A
HK$8.3389
BOCIP Hong Kong Value Fund-A
HK$9.6685
BOCIP Hong Kong Low Volatility Equity Fund-A
HK$10.2418
BOCIP Japan Small & Mid Cap Opportunity Fund-A
HK$14.4359
BOCIP China Bond Fund-C-31/8
HK$10.4221
BOCIP Flexi HKD Income Fund-A
HK$9.729
BOCIP HK Dollar Money Market Fund-A
HK$10.5688
Bosera Asset Management (Intl) Co Ltd
Bosera Investment Funds 10/9
bid/offer
Bosera RMB Bond Fund Class A
RMB107.07/107.07
Bosera Short-Term RMB Bond Fund Class I
RMB105.55/105.55
China Asset Management (HK) Ltd 10/9
NAV
China AMC Select RMB Bond Fund Class A DS
RMB10.52
China AMC Select RMB Bond Fund Class I DS
RMB10.45
China AMC Select RMB Bond Fund Class I AC
$10.62
China AMC Select RMB Bond Fund Class A DS
$10.00
China AMC Select RMB Bond Fund Class I AC
RMB10.67
ChinaAMC Select RMB Short-term Bond Fund Class I RMB10.7169
ChinaAMC Select RMB Short-term Bond Fund Class A RMB10.0406
ChinaAMC Select Hong Kong China Equity Fund Class I HK$7.0767
China Everbright Securities (HK) Ltd 10/9
NAV
Everbright Fortune RMB Bond Fund-Class I
RMB9.83
Everbright Fortune Strategic Managed Fund-Class I
HK$6.92
Everbright RQFII Bond Fund-Class I
RMB9.99
CIFM Asset Management (Hong Kong) 10/9
NAV
CIFM (HK) RMB Diversified Income Fund - Class A
RMB113.87
CIFM (HK) RMB Diversified Income Fund - Class X
HK$108.55
CIFM (HK) RMB Diversified Income Fund - Class PA
RMB107.59
CIFM (HK) RMB Diversified Income Fund - Class PX
HK$102.28
CIFM (HK) RMB Diversified Income Fund - Class U
$98.98
CIFM (HK) RMB Diversified Income Fund - Class Y
$104.28
CIFM (HK) RMB Diversified Income Fund - Class PY
$102.71
CIFM (HK) RMB China A Focus Fund Class A
RMB105.40
CIFM (HK) RMB China A Focus Fund Class P
$103.01
CIFM (HK) RMB China A Focus Fund Class X
HK$102.95

CSOP Asset Management Ltd 10/9

CSOP Enhanced Hong Kong Bond Fund
Class A - (HKD)
Class I - (HKD)
CSOP Shen Zhou RMB Fund
Class A - CNY
Class I - CNY
Class I - HKD
Class A - USD
Class I - USD
Class A - HKD
China Southern Dragon Dynamic Fund 10/9
China New Balance Opportunity Fund Class I Cap
China New Balance Opportunity Fund Class A Cap
China New Balance Opportunity Fund Class I Cap
China New Balance Opportunity Fund Class A Cap
China New Balance Opportunity Fund Class A Dist HKD
Deutsche Asset Management 10/9
DWS Global Agribusiness-A2
DWS Global Agribusiness-E2
DWS Global Agribusiness-LC (EUR)
DWS Global Agribusiness-FC (EUR)
DWS Invest Chinese Equities-A2
DWS Invest Chinese Equities-E2
Environmental Investment Services Asia 31/8
Green Dragon Fund
Federated Intl Management Ltd 10/9
Federated Short-Term U.S. Prime Fund
Institutional Series
Institutional Service Series
Investment-Dividend Series
Institutional Service Dividend Series
Accumulating Shares-Institutional Series
Federated Short-Term U.S. Government Securities Fund
Investment-Dividend Series
Institutional Services-Dividend Series
Investment-Growth Series
Institutional Series
Federated Short-Term U.S. Treasury Securities Fund
Institutional Services Series
Institutional Series
Federated High Income Advantage Fund
Class A Shares-EUR Acc
Class A shares-USD Acc
Federated Emerging Markets Global Debt Fund
Class I Shares-EUR Dis
Class I Shares-USD Dis
Class I Shares-GBP Dis
Class A Shares-EUR Dis

NAV
HK$9.96
HK$9.97
RMB10.48
RMB10.69
HK$10.07
$9.94
$10.04
HK$9.81
NAV
$164.41
$132.91
HK$141.95
HK$137.71
HK$110.11
NAV
$129.94
$139.55
146.26
157.01
$150.63
$160.46
NAV
$6.8825
NAV
$1.00
$1.00
$1.00
$1.00
$107.64
$1.00
$1.00
$168.92
$1.00
$1.00
$1.00
250.67
$40.25
80.03
$78.03
78.03
79.63

Fidelity Worldwide Investment 10/9

Major Market Funds
ShareA/ShareC
America
$8.6250/NA
America
7.6610/NA
America-Acc
$18.7300/NA
America-Acc (hedged)
A$13.3700/NA
America-Y-Acc
$16.7000/NA
American Diversified
$19.6200/NA
Asia Pacific Dividend
$16.8100/NA
Asia Pacific Dividend
HK$12.2200/NA
Asia Pacific Dividend-HMDist(G)(hedged)
A$9.6280/NA
Asia Pacific Dividend-MIncome(G)
$9.0100/NA
Asia Pacific Dividend-MIncome(G)
HK$9.0010/NA
Asia Pacific Property
$7.7990/NA
Asia Pacific Property
8.9700/NA
Emerging Markets
$20.6500/NA
Emerging Markets
10.6000/NA
Emerging Markets-Acc
$13.6800/NA
Emerging Markets-Acc
HK$10.2400/NA
Emerging Markets Y-Acc
$10.0800/NA
Euro Blue Chip
21.8500/NA
Euro Blue Chip-Acc
14.5100/NA
Euro Blue Chip-Acc(hedged)
$11.2200/NA
*European-Acc
14.6500/NA
European Dividend
13.8100/NA
European Dividend-Acc
14.9000/NA
European Dividend-HMDist(G)(hedged)
A$10.0700/NA
European Dividend-MIncome(G)
12.4700/NA
European Dividend-MIncome(G)(hedged)
$10.2800/NA
European Dividend-MIncome(G)(hedged)
HK$10.6900/NA
European Dividend Y-Acc
15.4600/NA
European Dynamic Growth
44.7000/NA
European Dynamic Growth-Acc
18.5200/NA
European Dynamic Growth-Acc(hedged)
$11.4800/NA
European Dynamic Growth Y
12.8400/NA
European Dynamic Growth Y-Acc
16.0000/NA
European Value-Acc
15.9600/NA
European Growth
13.5700/10.0300
European Growth-Acc
11.1700/NA
European Growth-Acc (hedged)
$10.7600/NA
European Growth Y-Acc
15.0200/NA
European Larger Companies
42.6800/NA
European Larger Companies-Acc
14.4600/NA
European Larger Companies Y
11.9000/NA
European Smaller Companies
42.2000/NA
European Smaller Companies-Acc
17.7100/NA
European Smaller Companies-Acc(hedged)
$11.1500/NA
European Smaller Companies Y-Acc
19.1400/NA
EURO STOXX 50
9.8600/NA
EURO STOXX 50-Acc
11.0500/NA
Global Demographics-Acc
$14.3400/NA
Global Dividend-MIncome(G)
$12.8400/NA
Global Dividend-MIncome(G)
HK$12.5400/NA
Global Dividend-MIncome(G)
14.9900/NA
Global Dividend-MIncome(G) (hedged)
A$11.1600/NA
Global Dividend-Acc
$13.7500/NA
Global Dividend-Acc (hedged)
15.5100/NA
Global Dividend-HMDist(G)(hedged)
A$10.4500/NA
Global Dividend Y-Acc
$14.7200/NA
Global Dividend Y-Acc (hedged)
15.8300/NA
Global Focus
47.7800/NA
Global Focus
$51.2000/NA
Global Focus Y-Acc
$14.0700/NA
Global Real Asset Securities-Acc
$13.8700/NA
Gbl Real Asset Securities-Acc(hedged)
14.2600/NA
Gbl Real Asset Securities Y-Acc
$14.5000/NA
Gbl Real Asset Securities Y-Acc(hedged)
14.7300/NA
International
$45.5300/NA
International
40.4300/NA
International-Acc
$14.0100/NA
International Y-Acc
$14.0200/NA
Japan
178.3000/NA
Japan-Acc
790.0000/NA
Japan-Acc (hedged)
$10.9100/NA
Japan Y-Acc
845.4000/NA
Japan Advantage
27273.0000/NA
Japan Advantage-Acc
1587.0000/NA
Japan Advantage-Acc(hedged)
$10.3100/NA
Japan Advantage (hedged)
14.7100/NA
Japan Advantage Y-Acc
1622.0000/NA
Japan Aggressive I-Acc
11962.0000/NA
Japan Smaller Companies
1815.0000/NA
Japan Smaller Companies-Acc
1166.0000/NA
Japan Smaller Companies-Acc(hedged)
$11.4800/NA
Japan Smaller Companies Y-Acc
1704.0000/NA
*MoneyBuilder Europe
31.3100/NA
*MoneyBuilder Global
38.2200/NA
Pacific
$25.9400/NA
Pacific (hedged)
$8.1190/NA
Pacific-Acc
15.8500/NA
Pacific-Acc(hedged)
A$10.2600/NA
Pacific Y-Acc
$14.2200/NA
South East Asia
$6.1380/7.5710
South East Asia
5.4530/NA
South East Asia-Acc
$16.3900/NA
South East Asia-Acc
18.4800/NA
South East Asia Y-Acc
$8.8650/NA
United Kingdom
2.6100/NA
World
17.6300/NA
World-Acc
$10.0900/NA
World-Acc
HK$11.1300/NA
World Y-Acc
$10.1700/NA
Country Select Funds
ShA/ShC
American Growth
$37.9500/NA
ASEAN
$25.4400/NA
ASEAN-Acc
$17.9500/NA
ASEAN-Acc
HK$8.9300/NA
ASEAN-Acc(hedged)
A$9.2660/NA
ASEAN Y-Acc
$12.3000/NA
Asian Aggressive
12.6100/NA
Asian Aggressive-Acc
12.7800/NA
Asian Smaller Cos
$14.9300/NA
Asian Smaller Cos-Acc
$15.0100/NA
Asian Smaller Cos-Acc
17.8600/NA
Asian Smaller Cos-Acc
HK$14.9700/NA
Asian Smaller Cos Y-Acc
$15.4500/NA
Asian Special Situations
$33.6200/NA
Asian Special Situations-Acc
$17.7100/NA
Asian Special Situations-Acc
25.6100/NA
Asian Special Situations-Acc
HK$11.0800/NA
Asian Special Situations Y-Acc
$14.3800/NA
Australia
A$50.4800/NA
Australia-Acc
A$15.0400/NA
China Consumer
$12.7700/NA
China Consumer-Acc
$12.7800/NA
China Consumer-Acc(hedged)
A$9.7510/NA
China Consumer
15.5700/NA
China Consumer-Acc
15.5300/NA
China Consumer-Acc
HK$11.6900/NA
China Consumer Y-Acc
$13.2100/NA
China Focus
$48.9900/8.4080
China Focus-Acc
12.5000/NA
China Focus-Acc
HK$11.9400/NA
China Focus Y-Acc
$14.4800/NA
China Opportunities
$10.1800/NA
China Opportunities-Acc
$11.4000/NA
China Opportunities-Acc
HK$11.3400/NA
Emerging Asia
$12.2000/NA
Emerging Asia
17.1800/NA
Emerging Asia-Acc
$12.2400/NA
Emerging Asia-Acc
HK$10.6800/NA
Emerging Asia Y-Acc
$21.8500/NA
Emerging Asia-Acc
17.1400/NA
Emerg Europe, Mid East&Africa
$12.4400/NA
Emerg Europe, Mid East&Africa
14.8000/NA
Emerg Europe, Mid East&Africa Acc
$12.9000/NA
Emerg Europe, Mid East&Africa Y-Acc
$11.0800/NA
Emerg Europe, Mid East&Africa Acc
15.3300/NA
France
48.9400/NA
France-Acc
14.1000/NA
Germany
45.5600/NA
Germany-Acc
18.8100/NA
Germany-Acc(hedged)
$11.3800/NA
Greater China
$157.7000/NA
Greater China Y-Acc
$14.6900/NA
Iberia
66.0100/NA
Iberia-Acc
15.0100/NA
India Focus
$34.9400/NA
India Focus
37.7200/NA
India Focus Y-Acc
$12.0600/NA
Indonesia
$19.3600/NA
Italy
38.2200/NA
*Korea
$16.7500/NA
Latin America
$24.2300/NA
Latin America-Acc
HK$5.4500/NA
Latin America Y-Acc
$6.7590/NA
Malaysia
$34.4200/NA
Nordic
SEK909.0000/NA
Nordic-Acc
SEK84.0700/NA
Nordic-Acc(hedged)
$10.7400/NA
Nordic Y-Acc
SEK16.1100/NA
Singapore
$44.6800/NA
Switzerland
CHf53.9000/NA
Switzerland-Acc
CHf12.4000/NA
Taiwan
$9.4290/NA
Thailand
$41.9800/NA
Balanced Fund
ShA
Euro Balanced
17.4100
Euro Balanced-Acc
15.1600
Euro Balanced-Acc(hedged)
$10.9700
Growth & Income
$17.1300
Growth & Income Y-Acc
$12.1500
Global Multi Asset Income-Acc
$10.5400
Global Multi Asset Income-Acc
HK$10.5200
Global Multi Asset Income-HMDist(G)(hedged)
A$9.6990
Global Multi Asset Income-MIncome(G)
$9.2480
Global Multi Asset Income-MIncome(G)
HK$9.2300
Global Multi Asset Income-MIncome(G)(hedged)
A$9.9720
Global Sector Funds
ShA
Global Consumer Industries
41.8500
Global Consumer Industries-Acc
$11.8300
Global Consumer Industries Y-Acc
24.4800
Global Financial Services
28.2800
Global Financial Services
$10.5600
Global Financial Services Y-Acc
16.2300
Global Health Care
37.6500
Global Health Care-Acc
24.0300
Global Health Care-Acc
$14.9800
Global Health Care Y-Acc
29.8100
Global Industrials
38.9900
Global Industrials Y-Acc
13.6400
Global Property
12.9200
Global Property
$12.3800
Global Property-Acc
14.0900
Global Property-Acc
$13.4800
Global Opportunities
$13.9600
Global Opportunities-Acc
15.8400
Global Opportunities I-Acc
$14.3000
Global Opportunities Y-Acc
$14.0500
Global Technology
12.4500
Global Technology-Acc
$11.1200
Global Technology-Acc(hedged)
$9.2020
Global Technology Y-Acc
28.2500
Global Telecommunications
10.6700
Global Telecommunications-Acc
17.8500
Bond Funds
ShA
Asian Bond-Acc
$12.3700
Asian Bond-MDIST
$10.8000
Asian Bond-MDIST
HK$10.6400
Asian High Yield-Acc
16.4800
Asian High Yield-Acc
$14.3200
Asian High Yield Y-Acc
$15.7100
Asian High Yield-Mdist
$7.8990
Asian High Yield-Mdist
HK$8.9820
Asian High Yield I-MDIST
$9.5190
Asian High Yield-HMDist(G)(hedged)
A$9.4740
Asian High Yield-Mincome
$8.7560
Asian High Yield-MIncome(G)
$9.1390
Emerging Market Corporate Debt-Acc
$10.5000
Emerging Market Corporate Debt I
$9.7460
Emerging Market Debt
12.2500
Emerging Market Debt
$11.1900
Emerging Market Debt-Acc
19.3900
Emerging Market Debt-Acc
$17.6200
Emerging Market Debt-Acc(hedged)
12.7100
Emerging Market Debt-Mdist
11.9400
Emerging Market Debt-Mdist
$10.9600
Emerging Market Debt-MDist(hedged)
A$10.4400
Emerging Market Debt-MIncome(G)
$9.3650
Emerging Market Debt Y-Acc
$19.0000
Euro Bond
13.2100
Euro Bond-Mdist
11.1200
Euro Bond-Acc
14.8600
Euro Bond-Acc(hedged)
$10.6700
Euro Bond Y-Acc
14.9900
Euro Corporate Bond
11.6300
Euro Corporate Bond-Acc
29.4800

Euro Corporate Bond-Mdist

Euro Corporate Bond Y-Acc
Euro Short Term Bond-Acc
European High Yield
European High Yield-Mdist
European High Yield-MDist(hedged)
European High Yield I-MDIST(hedged)
European High Yield-HMDIST(G)(hedged)
European High Yield-Acc
European High Yield Y-Acc
European High Yield Y-Acc(hedged)
European High Yield-Mincome
European High Yield-MIncome(G)
European High Yield-MIncome(G)(hedged)
European High Yield-Acc(hedged)
Global Inflation-Linked Bond-Acc
Gbl Inflation-Linked Bond-Acc(hedged)
Gbl Inflation-Linked Bond Y-Acc(hedged)
Gbl Inflation-Linked Bond Y(hedged)
Gbl Inflation-Linked Bond-Acc(hedged)
Global High Grade Income-Acc
Global High Grade Income-Acc
Global High Grade Income-Mdist
Global High Grade Income-Mdist
Global Income-Acc
Global Income-MIncome(G)
Global Income-MIncome(G)
Global Income Fund-MIncome(G)(hedged)
Global Strategic Bond (hedged)
Global Strategic Bond-Acc
Global Strategic Bond-Acc(hedged)
Global Strategic Bond Y-Acc(hedged)
International Bond
International Bond-Acc
*MoneyBuilder European Bond
Sterling Bond
Sterling Bond-Acc
US Dollar Bond
US Dollar Bond-Acc
US Dollar Bond Y-Acc
US Dollar Bond-Mdist
US Dollar Bond-Mdist
US High Yield
US High Yield-Acc
US High Yield-Acc
US High Yield-Acc
US High Yield-Acc(hedged)
US High Yield Y-Acc
US High Yield-Mdist
US High Yield I-MDIST
US High Yield-MDist(hedged)
US High Yield-Mincome
US High Yield-Mincome
US High Yield-MIncome(G)
Cash Funds (A Share)
Euro Cash
Euro Cash-Acc
US Dollar Cash
US Dollar Cash-Acc
Asset Allocation Funds (A Share)
*Fidelity Target 2015 (Eur)
Fidelity Target 2020
*Fidelity Target 2020 (Eur)
Fidelity Target 2025 (Eur)
Fidelity Target 2030 (Eur)
Fidelity Portfolio Selector Global Growth Fund
Institutional Reserved Funds (I Share)
Inst. Asia Pacific (ex-Japan)-Acc
Inst. Emerging Markets Equity-Acc
Inst. Euro Blue Chip-Acc
Inst. European Larger Cos-Acc
Inst. Hong Kong Opportunities-Acc
Inst. Japan-Acc
Fidelity Funds II (A Share)
Australian Dollar Currency
Euro Currency
Sterling Currency
US Dollar Currency
Fidelity WorldWide Fund (A Unit) 10/9
Global Equity Income-Acc-9/9
Global Equity Income I-Acc-9/9
RMB Bond-Acc
RMB Bond-Acc
RMB Bond-Mdist
RMB Bond-MIncome(G)
Fidelity Advantage Portfolio Fund 9/9
Ordinary Class
Hong Kong Equity Fund
Asia Pacific Equity Fund
Global Equity Fund
Growth Fund
Balanced Fund
Stable Growth Fund
Capital Stable Fund
Hong Kong Bond Fund
World Bond Fund
HK Dollar Money Fund
US Dollar Money Fund
FAP-Tracker Fund Portfolio
FAP-Invesco Asian Equity Fund
Administration Class
Hong Kong Equity Fund
Asia Pacific Equity Fund
Global Equity Fund
Growth Fund
Balanced Fund
Stable Growth Fund
Capital Stable Fund
Hong Kong Bond Fund
World Bond Fund
HK Dollar Money Fund
US Dollar Money Fund
FAP-Tracker Fund Portfolio
FAP-Invesco Asian Equity Fund
Savings Class
Hong Kong Equity Fund
Asia Pacific Equity Fund
Global Equity Fund
Growth Fund
Balanced Fund
Stable Growth Fund
Capital Stable Fund
Hong Kong Bond Fund
World Bond Fund
HK Dollar Money Fund
US Dollar Money Fund
FAP-Tracker Fund Portfolio
FAP-Invesco Asian Equity Fund
Fidelity Global Investment Fund (Class A) 9/9
Lifecycle Funds
Growth Fund
Balanced Fund
Stable Growth Fund
Capital Stable Fund
Global Equity Fund
World Bond Fund
Asia Pacific Equity Fund(MPF)
RMB Bond Fund (MPF)
Market Investment Funds
Japanese Equity Fund
European Equity Fund
Asia Pacific Equity Fund
Hong Kong Equity Fund
Americas Equity Fund
Global Bond Fund
Hong Kong Bond Fund
RMB Bond Fund
Global Bond Currency Hedged Funds
Global Bond HK$Hedged Fund
Money Market Funds
HK$Money Fund
US$Money Fund
Fidelity SaveEasy Funds
Fidelity SaveEasy 2020 Fund
Fidelity SaveEasy 2025 Fund
Fidelity SaveEasy 2030 Fund
Fidelity SaveEasy 2035 Fund
Fidelity SaveEasy 2040 Fund
Fidelity Global Investment Fund (Class B) 9/9
Lifecycle Funds
Growth Fund
Balanced Fund
Stable Growth Fund
Capital Stable Fund
Global Equity Fund
World Bond Fund
Asia Pacific Equity Fund(MPF)
RMB Bond Fund (MPF)
Market Investment Funds
Japanese Equity Fund
European Equity Fund
Asia Pacific Equity Fund
Hong Kong Equity Fund
Americas Equity Fund
Global Bond Fund
Hong Kong Bond Fund
RMB Bond Fund
Global Bond Currency Hedged Funds
Global Bond HK$Hedged Fund
Money Market Funds
HK$Money Fund
US$Money Fund
Fidelity SaveEasy Funds
Fidelity SaveEasy 2020 Fund
Fidelity SaveEasy 2025 Fund
Fidelity SaveEasy 2030 Fund
Fidelity SaveEasy 2035 Fund
Fidelity SaveEasy 2040 Fund
Fidelity Global Investment Fund (Class M) 9/9
Money Market Funds
HK$Money Fund
(Above class is not available to retail public in HK)
First State Investments (HK) Ltd
First State Umbrella Funds (US$) 10/9
First State Asian Bridge Fund

11.5300
30.4500
25.2538
9.7130
11.2200
$9.9700
$9.7600
A$9.7550
17.8900
19.0800
$10.0000
10.6200
9.6850
HK$93.6400
$12.8700
$10.1400
11.6500
11.7700
1.1810
CHf9.5770
$10.6900
9.6800
$7.5850
HK$7.1010
$10.1400
$9.1200
HK$9.0350
$9.6590
10.3500
$9.6020
10.9400
11.2300
$1.1080
$12.5600
23.1600
0.3200
1.5640
$7.0010
$14.7700
$14.0600
$11.2700
HK$10.4400
$11.6300
19.8600
$12.2700
HK$11.9700
11.9100
$17.1500
$11.0600
$9.6030
A$10.3300
$10.6000
HK$10.5500
$9.4320
NAV
9.2649
10.8750
$11.7107
$10.8719
NAV
32.2700
$19.8500
38.7300
32.3100
33.4600
$23.4600
NAV
$212.5000
$146.8000
239.7000
233.4000
HK$9.4030
13047.0000
NAV
A$37.7430
17.8610
21.6160
$33.4470
NAV
$9.464
$9.499
RMB109.424
$9.953
RMB98.824
RMB96.918
NAV
HK$186.83
$19.91
$23.58
$40.40
$38.11
$39.36
$31.08
HK$67.86
$15.18
HK$66.79
$16.31
HK$16.84
$16.32
HK$176.85
$19.11
$22.33
$36.88
$34.80
$36.31
$28.37
HK$64.24
$14.37
HK$63.94
$15.66
HK$16.13
$15.62
HK$175.78
$19.02
$22.19
$36.64
$34.57
$36.09
$28.18
HK$63.85
$14.29
HK$63.75
$15.59
HK$16.05
$15.55

HK$182.67
HK$179.36
HK$173.21
HK$161.46
HK$176.82
HK$114.31
HK$18.83
HK$97.89
HK$81.70
HK$149.26
HK$319.92
HK$218.26
HK$114.50
HK$150.11
HK$108.89
HK$98.03
HK$109.55
HK$90.69
$12.67
HK$20.64
HK$20.96
HK$21.06
HK$21.14
HK$21.34

HK$12.73
HK$12.36
HK$11.99
HK$11.53
HK$14.91
HK$11.10
HK$10.97
HK$98.78
HK$14.25
HK$13.47
HK$10.96
HK$10.47
HK$17.55
HK$10.72
HK$11.57
HK$98.92
HK$11.89
HK$10.04
$10.07
HK$12.71
HK$12.78
HK$12.78
HK$12.79
HK$12.82

HK$10.06

NAV
$13.47

Franklin Templeton Investments (Asia) Ltd 10/9

NAV
FRANKLIN TEMPLETON INVESTMENT FUNDS
FRANKLIN
Franklin Biotechnology Discovery Fund A (Acc)
$35.45
Franklin Biotechnology Discovery Fund A (Acc)
HK$22.89
Franklin Biotechnology Discovery Fund B (Acc)
$29.13
Franklin Euro Government Bond Fund A (Ydis)
11.17
Franklin Euro High Yield Fund A (Mdis)
6.26
Franklin Euro High Yield Fund A (Ydis)
6.33
Franklin Euro Liquid Reserve Fund
4.36
Franklin European Small-Mid Cap Growth Fund A (Acc)
36.89
Franklin European Small-Mid Cap Growth Fund A (Acc)
$41.63
Franklin Global Convertible Securities Fund A (Acc)
$11.30
Franklin Global Convertible Securities Fund A (Acc)
13.47
Franklin Global Convertible Securities Fund A (Acc)-H1
11.16
Franklin Global Convertible Securities Fund A (Acc)
HK$11.28
Franklin Global Convertible Securities Fund I (Acc)
$11.58
Franklin Global Growth and Value Fund A (Acc)
$23.96
Franklin Global Growth and Value Fund B (Acc)
$20.24
Franklin Global High Income Bond Fund A (Mdis)
$9.44
Franklin Global High Income Bond Fund A (Acc)
$11.18
Franklin Global High Income Bond Fund A (Mdis)
HK$9.43
Franklin Global High Income Bond Fund A (Acc)
HK$11.19
Franklin Global High Income Bond Fund I (Acc)
$11.42
Franklin Global Listed Infrastructure Fund A (Acc)
$10.78
Franklin Global Listed Infrastructure Fund A (Qdis)
$10.08
Franklin Global Listed Infrastructure Fund I (Acc)
$10.99
Franklin Global Real Estate Fund A (Acc)
$10.70
Franklin Global Real Estate Fund A (Qdis)
$9.06
Franklin Global Real Estate Fund B (Qdis)
$8.70
Franklin Gold and Precious Metals Fund A (Acc)
$3.06
Franklin Gold and Precious Metals Fund A (Acc)
HK$3.05
Franklin High Yield Fund A (Mdis)
$6.21
Franklin High Yield Fund B (Mdis)
$6.22
Franklin High Yield Fund N (Acc)
$16.51
Franklin Income Fund A (Mdis)
$11.22
Franklin Income Fund B (Mdis)
$10.69
Franklin Income Fund N (Acc)
$19.32
Franklin India Fund A (Acc)
$29.65
Franklin India Fund B (Acc)
$26.11
Franklin India Fund A (Acc)
HK$13.61
Franklin India Fund N (Acc)
$27.54
Franklin India Fund I (Acc)
$32.45

Franklin MENA Fund A (Acc)

Franklin MENA Fund A (Acc)
Franklin MENA Fund B (Acc)
Franklin MENA Fund N (Acc)
Franklin MENA Fund I (Acc)
Franklin Mutual Beacon Fund A (Acc)
Franklin Mutual Beacon Fund B (Acc)
Franklin Mutual Beacon Fund A (Acc)
Franklin Mutual Beacon Fund N (Acc)
Franklin Mutual Beacon Fund I (Acc)
Franklin Mutual European Fund A (Acc)
Franklin Mutual European Fund B (Acc)
Franklin Mutual European Fund A (Acc)
Franklin Mutual European Fund N (Acc)
Franklin Mutual European Fund I (Acc)
Franklin Mutual Global Discovery Fund A (Acc)
Franklin Mutual Global Discovery Fund B (Acc)
Franklin Mutual Global Discovery Fund N (Acc)
Franklin Mutual Global Discovery Fund I (Acc)
Franklin Natural Resources Fund A (Acc)
Franklin Natural Resources Fund A (Acc)
Franklin Natural Resources Fund I (Acc)
Franklin Technology Fund A (Acc)
Franklin Technology Fund A (Acc)
Franklin Technology Fund B (Acc)
Franklin U.S. Dollar Liquid Reserve Fund A (Mdis)
Franklin U.S. Dollar Liquid Reserve Fund B (Mdis)
Franklin U.S. Equity Fund A (Acc)
Franklin U.S. Equity Fund B (Acc)
Franklin U.S. Equity Fund A (Acc)
Franklin U.S. Equity Fund N (Acc)
Franklin U.S. Government Fund A (Mdis)
Franklin U.S. Government Fund B (Mdis)
Franklin U.S. Government Fund A (Acc)
Franklin U.S. Government Fund A (Mdis)
Franklin U.S. Government Fund N (Mdis)
Franklin U.S. Government Fund N (Acc)
Franklin U.S. Government Fund I (Acc)
Franklin U.S. Opportunities Fund A (Acc)
Franklin U.S. Opportunities Fund B (Acc)
Franklin U.S. Opportunities Fund A (Acc)
Franklin U.S. Small-Mid Cap Growth Fund A (Acc)
Franklin U.S. Small-Mid Cap Growth Fund N (Acc)
Franklin World Perspectives Fund A (Acc)
Franklin World Perspectives Fund A (Acc)
Franklin World Perspectives Fund I (Acc)
TEMPLETON
Templeton Asian Bond Fund A (Mdis)
Templeton Asian Bond Fund A (Acc)
Templeton Asian Bond Fund B (Mdis)
Templeton Asian Bond Fund A (Mdis)
Templeton Asian Bond Fund N (Acc)
Templeton Asian Bond Fund I (Acc)
Templeton Asian Dividend Fund A (Acc)
Templeton Asian Dividend Fund A (Mdis)
Templeton Asian Dividend Fund A (Acc)
Templeton Asian Dividend Fund A (Mdis)-H1
Templeton Asian Dividend Fund I (Acc)
Templeton Asian Growth Fund A (Ydis)
Templeton Asian Growth Fund A
m
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M

$6.26
5.51
$5.68
$6.03
$6.76
$67.44
$30.58
59.86
$33.49
$18.64
$27.16
$22.29
24.09
$22.59
22.14
$16.58
$14.59
$15.38
$18.08
$6.12
5.43
$6.58
$10.81
HK$14.09
$8.83
$9.66
$9.04
$23.95
$19.35
HK$15.67
$21.21
$9.37
$9.39
HK$11.24
HK$9.93
$9.41
$14.18
$13.65
$12.10
$9.88
HK$16.32
$19.15
$17.08
$18.93
22.90
$20.09

m
m

m
M
m

M
M

m
m

M
M

m
M
M

$12.01
$16.57
$11.94
10.67
$15.46
$17.49
$8.94
$8.10
10.33
SGD8.09
$9.15
$24.67

M M
M
M
M
M
M
M
M
M
M

M
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Saturday, September 12, 2015 B7

MUTUAL FUNDS
ICBC (Asia) Investment Funds 10/9
Asia Infrastructure and Redevelopment Fd
Asia Selection Growth Fund
Global Emerging Enterprises Fund
Global Total Return Bond Fund
China & Hong Kong Vision Fund
Global RMB Fixed Income Fund

bid/offer
HK$10.894/10.895
HK$11.221/11.222
HK$11.789/11.790
HK$12.537/12.538
HK$12.895/12.896
RMB10.167/10.168

Income Partners Asset Management (HK) Ltd 9/9

NAV
Income Partners Renminbi Money Market Fund 2A-10/9 RMB101.78
Income Partners Renminbi Money Market Fund 2B-10/9
$96.35
Income Partners Renminbi Money Market Fund 2C-10/9 HK$96.32
Income Partners Renminbi Investment Grade Bond Fund 2A $91.70
Income Partners Renminbi Investment Grade Bond Fund 2B
RMB95.18
Income Partners RMB Bond Fund 2A-Acc
$102.72
Income Partners RMB Bond Fund 2A-Dis
$98.27
Income Partners RMB Bond Fund 2B-Acc
RMB107.03
Income Partners RMB Bond Fund 2B-Dist
RMB102.54
Income Partners RMB Bond Fund 2D-Acc
125.57
Income Partners RMB Bond Fund 2D-Dist
118.42
Invesco Hong Kong Ltd
INVESCO FUNDS (A Share) 10/9
NAV
ASIA
Asian Bond
$9.6623
Asian Equity
$5.92
ASEAN Equity
$87.44
Asia Opportunities Equity
$99.07
Asia Infrastructure Fund - (Accumulation)
$13.29
China Focus Equity
$14.57
Greater China Equity
$42.12
India Bond Fund
HK$101.3438
India Bond Fund
$10.1376
India Bond Fund C
$10.2142
India Bond Fund Euro Hdg Dist
9.4821
India Bond Fund Monthly Dist
$9.2317
India Equity
$51.09
Korean Equity
$32.25
Pacific Equity
$45.03
PRC Equity
$49.14
Asia Consumer Demand Fund - (Accumulation)
$12.64
JAPAN
Japanese Equity Advantage Fund
3569
Japanese Equity Core
$1.78
Japanese Equity
$17.4
Japanese Value Equity Fund
1174
Nippon Small/Mid Cap Equity
$9.68
Nippon Small/Mid Cap Equity
959
EUROPE
Continental European Equity
8.77
European Growth Equity Fund
23.76
Emerging Europe Equity
$7.88
Continental European Small Cap Equity
$197.5
Pan European Structured Equity
16.8
Pan European Equity - (Accumulation)
19.19
Pan European Equity
$10.67
Pan European Small Cap Equity
22.94
Pan European Equity Income - (Accumulation)
15.01
Pan European Structured Equity
$11.3
UK Equity Fund
8.01
USA
US Equity Fund
$14.65
US High Yield Bond Fund
$9.8187
US Structured Equity
$20.33
US Value Equity Fund
$30.08
GLOBAL
Emerging Market Corporate Bond Fund
$10.0487
Emerging Market Quantitative Equity Fund
$9.09
Emerging Markets Equity
$34.15
Global Equity Income Fund
$58.18
Global Small Cap Equity
$118.96
Global Smaller Companies Equity Fund
$55.84
Global Structured Equity Fund
$45.02
THEME
Energy
$17.7
Global Health Care
$134.54
Global Leisure
$35.61
Global Technology
$15.09
Invesco Gbl Income Real Estate Securities Fd (Acc)
$11.67
Invesco Gbl Real Estate Securities Fund
$11.12
Invesco Gold & Precious Metals Fund
$3.51
BONDS/RESERVE FUNDS
Euro Inflation - Linked Bond Fund
15.3389
Emerging Markets Bond
$20.71
Euro Corporate Bond Fund-Monthly Dist
12.7363
Gilt
15.01
Global High Income
$12.44
UK Investment Grade Bond
0.9855
Emerg Local Currencies Debt - Monthly Dist
$6.8013
USD Reserve
$87.02
Euro Reserve
322.81
MIXED FUNDS
Latin American Equity Fund
$5.85
Pan European High Income (Distribution)
13.91
Pan European High Income Hedged
$10.42
Asia Balanced Fund
HK$82.27
Asia Balanced Fund
$13.83
Asia Balanced Monthly Dist
$8.87
CHINA SERIES II 10/9
NAV
Invesco China Opportunity Fund III - USD Class
$10.50
Invesco China Opportunity Fund III - HKD Class
HK$81.43
Invesco Pooled Investment Funds 10/9
NAV
HK$Reserve Fund-Class B
HK$12.8055
HK$Bond Fund-Class B
HK$17.8093
International Bond Fund-Class A
HK$20.4037
International Bond Fund-Class B
HK$21.9499
MPF Bond Fund-Class A
HK$19.1839
MPF Bond Fund-Class B
HK$20.8732
Global Stable Fund-Class A
HK$9.6967
Global Stable Fund-Class B
HK$21.7049
Global Stable Growth Fund-Class B
HK$24.7632
Global Balanced Fund-Class A
HK$19.3483
Global Balanced Fund-Class B
HK$21.7010
Global Equities Fund-Class A
HK$19.2990
Global Equities Fund-Class B
HK$21.7062
Hong Kong and China Fund-Class A
HK$34.7862
Hong Kong and China Fund-Class B
HK$36.8954
North America Fund-Class A
HK$24.6869
North America Fund-Class B
HK$25.7831
Europe Fund-Class A
HK$33.9052
Europe Fund-Class B
HK$35.6672
Japan Fund-Class A
HK$12.7581
Japan Fund-Class B
HK$14.2557
Asia Fund-Class A
HK$32.6395
Asia Fund-Class B
HK$35.9186
RMB Bond Fund-Class A
HK$10.0000
(This investment fund is denominated in HKD only and not in RMB)
RMB Bond Fund-Class B
HK$10.2476
(This investment fund is denominated in HKD only and not in RMB)
Invesco Select Retirement Fund 10/9
NAV
HK$Money Market Fund - Admin
HK$12.34
HK$Money Market Fund - GP
HK$13.22
US$Money Market Fund - Admin
$12.31
US$Money Market Fund - GP
$12.86
Global Bond Fund - Admin
HK$236.89
Global Bond Fund - GP
HK$263.27
Capital Stable Fund - Admin
HK$148.53
Capital Stable Fund - GP
HK$158.05
Balanced Fund - Admin
HK$329.04
Balanced Fund - GP
HK$364.89
Growth Fund - Admin
HK$142.50
Growth Fund - GP
HK$151.73
Strategic Growth Fund - Admin
HK$248.79
Strategic Growth Fund - GP
HK$275.45
Stable Growth Fund - Admin
HK$18.84
Stable Growth Fund - GP
HK$19.81
Investec Asset Management Hong Kong Ltd
Investec Global Strategy Funds 10/9
NAV
Global Equity Fund A Inc
$287.53
Global Equity Fund A Acc
$290.1
Global Equity Fund C Inc
$54.73
Global Equity Fund F Acc
$23.05
Global Dynamic Fund A Inc
$128.89
Global Dynamic Fund A Acc
$130.2
Global Dynamic Fund C Inc
$28.44
Global Dynamic Fund F Acc
$21.69
Global Dynamic Fund Z Inc
$30.34
Global Franchise Fund A Inc
$37.99
Global Franchise Fund A Inc-2
$20.5
Global Franchise Fund A Inc-2 IRD(AUD Hedg)
A$20.19
Global Franchise Fund A Acc
$38.79
Global Franchise Fund C Inc
$31.68
Global Franchise Fund C Acc
$31.81
Global Franchise Fund F Acc
$37.53
Global Endurance Equity Fund A Inc-2
$19.2
Global Endurance Equity Fund A Acc
$20.04
Global Endurance Equity Fund C Inc-2
$18.93
Global Endurance Equity Fund C Acc
$19.86
Global Endurance Equity Fund F Inc-2
$19.1
Global Endurance Equity Fund F Acc
$20.05
Global Energy Fund A Inc
$198.75
Global Energy Fund A Acc
$11.32
Global Energy Fund A Acc
10.04
Global Energy Fund C Inc
$178.96
Global Energy Fund F Acc
$14.25
Global Gold Fund A Inc
$28.42
Global Gold Fund A Acc
$7.88
Global Gold Fund C Inc
$25.8
Global Gold Fund F Acc
$10.39
Global Natural Resources Fund A Inc
$6.7
Global Natural Resources Fund A Acc
$6.69
Global Natural Resources Fund A Acc
HK$49.88
Global Natural Resources Fund C Inc
$6.32
Global Natural Resources Fund F Acc
$6.6
Global Strategic Eqy Fund A Inc
$119.29
Global Strategic Eqy Fd A Acc
$21.93
Global Strategic Eqy Fd A Acc(AUD Hedg)
A$19.69
Global Strategic Eqy Fd A Acc USD Hedged
$17.99
Global Strategic Eqy Fd C Inc
$100.33
Global Strategic Eqy Fd F Acc
$22.91
American Equity Fd A Inc
$94.55
American Equity Fd A Acc
$20.19
American Equity Fd C Inc
$53.94
American Equity Fd F Acc
$20.21
European Equity Fd A Inc
$509.06
European Equity Fd A Acc
44.26
European Equity Fd A Acc
$21.81
European Equity Fd A Acc PCHSC(USD Hedg)
$22.64
European Equity Fd C Inc
$72.95
European Equity Fd F Acc
$24.9
U.K. Alpha Fund A Inc
78.34
U.K. Alpha Fund A Acc
14.69
U.K. Alpha Fund C Inc
73.79
Asian Equity Fund A Inc
$28.86
Asian Equity Fund A Acc
$19.87
Asian Equity Fund C Inc
$38.87
Asian Equity Fund F Acc
$30.16
Asia Pacific Equity Fund A Inc
$23.54
Asia Pacific Equity Fund A Acc
$24.3
Asia Pacific Equity Fund C Inc
$23.18
Asia Pacific Equity Fund F Acc
$24.13
Latin American Equity Fund A Acc
$11.13
Latin American Equity Fund C Acc
$9.05
Latin American Equity Fund F Acc
$10.88
Emg Mkts Equity Fund A Acc
$15.67
Emg Mkts Equity Fund C Acc
$15
Emg Mkts Equity Fund F Acc
$15.39
Global Bond Fund A Inc
$40.27
Global Bond Fund A Acc
$90.85
Global Bond Fund C Inc
$23.3
Global Bond Fund F Acc
$26.77
Global Strategic Income Fund A Inc-2
$17.67
Global Strategic Income Fund A Acc
$24.52
Global Strategic Income Fund C Inc-2
$15.52
Global Strategic Income Fund C Acc
$18.67
Global Strategic Income Fund F Inc-2
$17.2
Global Strategic Income Fund F Acc
$25.89
High Income Bond Fund A Inc-2
17.67
High Income Bond Fund A Inc-2(Stg Hedg)
16.01
High Income Bond Fund A Acc(Stg Hedg)
75.4
High Income Bond Fund C Inc-2
16.36
High Income Bond Fund F Acc
28.58
Investment Grade Corpo Bd Fd A Inc-2
$28.43
Investment Grade Corpo Bd Fd A Inc-2(Euro Hedg)
20.93
Investment Grade Corpo Bd Fd A Inc-2(Stg Hedg)
20.96
Investment Grade Corpo Bd Fd A Acc
$22.11
Investment Grade Corpo Bd Fd C Inc-2
$26.44
Investment Grade Corpo Bd Fd C Inc-2(Euro Hedg)
21.79
Investment Grade Corpo Bd Fd F Inc-2
$14.11
Investment Grade Corpo Bd Fd F Acc
$22.38
Emg Mkts Local Currency Debt Fund A Inc-2
$12.11
Emg Mkts Local Currency Debt Fund A Acc
$20.19
Emg Mkts Local Currency Debt Fund C Inc-2
$11.38
Emg Mkts Local Currency Debt Fund C Acc
$14.49
Emg Mkts Local Currency Debt Fund F Inc-2
$11.84
Emg Mkts Local Currency Debt Fund F Acc
$19.9
Latin American Corporate Debt Fund A Acc
$24.4
Latin American Corporate Debt Fund A Inc-2
$16.51
Latin American Corporate Debt Fund C Inc-2
$15.99
Latin American Corporate Debt Fund C Acc
$20.03
Latin American Corporate Debt Fund F Inc-2
$17.5
Latin American Corporate Debt Fund F Acc
$20.96

Euro Money Fund A Inc

25.9214
Euro Money Fund A Acc
68.533
Sterling Money Fund A Inc
9.9587
Sterling Money Fund A Acc
56.5514
U.S. Dollar Money Fund A Inc
$20.0402
U.S. Dollar Money Fund A Acc
$65.5777
U.S. Dollar Money Fund C Inc
$19.2165
U.S. Dollar Money Fund F Acc
$21.5858
Gbl Strategic Mngd Fd A Inc
$49.55
Gbl Strategic Mngd Fd A Inc-2
$19.35
Gbl Strategic Mngd Fd A Inc-2
HK$96.83
Gbl Strategic Mngd Fd A Inc-2(GBP Hedg)
19.42
Gbl Strategic Mngd Fd A Inc-2 IRD(NZD Hedg)
NZD19.31
Gbl Strategic Mngd Fd A Inc-2 IRD(AUD Hedg)
A$19.13
Gbl Strategic Mngd Fd A Acc
$113.76
Gbl Strategic Mngd Fd A Acc
HK$99.67
Gbl Strategic Mngd Fd C Inc
$46.77
Gbl Strategic Mngd Fd F Inc
$31.61
Gbl Strategic Mngd Fd F Acc
$24.8
Emg Mkts Local Ccy Dynamic Debt Fd A Acc
$15.66
Emg Mkts Local Ccy Dynamic Debt Fd C Inc-2
$11.68
Emg Mkts Local Ccy Dynamic Debt Fd F Inc-2
$11.98
Emg Mkts Local Ccy Dynamic Debt Fd F Acc
$15.55
Emg Mkts Corporate Debt Fund A Inc-2
$18.17
Emg Mkts Corporate Debt Fund A Inc-2
HK$90.83
Emg Mkts Corporate Debt Fund A Acc
$22.94
Emg Mkts Corporate Debt Fund C Inc-2
$18.53
Emg Mkts Corporate Debt Fund C Acc
$22.22
Emg Mkts Corporate Debt Fund F Inc-2
$18.81
Emg Mkts Corporate Debt Fund F Acc
$22.78
Emg Mkts Hard Currency Debt Fund A Inc-2
$19.3
Emg Mkts Hard Currency Debt Fund F Inc-2
$19.16
Emg Mkts Blended Debt Fund A Inc-2
$14.99
Emg Mkts Blended Debt Fund A Acc
$19.1
Emg Mkts Blended Debt Fund C Inc-2
$14.34
Emg Mkts Blended Debt Fund F Inc-2
$14.74
Emg Mkts Blended Debt Fund F Acc
$18.92
Global Multi-Asset Income Fund A Inc-2
$19.51
Global Multi-Asset Income Fund A Acc
$21.29
Global Multi-Asset Income Fund C Inc-2
$18.97
Global Multi-Asset Income Fund F Inc-2
$18.46
Emg Mkts Multi-Asset Fd A Inc-2
$15.63
Emg Mkts Multi-Asset Fd A Inc-2 IRD(AUD Hedg)
A$15.09
Emg Mkts Multi-Asset Fd A Acc
$17.7
Emg Mkts Multi-Asset Fd C Acc
$17.14
Emg Mkts Multi-Asset Fd F Acc
$17.53
Global Franchise Fund A Acc
28.33
Global Franchise Fund A Acc
HK$103.93
Global Franchise Fund A Acc
SGD24.08
Global Franchise Fund A Inc-2
HK$100.48
Global Franchise Fund A PCHSC Acc
$21.06
Legg Mason Asset Management Hong Kong Ltd
Legg Mason Global Funds Plc 10/9
NAV
LM Brandywine Global Fixed Income A-Acc
$135.36
LM Brandywine Global Fixed Income A-Acc(H)(AH)
147.25
LM Brandywine Global Fixed Income A-Dis(A)(H)
88.34
LM Brandywine Global Fixed Income A-Dis(M)
$97.63
LM Brandywine Global Fixed Income A-Dis(S)
$120.03
LM Brandywine Global Fixed Income A-Dis(S)(H)(AH)
113.23
LM Brandywine Global Fixed Income C-Acc
$122.62
LM Brandywine Global Fixed Income C-Dis(S)
$119.43
LM Brandywine Global Fixed Income F-Acc
$93.69
LM Brandywine Global Fixed Income F-Dis(S)
$88.58
LM Brandywine Global Fixed Income LM-Acc
$113.03
LM Brandywine Global Fixed Income Prem-Acc
131.00
LM Brandywine Global Fixed Income Prem-Acc
$107.38
LM Brandywine Global Fixed Income Prem-Acc (H)(AH)
120.22
LM Brandywine Global Fixed Income Prem-Dis(S)
$91.86
LM ClearBridge Growth A-Acc
$96.92
LM ClearBridge Growth A-Acc
126.99
LM ClearBridge Growth A-Dis(A)
$119.73
LM ClearBridge Growth C-Acc
$81.90
LM ClearBridge Growth C-Dis(A)
$112.03
LM ClearBridge US Aggressive Growth A(G)-Acc
$168.61
LM ClearBridge US Aggressive Growth A-Acc
$164.26
LM ClearBridge US Aggressive Growth A-Acc
235.48
LM ClearBridge US Aggressive Growth A-Acc(H)
A$132.22
LM ClearBridge US Aggressive Growth A-Dis(A)
$164.30
LM ClearBridge US Aggressive Growth B(G)-Acc
$161.65
LM ClearBridge US Aggressive Growth C-Acc
$164.38
LM ClearBridge US Aggressive Growth C-Dis(A)
$157.57
LM ClearBridge US Aggressive Growth F-Acc
$176.78
LM ClearBridge US Aggressive Growth F-Dis(A)
$176.90
LM ClearBridge US Aggressive Growth GA-Acc
244.07
LM ClearBridge US Aggressive Growth GA-Dis(A)
243.32
LM ClearBridge US Aggressive Growth L(G)-Acc
$161.69
LM ClearBridge US Aggressive Growth Prem-Acc
$205.82
LM ClearBridge US Aggressive Growth Prem-Acc
214.09
LM ClearBridge US Aggressive Growth Prem-Dis
203.90
LM ClearBridge US Appreciation A(G)-Acc
$150.12
LM ClearBridge US Appreciation A-Acc
190.38
LM ClearBridge US Appreciation A-Acc
$146.58
LM ClearBridge US Appreciation A-Dis(A)
$146.46
LM ClearBridge US Appreciation B(G)-Acc
$143.92
LM ClearBridge US Appreciation C-Acc
$137.26
LM ClearBridge US Appreciation C-Dis(A)
$140.54
LM ClearBridge US Appreciation F-Acc
$131.85
LM ClearBridge US Appreciation F-Dis
$177.92
LM ClearBridge US Appreciation GA-Acc
194.28
LM ClearBridge US Appreciation GA-Acc
$152.46
LM ClearBridge US Appreciation GA-Dis(A)
193.73
LM ClearBridge US Appreciation GP-Acc
$161.95
LM ClearBridge US Appreciation L(G)-Acc
$143.97
LM ClearBridge US Appreciation Prem-Acc
196.35
LM ClearBridge US Appreciation Prem-Acc
$176.77
LM ClearBridge US Appreciation Prem-Dis(A)
$214.61
LM ClearBridge US Large Cap Growth A(G)-Acc
$181.79
LM ClearBridge US Large Cap Growth A-Acc
253.48
LM ClearBridge US Large Cap Growth A-Acc
$177.95
LM ClearBridge US Large Cap Growth A-Dis(A)
$178.00
LM ClearBridge US Large Cap Growth B(G)-Acc
$174.32
LM ClearBridge US Large Cap Growth C-Acc
$168.17
LM ClearBridge US Large Cap Growth C-Dis(A)
$170.71
LM ClearBridge US Large Cap Growth L(G)-Acc
$174.33
LM ClearBridge Value A-Acc
96.38
LM ClearBridge Value A-Acc
$85.76
LM ClearBridge Value A-Dis(A)
$162.95
LM ClearBridge Value C-Acc
$89.69
LM ClearBridge Value C-Dis(A)
$152.66
LM ClearBridge Value F-Acc
$163.24
LM ClearBridge Value F-Dis
$172.50
LM ClearBridge Value Prem-Acc
117.89
LM ClearBridge Value Prem-Acc
$143.97
LM ClearBridge Value Prem-Dis(A)
$101.86
LM Opportunity A-Acc
$186.66
LM Opportunity A-Dist(A)
$356.50
LM Opportunity Prem-Acc
$188.19
LM QS Emerging Markets Eq A-Acc
$60.51
LM QS Emerging Markets Eq A-Acc
93.66
LM QS Emerging Markets Eq A-Dis(A)
$66.04
LM QS Emerging Markets Eq C-Acc
$65.06
LM QS Emerging Markets Eq C-Dis(A)
$64.75
LM QS Emerging Markets Eq F-Dis
$81.67
LM QS Emerging Markets Eq Prem-Acc
100.16
LM QS MV Asia PacExJap Eq Gwth&Inc A-Acc
$105.78
LM QS MV Asia PacExJap Eq Gwth&Inc A-Acc
95.09
LM QS MV Asia PacExJap Eq Gwth&Inc A-Dis(A)
$199.49
LM QS MV Asia PacExJap Eq Gwth&Inc C-Acc
$75.21
LM QS MV Asia PacExJap Eq Gwth&Inc C-Dis(A)
$193.72
LM QS MV Asia PacExJap Eq Gwth&Inc F-Acc
$91.28
LM QS MV Asia PacExJap Eq Gwth&Inc F-Dis(A)
$87.03
LM QS MV Asia PacExJap Eq Gwth&Inc GA-Acc
$106.26
LM QS MV Asia PacExJap Eq Gwth&Inc GA-Dis(A)
117.11
LM QS MV European Eq Gwth&Inc A(G)-Acc
$87.16
LM QS MV European Eq Gwth&Inc A-Acc
$85.69
LM QS MV European Eq Gwth&Inc A-Acc
165.64
LM QS MV European Eq Gwth&Inc A-Dis(A)
$180.31
LM QS MV European Eq Gwth&Inc A-Dis(A)
162.69
LM QS MV European Eq Gwth&Inc B(G)-Acc
$82.77
LM QS MV European Eq Gwth&Inc C-Acc
$83.59
LM QS MV European Eq Gwth&Inc C-Dis(A)
$177.85
LM QS MV European Eq Gwth&Inc GA Dis (A)
154.86
LM QS MV European Eq Gwth&Inc GA-Acc
167.98
LM QS MV European Eq Gwth&Inc GA-Acc
$149.69
LM QS MV European Eq Gwth&Inc L(G)-Acc
$83.86
LM QS MV European Eq Gwth&Inc Prem-Acc
114.39
LM QS MV Global Eq Gwth&Inc A-Acc
$135.95
LM QS MV Global Eq Gwth&Inc A-Dis(A)
$134.17
LM QS MV Global Eq Gwth&Inc GA-Acc
175.75
LM QS MV Global Eq Gwth&Inc GA-Acc
$138.31
LM QS MV Global Eq Gwth&Inc GA-Dis(A)
173.41
LM QS MV Global Eq Gwth&Inc GE-Acc
170.07
LM Royce US Small Cap Opportunity A-Acc
149.65
LM Royce US Small Cap Opportunity A-Acc
$128.83
LM Royce US Small Cap Opportunity A-Acc(H)
A$108.87
LM Royce US Small Cap Opportunity A-Dis(A)
$391.26
LM Royce US Small Cap Opportunity C-Acc
$138.36
LM Royce US Small Cap Opportunity C-Dis(A)
$366.99
LM Royce US Small Cap Opportunity F-Acc
$133.96
LM Royce US Small Cap Opportunity F-Dis(A)
$134.10
LM Royce US Small Cap Opportunity Prem-Acc
194.20
LM Royce US Small Cap Opportunity Prem-Acc
$150.93
LM Royce US Smaller Companies A Acc
197.62
LM Royce US Smaller Companies A(G)-Acc
$136.52
LM Royce US Smaller Companies A-Acc
$127.12
LM Royce US Smaller Companies A-Dis(A)
140.46
LM Royce US Smaller Companies A-Dis(A)
$215.46
LM Royce US Smaller Companies C-Acc
$128.04
LM Royce US Smaller Companies C-Dis(A)
$202.52
LM Royce US Smaller Companies F-Acc
$150.85
LM Royce US Smaller Companies F-Dis
$161.83
LM Royce US Smaller Companies L(G)-Acc
$130.84
LM Royce US Smaller Companies Prem-Acc
$159.55
LM Royce US Smaller Companies Prem-Dis
$114.70
LM WA Asian Opport. Prem Class Euro-Acc
119.92
LM WA Asian Opport. Prem Class Euro-Acc(H)
102.69
LM WA Asian Opportunities A-Acc
179.61
LM WA Asian Opportunities A-Acc
$128.66
LM WA Asian Opportunities A-Acc(H)
95.99
LM WA Asian Opportunities A-Dis
109.11
LM WA Asian Opportunities A-Dis(D)
$103.81
LM WA Asian Opportunities A-Dis(M)
$95.64
LM WA Asian Opportunities A-Dis(M)(H)
A$93.17
LM WA Asian Opportunities A-Dis(M)Plus
$80.51
LM WA Asian Opportunities C-Acc
$123.73
LM WA Asian Opportunities C-Dis(D)
$103.85
LM WA Asian Opportunities F-Acc
$114.44
LM WA Asian Opportunities F-Dis
$95.45
LM WA Asian Opportunities LM-Acc
$139.19
LM WA Asian Opportunities Prem Dis(A)
96.35
LM WA Asian Opportunities Prem Dis(M)
102.45
LM WA Asian Opportunities Prem Dis(M)
$82.10
LM WA Asian Opportunities Premier-Acc
$134.52
LM WA Brazil Bond A-Dis(M)
$42.58
LM WA Brazil Bond LM-Acc
$75.35
LM WA Brazil Equity A-Dis(A)
$31.16
LM WA Brazil Equity LM-Acc
$35.51
LM WA Em Mkts Total Return Bond A(G)-Acc
$148.30
LM WA Em Mkts Total Return Bond A(G)-Dis(D)
$95.19
LM WA Em Mkts Total Return Bond A-Acc
$144.02
LM WA Em Mkts Total Return Bond A-Acc(H)
121.62
LM WA Em Mkts Total Return Bond A-Dis(D)
$106.22
LM WA Em Mkts Total Return Bond A-Dis(D)(H)
81.72
LM WA Em Mkts Total Return Bond A-Dis(M)
$96.16
LM WA Em Mkts Total Return Bond A-Dis(M)Plus
$81.06
LM WA Em Mkts Total Return Bond B(G)-Acc
$142.17
LM WA Em Mkts Total Return Bond B(G)-Dis(D)
$95.20
LM WA Em Mkts Total Return Bond C-Acc
$135.09
LM WA Em Mkts Total Return Bond C-Dis(D)
$106.14
LM WA Em Mkts Total Return Bond F-Acc
$122.87
LM WA Em Mkts Total Return Bond L(G)-Acc
$142.18
LM WA Em Mkts Total Return Bond L(G)-Dis(D)
$95.19
LM WA Em Mkts Total Return Bond P-Acc(H)
110.97
LM WA Em Mkts Total Return Bond Prem-Acc
$198.45
LM WA Euro Core Plus Bond A-Dis(D)
$113.17
LM WA Euro Core Plus Bond A-Dis(D)
102.00
LM WA Euro Core Plus Bond C-Dis(D)
$113.29
LM WA Euro Core Plus Bond F-Dis(Q)
116.18
LM WA Euro Core Plus Bond P-Acc
128.14
LM WA Global Blue Chip Bond A-Acc
$116.31
LM WA Global Blue Chip Bond A-Acc(H)
99.84
LM WA Global Blue Chip Bond A-Dis(M)
$104.05
LM WA Global Blue Chip Bond C-Acc
$112.74
LM WA Global Blue Chip Bond C-Dis(M)
$103.84
LM WA Global Blue Chip Bond F-Acc
$113.48
LM WA Global Blue Chip Bond Prem-Acc
$121.49
LM WA Global Blue Chip Bond Prem-Acc(H)
122.39
LM WA Global Blue Chip Bond Prem-Dis(M)
$104.10
LM WA Global Blue Chip Bond Prem-Dis(M)(H)
103.42
LM WA Global Credit A-Acc
$113.95
LM WA Global Credit A-Acc(H)
112.87
LM WA Global Credit A-Dis(D)
$104.56
LM WA Global Credit LM-Acc
$124.98
LM WA Global Credit Prem-Acc
$112.85
LM WA Global High Yield A-Dis
A$104.77
LM WA Global High Yield A-Dis(D)(H)
88.25
LM WA Global High Yield A-Dis(M)Plus
$86.28
LM WA Global High Yield B(G)-Acc
$135.24
LM WA Global High Yield B(G)-Dis(D)
$76.12
LM WA Global High Yield Bond A(G)-Acc
$141.06
LM WA Global High Yield Bond A(G)-Dis(D)
$76.14
LM WA Global High Yield Bond A-Acc
$139.61
LM WA Global High Yield Bond A-Dis(D)
$76.12
LM WA Global High Yield Bond A-Dis(M)
$84.58
LM WA Global High Yield C-Acc
$137.36
LM WA Global High Yield C-Dis(D)
$75.79
LM WA Global High Yield F-Acc
$120.22
LM WA Global High Yield F-Dis(A)
$88.80
LM WA Global High Yield L(G)-Acc
$135.26
LM WA Global High Yield L(G)-Dis(D)
$76.13
LM WA Global High Yield Prem-Acc
$156.36
LM WA Global High Yield Prem-Acc(H)
104.83

LM WA Global Inflation Management A(G)-Acc

$129.69
LM WA Global Inflation Management A(G)-Dis(A)
$108.47
LM WA Global Inflation Management A-Acc
$125.14
LM WA Global Inflation Management A-Dis(A)
$111.46
LM WA Global Inflation Management C-Dis(A)
$109.73
LM WA Global Inflation Management L(G)-Acc
$124.13
LM WA Global Inflation Management L(G)-Dis(A)
$100.98
LM WA Global Multi Strategy A-Acc
$134.97
LM WA Global Multi Strategy A-Acc(H)
131.18
LM WA Global Multi Strategy A-Dis(D)
$113.05
LM WA Global Multi Strategy A-Dis(M)
$95.96
LM WA Global Multi Strategy A-Dis(M)(H)
91.88
LM WA Global Multi Strategy C-Acc
$126.10
LM WA Global Multi Strategy C-Dis(D)
$113.06
LM WA Global Multi Strategy F-Acc
147.88
LM WA Global Multi Strategy F-Acc
$120.27
LM WA Global Multi Strategy F-Dis(D)
$94.15
LM WA Global Multi Strategy Prem-Acc
$143.12
LM WA Global Multi Strategy Prem-Acc(H)
123.26
LM WA Global Multi Strategy Prem-Dis(D)
$95.09
LM WA Global Multi Strategy Prem-Dis(M)
$117.29
LM WA Short Duration High Inc Bd A(G)-Acc
$126.30
LM WA Short Duration High Inc Bd A(G)-Dis(D)
$90.97
LM WA Short Duration High Inc Bd A-Acc
$126.84
LM WA Short Duration High Inc Bd A-Acc(H)
125.29
LM WA Short Duration High Inc Bd A-Dis(D)
$89.37
LM WA Short Duration High Inc Bd A-Dis(M)
$94.53
LM WA Short Duration High Inc Bd A-Dis(M)(H)
121.05
LM WA Short Duration High Inc Bd B(G)-Acc
$121.39
LM WA Short Duration High Inc Bd B(G)-Dis(D)
$91.09
LM WA Short Duration High Inc Bd C-Acc
$121.53
LM WA Short Duration High Inc Bd C-Dis(D)
$89.35
LM WA Short Duration High Inc Bd L(G)-Acc
$121.19
LM WA Short Duration High Inc Bd L(G)-Dis(D)
$91.01
LM WA US Adjustable Rate A(G)-Acc
$98.44
LM WA US Adjustable Rate A(G)-Dis(D)
$92.22
LM WA US Adjustable Rate A-Acc
$98.93
LM WA US Adjustable Rate C-Dis(D)
$89.62
LM WA US Adjustable Rate L(G)-Acc
$94.42
LM WA US Adjustable Rate L(G)-Dis(D)
$89.44
LM WA US Core Bond A-Acc
$124.50
LM WA US Core Bond A-Dis(D)
$100.27
LM WA US Core Bond C-Acc
$119.21
LM WA US Core Bond C-Dis(D)
$100.30
LM WA US Core Bond F-Acc
$109.32
LM WA US Core Bond GA-Acc
$120.92
LM WA US Core Plus Bond A(G)-Acc
$139.79
LM WA US Core Plus Bond A(G)-Dis(D)
$111.04
LM WA US Core Plus Bond A-Acc
$138.98
LM WA US Core Plus Bond A-Dis(D)
$110.17
LM WA US Core Plus Bond B(G)-Dis(D)
$111.01
LM WA US Core Plus Bond C-Acc
$130.37
LM WA US Core Plus Bond C-Dis(D)
$110.94
LM WA US Core Plus Bond F-Acc
$104.49
LM WA US Core Plus Bond L(G)-Acc
$134.04
LM WA US Core Plus Bond L(G)-Dis(D)
$111.03
LM WA US Core Plus Bond Prem-Acc
$123.28
LM WA US Core Plus Bond Prem-Dis(M)
$104.54
LM WA US High Yield A(G)-Acc
$146.06
LM WA US High Yield A(G)-Dis(D)
$78.94
LM WA US High Yield A-Acc
$144.02
LM WA US High Yield A-Dis(D)
$79.55
LM WA US High Yield A-Dis(M)
$96.18
LM WA US High Yield A-Dis(M)(H)
91.47
LM WA US High Yield A-Dis(M)Plus
$90.63
LM WA US High Yield B(G)-Acc
$140.05
LM WA US High Yield B(G)-Dis(D)
$78.92
LM WA US High Yield C-Acc
$141.97
LM WA US High Yield C-Dis(D)
$79.59
LM WA US High Yield F-Acc
$126.81
LM WA US High Yield F-Dis(A)
$94.85
LM WA US High Yield L(G)-Acc
$140.04
LM WA US High Yield L(G)-Dis(D)
$78.94
LM WA US High Yield LM-Acc
$134.22
LM WA US High Yield LM-Dis(M)
$88.00
LM WA US High Yield Prem-Acc
$129.61
LM WA US Money Market A(G)-Dis(D)
$1.00
LM WA US Money Market A-Acc
$105.68
LM WA US Money Market A-Dis(D)
$1.00
LM WA US Money Market A-Dis(M)
$1.00
LM WA US Money Market B(G)-Acc
$105.89
LM WA US Money Market C-Acc
$102.02
LM WA US Money Market C-Dis(D)
$1.00
LM WA US Money Market L(G)-Dis(D)
$1.00
LM WA US Short-Term Government A(G)-Acc
$113.47
LM WA US Short-Term Government A(G)-Dis(D)
$99.77
LM WA US Short-Term Government A-Acc
$113.19
LM WA US Short-Term Government A-Dis(D)
$99.65
LM WA US Short-Term Government B(G)-Dis(D)
$98.81
LM WA US Short-Term Government C-Acc
$105.44
LM WA US Short-Term Government C-Dis(D)
$98.72
LM WA US Short-Term Government L(G)-Acc
$108.78
LM WA US Short-Term Government L(G)-Dis(D)
$98.82
Lyxor Asset Management
NAV
Lyxor Selection China A Fund-9/9
$12.33
Lyxor Epsilon Managed Futures Fund H USD-9/9
$11.09
Lyxor Epsilon Managed Futures Fund H HKD-9/9
HK$11.33
Lyxor Dynamic Water Fund-9/9
$10.18
Lyxor China A Fund-10/9
$6.94
Lyxor Agriculture Fund-10/9
$5.37
Lyxor Dynamic Alternative Energy Fund-9/9
$2.53
Man Investments Ltd 10/9
NAV
Man AHL Diversified Futures Ltd
$41.87
Manulife Asset Management
Manulife Global Fund 10/9
NAV per share
American Growth A
$28.7775
American Growth AA
$1.6340
American Growth AA (HKD)
HK$10.3189
Asia Total Return AA
$0.9562
Asia Total Return AA Inc
$0.9035
Asia Total Return AA (HKD) Inc
HK$9.4420
Asia Value Dividend Equity AA
$1.5440
Asia Value Dividend Equity AA Inc
$0.9335
Asian Equity A
$2.7674
Asian Equity AA
$0.8900
Asian Small Cap Equities AA
$1.9254
Asian Small Cap Equities AA (HKD)
HK$7.7880
China Value A
$7.8664
China Value AA
$2.4625
Dragon Growth A
$1.8100
Dragon Growth AA (HKD)
HK$8.7513
Emerging Eastern Europe A
$2.8769
Emerging Eastern Europe AA
$1.2354
European Growth A
$10.4217
European Growth AA
$0.7535
Global Contrarian AA
$0.8800
Global Property AA
$0.9384
Global Property AA (HKD)
HK$8.8167
Global Resources AA
$0.6290
Greater China Opportunities AA
$0.9049
Healthcare AA
$1.8827
India Equity AA
$1.2828
International Growth A
$4.4418
International Growth AA
$1.0192
Japanese Growth A
$3.2671
Japanese Growth AA
$0.8398
Latin America Equity AA
$0.6846
Russia Equity AA
$0.3943
Strategic Income AA
$1.0789
Taiwan Equity Fund Class AA
$1.5031
Turkey Equity AA
$0.6091
US Bond AA
$1.2086
US Bond AA (HKD)
HK$9.9042
US Bond AA (HKD) Inc
HK$9.7353
US Bond AA Inc
$0.9768
US Small Cap Equity AA
$1.0775
US Special Opportunities AA
$0.9007
US Special Opportunities AA Inc
$0.8856
US Treasury Inflation-Protected Securities AA
$1.2632
US Special Opportunities AA (HKD)-9/4
HK$9.5989
Manulife Advanced Fund SPC 10/9
NAV per share
Asia-Pac Eq Inc Segreg Port Class AA (USD) Inc
$8.5710
Asia-Pac Eq Inc Segreg Port Class AA (AUD) Inc Hedg
A$8.6490
Asia-Pac Eq Inc Segreg Port Class AA (HKD) Inc
HK$85.9754
Asia Pac Income&Gwth Segreg Port AA(USD)Inc
$8.7669
Asia Pac Income&Gwth Segreg Port AA(AUD)Inc Hedg
A$8.8195
Asia Pac Income&Gwth Segreg Port AA(CAD)Inc Hedg
C$8.7773
Asia Pac Income&Gwth Segreg Port AA(HKD)Inc
HK$87.6319
China A Segreg Port Class AA
$8.7840
Global RMB Inc Strat Segreg Port Class AA (USD)
$9.2506
Global RMB Inc Strat Segreg Port Class AA (RMB)
RMB9.5125
Renminbi Bond Segreg Port Class AA-31/8
$11.8693
(this fund is denominated in US Dollars only and not in Renminbi)
Manulife Individual Insurance
Flexible Investment Protector 9/9
Sell/Buy
European Equity Fund (Series II)
$7.063/7.474
Hong Kong Equity Fund (Series II)
$9.274/9.814
International Bond Fund (Series II)
$2.946/3.117
International Equity Fund (Series II)
$23.439/24.803
Japan Equity Fund (Series II)
$3.060/3.238
North American Equity Fund (Series II)
$7.850/8.307
Pacific Asian Equity Fund (Series II)
$3.904/4.131
China Value Fund
$2.308/2.442
Eastern European Fund
$0.769/0.814
India Equity Fund
$1.681/1.779
Korea Equity Fund
$1.001/1.059
Thailand Equity Fund
$2.735/2.894
* VIP, VIP+ Investment Fund (Series II)
$80.532
ManuSelect Investment Protector 9/9
Sell/Buy
ManuSelect Achiever Fund
$2.607/2.744
ManuSelect Growth Fund
$2.415/2.542
ManuSelect Balanced Fund
$1.548/1.629
ManuSelect Stable Fund
$1.858/1.956
ManuSelect Global Fund
$2.109/2.220
ManuSelect Asia Pacific Fund
$2.869/3.020
ManuSelect Asian Small Cap Fund
$2.383/2.508
ManuSelect Australia Fund
$1.277/1.344
ManuSelect China Fund
$4.206/4.427
ManuSelect Eastern European Fund
$2.196/2.312
ManuSelect European Fund
$1.948/2.051
ManuSelect Hong Kong Fund
$2.935/3.089
ManuSelect India Fund
$2.098/2.208
ManuSelect Japan Fund
$0.936/0.985
ManuSelect Korea Fund
$1.183/1.245
ManuSelect Latin America Fund
$0.905/0.953
ManuSelect North American Fund
$2.231/2.348
ManuSelect Russia Fund
$0.665/0.700
ManuSelect Thailand Fund
$2.239/2.357
ManuSelect Turkey Fund
$0.987/1.039
ManuSelect US Small Cap Fund
$1.092/1.149
ManuSelect Asian Property Fund
$0.952/1.002
ManuSelect Global Resources Fund
$0.644/0.678
ManuSelect Healthcare Fund
$1.828/1.924
ManuSelect International Bond Fund
$1.234/1.299
Matrix / Alpha / Alpha Regular Investor 9/9
Unit price
MIL Achiever Fund
$1.012
MIL Growth Fund
$1.107
MIL Stable Fund
$1.191
MIL Global Fund
$0.990
MIL Allianz Asian Multi Income Plus Fund
$0.855
MIL Allianz Euroland Equity Growth Fund
$1.043
MIL Amundi Emerging Focus Fund
$0.909
MIL Amundi Global Luxury and Lifestyle Fund
$1.040
MIL Asia Pacific Fund
$1.040
MIL Asia-Pacific Equity Income Fund
$0.879
MIL Asian Small Cap Fund
$1.657
MIL Australia Fund
$0.793
MIL Baring ASEAN Frontiers Fund
$0.869
MIL Allianz Income and Growth Fund
$0.985
MIL Asia Pacific Income and Growth Fund
$0.913
MIL BlackRock Global Allocation Fund
$0.987
MIL BlackRock Global Corporate Bond Fund
$1.028
MIL Baring Europe Select Fund
$0.961
MIL BlackRock Global SmallCap Fund
$0.972
MIL China Fund
$1.265
MIL Citi China Select Fund
$0.956
MIL Eastern European Fund
$0.498
MIL European Fund
$0.767
MIL Fidelity Asian High Yield Fund
$1.052
MIL Fidelity China Consumer Fund
$1.001
MIL Fidelity European Dynamic Growth Fund
$0.985
MIL Fidelity International Fund
$1.036
MIL Global Property Fund
$1.065
MIL Henderson Global Technology Fund
$1.072
MIL Henderson Japanese Smaller Companies Fund
$1.126
MIL Hong Kong Fund
$1.063
MIL India Fund
$1.053
MIL Fidelity Global Multi Asset Income Fund
$0.974
MIL Invesco Asia Balanced Fund
$0.931
MIL International Growth Fund
$0.969
MIL Invesco Asian Equity Fund
$0.918
MIL Invesco Global High Income Fund
$1.026
MIL Invesco Japanese Equity Core Fund
$1.256
MIL Investec Global Energy Fund
$0.629
MIL Investec Global Gold Fund
$0.391
MIL Investec Global Natural Resources Fund
$0.621
MIL Japan Fund
$0.647
MIL JPMorgan ASEAN Fund
$0.728
MIL JPMorgan Emerging Markets Opportunities Fund
$0.804
MIL JPMorgan Korea Fund
$0.814
MIL Korea Fund
$0.754
MIL Latin America Fund
$0.657
MIL Middle East and North Africa Fund
$0.882
MIL Macquarie IPO China Gateway Fund
$1.192
MIL North American Fund
$1.247
MIL RHB-OSK Resources Fund
$0.538
MIL Russia Fund
$0.437
MIL PARVEST Bond Asia ex Japan Fund
$1.000
MIL Schroder Hong Kong Dollar Bond Fund
$1.264
MIL Schroder Emerging Markets Fund
$0.813
MIL Schroder Hong Kong Equity Fund
$0.964
MIL Taiwan Fund
$1.343

MIL Templeton Global Total Return Fund

$0.919
MIL Templeton Frontier Markets Fund
$0.925
MIL Thailand Fund
$2.016
MIL Turkey Fund
$0.848
MIL UBS Asian Consumption Fund
$0.833
MIL UBS China Opportunity Fund
$1.063
MIL UBS Euro High Yield Bond Fund
$1.031
MIL U.S. Bond Fund
$1.018
MIL US Small Cap Fund
$0.940
MIL Zeal Voyage China Fund
$1.135
MIL Franklin U.S. Opportunities Fund
$1.054
MIL Global Contrarian Fund
$0.852
MIL Asia Value Dividend Equity Fund
$0.990
MIL Asian Property Fund
$0.725
MIL Global Resources Fund
$0.558
MIL Greater China Opportunities Fund
$0.905
MIL Healthcare Fund
$1.497
MIL Asia Total Return Fund
$0.954
MIL Global Emerging Markets Debt Fund
$1.271
MIL Global Strategic Income Fund
$1.266
MIL International Bond Fund
$1.202
MIL Jupiter Global Convertibles Fund
$1.047
MIL U.S. Special Opportunities Fund
$0.974
MIL JPMorgan Multi Income Fund
$1.001
MIL Schroder Global Multi-Asset Income Fund
$0.937
MassMutual Asia Ltd
FLEXI Series Investment Choices 10/9
Global Equity Fund BP
$12.2043/12.8467
Global Equity Fund MS
$21.4675/22.5974
Global Growth Fund BP
$13.2098/13.9051
Global Growth Fund MS
$21.4742/22.6045
Global Balance Fund BP
$13.6230/14.3400
Global Balance Fund MS
$19.6993/20.7362
Global Steady Fund BP
$13.8862/14.6171
Global Steady Fund MS
$18.7900/19.7790
Global Bond Fund BP
$13.4121/14.1180
Global Bond Fund MS
$16.3591/17.2202
US Dollar Cash Fund BP
$10.9296/11.5049
Equity Asia Ex-Japan Fund BP
$9.7728/10.2872
Equity China Fund BP
$9.3563/9.8488
Equity World Emerging Fund BP
$7.1713/7.5488
Equity World Energy Fund BP
$6.8486/7.2091
Global Series and Premier-Choice Series Investment Choices 9/9
MassMutual Parvest Bond World Inflation-Linked Classic
-Capitalisation
$156.5200/156.5200
Global Series and Premier-Choice Series Investment Choices 10/9
MassMutual Baring German Growth Trust Class A
USD Acc
$8.9370/8.9370
MassMutual Baring Europe Select Trust
$39.2387/39.2387
MassMutual Fidelity Australian Dollar
Currency Fund
$25.3340/25.3340
MassMutual Fidelity Australia Fund A Sh
$40.6206/40.6206
MassMutual Fidelity European Growth Fd A Sh $15.8437/15.8437
MassMutual Fidelity Global Consumer Industries Fund
A Sh
$46.5360/46.5360
MassMutual Fidelity Global Financial Services Fund
A Sh
$31.4436/31.4436
MassMutual Fidelity Sterling Bond Fund A Sh
$0.7198/0.7198
MassMutual Franklin Templeton Eastern Europe Fund A
(Acc) Sh
$18.6730/18.6730
MassMutual JPMorgan Greater China Smlr Cos Fd $1.0727/1.0727
MassMutual-BlackRock Global Funds-Emerging Europe Fund
Class A
$80.7100/80.7100
MassMutual-BlackRock Global Funds-European Special Situations
Fund Class A
$41.0100/41.0100
MassMutual-BlackRock Global Funds-Japan Small & Mid Cap
Opportunities Fund Class A
$47.2100/47.2100
MassMutual Morgan Stanley Investment Funds European
Property Fund A Sh
$39.0900/39.0900
MassMutual Morgan Stanley Investment Funds Diversified
Alpha Plus Fund AH Sh
$32.6800/32.6800
MassMutual Schroder ISF Euro Bond A1 Sh
$20.7500/20.7500
MassMutual Schroder Euro Eqy Fund A1 Sh
$31.9850/31.9850
MassMutual Schroder Hong Kong Dollar Bond Fund
A1 Accumulation Sh
$2.4778/2.4778
MassMutual Schroder Hong Kong Eqy Fd A1 Sh $35.6810/35.6810
MassMutual Schroder HK Money Market Fund
$0.2025/0.2025
MassMutual Invesco Japanese Equity Core Fund A
(Acc USD Hedged)
$21.3300/21.3300
MassMutual Invesco Pan European Equity Fund A
(Adis)
$19.6200/19.6200
MassMutual Aberdeen Gbl-Japanese Eqy Fund A2 $3.5068/3.5068

Matthews Asia Funds 10/9

Asia Dividend Fund A Cap
Asia Dividend Fund A Cap
Asia Dividend Fund A Dist
Asia Dividend Fund A Dist
Asia Dividend Fund I Cap
Asia Dividend Fund I Dist
Asia Dividend Fund I Dist
Asia Focus Fund I Cap
Asia Sm Cies Fund A Cap
Asia Sm Cies Fund I Cap
Asia Sm Cies Fund I Cap
Asia Strategic Inc Fund A Cap
Asia Strategic Inc Fund A Dist
Asia Strategic Inc Fund I Cap
Asia Strategic Inc Fund I Dist
China Dividend Fund A Cap
China Dividend Fund A Dist
China Dividend Fund I Cap
China Dividend Fund I Dist
China Fund A Cap
China Fund A Cap
China Fund I Cap
China Fund I Cap
China Sm Cies Fund A Cap
China Sm Cies Fund I Cap
India Fund A Cap
India Fund A Cap
India Fund I Cap
India Fund I Cap
Pacific Tiger A Cap
Pacific Tiger A Cap
Pacific Tiger I Cap
Pacific Tiger I Cap

MFS Meridian Funds SICAV 10/9

Absolute Return A1
Asia ex-Japan Fund-A1
China Equity Fund-A1
Continental European Equity Fund-A1
Emg Markets Debt Fund-A1
Emg Markets Debt Loc.Curr.Fund-A1
Emg Markets Equity Fund-A1
European Concentrated Fund A1
European Core Equity Fund A1
European Research-A1
European Smaller Companies Fund-A1
European Value Fund-A1
Global Concentrated-A1
Global Credit Fund-A1
Global Energy Fund-A1
Global Equity Fund-A1
Global Equity Fund-A1
Global High Yield Fund A1
Global High Yield Fund-A1
Global Multi-Asset-A1
Global Research-A1
Global Total Return Fund-A1
Inflation-Adjusted Bond Fund-A1
Japan Equity Fund-A1
Latin American Equity Fund-A1
Limited Maturity Fund-A1
Prudent Wealth Fund A1
Research Bond Fund-A1
UK Equity Fund-A1
US Concentrated Growth A1
US Government Bond Fund-A1
US Value Fund-A1

NAV
12.72
$12.97
11.68
$11.97
$13.32
11.78
$12.08
$8.52
$9.62
10.02
$9.74
$9.41
$9.06
$9.46
$9.11
$10.80
$10.19
$10.94
$10.36
9.30
$9.36
9.52
$10.22
$11.41
$11.61
12.43
$11.95
12.70
$12.20
12.09
$11.85
12.38
$12.65

NAV
19.56
$21.7
$8.93
16.91
$32.86
$10.91
$9.89
17.03
30.38
31.54
49.66
34.44
$34.79
$10.4
$12.34
24.69
$43.85
16.09
$24.87
$15.31
$25.21
16.93
$13.91
$9.63
$11.71
$14.03
$14.38
$16.53
7.82
$14.65
$17.04
$20.9

Mirae Asset Global Discovery Fund

10/9NAV
Mirae Asset Korea Equity Fund A USD
$11.17
Mirae Asset Korea Equity Fund A EUR
9.85
Mirae Asset Korea Equity Fund A SGD Hedged
Mirae Asset Korea Equity Fund I USD
$14.79
Mirae Asset Korea Equity Fund I EUR
10.56
Mirae Asset Korea Equity Fund I SGD Hedged
Mirae Asset China Sector Leader Eqy Fund A USD
$11.71
Mirae Asset China Sector Leader Eqy Fund A EUR
5.89
Mirae Asset China Sector Leader Eqy Fund A SGD Hedged
Mirae Asset China Sector Leader Eqy Fund I USD
$11.63
Mirae Asset China Sector Leader Eqy Fund I EUR
7.83
Mirae Asset China Sector Leader Eqy Fund I SGD Hedged
Mirae Asset India Sector Leader Eqy Fund A USD
$12.23
Mirae Asset India Sector Leader Eqy Fund A EUR
Mirae Asset India Sector Leader Eqy Fund A SGD Hedged
Mirae Asset India Sector Leader Eqy Fund I USD
$12.51
Mirae Asset India Sector Leader Eqy Fund I EUR
Mirae Asset India Sector Leader Eqy Fund I SGD Hedged
Mirae Asset Asia Pacific Equity Fund A USD
$13.78
Mirae Asset Asia Pacific Equity Fund A EUR
11.35
Mirae Asset Asia Pacific Equity Fund A SGD Hedged
Mirae Asset Asia Pacific Equity Fund I USD
$14.71
Mirae Asset Asia Pacific Equity Fund I EUR
8.29
Mirae Asset Asia Pacific Equity Fund I SGD Hedged
Mirae Asset Asia Sector Leader Equity Fund A USD
$10.50
Mirae Asset Asia Sector Leader Equity Fund A EUR
8.06
Mirae Asset Asia Sector Leader Equity Fund I USD
$10.64
Mirae Asset Asia Sector Leader Equity Fund I EUR
Mirae Asset Asia Great Consumer Equity Fund A USD
$12.11
Mirae Asset Asia Great Consumer Equity Fund A EUR
10.12
Mirae Asset Asia Great Consumer Equity Fund I USD
$12.39
Mirae Asset Asia Great Consumer Equity Fund I EUR
Mirae Asset GEM Sector Leader Equity Fund A USD
$9.82
Mirae Asset GEM Sector Leader Equity Fund A EUR
8.39
Mirae Asset GEM Sector Leader Equity Fund I USD
$10.28
Mirae Asset GEM Sector Leader Equity Fund I EUR
8.49
Mirae Asset GEM Great Consumer Equity Fund A USD
$9.75
Mirae Asset GEM Great Consumer Equity Fund A EUR
Mirae Asset GEM Great Consumer Equity Fund I USD
$9.69
Mirae Asset Global Great Consumer Equity Fund I EUR
Mirae Asset GEM Great Consumer Equity Fund A USD
Mirae Asset GEM Great Consumer Equity Fund A EUR
Mirae Asset GEM Great Consumer Equity Fund I USD
$12.79
Mirae Asset GEM Great Consumer Equity Fund I EUR
Mirae Asset Asia Pacific Dividend Equity Fund A USD
Mirae Asset Asia Pacific Dividend Equity Fund A EUR
Mirae Asset Asia Pacific Dividend Equity Fund I USD
Mirae Asset Asia Pacific Dividend Equity Fund I EUR
-

Morgan Stanley Investment Funds 10/9

Asian Equity Fund-A
Asian Property Fund-A
Diversified Alpha Plus Fund-AH
Emerging Europe, Middle East&Africa Eqy Fund-A
Emerging Markets Debt Fund-A
Emerging Markets Domestic Debt Fund-A
Emerging Markets Equity Fund-A
European Equity Alpha Fund-A
European Property Fund-A
Global Bond Fund-A
Global Brands Fund-A
Global Brands Fund-AH
Global Brands Fund-AX
Global Convertible Bond Fund-A
Global Infrastructure Fund-A
Latin American Equity Fund-A
US Advantage Fund-A
US Growth Fund-A
US Property Fund-A

NAV
$39.73
$16.98
$32.68
$72.10
$75.05
$26.27
$32.48
$48.63
$39.09
$38.65
$91.74
57.20
$36.04
$42.27
$45.80
$37.82
$55.07
$65.26
$62.34

NATIXIS International Funds (Lux) 9/9

Harris Assoc Concent US Equity R/A
Harris Assoc Concent US Equity R/D
Harris Assoc Concent US Equity R/D
Harris Assoc Global Equity C/A
Harris Assoc Global Equity H-RE/A
Harris Assoc Global Equity R/A
Harris Assoc Global Equity RE/A
Harris Assoc Global Equity R/A
Harris Assoc Global Equity R/A
Harris Assoc Global Equity R/D
Harris Assoc US Equity Fund R/A
Harris Assoc US Equity Fund R/A
Harris Assoc US Equity Fund R/D
Emerise Emerging Europe Equity Fund RE/A
Emerise Emerging Europe Equity Fund R/A
Emerise Emerging Europe Equity Fund R/A
Emerise Emerging Europe Equity Fund R/D
Natixis Europe Smaller Co R/A
Natixis Europe Smaller Co R/D
Natixis Euro High Income Fund H-I/A
Natixis Euro High Income Fund I/A
Natixis Euro High Income Fund I/D
Natixis Euro High Income Fund R/A
Natixis Euro High Income Fund R/D
Natixis St Global High Income I/A
NCB Investment Funds 10/9
NCB China Balanced Fund
NCB China Equity Fund
NCB China Resources Opportunities Fund
NCB HK Dollar Money Market Fund
Nikko Asset Management Hong Kong Ltd
Nikko AM Hong Kong Ltd Strategic Series 9/9
Nikko AM China Multi Access Opportunities Fund

NAV
$154.92
94.11
$86.77
$211.92
115.36
SGD128.16
$142.66
228.13
$253.77
$226.52
182.89
$204.19
$142.43
$56.88
41.20
$45.96
$43.03
128.22
54.43
$108.48
139.87
95.64
133.39
91.33
$105.09
NAV
HK$10.5398
HK$9.9903
HK$4.9522
HK$10.7291

Old Mutual Global Investors Series plc 10/9

Old Mutual Emerging Market Debt Fund A
Old Mutual Emerging Market Debt Fund A
Old Mutual Emerging Market Debt Fund AH
Old Mutual Emerging Market Debt Fund AI
Old Mutual Emerging Market Debt Fund I
Old Mutual Emerging Market Debt Fund AH
Old Mutual European Equity Fund A
Old Mutual European Equity Fund A
Old Mutual Global Bond Fund A
Old Mutual Global Bond Fund AH
Old Mutual Global Bond Fund AI
Old Mutual Japanese Equity Fund A
Old Mutual Japanese Equity Fund A
Old Mutual Japanese Equity Fund AH
Old Mutual Japanese Equity Fund AHU
Old Mutual Pacific Equity Fund A
Old Mutual Pacific Equity Fund A
Old Mutual Total Return USD Bond Fund A
Old Mutual Total Return USD Bond Fund AI
Old Mutual Total Return USD Bond Fund AH
Old Mutual Total Return USD Bond Fund AH
Old Mutual UK Alpha Fund (IRL) A
Old Mutual UK Alpha Fund (IRL) A
Old Mutual UK Alpha Fund (IRL) A
Old Mutual UK Alpha Fund (IRL) AH
Old Mutual UK Alpha Fund (IRL) AHU
Old Mutual UK Alpha Fund (IRL) I
Old Mutual UK Alpha Fund (IRL) I1H
Old Mutual World Equity Fund A
Old Mutual World Equity Fund I
Monthly Income High Yield Bond Fund A
Monthly Income High Yield Bond Fund AUI
Old Mutual Pacific Equity Fund I-5/8

NAV
$19.9526
17.7664
13.7752
$8.9990
$11.1947
A$9.5076
0.9198
$18.9804
$1.8391
11.1920
$8.3612
88.7957
$11.7790
17.0336
$11.4585
$2.9700
28.9606
$18.7639
$10.9985
11.0742
A$10.5707
9.4736
$9.1769
10.4497
SGD9.9996
$9.9838
$9.1337
$9.7165
$1.1878
$12.2386
$9.8903
$9.4229
$11.6812

NAV
$0.709

Total Ret.Bd Investor Inc

$16.69
Total Ret.Bd M HKD (UnHdg) Inc
HK$9.79
US High Yield Bond E Inc
$10.47
US High Yield Bond E (Hedg) Acc
22.63
US High Yield Bond H Inst Acc
$27.41
US High Yield Bond M Ret Inc
$10.54
US High Yield Bond Inv E Acc
$25.72
Principal Asset Management Company (Asia) Ltd
Principal Prosperity Series 10/9
bid/offer
Principal Asia Pacific High Dividend Eqy Fund (Inc)
$24.88/26.14
Principal Global Selection Fund Series 10/9
NAV
Principal BRIC Emerging Economies Fund
$8.7015
Principal Life Style Fund (Retail Class) 10/9
NAV
Principal Asian Equity Fund
HK$32.4485
Principal International Bond Fund
HK$11.3624
Principal International Equity Fund
HK$21.8313
Principal Hong Kong Dollar Savings Fund
HK$11.5526
Principal U.S. Equity Fund
HK$14.7595
Principal Hong Kong Equity Fund
HK$26.0554
Principal China Equity Fund
HK$11.4653
Principal Hong Kong Bond Fund
HK$10.5880
Principal Life Style Fund (R6 Class Units) 10/9
NAV
Principal Hong Kong Equity Fund
HK$8.8854
Principal China Equity Fund
HK$8.4745
Principal Hong Kong Bond Fund
HK$9.9885
Principal Pooled Retirement Plan-PD 10/9
NAV
Capital Stable Portfolio
HK$73.4773
Stable Growth Portfolio
HK$107.4967
Balanced Growth Portfolio
HK$137.7688
Aggressive Growth Portfolio
HK$88.7224
Long Term Guaranteed Portfolio
HK$129.7799
Capital Guaranteed Portfolio
HK$115.5429
PT. Ciptadana Asset Management 2/9
NAV
Equity Fund: Indonesian Growth Fund
$113.90
Prudential Hong Kong Limited 10/9
Investment Funds
/bid/offer
Money Market
Money (US$) Fund-11/9
$1.0000/1.0000
Annualised Yield (%)0.0306
Bonds
PRUlink Schroder Hong Kong Dollar Bond Fund
$2.6718/2.6718
USD Bond Fund
$18.5171/18.5171
Equity Global
Global Equity Fund
$14.5985/14.5985
Global Growth Fund
$27.1302/27.1302
Global Growth Fund (Pension)
$27.7343/27.7343
Global Growth Fund (Pension)
HK$216.0502/216.3275
Equity Developed Countries
PRUlink Fidelity European Growth Fund
$15.3455/15.3455
Equity Asia
Pacific (ex-Japan) Equity Fund
$20.0796/20.0796
Equity Greater China / China
Dragon Growth Fund
$24.0046/24.0046
PRUlink China Equity Fund
$6.6156/6.6156
Equity Emerging Markets
PRUlink Eastspring Investments India Eqy Fund $14.7380/14.7380
Portfolio Fund
PRUmanaged Steady Fund
$14.8330/14.8330
PRUmanaged Balanced Fund
$17.5416/17.5416
PRUmanaged Growth Fund
$19.6173/19.6173
Public Mutual Berhad 10/9
NAV
Public Ittikal Fund
MYR0.8411
Robeco Hong Kong Limited
Robeco Capital Growth Funds 10/9
NAV
Active Quant Em. Mkt Eq. D (EUR)
124.96
Active Quant Em. Mkt Eq. D (USD)
$82.68
Asia-Pacific Eq. D (USD)
$142.64
Asia-Pacific Eq.(EUR)
125.86
Chinese Eq. D (USD)
$127.84
Chinese Eq.(EUR)
70.75
Emerging Markets Eq.(EUR)
134.85
Emerging Markets Eq.(USD)
$113.81
Emerging Stars Eq.(EUR)
110.29
Euro Gov. Bonds DH (EUR)
152.39
Global Consumer Trends Eq. D(EUR)
145.2
Global Consumer Trends Eq. M(EUR)
196.26
Global Consumer Trends Eq. M(USD)
$154.26
Global Growth Trends Eq. D(EUR)
116.45
Global Growth Trends Eq. F(EUR)
117.54
High Yield Bonds 0DH (USD)
$119.19
High Yield Bonds BxH(USD)
$96.54
High Yield Bonds DH (EUR)
125.34
High Yield Bonds DH (USD)
$130.41
High Yield Bonds EH (EUR)
105.51
Property Equities D (EUR)
135.56
Property Equities M (USD)
$125.84
RobecoSAM Sust.Agrib. Eq. D (USD)
$96.33
US Large Cap Eq. D (EUR)
225.4
US Large Cap Eq. D (USD)
$152.29
US Premium Eq.(EUR)
175.15
US Premium Eq.(USD)
$195.64

m
m
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W

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W
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mm

%
%
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M
M

MPF/ORSO FUNDS
m

M
m

M
M
M

w
w

m
M

M
M

M
M
Pictet 9/9
Pictet-Agriculture-P EUR
Pictet-Agriculture-P USD
Pictet-Asian Equities Ex Japan-H P EUR-10/9
Pictet-Asian Equities Ex Japan-P EUR-10/9
Pictet-Asian Equities Ex Japan-P USD-10/9
Pictet-Asian Local Cur. Debt-P USD-10/9
Pictet-Asian Local Cur. Debt-P dm USD-10/9
Pictet-Asian Local Cur. Debt-P dy USD-10/9
Pictet-Clean Energy-R USD
Pictet-Clean Energy-P USD
Pictet-Clean Energy-P EUR
Pictet-Digital Communication-P USD
Pictet-Digital Communication-P EUR
Pictet-Eastern Europe-P EUR
Pictet-Emerging Corp. Bonds-P USD
Pictet-Emerging Corp. Bonds-P dm USD
Pictet-Emerging Local Cur. Debt-P USD
Pictet-Emerging Local Cur. Debt-P dm EUR
Pictet-Emerging Local Cur. Debt-P dm USD
Pictet-Emerging Markets-H P EUR-10/9
Pictet-Emerging Markets-P EUR-10/9
Pictet-Emerging Markets-P USD-10/9
Pictet-Emerging Mkt Hgh Div P USD-10/9
Pictet-Emerging Mkt Hgh Div P dm USD-10/9
Pictet-Emerging Mkt Hgh Div P dy USD-10/9
Pictet-Environmental Megatr. Sel.-P EUR
Pictet-Environmental Megatr. Sel.-Pdy EUR
Pictet-Environmental Megatr. Sel.-P USD
Pictet-Environmental Megatr. Sel.-Pdy USD
Pictet-European Equity Selection-P EUR
Pictet-EUR Short Mid-Term Bonds-P
Pictet-Global Emerging Debt-H P EUR
Pictet-Global Emerging Debt-H P dm AUD
Pictet-Global Emerging Debt-Pdm HKD
Pictet-Global Emerging Debt-Pdm USD
Pictet-Global Emerging Debt-P USD
Pictet-Global Megatrend Selection-P EUR
Pictet-Global Megatrend Selection-P HKD
Pictet-Global Megatrend Selection-R USD
Pictet-Global Megatrend Selection-P USD
Pictet-Global Megatrend Selection-H P EUR
Pictet-Global Megatrend Selection-Pdy GBP
Pictet-Global Megatrend Selection-H P AUD
Pictet-High Dividend Selection-HP USD
Pictet-High Dividend Selection-HPdm AUD
Pictet-High Dividend Selection-HPdm GBP
Pictet-High Dividend Selection-HPdm HKD
Pictet-High Dividend Selection-HPdm USD
Pictet-High Dividend Selection-Pdy EUR
Pictet-High Dividend Selection-P EUR
Pictet-High Dividend Selection-Pdm EUR
Pictet-High Dividend Selection-Pdm GBP
Pictet-High Dividend Selection-Pdm SGD
Pictet-High Dividend Selection-Pdm USD
Pictet-High Dividend Selection-P USD
Pictet-Japanese Equity Selection-H P EUR-10/9
Pictet-Japanese Equity Selection-H P USD-10/9
Pictet-Japanese Equity Selection-P EUR-10/9
Pictet-Japanese Equity Selection-P JPY-10/9
Pictet-LATAM Lc Ccy Dbt-Pdm HKD
Pictet-LATAM Lc Ccy Dbt-Pdm USD
Pictet-LATAM Lc Ccy Dbt-P EUR
Pictet-LATAM Lc Ccy Dbt-P USD
Pictet-Premium Brands-H R USD
Pictet-Premium Brands-H P USD
Pictet-Premium Brands-P EUR
Pictet-Premium Brands-P USD
Pictet-Russian Equities-P EUR
Pictet-Russian Equities-P USD
Pictet-Security-P EUR
Pictet-Security-P USD
Pictet-Timber-H P EUR
Pictet-Timber-P EUR
Pictet-Timber-P USD
Pictet-US Equity Selection-H P EUR
Pictet-US Equity Selection-P USD
Pictet-Water-H P USD
Pictet-Water-P USD
Pictet-Water-P EUR
Permal Multi-Manager Funds (Lux) 31/8
Advantage Multi-Strategy Fund Class A (USD)
Advantage Multi-Strategy Fund Class A (EUR)
Advantage Multi-Strategy Fund Class C (USD)
Advantage Multi-Strategy Fund Class C (EUR)
Natural Resources Fund Class A (USD)
Natural Resources Fund Class A (EUR)
Natural Resources Fund Class C (USD)
Natural Resources Fund Class C (EUR)

NAV
176.7200
$197.3500
129.6800
154.9200
$173.2600
$139.2400
$131.1400
$112.7900
$70.1000
$74.3100
66.5400
$211.7500
189.6100
247.6200
$103.2500
$93.5800
$143.4600
108.6000
$87.9500
286.1400
380.7600
$425.8300
$90.7700
$79.3900
$82.5500
144.8300
144.6300
$161.7400
$161.5400
582.6400
133.7000
232.9800
A$150.0900
HK$1258.1600
$161.4200
$329.0700
185.0400
HK$1601.4800
$194.2400
$206.6100
139.6700
134.4100
A$235.6400
$180.2100
A$162.0800
101.3400
HK$1151.5200
$173.6100
120.8900
143.5400
119.6400
86.3500
SGD189.7000
$130.0000
$160.3000
85.8200
$102.8800
94.8500
12859.2900
HK$456.4900
$58.4300
92.4400
$102.4200
$164.8800
$181.5700
136.6100
$152.5500
34.0000
$37.9700
160.6000
$179.3500
89.8400
123.5700
$138.0000
125.8500
$171.3800
$296.8300
$258.6300
231.5900
NAV
$1521.23
1354.04
$1342.99
1200.80
$1133.62
1032.45
$1009.24
923.18

Schroder Investment Management (HK) 10/9

Schroder Asian Asset Income Fund - AUD Hedged A Dis
Schroder Asian Asset Income Fund - HKD A Acc
Schroder Asian Asset Income Fund - HKD A Dis
Schroder Asian Asset Income Fund - HKD C Acc
Schroder Asian Asset Income Fund - HKD C Dis
Schroder Asian Asset Income Fund - USD A Acc
Schroder Asian Asset Income Fund - USD A Dis
Schroder Asian Asset Income Fund - RMB Hedged A Dis
Schroder Global Allocator Fund - USD A Acc
Schroder Global Allocator Fund - USD A Dis
Schroder Global Allocator Fund - HKD A Acc
Schroder Global Allocator Fund - HKD A Dis
Schroder Global Allocator Fund - AUD Hedged A Dis
Schroder Global Allocator Fund - RMB Hedged A Dis
Schroder Global Allocator Fund - USD C Acc
Schroder China Equity Alpha Fund - USD A Acc
Schroder China Equity Alpha Fund - USD C Acc
Schroder Balanced Investment Fund - HKD A Acc
Schroder Balanced Investment Fund - HKD C Acc
Schroder Balanced Investment Fund - HKD C Dis
Schroder Balanced Investment Fund - USD A Acc
Schroder Balanced Investment Fund - USD C Acc
Schroder Capital Stable Fund - HKD C Acc
Schroder Capital Stable Fund - USD A Acc
Schroder Capital Stable Fund - USD C Acc
Schroder Growth Fund - HKD C Acc
Schroder Growth Fund - USD A Acc
Schroder Growth Fund - USD C Acc
Schroder Stable Gr

M
M

NAV
A$9.33
HK$123.87
HK$98.89
HK$127.66
HK$101.95
$12.45
$9.94
CNY93.95
$8.82
$8.50
HK$88.12
HK$84.87
A$8.48
CNY85.67
$8.89
$136.89
$140.68
HK$45.31
HK$46.73
HK$40.44
$5.85
$6.03
HK$22.53
$10.86
$2.91
HK$21.21
$11.12
$2.74

M
M

M M

M
M

M
M
M
M
M
M
M
M
M
M
M
M

M
M
M
M
M
M
M
M
M
M
M
M

M
M

M
M

m
m
m
m
m
m

m
m M
m M
m

m
M
M
M

m
M

mM
mM
mM
m
m
m
m
m
m
m
m
m

M
M
M
M

M
M
M
m
M
M
M
m
M

M
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m
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W
M

m
m
m

NAV
$5.54
$3.89
6.02
$17.84
$12.44
13.67
11.31
$14.81
$10.57
$8.67
11.81
HK$7.5
$9.99
$7.16
12.27
SGD50.5
$34.84
$10.59
31.7
$37.35
$9.44
$10.98
$9.38
11.78
20.59
11.21
11.44
$25.38
$12.68
23.18
13.28
$11.79
$10.82
$27.1
$18.64
$10.73
20.74
12.67
$19.65
$9.68
$10.5
$15.59
$13.24
15.83
10.68
13.68
SGD10.14
$17.44
$16.51
$12.88
15.97
12.7
$17.67
$12.18
$11.02
9.09
$11.23
$24.8
19.14
10.08
HK$10.05
$12.51
SGD36.7
SGD9.9
$26.49
$27
$16.47
$25.44

%
%

m
m
m

PIMCO Funds: Global Investors Series plc 10/9

Commodity Real Return E Acc
Commodity Real Return E Inc
Commodity Real Return E (Hedg) Acc
Diversified Income E Acc
Diversified Income E Inc
Diversified Income E (Hedg) Acc
Diversified Income E (Hedg) Inc
Diversified Income H Inst Acc
Diversified Income M Ret Inc
Emerging Asia Bd E Inc
Emerging Asia Bd E EUR (Unhdg) Acc
Emerging Asia Bd M Ret (Unhedg)
Emerging Local Bond E Acc
Emerging Local Bond E Inc
Emerging Local Bd E EUR (Unhdg) Acc
Emerging Markets Bd E Acc
Emerging Markets Bd E Acc
Emerging Markets Bd E Inc
Emerging Markets Bd E EUR (Hedg) Acc
Emerging Markets Bd H Inst Acc
Emerging Markets Bd M Ret Inc
Emerging Markets Currency E Acc
Emerging Markets Currency E Inc
Emerging Markets Currency E (unhdg) Acc
Euro Bond E Acc
Euro Bond E Inc
Euro Short-Term E Acc
Global Bond E Acc
Global Bond E Inc
Global Bond E EUR (Hedg) Acc
Global Bond E GBP (Hedg) Inc
Global Bond E USD (Cry Exposure) Acc
Global Bond E USD (Cry Exposure) Inc
Global Bond H Inst Acc
Global High Yield Bd E Acc
Global High Yield Bd E Inc
Global High Yield Bd E EUR (Hedg) Acc
Global High Yield Bd E GBP (Hedg) Inc
Global High Yield Bd H Inst Acc
Global High Yield Bd H Inst Inc
Global High Yield Bd M Ret Inc
Global Inv.Grd.Crdt E Acc
Global Inv.Grd.Crdt E Inc
Global Inv.Grd.Crdt E EUR(Hedg) Acc
Global Inv. Grd. Crdt E EUR (Hedg) Inc
Global Inv. Grd. Crdt E GBP (Hedg) Inc
Global Inv. Grd. Crdt E SGD (Hedg) Inc
Global Inv.Grd.Crdt H Inst Acc
Global Real Return E Acc
Global Real Return E Inc
Global Real Return E (Hedg) Acc
Global Real Return E (Hedg) Inc
Global Real Return H Inst Acc
Low Average Duration E Acc
Low Average Duration E Inc
Low Average Duration E EUR (Hedg) Acc
Low Average Duration H Inst Acc
Total Ret.Bd E Acc
Total Ret.Bd E EUR (Hedg) Acc
Total Ret.Bd E EUR (Hedg) Inc
Total Ret.Bd E HKD (UnHdg) Acc
Total Ret.Bd E Inc
Total Ret.Bd E SGD (Hedg) Acc
Total Ret.Bd E SGD (Hedg) Inc
Total Ret.Bd H Inst Acc
Total Ret.Bd Inst Acc
Total Ret.Bd Inst Inc
Total Ret.Bd Investor Acc

M
M
M
M
M

m
M

mM
mM
mM
mM
mM
mM

m
M

m
m

M
M

m
M

M
m
M
m

M
M
M
M
M
M
M
M
M
M
M

m
m
m
m
m
m
m
m
m
m

m
m
m
M

m
M

m
m

m
m

wM
M
M
M
M

m
M

m
M
M

M
m
m

MM
MM
M
M
M
m

m
m
m
M
M
M

MM
MM

M
M
MM
MM
M
M

M
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M
m

M
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M
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m
m

B8 Saturday, September 12, 2015

DIVERSITY

The other half

Seen as a future candidate for first female prime minister, lawmaker Seiko
Noda is battling to empower Japanese women and fix the ailing economy
................................................
William Pesek
Anyone wondering why Japan is
skirting yet another recession
should spend an hour with lawmaker Seiko Noda.
In a nation that chronically
underappreciates the talents of
women (Japan trails Saudi Arabia
and Bangladesh in terms of the
number of females in politics),
Noda is a trailblazer.
In 1989, at 37, she became
Japans youngest post-war cabinet member. Her skill in navigating around the jeers and contempt of male colleagues caught
the attention of then-Japanese
leader Keizo Obuchi, who famously dubbed Noda the future
candidate for female prime minister.
Noda took that notion out for
a test-ride earlier this month,
quietly seeking support to challenge Prime Minister Shinzo Abe
in party elections. (She withdrew
the challenge on September 8
due to lack of support.)
Her rallying cry: Abes government has ignored economic reforms and demographic challenges to the detriment of Japans
global status.
Abe came to power in December 2012 with a mandate to put
Japan back on top. Chinas gross
domestic product had just surpassed Japans, as President Xi
Jinping rolled out an ambitious
charm offensive in Asia.
Abes Liberal Democratic
Party won over voters with
pledges of shock therapy to end
deflation and raise living standards.
But it was an audacious bait
and switch. Abes real agenda
was tightening government secrecy laws, restarting nuclear
reactors Japan came to fear after
the March 2011 earthquake, and
reinterpreting the nations pac-

Seiko Noda was one of Japans

first female power brokers.

Parliament was
and is led by
men and by the
LDP, which is a
paradise for men
SEIKO NODA, LAWMAKER

ifist constitution so that it can

send soldiers to fight abroad.
Lawmakers who are practically defence nerds are suddenly
flinging these unfamiliar ideas at
the public, Noda said in a July
interview.
Along with Japans democracy, the economy is a clear casualty of Abes pet projects. Rather
than bold deregulation loosening labour markets, supporting

32%
The drop in the Japanese yen
against the US dollar since
late 2012

entrepreneurs, slashing trade

barriers, or creating an energy renaissance Abe has served up a
few platitudinous tweaks. Efforts
to empower women, an issue
close to Nodas heart, are a case in
point.
There is no quicker or more
obvious fix to Japans 20-year
malaise than better utilising the
half of its 126 million people who
are female.
Kathy Matsui of Goldman
Sachs, an early champion of
womenomics, says Japans
GDP would get a 15 per cent
boost if the female employment
rate matched that of men (about
80 per cent).
Abe himself has trotted Matsui out to demonstrate his determination to help women shine.
His choice of words would also
aptly describe policies that are
meant to draw attention, but
have little real substance.
On August 28, the parliament
passed a law to promote the role
of women in the labour force. But
it is more data dump than gender
revolution. Companies with
more than 300 workers must set
targets for promoting women
and disclose metrics.
There is nothing mandatory:
no penalties for ignoring the law,
little about companies discriminating against women who get
pregnant, and few demands for
more flexible schedules or rethinking the notoriously long
(and mostly unproductive) hours
that Japanese workers endure.
In other words, the greyhaired men writing Japans gender laws have not got a clue.
Parliament was and is led by
men and by the LDP, which is a
paradise for men, Noda says.
The risks from Japans low
birthrate have been ignored, because men were in power, she argues.
Its hard to change if only

men are involved. We need the

power of women, she says.
If the status quo is a paradise
for men, it is hell for Japans fiscal
trajectory. Why is it that Japan is
winning tidal waves of shortterm hot money, but scant foreign direct investment, even with
the yen down 32 per cent against
the US dollar since late 2012?
Because a crushing debt load
(more than twice the size of the
economy), negligible birth rate
(about 1.4 per woman), and fastageing population (26 per cent
over 65) scare big-picture executives. This governments focus on
national security and hollow talk
of raising Japans game arent
helping.
If you want children to be
born, you need women, Noda
says. But their voices have not
been heard. So no one has dealt
with all the issues surrounding
children and we are facing this
fatal problem.
Mothers, Noda explains, are
disadvantaged at work by a range
of factors, including shortages of
childcare, gender pay gaps and
inflexible working hours, none of
which are addressed by Abes
womenomics programme.
The same goes for role models. Asked what is missing, Matsui
and Lean In author Sheryl Sandberg lament a lack of trailblazers.
Not a single Nikkei-225 company
is run by a Japanese woman.
For all his feminist rhetoric,
Abe has yet to give women any of
the big jobs.
Noda has sparked her share of
national debates, from being one
of Japans first female power brokers, to becoming a mother at 50,
to demanding that women
should be allowed to keep their
maiden names after marriage, to
breaking with Abe on his nationalist polities.
Imagine what she could do as
prime minister. And imagine if
such fresh thinking had a chance
to revitalise a nation that is ignoring half its people.
Bloomberg

Seiko Noda was Japans youngest post-war cabinet member in 1989 when she was 37. Photo: Kyodo

MARKET TALK
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CON CATHAY PACIFIC AIRWAYS: Rolls-Royce ha
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Cathay Pacific launches new service from Hong Kong

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Note: All data as at 6pm yesterday

CURRENCY CALCULATOR
Australia $

China

Phil

Spore

0.4579

0.9357

4.515

0.6264

5.48

46.88

85.29

836.4

3.071

1.12

73.86

33.05

0.9994

9.636

0.6881

22.88

25.5

0.7071

2.043

9.86

1.368

11.97

102.37

186.2

1826

6.705

2.447

161.29

72.18

2.182

21.04

1.503

49.96

55.68

1.544

4.826

0.6694

5.857

50.1

91.15

893.8

3.282

1.197

78.93

35.32

1.068

10.298

0.735

24.45

27.25

0.7557

0.1387

1.2137

10.382

18.89

185.2

0.68

0.2481

16.357

7.32

0.2213

2.134

0.1524

5.067

5.646

0.1566

8.749

74.84

136.2

1335

4.902

1.789

117.91

52.77

1.595

15.383

1.099

36.52

40.7

1.1289

8.554

15.56

152.6

0.5603

0.2044

13.477

6.031

0.1824

1.758

0.1256

4.174

4.652

0.129

1.819

17.84

0.0655

0.0239

1.575

0.705

0.0213

0.2055

0.0147

0.488

0.5438

0.0151

9.81

0.036

0.0131

0.866

0.3876

0.0117

0.113

0.0081

0.2682

0.2989 0.0083

0.0013

0.088

0.0395

0.0012

0.0115 0.0008

0.0274

0.0305 0.0008

0.3649

24.05

10.76

0.3255

Canada $

1.069

0.4894

China Rmb

0.221

0.1014

0.2072

Euro

1.597

0.7311

1.494

7.209

Hong Kong $

0.1825

0.0836

0.1707

0.824

0.1143

India

Japan

India R

0.0213 0.0098

0.02

0.0963

0.0134

0.1169

Japan

0.0117 0.0054

0.011

0.0529

0.0073

0.0643

0.5497

0.0011 0.0054 0.0007

0.0066

0.0561

0.102

1.785

15.27

27.77

South Korea W

0.0012 0.0005

Malaysia RM

0.3257

0.1491

0.3047

1.471

0.204

4.03

Korea

Mal

0.0037
272.4

NZ

Pstan

65.92

S Africa

Switz

3.138

0.2241

8.6

New Zealand $

0.8925

0.4087

0.8351

0.559

4.891

41.84

76.12

746.5

2.741

Pakistan R

0.0135 0.0062

0.0127

0.0611 0.0085

0.0742

0.6347

1.1547

11.324

0.0416

0.0152

Philippines P

0.0303

0.0139

0.0283

0.1366

0.019

0.1658

1.4183

2.58

25.3

0.0929

0.0339

2.235

Singapore $

1.001

0.4582

0.9363

4.518

0.6268

5.484

46.91

85.34

836.9

3.073

1.121

73.9

33.07

0.1038

0.0475

0.0971 0.4686

0.065

0.5688

4.865

8.85

86.8

0.3187

0.1163

7.665

3.43

1.453

0.6654

1.3598

6.562

0.9102

7.964

68.12

123.93

1215.4

4.462

1.628

107.33

48.03

1.452

14.002

0.02 0.0409

0.1974

0.0274

0.2396

2.049

3.728

36.56

0.1342

0.049

3.228

1.445

0.0437

0.4212

0.0301

Switzerland Sfr

SCMP

Figures are mid-price TT rates provided by HKAB

Canada

2.184

Euro

HK

Britain

Britain

South Africa rand

Cathay Pacific Airways: Extends European network

with launch of new Madrid service. Cathay Pacific
extends European network with launch of new...

Sentifi.com

Aust

0%
0%
0%

4 Traders
Analysis of the
most talked
about stocks
in Hong Kong
and the
mainland.
Get it in real
time on
scmp.com/
Business

Taiwan

7.45

Thai

US

8.3

0.2303

22.76

0.6311

29.5

0.892

0.6142

20.42

0.4475

0.0135

0.1305 0.0093

0.3097

0.3452 0.0096

0.0302

0.2915

0.0208

0.6921

0.7713

0.0214

9.642 0.6886

22.89

25.51

0.7075

0.0714

2.374

2.646

0.0734

33.24

37.05

1.0275

0.1037

1.114 0.0309

Taiwan $

0.0437

Thailand Bt

0.0392

0.018

0.0367

0.1771

0.0246

0.215

1.839

3.345

32.8

0.1204

0.0439

2.897

1.296

0.0392

0.3779

0.027

0.8973

1.414

0.6476

1.323

6.386

0.886

7.751

66.3

120.6

1183

4.343

1.585

104.45

46.75

1.413

13.63

0.973

32.35

0.0277
36.06

US$ MARKET RATES

Bid

Ask

HK ($)
7.7496
7.7502
Japan ()
120.6900 120.7000
Euro () *
1.1278
1.1279
UK () *
1.5406
1.5408
Switzerland (SFr)
0.9769
0.9773
Canada (C$)
1.3275
1.3278
Australia (A$) *
0.7067
0.7070
China (yuan)
6.3735
6.3765
Indonesia (Rup)
14,325.00 14,335.00
Malaysia (RM)
4.3150
4.3180
Philippines (peso)
46.7890 46.8290
New Zealand (NZ$) * 0.6295
0.6302
Singapore (S$)
1.4151
1.4161
S Korea (won)
1,181.70
1,183.70
Taiwan (NT$)
32.5100
32.5300
Thailand (baht)
36.1400
36.1600
Indian (rupee)
66.4055
66.4255
S Africa (rand)
13.5622
13.5722
* per units. Rates at 10.30pm.

KEY LENDING RATES

HK prime
US fed fund
US prime
Taiwan prime

5.000%
0.250%
3.250%
2.896%

Li plans to make a killing as

he cuts corporate ties with HK
Final episode of tycoons well-planned exit
strategy involves lucrative takeover bid for
electricity giant Power Assets Holdings

Cathay Pacific steps up battle with Middle Eastern

airlines on Spain-Asia routes with plan for Hong
Kong-Madrid flights Cathay Pacific will begin...

Travel & Tour World@TTW_ezine

Sept 11, 2015

23%
11%
8%
7%
3%
2%

South China Morning Post

hong kong News= Cathay Pacific steps up battle

with Middle Eastern airlines on Spain-Asia routes
with plan for... http://t.co/8Y1AIXIdFg

Source:

141%

Top 3 Blogs and News

Ghulam Rasool@Ghulam_Rasool1

US $

Sun Hung Kai Properties

Cathay Pacific
China Construction Bank
China Resources Land
Bank of Communications
Ping An Insurance
PetroChina
CKH Holdings
HK & China Gas
Hutch Whampoa

UK bank base 0.500%

Euro prime
0.300%
Tokyo prime
1.475%
Spore prime 5.350%

i Ka-shing is cutting his last

corporate ties with Hong
Kong and, as always,
making a killing.
The final episode of his wellplanned exit from the city came
this week with a proposal by
Cheung Kong Infrastructure
(CKI) to take over Power Assets
Holdings (PAH).
PAH, the electricity giant with
colonial roots, is the last Hong
Kong-incorporated listed entity
in Lis empire following the
major restructuring early this
year of his companies.
If taken over by the Caymanisland incorporated CKI, all of
the pieces in the Li empires
chess board would effectively be
foreign.
The proposed takeover plus
the restructuring in the past
years will allow the Li family
much greater control over PAH,
a major cash cow within the
empire. The companys cash
level currently stands at HK$67
billion.
The cashing-out began in late
2013. Within months of the
swearing in of Chief Executive
Leung Chun-yin, PAH
announced the spin-off of Hong
Kong Electric, which supplies
power to the island. However,
the way the company spun the
move, it was basically a 51 per
cent liquidation of one of Lis
major assets in the city.
It is no secret that the new
leadership in Beijing and Hong
Kong are much less tycoonfriendly compared with their
predecessors and Li has of late
been disposing of assets in both
Hong Kong and the mainland.
The spin-off brought in
HK$56 billion in cash and HK$19
billion in profit. Contrary to
shareholders expectations, PAH
declared no special dividend,
insisting that the money was

needed for expansion. It makes

every sense for Li to sit on the
money. Back then, his indirect
control through layers of
companies in between in the
power giant was only 6.3 per
cent. The layers were there to
shield his empire from hostile
takeovers and debt disclosure,
which was much needed during
his buying spree.
The hunter is patient. In
June, Li restructured his empire
into property and non-property
arms. From that, his family has
not only got a direct ownership
in the non-estate arm Cheung
Kong Holdings, which is a much
internationalised growth engine

The reality is
CKI is offering
to acquire PAH
with a share
swap instead
of cash
but also boosted its stake from
22 per cent to over 30 per cent.
The latest takeover proposal
puts the final touches to this
agenda.
CKI maintains the marriage
with PAH will strengthen its
financials and increase public
float. That is true. What it did not
say is that by raising CKIs stake
in PAH from 39 per cent to 100
per cent, the indirect control of
Cheung Kong Holdings in the
power giant will grow from 29
per cent to 49 per cent.
Therefore, the Li familys
stakes in the cash cow will more
than double from 6.3 per cent to
14.7 per cent. That, at a time

when many of PAH projects are

mature enough to be milked.
No wonder, Li is now
promising a special dividend of
HK$5 per share, totalling HK$19
billion, and a higher 2015-2016
dividend to all CKI and PAH
shareholders should the deal go
through.
He needs the sweeteners to
convince PAH shareholders to
vote for the takeover. After all,
this is a deal that will cut the
shareholders entitlement to the
cash pile. He also needs a more
generous dividend policy to put
the milk somewhere else. These
explain the timing of the
takeover.
It comes at a time when PAH
is significantly underperforming
CKI. In the past 12 months, PAH
has seen a negative return of 7
per cent while CKIs has
increased 16 per cent.
The reality is CKI is offering to
acquire PAH with a share swap
instead of cash. Therefore, the
wider the gap, the lower the
swap ratio and the higher Lis
indirect control over the cash
pile.
The result is hardly a
generous deal. PAH
shareholders were offered 1.04
CKI shares for every share they
own in the power giant. That is
the market price, with no
premium.
Analysts called it cheap,
suggesting 1.21 CKI shares would
reflect the cash pile better. But
that will bring indirect control of
Cheung Kong Holdings and the
Li family in the cash cow to 41
per cent and 12.5 per cent
respectively.
There is little chance that the
superman, known for his knack
for buying low and selling high,
will compromise.
The fact is, a higher dividend
is a good lure to PAH
shareholders, including many
pension funds.
Yes, this is a case of wooing
kids with their own candies, but
this is not the first time Li has
worked such magic.

Saturday, September 12, 2015

Taking the lead

German conductor
brings democratic
approach to HK

Positive signs
Patient breathing
and speaking after
liver transplant

> C U LT U R E C 2

> H E A LT H C 3

COURTS

Dragons rising
Young Hongkongers
set for Philippines
challenge
> S P O R T B A C K PA G E

TOURISM

STAGE SET FOR

NOVEMBER FIGHT
IN HUI GRAFT CASE
Lack of proof that ex-chief secretary Rafael Hui
was partial to SHKP while holding high office
is to come under attack by appeal lawyers
................................................
Stuart Lau
stuart.lau@scmp.com
An upcoming legal appeal over
Hong Kongs most high-profile
graft case has taken shape, with
the spotlight expected to fall on
whether the convictions of former chief secretary Rafael Hui Siyan and three others were sound
in the absence of specific evidence showing he favoured Sun
Hung Kai Properties.
The Court of Appeal will also
hear an SHKP veteran argue he
should not have borne responsibility for a conspiracy to bribe
Hui to the tune of HK$11 million
because his bosses jailed former
co-chairman Thomas Kwok
Ping-kwong and current chairman Raymond Kwok Ping-luen
were both acquitted of bribes
involving the same sum.
High Court Vice-President Mr
Justice Michael Lunn agreed that
the arguments could form the
basis for the appeal. They will be

fleshed out during a court battle

that is scheduled to last a week
from November 2.
Hui and Thomas Kwok are
challenging the trial jurys verdicts alongside two alleged middlemen, former SHKP executive
director Thomas Chan Kui-yuen
and former stock exchange official Francis Kwan Hung-sang.
All four were jailed in December, with Hui, the citys No 2 official between 2005 and 2007 and
the most senior official ever
found guilty of graft, sentenced to

[Thomas Chans
lawyer] advances
reasonably
arguable
grounds
MICHAEL LUNN, HIGH COURT JUDGE

Ex-SHKP executive director Thomas Chan (left). Photo: David Wong

712 years in prison, the longest

among the defendants.
Given that he was sentenced
to more than seven years, Hui is
entitled to an appeal without
having to present his arguments
for prior High Court approval, as
the other three have done.
Kwok and Kwan, sentenced to
five years, and Chan, to six years,
will argue they should not be convicted as no evidence showed
how Hui specifically acted to
favour his purported bribers.
According to Kwoks legal
submissions, the learned trial
judge erred in failing to prove it
was intended and agreed that
[Hui] would carry out a specific
act in abuse of power of a sufficiently serious nature while in
public office [or] alternatively as a
minimum, it was intended and
agreed that [Hui] would in future,
while in public office commit
at least one identifiable act that
would amount to a serious abuse
of power.
Chan and Kwan are contesting the verdict that they conspired to bribe Hui with
HK$11.182 million after he relinquished his chief secretary post.
I am satisfied [Chans lawyer]
advances reasonably arguable
grounds of appeal, Lunn said.
He questioned whether the
jury was satisfied that Thomas
Chan had conspired with others,
but not Raymond Kwok and
Thomas Kwok, to offer an advantage to Rafael Hui, although not
satisfied that the advantage was
connected with Thomas Kwok
and Raymond Kwok.
Lunn struck out some other
appeal grounds put forth by
Chan and Kwan, including
whether Chan knew of the bribery plan at the time he acted,
and whether certain documentary evidence against Kwan
should have been withheld from
the nine jurors.

Minister casts doubt over

ATV rescue deals validity
Commerce secretary questions why share sale
was completed before authorities approved it
Vivienne Chow, Lai Ying-kit
and Eddie Lee
More questions have been raised
about the validity of a share sale
set to save struggling broadcaster
Asia Television, with the citys
commerce minister querying
why the deal was done before
authorities approved it.
The concern was raised by
Secretary for Commerce and
Economic Development Greg So
Kam-leung amid widespread
doubts about the eligibility to
own a licensed television station
of the investors who bought 41
per cent of shares in ATV.
Under the citys broadcasting
laws, at least half the board members of a local free-to-air broadcaster must reside in Hong Kong.
The investors will pump
HK$5.1 billion into the station to
boost its flagging operations,
after it failed to secure a renewal
of its free-to-air television licence, which expires in April.
So said yesterday the Communications Authority had received an application from ATV
for changes to its shareholding
structure, but it was still processing the request and no approval
had yet been given.
He said according to the
Broadcasting Ordinance, licensed broadcasters must seek

Fairytale continues as Disney celebrates 10th year

................................................
Christy Leung
christy.leung@scmp.com
Hong Kong Disneyland kicked
off its 10th anniversary celebrations with a bang last night as it
previewed a raft of new attractions to help it fend off new rivals
and a slowdown in tourism.
Among the features is a Disney in the Stars firework show,
previewed last night but due to
launch in November. It will combine pyrotechnics with state-ofthe-art video projection to light
up Sleeping Beauty Castle.
The show is made even more
vibrant by cutting-edge technology. We want to bring our guests

CITY
DIGEST
Woman conned by
restricted items scam

MEDIA

................................................

Celebrating are (from left) Bill Ernest, CY Leung, Mickey and Minnie Mouse, Bob Chapek and commerce chief Greg So. Photo: Felix Wong

approval from the authority for

changes to shareholding structure. He questioned why the ATV
deal had been completed, as
claimed by the court-appointed
manager responsible for seeking
an investor to rescue the station.
I do not understand why [the
manager] said the authoritys approval would have no impact on
the deal ... and the sale of ATV
shares was completed. How can
this fulfil the licensing conditions? So said.
The manager had insisted the
deal was not subject to the authoritys approval.
The investors have paid,
said Derek Lai Kar-yan, accounting firm Deloitte Chinas southern region managing partner.
We are prudently optimistic [the
deal will be approved].
Asked if the transaction would
be reversed if not approved, Lai
said: Then we will look at the

Lai was optimistic about the

share sale. Photo: K. Y. Cheng

legal procedures. He said his

responsibility was to sell shares in
ATV at a good price.
Not a bad price, Lai said, in
response to a request to disclose
how much was paid for the stake.
Lai revealed yesterday that the
consortium that bought the stake
comprised an unnamed Hong
Kong party in addition to Si
Rongbin, a low-profile property
tycoon from Shandong
province. There are two investors, Lai said. One of them is a
Hongkonger.
Lai affirmed that the local investor had experience in the media industry, but declined to give
details. He would not confirm
whether the Hongkonger had
been appointed to ATVs board.
The terse response failed to
address concerns about Sis credentials, which have been questioned by media outlets on the
mainland and in Hong Kong.
Si, together with three Hongkongers, was appointed to ATVs
board last month before the deal
was announced. Companies
Registry records showed Sis residential address was in Shandong,
while one of the new local directors was lodging at a public housing estate in Fanling.
ATV executive director Ip Kapo, responding to suggestions
the appointment of the three
with Hong Kong addresses was
decorative, said: If you are planning to become a shareholder of
ATV, you have to meet the requirements for a licence holder.

A 25-year-old woman lost

HK$35,000 in the latest
telephone scam after she was
told a parcel she sent contained
restricted items and to send
money to a mainland bank
account by a man posing as a
mainland law enforcer.

Wheelchair-bound man
knocked down by lorry
A male wheelchair user, 65, was
in a serious condition in Queen
Elizabeth Hospital, Yau Ma Tei,
after being knocked down by a
lorry at a junction in Sham Shui
Po, at about 1.30pm yesterday.
Police said the lorry driver, 55,
passed a breathalyser test.

Image released of man

who exposed himself
Police issued photographs of a
man captured on surveillance
cameras who is wanted for
indecently exposing himself to
two girls, aged 11 and 12, in two
separate cases in Kwun Tong last
month. The man is aged
between 30 and 40, Cantonesespeaking, about 1.75 metres tall
and of medium build.

Wong Tai Sin resident

denies electoral fraud
Wong Tai Sin resident Choi Kaikwan, 73, denied electoral fraud
after casting a vote she allegedly
knew she was not entitled to in
the 2012 district council polls.
Kowloon City Court adjourned
the case to October 30.

to another level in terms of visuals, said David Lightbody, director of entertainment and costuming at the resort.
Another new feature, an allnew 25-minute stage show called
Mickey and the Wondrous Book,
will open at Disneys Storybook
Theatre in mid-November.
A third new attraction, the
Fairy Tale Forest, will be added to
Fantasyland in December. Lightbody said it would use creative
landscaping to take visitors
through whimsical passages to
see miniature scenes from films
such as Tangled and Cinderella.
The parks managing director,
Andrew Kam Min-ho, admitted
earlier this week that it faced

challenges, and analysts warned

of tough times ahead amid weak
regional economies, a strong local currency and competition
from rival attractions.
At a ceremony to mark the
start of the 10th anniversary fun
last night, Walt Disney Parks and
Resorts chairman Bob Chapek
said he was proud of the 10 years
of magic the park had created.
Disneyland will never be
completed as long as there is
imagination left in the world, he
said, quoting the famous words
of Walt Disney.
Guest of honour at last nights
ceremony was Chief Executive
Leung Chun-ying, who took the
stage to say thank you to Mickey

and Minnie Mouse and hail Disneyland as the pillar of the tourism industry.
The park, a joint venture between the Hong Kong government and Disney, had a tough
start amid disappointing visitor
numbers, financial losses and
criticism that it lacked the scale of
other Disney parks. But it finally
reported a profit in 2012 and now
has ambitious expansion plans.
Speaking of the secondphase development of the park,
we can say that the government is
making good progress with Disney, Leung said.
> WHEN YOU WISH A16
> LABOUR PROTESTS C3

C2 Saturday, September 12, 2015

CITY
HEALTH

1,000km trip
in Sri Lanka
on humble
tuk-tuk

CULTURE

TESTS FIND
LEAD AT
80 TIMES
SAFE LIMIT

Charitable endeavour
will take five
Hongkongers and 36
others on a rough ride
................................................
Ben Westcott
ben.westcott@scmp.com

Latest water samples taken from Kowloon City

public housing estate where scandal first broke
in July heighten concern of residents
................................................
Gloria Chan
gloria.chan@scmp.com
Lead levels at nearly 80 times
World Health Organisation safety
standards were found in water
samples from the public housing
estate where the citys tainted
water scandal began, a concern
group revealed after its latest
round of tests.
A water sample from Yan
Ching House in Kowloon Citys
Kai Ching Estate showed levels of
the heavy metal at 793 micrograms per litre in tests by the Lead
in Drinking Water Concern
Group, conducted in July and last

328
The number of flats with
excessive lead levels, out of
704 tested at Kai Ching
Estate

month. Of the 704 households

tested, water from 328 flats in all
six blocks of the estate had excessive lead levels with 19 exceeding the WHO standard of 10
mcg/l by 10 times or more.
Water was collected from
households after running taps for
two minutes. A government-certified laboratory carried out the
tests.
Completed in 2013, Kai Ching
was the first public housing estate to have excessive lead levels
found in its water in tests by the
Democratic Party in early July.
The government then confirmed that lead content in seven
water samples taken from the estate exceeded WHO standards,
which led to city-wide tests that

exposed tainted water elsewhere.

Of 25 Kai Ching residents who
underwent blood tests sponsored by the concern group,
three two elderly people in their
80s and a middle-aged woman
had excessive lead levels in their
blood, ranging from 10.5 micrograms per decilitre to 18.4 mcg/
dl. The safety standard for lead in
blood is 5mcg/dl.
According to Yuki Leung
Yuen-ting, convenor of the concern group, the water tests were
funded by the Hong Kong Kowloon City Industry and Commerce Association, while the
blood tests were funded by Beijing-loyalist lawmaker Ann
Chiang Lai-wan.
Ever since the lead-in-water
incident broke out at Kai Ching
Estate in early July, residents have
been harmed both physically and
psychologically, said Leung,
who works there. We hope residents could be compensated,
such as by being exempted from
rent and water fees.
To date, 11 public housing estates, plus private residential development The Caldecott in
Cheung Sha Wan and three primary schools St Thomas Primary School in Sham Shui Po, St
Francis of Assisis Caritas School
in Shek Kip Mei and Baptist Rainbow Primary School in Wong Tai
Sin have reported excessive lead
levels.
Government test results show
at least 126 residents from the
affected public estates have excessive lead levels in their blood.
Speaking on Thursday, Secretary for Food and Health Dr Ko
Wing-man said starting next Saturday quotas for blood tests will
be reserved for two groups of
people: residents of affected public housing estates and pupils of
kindergartens at which results of
water sampling tests exceed the
WHO standard.
Additional reporting by Lai Ying-kit

Christoph Poppen says the conductors role is that of leader in a team of equals an approach he learnt from his mentors. Photo: Nora Tam

Conductor brings democracy to HK

At least in a musical sense, as Poppen takes guest slot with the Sinfonietta
................................................
Oliver Chou
oliver.chou@scmp.com
A veteran German conductor
hopes to lift a top Hong Kong orchestra to new heights through a
democratic approach to making
music he has learned under legendary masters.
Christoph Poppen, who tonight debuts as principal guest
conductor of the Hong Kong
Sinfonietta, called domineering
conducting an old style with no
place in modern orchestras.
I believe there is an equal importance for every player in the
orchestra, and that is my basic
philosophy and ideal of orchestra
playing, the German maestro
said on the eve of his inaugural
concert at City Hall, featuring
works by Mendelssohn, Chopin
and Brahms. That is why the orchestra is sometimes used to describe an ideal human society in

which everyone, even with very

different
personalities,
synchronises and contributes to
the common good, and the conductor is just a part of that.
As former first violinist of the
Cherubini Quartet and a student
of legends such as Nathan Milstein and Sandor Vegh, the 59year-old attributed his democratic view to late maestro Claudio Abbado, the Berlin Philharmonics former chief conductor.
[Abbado] belongs to a new
generation of conductors who
believe in democracy, but by democracy it doesnt mean you
dont need a leader. Like politics,
its all about how a leader interacts with the players and whether
he believes in them and tries to
lead them into democratic behaviour, said Poppen, who played
under Abbado at the Chamber
Orchestra of Europe as guest
concertmaster.
Poppen, the Cologne Cham-

ber Orchestras principal conductor, said an impressive energy and alertness and innovative programming attracted him
to commit to the Sinfonietta and
the city for three years. He called
himself a gardener taking care
of a tree but added the tree had to
grow on its own.
Most orchestras work
through a process of development from the first rehearsal to
the actual concert, but the

Its all about how

a leader interacts
with the players
and whether he
believes in them
CHRISTOPH POPPEN, ON DEMOCRACY

Sinfonietta does it very quickly

even after the first two rehearsals.
The energy level is very impressive, he said.
Besides working with the 50
musicians, he also planned to
present the Hong Kong band to
the Marvao International Music
Festival in Portugal, which he
founded two years ago.
Its in a small town up on a
mountain in the middle of a huge
country park, which amounts to
an extraordinary aesthetic that
combines architecture, nature
and arts, he said. The place
presents the root of European
culture that has remained unchanged over the centuries. So I
hope the Sinfonietta musicians
would inhale something very
fresh and original like I did when I
first went there.
I think it is a wonderful
match for the energy in orchestral playing in Hong Kong and
other Asian regions to combine
with the European tradition.
That, I think, will open new possibilities, he said.

COURTS

Student attempted burglary to ease nancial woes

................................................
Activist Yuki Leung with the test results. Photo: Edward Wong

Thomas Chan
thomas.chan@scmp.com
A Chinese University student was
given a one-year jail term, suspended for three years, after
breaking into a peers dormitory
room to steal her possessions to
solve his financial problems.
Passing sentence, District
Judge Sham Siu-man said: Life is
not always smooth, and there will
be difficult times. [Crime] will not
solve the difficulties.

Vincent Kong Wai-tik, a 20year-old Japanese studies student, pleaded guilty to one count
of burglary. He submitted a
handful of mitigation letters, including one from Chinese Universitys vice chancellor Professor Joseph Sung Jao-yiu, praising
his academic performance.
Sham said Kong was from a
broken family and his father had
previously been jailed for a drugrelated offence.
He said it was commendable
Kong achieved outstanding

results despite his family background, and regarded the offence

as momentary stupidity.
The court heard that at about
12.10am on March 21 this year,
Fanny Fu Ka-wing and her roommate returned to Chinese Universitys International House and
saw Kong attempting to climb
through their window. Prosecutor Chan Tin-lok said half of his
body was inside the room.
Chan said Kong fled emptyhanded and climbed down the
water pipe.

Neither Fu nor her roommate

recognised Kong as the man who
broke into their room.
At about 8.25am the same
day, Kong admitted the offence
to Professor Lee Tin-lap and the
police were called. Kong told
them he aimed to steal things to
pay back his credit card loans.
The judge said burglary offences normally warranted a custodial sentence, but the opportunistic nature of the crime and
Kongs immediate remorse were
mitigating factors.

has proposed the government

set up a sovereign wealth fundlike investment portfolio using
HK$50 billion of reserves
earmarked for retirement
protection. He said the fund
could invest in public utilities
such as the MTR Corporation
and the airports planned third
runway, and could generate a
profit at least enough to outpace
inflation, with management fees
as low as 0.25 per cent. Lui, also a
member of a think tank headed
by Chief Executive Leung Chunying, said the proposed fund
could be offered to Hong Kong
workers as a retirement option,
since Mandatory Provident
Fund providers had failed to
improve returns and cut fees
after 15 years in operation.

after a 25-year-old female tourist

from Hong Kong reported that
the owner had held her waist,
caressed her legs and kissed her
cheek by force. The woman said
she fled the homestay and ran
200 metres.

who reserved the tables claimed

to be a City University student.

Renowned for being noisy and

dirty, Asias iconic tuk-tuks are
usually used for short trips
around a city but what if someone wanted you to ride in one for
more than 1,000km?
What began as planning for a
50th birthday party at a pub in
Singapore has ended up as two
dusty drives across India and Sri
Lanka in tuk-tuks, the motorised
three-wheeled vehicle popular in
South and Southeast Asia.
The India adventure was
undertaken in 2013, and next
week, 41 businessmen from
Hong Kong, Singapore and Japan
will embark on their 1,059km endeavour through Sri Lanka in
both cases to raise money for
charity Pimp My Tuk Tuk.
The upcoming trip will take
them from the capital Colombo
in the east, all the way to Jaffna in
the north and then down to Matara in the islands far south.
Hong Kong consultant Chris
Knop, one of five Hongkongers
taking part, said he had never
ridden in a tuk-tuk before.
We all get tuk-tuk training on
the first morning up in Jaffna and
hope for the best, he said. I
think the most challenging, difficult or even scary part will be the
traffic well encounter. There are
pretty busy roads.
The journey starts on Thursday, with the finish scheduled for
September 27.
More than US$110,000 has
been raised so far for Sri Lankas
Foundation of Goodness and
Singapores Food from the Heart.
Of that amount, about
US$80,000 came from the 2013
India trip by some 20 businessmen. Some of the money was
used to build a school.
Pimp My Tuk Tuk founder
Alex Longman said the idea for
the event came when one of his
friends was discussing what they
would like to do to mark their
50th birthdays.
[We] said we should do
something different. Well, what if
we ride tuk-tuks across India?
Everyone there said theyd do it
and from that point onwards we
started getting organised.
Longman said the first journey had been an incredible
experience.
It was just every single emotional point you could imagine,
he said. Absolutely ecstatic and
fantastic, to terrifying.
Knop said he expected the
journey would take a bit of endurance. Its mainly driving [but] I
guess itll be a case of probably
being a bit sore after a few days on
that first tuk-tuk, he said.
Theyll be pretty rough and
ready and noisy I think.

The small, motorised tuk-tuk.

Photo: SCMP Picture

PAPER TALK
Sunday, Oriental Daily News
Woman denied boarding pass due
to koala stamp on passport
A woman leaving the city on a
visit to Taiwan on Wednesday
last week was not given a
boarding pass for her Taipeibound Hong Kong Airlines flight
after check-in staff found a
stamp depicting the cartoon
koala of Taipeis Maokong
Gondola cable car on an unused
page of her passport. It had been
stamped there during a prior trip
to Taiwan. The staff member
who refused to grant the
boarding pass said she made the
decision after consulting
Taiwanese immigration
authorities, which had said the
non-immigration stamp
rendered the passport void.

Tuesday, The Sun

Monday, Sing Tao Daily
Sovereign wealth fund could
offer alternative choice to MPF
David Lui Yin-tat, vice-chairman
of Bank of Communications
Schroders Fund Management,

HK woman alleges she was

molested at Taiwan homestay
The 63-year-old owner of a
homestay in Kenting on
Taiwans south coast was
arrested and is on police bail

Wednesday, The Sun

Group of 40 university students
cause a scene in restaurant
A group of about 40 first-year
university students in yellow Tshirts who had apparently just
attended an orientation event
were accused of causing a
disturbance in a Mong Kok
restaurant on Monday night
during a hotpot dinner. Sat
around four tables, they were
seen clamouring and frolicking
while condoms were given out
among them as lucky draw
prizes, and members of the
group, both male and female,
were seen entering and
occupying a female toilet
frequently, getting in the way of
other customers. A staff member
of the restaurant said the person

Thursday, Apple Daily

Trio manage to skip paying after
eating meal at restaurant
The owner of a seafood
restaurant in Ngau Tau Kok
made a report to police after
three men ate a meal worth
HK$1,493 on Tuesday night
without paying. The owner said
the oversight was not discovered
until after the restaurant closed,
when the bill was found on the
table between a menu and the
wall. Staff checked surveillance

A Food Angel community kitchen

in Chai Wan. Photo: David Wong

video which showed the three

waving goodbye to the cashier
and no one noticing they had
not paid. The men ordered
seven seafood dishes, including
mantis prawn, and 15 bottles of
beer.

Friday, Ming Pao

Charitable body accused of not
helping those really in need
Social enterprise Food Angel has
been accused of supplying food
to homes for the elderly under
the Tung Wah Group of
Hospitals which are already
recipients of government
subsidies instead of offering it
to those more in need. The claim
was made by bloggers who said
they had examined Food Angels
annual report. Food Angel chief
executive Caribbean Chan Miuyu denied the accusation, saying
the elderly care homes were part
of the Bread Angel programme
under which only bread but
not hot meals are supplied.
Compiled by Nelson Cheng
and Wayne Chung

Saturday, September 12, 2015 C3

CITY
CRIME

MURDERED HOSTESS CASE NOT OVER

Disappearance of Chun Ka-yee cant be considered resolved until body is
found, says policeman who led probe that led to her lovers conviction
................................................
Julie Chu
julie.chu@scmp.com
A murder case can never be considered closed without a body, a
senior policeman said, after investigating the disappearance of
a nightclub hostess whose married boyfriend was last month
convicted of her killing.
Ivan Chan Man-sum, 42, was
found guilty by an all-male jury in
August of murdering his mistress
Chun Ka-yee, 33, at her flat in
Amoy Gardens, Kowloon Bay, in
October 2011. He was given a life
sentence by Deputy Judge
Michael Stuart-Moore, who said
the case had no motive, no body
and no weapon.
But police Chief Inspector
Chung Chi-ming said that until

Chuns body was found he would

not consider the case closed.
Chan has filed an application to
appeal against his conviction.
My wish is always that we
find the body of the deceased,
Chung said. Maybe later the defendant will be willing to tell
[what happened]. Only then will
the case truly be over.
Chung said Chuns disappearance came to the police forces attention as a missing person
report in mid-January 2012 four
months after her last known contact with anyone.
CCTV systems in residential
buildings usually record video,
which is then stored on a hard
disk. But such disks typically have
only enough memory to keep recordings for three months. Disks
are reused when they become

full, and new recordings are then

made over old ones.
The CCTV system at Amoy
Gardens happened to undergo
repairs after Chuns disappearance, Chung said. When police
asked for the recordings around
the time she was last seen, they
were found in the system.
CCTV footage proved to be
powerful prosecution evidence
as it showed Chun had last entered the building the afternoon
of October 5, 2011. She was never
seen alive again.
Police also found Chun had
not paid electricity, water or gas
bills since October 2011. The only
subsequent payments she made
were for her mortgage, which was
automatically deducted from her
bank account every month.
Its like she just vanished

from the world, Chung said. All

the evidence points to one conclusion: that Chun died some
time after she last entered the
building.
Reviewing the CCTV footage,
police found that Chan, who later
admitted in court to starting an
affair with Chun in 2008, had entered the building on October 6,
2011. He returned to the building
the next morning and exited with
a bulky nylon bag.
Police then traced Chans
movement. They found he used
his Octopus card to pay a car park
fee in Tseung Kwan O after he left
Amoy Gardens with the bag on
October 7. His car underwent
cleaning service a few days later.
The court also heard that
Chan, a securities company
director, had used his firms
direct line to call Chuns mobile
phone. Police retrieved recordings of those calls from Chans
employer and heard another

Pictures of Chun outside court.

Its a case with no

body, no forensic
evidence and no
admission from
the suspect
POLICE INVESTIGATOR CHUNG CHI-MING

phone ringing in the background

while he made them.
Evidence further showed
Chan ordered two men to clear
Chuns flat three days later and
told them she had moved out.
As her body was not found,
police asked a forensics scientist
to estimate Chuns build based
on the CCTV footage. They asked
a female officer of similar size to
get inside a nylon bag estimated
to be around the same size as the
one seen on CCTV; they found
the officer could fully fit inside it.
At trial Chan said he had told
Chun on October 6, 2011 that he
had to stop seeing her to save his
marriage. He returned to the flat
the next morning to take away his
belongings. He claimed she left
him a note saying I love you forever and disappeared from him.
Reflecting on the case, Chung
noted: Its a case with no body,
no forensic evidence and no admission from the suspect.

Blaze drama

COURTS

Article cost me
HK$35m, feng
shui master says
Famous practitioner sues pair for defamation
over piece that harmed his emotional state
................................................
Julie Chu
julie.chu@scmp.com
A feng shui master is suing two
customers he says cost him
HK$35 million by making false allegations about his services.
Szeto Six-chuen, better
known as Szeto Fat-ching, is accusing brother and sister Fung
Kwok-keung and Fung Mei-yee
of providing defamatory information to Next Magazine for a
story published on December 25,
a High Court writ revealed.

[Szeto]s mental
and emotional
state was greatly
affected by the
publication
HIGH COURT WRIT

Szeto, who famously gave evidence as a feng shui expert at a

high-profile 2009 trial over the
legacy of billionaire Nina Wang
Kung Yu-sum, claimed the report
damaged his reputation.
[Szeto]s mental and emotional state was greatly affected
by the publication, the writ says.
He was unable to focus on his
work and had to consult a psychiatrist.
[The pair] unlawfully interfered with [Szeto]s economic interest, namely, [Szeto]s con-

tracts, sponsorships, and/or the

obtainment of business.
Szeto claimed in the writ the
siblings approached him in 2009
and asked him to cast life-threatening curses upon their brother
and sister-in-law. But at Fung
Mei-yees insistence, he said he
agreed to provide services to
combat curses.
In his writ, the master said
Fung Mei-yee claimed to have
been educated in Canada, and
said her brother was a well-educated computer engineer.
Szeto said he explained the
procedures for combating black
magic and curses to the pair, as
well as the theory behind his
work, before providing services
between 2009 and 2013.
According to the writ, the pair
did not complain to him about
his services before providing the
information to the magazine.
The master claimed the article
indicated that the pairs luck did
not improve after his work, and
that they paid large sums of
money but did not receive valuable services.
Szeto claimed he did perform
all the rituals and ceremonies the
pair requested. He invited them
to every ceremony and ritual but
they refused to attend.
The master claimed he lost a
number of contracts worth a total
of HK$35 million because of the
article, including one from a Macau casino and another from a
television programme he had
hosted for 13 years. He demanded an injunction against further
defamation and unspecified
compensation from the pair.

COURTS

Professional stole bags

six days after leaving jail
................................................
Thomas Chan
thomas.chan@scmp.com
A serial thief was jailed for three
years and 10 months yesterday
for stealing luxury handbags
worth more than HK$380,000
just six days after he was released
from prison last December.
Passing sentence, District
Court Judge David Dufton said
that Ho Yiu-man, 30, was a professional thief and targeted
high value goods.
Dufton originally jailed the
former truck driver, who had 30
prior theft convictions, for three
years and eight months after
his guilty plea to 15 counts of
theft and one count of criminal
damage.
The extra two months were
imposed due to a previous sixmonth suspended sentence Ho
was given because of his convictions for wasting police time in
February last year.
Previously, the court heard
that between December last
year and March, Ho helped himself to 14 designer bags and wallets of various brands including
Bvlgari and Prada, at stores in
Tsim Sha Tsui, Admiralty and
Central.

The most expensive item he

stole was a Jitrois handbag valued
at HK$253,000.
Over the same period, Ho also
stole HK$1,443 from his employer while working as a delivery
man, and took a colleagues
iPhone at another company he
later worked for.
The first offence in the current
case was committed days after
Hos release from jail for stealing
Chanel and Gucci bags.
The court also heard he damaged a sprinkler at a police station
after he became emotional.
Before passing sentence
yesterday, the judge had called
for psychological and psychiatric
reports, which said that Ho
showed no psychotic symptoms,
just a mild form of depression.
The reports also said stealing
gave Ho a sense of achievement.
Dufton recommended Ho
undergo psychological and psychiatric treatment while he was
serving his sentence.
In mitigation, defence lawyer
Lai Kwok-kwong said Ho had an
unhappy childhood after being
sent to a boarding school by his
mother.
He said his client committed
the offences due to his anti-social
personality and ill temper.

Clouds of black smoke billow into the sky as firefighters spray

water onto a burning recycling plant in Ta Kwu Ling in the
northeastern New Territories. The blaze broke out at the Hung
Lung Hang plant off Ping Che Road at about 5.30am yesterday.

About 70 firefighters from 13 engines took 312 hours to put out

flames, and had to draw water from as far as 2km away. No one
was injured and firefighters are investigating the cause of the
blaze. Photo: SCMP Pictures

CRIME

Bad omen as HK$666,000 worth of valuables stolen

................................................
Clifford Lo
clifford.lo@scmp.com
Gemstones, watches and jewellery worth HK$666,000 were stolen in three burglary and theft
cases across the city within six
hours, according to police.
Officers arrested a 31-year-old
man after he allegedly made off
with gemstones valued at
HK$340,000 in Mong Kok in the
early hours of yesterday.
According to police, the

suspect took the valuables from a

Lai Chi Kok flat during a meeting
with his business partner, 27, at
about 1am, then fled in a car.
[His business partner] gave
chase in another car, but lost him
at the junction of Wong Chuk
Street and Tai Po Road in Sham
Shui Po, a police spokesman
said.
A report was made to police
shortly after 1.15am. Officers
picked up the suspect before
dawn on Man Yuen Street in Yau
Ma Tei.

The spokesman said an extendable baton was found on the

man. The gemstones remain
missing.
Yesterday afternoon, the man
was still being held for questioning and had not been charged.
Separately, burglars struck at
a Knutsford Terrace home in
Tsim Sha Tsui. They escaped
with HK$176,000 worth of diamond rings and watches, according to police.
Officers received a report
from a tenant, 56, shortly before

midnight and found the front

door prised open.
Earlier, a woman, 43, returned
home at about 7pm on Thursday
and found her Argyle Street flat in
Mong Kok ransacked. A toilet
window had been forced open.
Jewellery worth HK$150,000
was stolen along with a computer
and a camera, police said. No arrests were made in either burglary cases.
Police figures show there were
1,284 burglary cases in the first six
months of this year.

Survivor of
aborted
transplant
on mend
Patient speaking and
breathing unaided
after cancer scare and
second operation
................................................
Shirley Zhao
shirley.zhao@scmp.com
A man whose life was hanging by
a thread after doctors aborted his
long-awaited liver transplant
amid a cancer scare was yesterday able to breathe on his own
and speak, his doctors and family
said.
Cirrhosis patient Stephen Lee
underwent a second liver transplant at Queen Mary Hospital in
Pok Fu Lam on Wednesday, 15
days after doctors were forced to
abandon the first attempt when it
emerged the dead donor had kidney cancer.
After the aborted procedure,
the 46-year-old slipped into a
coma and was in a critical condition for days before a liver from a
deceased female patient at Alice
Ho Miu Ling Nethersole Hospital
in Tai Po was found.
Dr Chan See-ching, one of
Lees doctors and chief of the liver
transplant division at Queen
Mary Hospital, said yesterday
that Lee, who remained in the
intensive care ward, had
regained consciousness and was
able to breathe on his own
instead of relying on a tube.
He could also speak and was
able to give information such as
his name and identity card number, Chan said. But some of what
he spoke was unintelligible.
Its a good sign, but we cannot relax so soon, Chan said.
There are still many things to
deal with.
He said Lees blood pressure
and pulse were both stable, and
his kidney and liver functions had
been improving.
Chan said the transplant surgery had removed most of the
blood clots in Lees abdomen but
some could still not be removed
without harming soft tissue. He
said Lee needed antibiotics, and
for his body to gradually work on
dissolving the clots.
Lee also suffered from serious
infections before the surgery and
Chan said it would take a week to
10 days for Lee to recover.
I expect him to stay in the
ICU for a few more days, he said.
After he moves out, there will
still be a lot of rehabilitation for
him, to cope with limb stiffness
and rebuilding muscles.
He said the transplanted liver
had been functioning well after
the surgery and he remained
optimistic about Lees recovery.
Kate Ng, the elder sister of
Lees wife, said both she and her
sister had breathed a sigh of relief
after seeing Lees progress.
We are both very happy seeing him progressing day by day,
said Ng. Mrs Lee has been burnt
out these few days. I hope she can
now have more rest.

Lee with his wife in hospital.

Photo: SCMP Pictures

LABOUR

Protest to put damper on Disney milestone

................................................
Jennifer Ngo
jennifer.ngo@scmp.com

Factory workers Qin Renfang (left) and Wang Qiang with a list of
names of the workers at the mainland plant. Photo: Franke Tsang

A planned protest threatens to

dampen celebrations for Hong
Kong Disneylands 10th birthday,
with a group of mainland factory
workers set to demonstrate outside the park today in an effort to
obtain severance and social security payments amounting to 9.5
million yuan (HK$11.52 million).
Three workers and supporters
representing 196 employees of
Tani Toys (Shenzhen) Company,
which makes stuffed toys for Disney, were planning the protest for
this morning in an effort to force
the theme park operator to step
in to help them obtain money
they said the factory owes after it
closed down in June.
Its been three months weve
been running around Weve
tried to find the boss but hes long

gone, said Wang Qiang, 31, who

worked in the factorys material
purchasing section.
A Disney spokesman said the
firm was aware of the dispute,
and had been playing a mediator role. He said Disney took accusations of labour exploitation
very seriously.
Tani Toys, set up in 1997,
manufactured stuffed toys for
Disneys Tokyo park. The workers, many of whom had been at
the plant for over a decade, said
that on June 18 they were gathered together at the factory and
told the plant would no longer
continue its operations.
The owner told workers they
would need to sign an agreement
which they later found was a
resignation document by noon
the next day if they wanted to be
granted severance pay, the workers said.
Employees drafted a letter

demanding negotiations with the

owner but got no reply.
Most of us then signed the
agreement, worried that wed
end up with nothing, said Yang
Zhongyou, 46, who had been
with the factory more than 10
years. But actually we were misled into signing it.
Severance pay was less than
promised, and the factory did not
hand over money from social
security and insurance schemes
employees had paid into, as
required by law, the workers said.
A reply eventually sent to
workers by Tani Toys said employees had been asked to voluntarily accept resignation compensation packages.
Out of the 196 employees, 77
had been with the factory for
more than a decade.
Those of us in our 40s cant
find another job, said Qin Renfang, 43. No one would take us.

C4

SATURDAY, SEPTEMBER 12, 2015 SOUTH CHINA MORNING POST

Saturday, September 12, 2015 C5

GOING OUT

Editors pick
Last call Just opened

Pick of the day

The Planner

Exhibitions
The Cat Street Gallery
Mon-Fri, 11am-7pm; Sat, 11am-5pm,
222 Hollywood Rd, Sheung Wan.
Inquiries: 2291 0006
Signal 8
More than 20 works created in the
past year by several established and
emerging artists, including Camille
Hannah, Peter Ross and Phillip Hua.
Ends Sept 12
PubArt Gallery
Tue-Sat, noon-7pm (closed holidays),
7B Chancery Lane, Central.
Inquiries: 2840 1809
Above/Below
Martin Lever celebrates his love for HK
with groundscapes that depict the
citys unique relationship between the
land and sky. Ends Sept 12
SoCO269
Mon-Fri, 4.30pm-8.30pm; Sat-Sun,
noon-8.30pm, 1/F, 269 Yu Chau St,
Sham Shui Po. Inquiries: 2789 3246
She Says Photographing Ethnic
Minority Women of Hong Kong
Local NGO HK Unison presents photos
by Lam Chun-tung of ethnic minority
women in the city. Ends Sept 19

Performing
Arts
Marriage
HK Rep presents an adaptation of Oshin
writer Sugako Hashidas play about a
peaceful Japanese family of a single
mother raising four daughters, and the
cracks that begin to appear in their lives.
In Cantonese with Chinese and English
surtitles. Sept 12, Sept 15-19, Sept 26,
7.45pm; Sept 13, Sept 19-20, 2.45pm,
City Hall, 5 Edinburgh Place, Central,
HK$160-HK$260 (Sept 15-17); HK$180HK$280 (Sept 12, Sept 18-20, Sept 26)
Urbtix. Inquiries: 3103 5900

house music. Sept 19, 10pm, Club Fly,

24-30 Ice House St, Central, HK$200
(advance until Sept 19, 6pm)
ticketflap.com, HK$300 (door).
Inquiries: 2810 9902

Hacken Lee + Joey Yung

Joint concert featuring the
two Canto-pop stars
performing their hits.
Tonight-Sept 22, 8.15pm,
HK Coliseum, 9 Cheong
Wan Rd, Hung Hom,
HK$280-HK$780 Urbtix.
Inquiries: 2835 6688

Cirque de la Symphonie
Aerial flyers, contortionists, dancers,
jugglers and others perform to music
played by the HK Phil under the baton
of Guy Noble. Sept 12, 8pm, Cultural
Centre, 10 Salisbury Rd, TST, HK$280HK$680 Urbtix. Inquiries: 2721 2332
John Robertson
Australian comic performs during the
9th Annual HK Comedy Festival. In
English. Sept 12, 8pm (HK$200), Culture
Club, 15 Elgin St, Soho. Sept 12, 10pm
(HK$300), TakeOut Comedy Club, B/F,
34 Elgin St, Soho. Inquiries: 6220 4436.
Tickets via jami@takeoutcomedy.com
Missing
Gecko physical theatre company
stages a dance show about a woman
recounting extraordinary moments in
her life. Parts in English, Spanish and
French, with Chinese and English
surtitles. Sept 12, 8pm; Sept 13, 3pm,
Sheung Wan Civic Centre, 345 Queens
Rd Central, Sheung Wan, HK$220,
HK$280 Urbtix. Inquiries: 2268 7323
Whose Line is it Anyway?
UK comics Stephen Frost, Steven Steen,
Andy Smart and Ian Coppinger perform.
In English. Sept 12, 9pm, Tamarind,
2/F Sun Hung Kai Centre, 30 Harbour
Rd, Wan Chai, HK$350. Inquiries:
info@punchlinecomedy.com
Nachtbraker + Telephones
An evening of house with the two
European DJs. Sept 12, 10pm, Ozone,
The Ritz-Carlton, International
Commerce Centre, 1 Austin Rd West,
Kowloon West, HK$250 (door).
Inquiries: 2263 2010
Vinai
DJ/producer duo of Andrea and
Alessandro Vinai spin house. Sept 12,
11.30pm, Club Cubic, City of Dreams,
Estrada do Istmo, Cotai, Macau, HK$250.
Inquiries: rsvp@cubic-cod.com
Dear Jane
Local rock band play live. Sept 13, 8.15pm,

Pink Dot
Free outdoor concert in support
of the LGBT community, with
performances by Eman Lam Yee-man,
MastaMic, GDJYB and others. Sept 20,
2pm, Tamar Park, Admiralty, free.
Inquiries: press@pinkdot.hk
The Shadow in the Moon: How the
Mid-Autumn Festival Began
Premiere Performances show uses
chamber music and narration in
recounting the origins of the festival. In
Cantonese and English. Sept 20, 3pm
(lantern making), 4pm (performance);
4.30pm (lantern making), 5.30pm
(performance), Asia Society HK Centre,
9 Justice Dr, Admiralty, HK$300
tickets.pphk.org. Inquiries: 9545 6851

Cinema
Kitec, 1 Trademart Dr, Kowloon Bay,
HK$280-HK$480 HK Ticketing.
Inquiries: popm.hk@gmail.com
Naked Magicians
Magicians Christopher Wayne and Mike
Tyler use tongue-in-cheek humour
when performing sleight-of-hand tricks
and illusions while naked. In English.
Sept 15-17, 7.45pm; Sept 18-19, 7.15pm,
9.45pm; Sept 20, 7pm, Academy for
Performing Arts, 1 Gloucester Rd, Wan
Chai, HK$395-HK$595 HK Ticketing.
Inquiries: 3759 7617
The Amazing Bubble Man
Bubble expert Louis Pearl mixes science,
theatrics and magic. Sept 16-20, 4.30pm;
Sept 19-20, 11am, 2.15pm, Academy for
Performing Arts, 1 Gloucester Rd, Wan
Chai, HK$395-HK$550 HK Ticketing.
Inquiries: 3759 7617
La Soire
Lunchbox Theatrical Productions variety
show, with a bit of cabaret, circus and
burlesque, thats toured the world and
won the Laurence Olivier Award for best
entertainment and family. In English.

Sept 16-17, 7.30pm; Sept 18-19, 7pm,

9.30pm; Sept 20, 5pm, 8pm, Academy
for Performing Arts, 1 Gloucester Rd,
Wan Chai, HK$395-HK$1,095 HK
Ticketing. Inquiries: 3759 7617
The Steve Gadd Band
Drummer Gadd, bassist Jimmy Johnson,
guitarist Michael Landau, trumpeter Walt
Fowler and keyboardist Larry Goldings
play jazz. Part of the Jazz World Live
Series. Sept 16, 8.15pm, City Hall,
5 Edinburgh Place, Central, HK$380HK$880 Urbtix. Inquiries: 9476 8655

Sept 18, 6.30pm-8pm (embarkation),

8.30pm (departs at Ocean Terminal,
Harbour City, TST), HK$800-HK$5,500
(includes cabin, meals and access to
Beat Ship events) beatshiphk.com.
Inquiries: beatship@gentinghk.com

Critics Choice 2015 On the Road

HK Film Critics Society selects six
travel and/or road films, including the
following one. Until Sept 12. HK Film
Archive, 50 Lei King Rd, Sai Wan Ho,
HK$55 Urbtix. Inquiries: 2734 2900

HKs Best Dance Crew

Studiodanz hosts its annual team dance
competition, with junior and open
categories. Sept 18, 7.30pm, Southorn
Stadium, Wan Chai, HK$170, HK$220
HK Ticketing. Inquiries: 2576 7622

The Holy Mountain

Fantasy drama about a corrupt
alchemist who leads a Christ-like figure
and his followers up a mountain said
to be home to an immortal wise man,
in hope of achieving enlightenment.
Written and directed by Alexandro
Jodorowsky, who also stars. In Spanish
and Dutch with Chinese and English
subtitles. Sept 12, 2.30pm

Miriam Yeung Chin-wah

Local Canto-pop star performs her hit
music. Sept 19, 8pm, The Venetian
Macao, Cotai, Macau, HK$280-HK$1,280
Cotai Ticketing. Inquiries: 6333 6660

1587, A Year of No Significance

(Re-run)
Zuni Icosahedron adapts Ray Huangs
book depicting seemingly insignificant
incidents in a year that changed China.
In Cantonese with Chinese and English
surtitles. Sept 17-19, 7.45pm; Sept 20,
2.30pm, Cultural Centre, 10 Salisbury
Rd, TST, HK$126-HK$432 (Sept 17),
HK$140-HK$480 (Sept 18-24) Urbtix.
Inquiries: 2566 9696

Kristian Nairn
Irish actor from Game of Thrones puts on
his DJ hat. Sept 19, 10pm, Zuma, L5 & L6,
The Landmark, 15 Queens Rd Central,
Central, HK$200 (until sold out), HK$250
(advance and door). Inquiries: 3657 6388

Markus Schulz
German DJ spins trance on the Beat Ship.

DJ EZ
London DJ serves up UK garage and

Chinese Documentary Festival 2015

Visible Record presents more than
30 short and feature-length
documentaries from Taiwan, France,
Hong Kong and the mainland, including
the following two screenings. Until Oct 5.
Science Museum, 2 Science Museum
Rd, TST; Space Museum, 10 Salisbury
Rd, TST; agnes b. Cinema, HK Arts
Centre, 2 Harbour Rd, Wan Chai, HK$65
Urbtix. Inquiries: 2540 7859

The Taste of Apple

Documentary follows Next Medias
venture into Taiwan and subsequent
sell-off that sparked nationwide
criticism and concerns about press
freedom in the region. Directed by
Kevin H.J. Lee. In Mandarin with
Chinese and English subtitles.
Sept 12, 4pm, agnes b. Cinema;
Sept 18, Science Museum
The Moment Fifty Years of
Golden Horse
Yang Li-chou examines a half century
of defining moments for the Taiwanese
film festival that honours achievements
in Chinese films. In Mandarin with
Chinese and English subtitles. Sept 13,
7.30pm, Space Museum; Sept 19,
7.30pm, agnes b. Cinema
Movie Movie Festival: Life is Art
A dozen films, including the following
two, document the creative pursuits
of artists. Until Sept 30. Broadway
Cinematheque, Prosperous Garden,
3 Public Square St, Yau Ma Tei,
HK$65-HK$190 cinema.com.hk.
Inquiries: 2388 0002
Amy
Asif Kapadias documentary on the rise
and fall of Grammy-winning singersongwriter Amy Winehouse, through
archival footage, home videos and
interviews with family and friends. In
English with Chinese subtitles. Sept 12,
7.30pm, Broadway Cinematheque
Beltracchi The Art of Forgery
Arne Birkenstock retells the story of
Wolfgang Beltracchi, who was jailed in
2011 for forging and selling works by
masters including Max Ernst and
Heinrich Campendonk. In German,
English & French with Chinese and
English subtitles. Sept 12, 9.50pm,
Broadway Cinematheque

> CONTACT US
email upcoming events to Barry
C. Chung at listings@scmp.com
or send us a fax on 2562 2485.

> BOOKINGS
Urbtix tel: 2734 9009; Urbtix/Cityline
credit card booking tel: 2111 5999;
The Fringe tel: 2521 7251; Cityline tel:
2317 6666; HK Ticketing tel: 3128 8288

C6 Saturday, September 12, 2015

ON AIR
Day time

C denotes Cable TV and N denotes Now TV. For full schedules, go to Now TV (www.now-tv.com/
epg/en) and i-Cable (epg.i-cable.com/new/index_eng.php).
TVB Pearl (http://programme.tvb.com/pearl/) and ATV World (http://www.hkatv.com/v5/
schedule/schedule.html?c=2). For sports schedules, see our Sport section.

Prime time

LOCAL TV
TVB Pearl
6.00 Market Overview
7.30 NBC News
8.00 E-News
8.30 Ethos Of Hong Kong People
8.55 Beware The Batman
9.50 Mandarin MOD Top 10
10.40 Marvels Ultimate Spider-man
11.10 Dolce Vita
11.35 The Pearl Report
12.00 Transworld Sport
12.30 In Cycle
1.00 Too Cute
1.50 Power Tracks
2.00 Wipeout
2.50 Power Tracks
3.00 Rip Off Food
3.50 Power Tracks
4.00 Timmy Time
4.25 The Numtums
4.55 My: 24
5.25 Deadly Pole To Pole
ATV World
6.00 Music
7.00 China News Report
7.30 Culture Express
8.00 Inside Story
8.30 Travelogue

LOCAL TV
9.00
9.30
10.00
11.00
11.30
12.00
2.00
3.00
3.30
4.00
4.30
5.00
5.30

Stories From Afar

Faces Of Africa
Hour Of Power
Superbook
On The Box
Music
Uncovering Tibet
Mega Quiz II
Poko
Twenties
Backyard Science
Silversun
My Ex And The Neighbor

TVB Jade
6.00 Happy Harmony
6.30 Good Morning Hong Kong;
International News File
9.00 Happy Old Buddies
9.10 Culture Engine 4U
9.45 Henry Hugglemonster
10.15 Cardght!! Vanguard G
10.45 Y Angle
11.15 Kamen Rider Wizard
11.50 TV Easy
12.00 The Conquerors
1.00 News
1.15 Chocolate
2.45 Sports World

3.55
4.00
4.30
5.00
5.30
5.45

TVB Pearl
6.00 News & Weather
6.15 Power Tracks
6.30 60 Minutes
7.20 Police Report
7.25 Today In History
7.30 News & Weather
8.00 Americas Funniest Home Videos
8.30 Americas Got Talent
9.20 Video Cookbook; Today In History
9.30 Movie: Bridesmaids

Music
Ninja Boy Rantaro
Kids, Think Big
My Animal Friends
Pororo The Little Penguin IV
TVB Inter-Collegiate Documentary
Competition: Birth Of 8 Records

ATV Home
6.00 Somedays In Hong Kong
6.30 Lost Horizon
7.00 Good Morning Asia
8.00 Treasure House II
8.30 Elderly Time
9.00 The Hong Kong Nobles
9.30 HKFYG Youth@Digital TV 7
10.00 Knowledge Zone
11.00 Chinese Made Efcient
11.30 Delicious Canton
12.00 Relieve
12.10 Music
12.25 One Day
12.30 News; Weather
12.50 Healing Hearts
3.50 Go Travel
4.00 The Happy Class On Saturday
4.30 Major
5.30 ATV Cantonese Opera Selection
5.55 One Day

Pick of the day

Sherlock
BBC Entertainment, 7.30pm
Sherlock Holmes (Benedict Cumberbatch,
above) interrupts a murder investigation
when he is summoned urgently to
Buckingham Palace.
TV series. Drama.

HBO Family N112

5.35 The Cat In The Hat
7.00 The Haunting Hour
9.30 Sinbad: Legend Of The Seven Seas
10.55 Oz The Great And Powerful
1.00 The Ant Bully
2.30 Cloudy With A Chance
Of Meatballs 2
4.05 Rugrats In Paris: The Movie
HBO Hits N111
5.45 Endless Love
7.30 Wedding Crashers
9.30 Getaway
11.00 A Beautiful Mind
1.15 300
3.15 Edge Of Tomorrow
5.30 The Missing
HMC C43
5.50 Mamma Mia!
8.00 Home Alone

10.00 Gambit
11.45 The Hunger Games
2.30 Ghost
Cinemax N116
6.00 My Stepmother Is An Alien
7.45 Road Trip
9.15 Outside The Law
10.45 Red 2
12.45 Good People
2.20 Mortal Kombat
4.00 Coneheads
5.25 The Lost Honour
AMC C46, N122
5.20 The Pallbearer
7.00 Retroactive
8.30 Four Weddings And A Funeral
10.30 Hollywoods Best Film Directors:
Andrew Davis
11.00 Red Corner
1.05 Cops And Robbers
2.30 Retroactive
4.00 I Love You, Dont Touch Me!
Movie 1 HD241, C41
4.30 Murder
6.30 Master Wong Vs Master Wong
8.15 Super Fans
10.10 The Duel
12.15 Dragon Reloaded

HBO N115
5.45 Brave
7.15 The Fast And The Furious
9.00 The Equalizer
11.10 Neighbors

2.20 Young And Dangerous 4

4.25 Girls
Star Chinese Movies N139
4.10 Cape No 7
6.25 Frogmen
7.15 Happy Funeral
8.55 Just Another Pandoras Box
10.25 Yesterday Once More
12.10 Golden Brother
1.55 Painted Skin
3.40 You Are The Apple Of My Eye
5.35 The Accidental Spy
FOX Movies Premium N117
6.15 Big Daddy
7.55 Russell Madness
9.30 First Knight
11.45 Peeples
1.25 Sunshine
3.15 Rio 2
5.00 22 Jump Street
TCM C47, N119
6.20 Life With Father
8.25 The Champ
9.50 Knute Rockne All American
11.30 The Band Plays On
1.00 Our Dancing Daughters
2.30 Father Of The Bride
4.05 The Tall Target

Getaway
HBO Hits, 7.45pm
In order to save his kidnapped wife, a
washed-up racer (Ethan Hawke, above)
must deal with a mysterious man who
forces him to steal a car.
2013, Action.
Also stars Jon Voight, Selena Gomez.
Director: Courtney Solomon

ENTERTAINMENT & NEWS

AXN C22, N512
6.00 The Voice
7.40 Total Blackout
8.10 E Buzz
8.40 Totally Insane Guinness
World Records
10.40 Exit
11.35 XxX: The Next Level
1.25 Totally Insane Guinness
World Records
2.25 Blue Bloods
4.10 Sherlock
BBC Entertainment C130, N529
6.00 The Graham Norton Show
7.30 The Cafe
7.55 Best In Town
8.45 The Impressions Show
9.15 Sherlock
10.45 Upstairs Downstairs
11.40 Doctor Who
3.25 The Cafe
3.50 Hustle
4.45 The Paradise
5.40 Torchwood Declassied
5.50 Fawlty Towers
BBC World News C75, N320
6.00 World News
6.30 Newsnight
7.00 World News
7.30 Working Lives
8.00 World News; Myanmar Direct
8.30 Talking Business
9.00 World News; World Features
9.30 Working Lives
10.00 World News
10.10 World Features
10.30 Witness
11.00 World News
11.30 The Travel Show

BBC Knowledge C49, N220

6.00 Wild Things with Dominic Monaghan
6.45 Richard Hammonds Crash Course
7.35 The Mekong River with Sue Perkins
8.35 Robson Greens Extreme
Fishing Challenge
9.20 Undercover Boss Canada
10.10 Orangutans
11.05 The Mekong River With Sue Perkins
12.05 How We Made Our Millions
1.00 James Mays Man Lab
1.55 The Mekong River With Sue Perkins
2.50 Undercover Boss
3.40 Top Gear
5.25 Orangutans
Cartoon Network C16, N443
6.00 Ben 10
6.30 Jimmy Two Shoes
7.00 Chaplin
7.30 Chowder
8.00 Fish N Chips

AMC C46, N122

5.25 Wild Bill
7.00 Fear The Walking Dead
9.00 Hell On Wheels
10.00 Halt And Catch Fire
11.00 Hell On Wheels

HBO Family N112

5.25 Enchanted
7.10 Godzilla
9.10 A Cinderella Story
10.45 Freaky Friday

Movie 1 HD 241, C41

6.50 The Chinese Feast
9.00 La Brassiere
11.15 The Four 2

HBO Hits N111

7.45 Getaway
9.15 Endless Love
11.00 300

Star Chinese Movies N139

7.30 What Women Want
9.30 One Night In Taipei
11.05 Kung Fu Jungle

HMC C43
5.00 X-Men: The Last Stand
7.05 Code Name: Geronimo
9.05 Scary Movie 5
10.50 Fast And Furious

Fox Movies Premium N117

6.55 Spider-Man
9.00 Lets Be Cops
10.50 Lone Survivor

Cinemax N116
6.30 First Target
8.05 Con Air
10.00 Strike Back
11.00 This Is The End

TCM C47, N119

5.25 While The City Sleeps
7.10 Doorway To Hell
8.30 Babes On Broadway
10.25 Live, Love And Learn
11.45 Blackboard Jungle

ENTERTAINMENT & NEWS

12.00
1.00
1.30
2.00
2.30
3.00
3.30
4.00
4.30
5.00
5.10

World News; Storyville Global

World News
The Travel Show
World News
Click
World News; Myanmar Direct
HARDtalk
World News; Football Focus
Working Lives
World News
World Features

CNN International C74, N316

6.00 Newsroom
6.30 Back Story
7.00 Newsroom
7.30 World Sport
8.00 Anderson Cooper 360
9.00 Quest Means Business
10.00 On China
10.30 African Voices
11.00 Amanpour
11.30 Back Story
12.00 Newsroom
12.30 Business Traveller
1.00 World Sport
1.30 CNNGo
2.00 Newsroom
2.30 Main Sail
3.00 Newsroom
Fox N515
6.00 Castle Marathon
10.10 Criminal Minds Marathon
2.20 Castle
4.00 Marvels Agents Of Shield
5.40 Forever
MTV N554
6.00 MTV Crashes Plymouth 2015:
The Best Bits

7.00
8.00
3.00
3.30
4.00

Isle Of MTV 2015 Highlights

Hot Right Now!
MTV Asks The Foo Fighters
MTV Asks Paramore
Pop Punk Athems: Top 20

Star World N528

6.15 Scandal
7.05 Melissa And Joey
7.55 Suburgatory
8.45 Americas Next Top Model
9.35 Empire
11.15 My Fair Wedding
12.05 MasterChef US
1.45 Cougar Town
2.35 Suburgatory
3.25 Americas Next Top Model
4.15 Once Upon A Time

8.30
9.00
9.30
10.00
11.00
12.30
1.00
1.30
2.30
3.00
4.00
4.30
5.00
5.30

Gon
Paddle Pop Dinoterra
Hanakappa
Oggy And The Cockroaches
Tom And Jerry: The Fast
And The Furry
Pound Puppies
Gumball
Courage The Cowardly Dog
Hanakappa
Oggy And The Cockroaches
Uncle Grandpa
Adventure Time
Regular Show
Steven Universe

Disney C135, N441

6.00 Kick Buttowski: Suburban Daredevil
6.30 Donald Duck Presents
7.30 Henry Hugglemonster
8.00 Mickey Mouse Clubhouse
8.30 Handy Manny
9.02 Jake And The Never Land Pirates
10.00 Cars 2
12.02 Larva Special Edition
2.02 Hello Jadoo
3.32 Kick Buttowski: Suburban Daredevil
4.32 Phineas And Ferb
Discovery Channel C53, N209
6.00 Man, Woman, Wild
7.00 How Stuff Works
7.55 Magic Of Science
8.50 Life
9.45 Naked And Afraid
10.40 River Monsters
11.35 Saltwater Heroes

The Equalizer
HBO, 9pm Denzel Washington (above)
plays a man with a mysterious past who
steps out of self-imposed retirement to
become a vigilante.
2014, Action.
Director: Antoine Fuqua

TLC C54, N213

6.00 Anthony Bourdain
7.00 Invite Mr Wright
7.55 Anthony Bourdain
8.50 Lonely Planet Six Degrees
9.45 Best In Chow
10.10 You Gotta Eat Here
10.40 Extreme Cheapskates
11.35 Say Yes To The Dress
12.55 Something Borrowed,
Something New
1.25 Project Runway
2.20 Jojos Diary Of Asia
2.45 Mexican Fiesta
With Peter Kuruvita
3.15 Luke Nguyens France
3.40 Man Finds Food
4.10 The Charlotte Crosby Experience
5.05 Best In Chow
5.30 You Gotta Eat Here

AXN C22, N512

5.55 Mission: Impossible
8.00 The Other Guys
10.00 Killjoys
10.55 Exit
11.50 NCIS: LA

9.30
10.00
10.30
11.00
11.15
11.30

TBD
Amanpour
African Voices
Newsroom
Marketplace Africa
Business Traveller

BBC Entertainment C130, N529

6.25 Fawlty Towers
7.00 The Impressions Show
7.30 Sherlock
9.00 Me And Mrs Jones
10.00 The Graham Norton Show
10.45 Best In Town
11.40 Sherlock

Fox N515
7.20 The Walking Dead
9.50 Killer Karaoke
10.40 Criminal Minds
MTV N554
6.00 MTV Live In Malaysia 2011
7.00 Essentials: Fallout Boy
Vs Paramore Vs 30 Seconds To Mars
9.00 Fall Out Boy: Live Lockdown
9.30 World Stage: Paramore
10.00 You Me At Six: Live Vibrations
10.30 World Stage: Simple Plan
11.00 My Chemical Romance: World Stage

BBC World News C75, N320

6.00 World News; Africa Business Report
6.30 Newsnight
7.00 World News; Sport Today
7.30 Working Lives
8.00 World News; World Features
8.30 One Square Mile
9.00 World News Today
9.30 The Travel Show
10.00 World News
10.30 Dateline London
11.00 World News
11.10 Storyville Global

Star World N528

6.00 Scandal
6.55 Empire
7.50 Suburgatory
8.45 Amazing Wedding Cakes
9.40 MasterChef US
11.30 Candidly Nicole

CNN International C74, N316

6.00 Amanpour
6.30 Inside Africa
7.00 Best Of Quest
7.30 Talk Asia
8.00 Newsroom
8.30 World Features
9.00 Erin Burnett OutFront

TLC C54, N213

6.00 Cake Boss
6.30 A Taste Of Hong Kong
7.00 Hot And Dangerous With Omid Djalili
8.00 Nomad Chef
9.00 The Charlotte Crosby Experience
10.00 Globe Trekker
11.00 The Mind Of A Chef

Lets Be Cops

EDUCATION & CHILDREN

Animal Planet C55, N210
6.00 Micro Monsters
7.00 Mekong
7.55 Im Alive
8.50 Finding Bigfoot
9.45 Killer Outbreaks
10.40 My Cat From Hell
11.35 Into The Dragons Lair
12.30 Ten Deadliest Snakes
1.25 Micro Monsters
2.20 Mekong
3.15 Mutant Planet
4.10 Wildest Africa
5.05 My Cat From Hell

ATV Home
6.00 News, Sport & Weather
6.35 Hong Kong History Decode
7.00 Police Magazine
7.30 All About Money
8.00 Hong Kong Stories
8.30 The 27th ATV Miss Asia
Pageant 2015 Shenzhen
Station Audition
9.00 News Magazine
9.30 Director Kos Blog
10.30 Money Talks
11.00 Hong Kong 100 VIPs; One Day
11.30 News
11.45 Unfair Judgement

MOVIES

MOVIES
HBO N115
6.00 The Spectacular Now
7.30 Nanny McPhee
9.10 3 Days To Kill
11.05 Brick Mansions
12.45 Failure To Launch
2.20 Teenage Mutant Ninja Turtles
4.00 Matilda

ATV World
7.00 Ramble Round The Southern
Guangdong Green Way
7.30 News & Weather
7.50 144 Hours Journey: Visa Free
To Guangdong
8.00 Tracing Origin Around Guangdong
8.30 Stories From Afar
9.00 Gold Coast Tour@Guangdong
Of China
10.00 Coast Australia
11.05 Late News
11.20 Tracing Origin Around Guangdong
11.50 Gold Coast Tour@Guangdong
Of China

TVB Jade
6.30 News & Weather
7.00 News Magazine
7.30 Chef Minor
8.30 Eating Well With Mad Wong
9.30 Momentary Lapse Of Reason
10.30 Midnight Munchies
11.00 Jade Solid Gold
11.30 News & Weather
11.55 Advertising Magazine

12.30
1.25
2.20
3.15
4.10
5.05

Colossal Squid
Insane Pools
The Last Alaskans
River Monsters
Life
Mythbusters

Discovery H&H C57, N214

6.00 Long Island Medium
7.40 Deliver Me
8.30 Kate Plus 8
9.20 My Big Fat Fabulous Life
10.10 OMG EMT!
11.00 Ballroom Blitz
11.50 Outrageous Births
12.40 Husband Hunters
1.30 My Big Fat Fabulous Life
2.20 Kate Plus 8
3.10 What Have I Got?
4.00 My 600-Lb Life
4.50 Last Chance Salon
5.40 A Baby Story
Nat Geo C52, N215
6.00 Paranatural
7.00 MegaStructures
7.55 China From Above
8.50 I Wouldnt Go In There
9.45 Worlds Most Extreme
10.40 Ultimate Survival Alaska
11.35 Engineering Connections
12.30 Science Of Stupid
1.25 Dog Whisperer
3.15 China From Above
4.10 Wicked Tuna
5.05 9/10: The Final Hours

Fox Movies Premium, 9pm Two friends

dress up as police ofcers for a party
and become entangled with real-life
mobsters and corrupt cops. Stars
Jake Johnson and Damon Wayans Jnr
(above left with Johnson).
2014, Comedy.
Director: Luke Greeneld

Radio
RTHK RADIO 3
567 kHz, 1584 kHz, 97.9 mHz,
DAB 33
www.rthk.org.hk/rthk/schedule/
radio3
RTHK RADIO 4
97.6 to 98.9 MhZ
www.rthk.org.hk/rthk/schedule/
radio4
RTHK RADIO 6
675 kHz, DAB 34
www.bbc.co.uk/worldservice
METRO PLUS
1044 kHz/AM
http://www.metroradio.com./
hk/1044
METRO FINANCE
(104 mHz, 102.4 to 106.3 mHz FM)
www.metroradio.com.hk/MetroFinance/Default.aspx
AM864
Commercial (864 kHz)
www.881903.com

EDUCATION & CHILDREN

Animal Planet C55, N210
6.00 Superfetch
7.00 Swamp Wars
8.00 Life In The Great Wetlands
9.00 Hillbilly Handshin
10.00 Killer Outbreaks
11.00 Im Alive
BBC Knowledge C49, N220
6.20 Monkeys Revealed
7.15 David Attenboroughs
Natural Curiosities
8.05 Bang Goes The Theory
9.00 Robson Greens Extreme
Fishing Challenge
9.45 Richard Hammonds Crash Course
10.35 Top Gear
11.30 Billy Connollys Route 66
Cartoon Network C16, N443
6.00 Gumball
7.00 Tom And Jerry: The Fast
And The Furry
8.30 Courage The Cowardly Dog
9.00 Paddle Pop Dinoterra
9.30 Hanakappa
10.00 Hang On
10.30 Oggy And The Cockroaches
11.00 The Powerpuff Girls
11.30 Teen Titans Go!
Disney C135, N441
6.00 Penn Zero: Part-Time Hero
6.30 Gravity Falls

7.00
7.30
9.14
10.00
11.30

Star Vs The Forces Of Evil

Bad Hair Day
Phineas And Ferb
Tinker Bell And The Pirate Fairy
Star Vs The Forces Of Evil

Discovery Channel C53, N209

6.00 Saltwater Heroes
7.00 How We Got Here
8.00 River Monsters
9.00 Insane Pools
10.00 Ice Cold Gold
11.00 Untamed China
With Nigel Marven
Discovery H&H C57, N214
6.30 Extraordinary Pregnancies
7.20 Psychic Matchmaker
8.10 Ashley Paige
9.00 Quints By Surprise
9.50 My Big Fat Fabulous Life
10.40 Scorned
11.30 Women Of Homicide
Nat Geo C52, N215
7.00 Engineering Connections
8.00 Malaysian Journey
With Jason Scott Lee
9.00 Science Of Stupid
10.00 The Border
11.00 Airport Security: Colombia

Saturday, September 12, 2015 C7

DIVERSIONS
Horoscopes

Chinese Zodiac

with Shelley von Strunckel

TODAYS ALMANAC

TODAYS BIRTHDAY
Virgo
August 23-September 22: Those born
under your sign have a reputation for
being tidy. Yet, even Virgos who live amid
chaos have orderly minds able to monitor
periods of change such as this.

Libra
September 23-October 22: Usually,
organising plans in advance is a relief.
At the moment, however, it would only
complicate matters. Its likely youll
need to rethink things anyway.

The problem youre facing isnt

the result of life changes. Actually,
many of those are welcome, if not
a relief. But these events arent
unfolding in the way youd hoped or
planned. This is no mistake. Youre
being encouraged to take a new
approach to such arrangements
thats more adventurous than youre
used to. Unsettling as this feels
initially, youll learn to appreciate
what youre encountering.

Aries

Rat

March 20-April 19: Every sign will

experience unsettling events of some
kind in the coming days. These are likely
to be a complete surprise.

1948, 1960, 1972, 1984, 1996, 2008

You can do better than sit at home and
think about what you should be doing.
Go out and make friends. At the very
least, youll escape boredom.

Taurus
April 20-May 20: In early September,
your ruler Venus met Mars, triggering
talk of exciting arrangements. While you
probably didnt consider the cost of the
plans at the time, its worth doing so now.

Ox
1949, 1961, 1973, 1985, 1997, 2009
You feel as though youre only going
through the motions of your job. Also,
no one has any idea about the tasks that
need to be accomplished today.

Gemini
Scorpio
October 23-November 21: You like the idea
of luck, but the concept worries you. It
makes you feel vulnerable. Whatever your
reaction, sudden changes over the next
few weeks could be very fortunate indeed.

Sagittarius
November 22-December 20: Good fortune
can appear in many forms. Not only are
such events likely over the coming week,
some of the ideas triggered by your ruler
Jupiter could seem too good to be true.

Capricorn
December 21-January 19: Giving up may
seem like a compromise. Yet, during
periods when youre completely lacking
in facts, its a superb strategy. Instead of

struggling on your own, this gives you the

freedom to seek the backing of those who
are in a position to give you a hand.

Aquarius
January 20-February 17: Most regard
Mercurys retrograde cycle, which
begins on Thursday, with dread. The
errors it triggers can reveal mistakes or
misunderstandings from the past.

May 21-June 20: You have a knack

for nding ways around ideas or
arrangements you dont like. Events
triggered by the eclipsed new moon
are now forcing you to go along.
June 21-July 21: With Jupiter and Saturn,
both moving into new positions, every
sign is facing powerful changes. Some
will be welcome, others will be confusing,
at least initially.

July 22-August 22: Throughout history,

eclipses were dreaded. Now, you
understand why and may be dreading
certain changes. In reality, you have
nothing to fear.

by Bill Watterson

Non-Sequitur Flashback

Across
1 Sets out to make this
town his owntaking
what? (5,3)
5 Scaly reptile one year
not found in the country
(6)
9 Consummate love
via embraces (8)
10 Clash over place for
member of warrior caste
(6)
12 Shortly after Conservative
becomes a clergyman (5)
13 Kitchen tool thats
denitely not new shown
in one drawing? (3-6)
14 Shine as a specialist
may do using two
languages (6-6)
18 Person allowing no
opposition to Italian
art forms (12)
21 Heavenly bodyone
a Parisienne possesses
in Frenchmans city (9)
23 Good and bad rounds
start off regular quiz (5)
24 Sort of letter (permit)
a licensee holds (6)
25 Component containing
blue weed killer (8)
26 Bug going round hospital
in isolated area (6)
27 Train seat a man is in,
someone vacated? (8)

Yesterdays Times solution:

Rabbit
1951, 1963, 1975, 1987, 1999, 2011
You will be panicky as you nd that certain
people you can normally count on let you
down. You will only worsen the situation if
you allow yourself to be reduced to nerves.

Dragon
1952, 1964, 1976, 1988, 2000, 2012
You will be touched by the spirit of
fraternity as much as you will inspire
others with your warmth and good nature.

What does the Chinese almanac

Tong Shing say about today?
Auspicious for: doctors visit
Bad for: no-shows
Auspicious direction: east
Lucky colour: pink
Lucky numbers:

3,4

People may expect you to go out of your

way to please others, but all you have to
do is be yourself.

Snake

Goat
1955, 1967, 1979, 1991, 2003, 2015
You seem unable to make up your mind
about what to make of the opportunities
that are coming your way. Youre confusing
these with some failed ventures.

Monkey
1944, 1956, 1968, 1980, 1992, 2004
If you encounter serious obstacles at
work, dont push yourself too hard trying
to overcome them. The problems likely
require your superiors intervention.

Rooster
1945, 1957, 1969, 1981, 1993, 2005
You nd it frustrating that your boss has
become unreasonable and too demanding.
It doesnt help that your colleagues dont
understand what youre going through.

1953, 1965, 1977, 1989, 2001, 2013

Today encourages you to direct your
attention to certain nancial matters.
Ensure you have all the facts before
making any investment.

Dog

Horse

Pig

1954, 1966, 1978, 1990, 2002, 2014

Its time to get your priorities straight.
While you nd helping others satisfying,
you may be sacricing your personal
interests a little too much.

1947, 1959, 1971, 1983, 1995, 2007

Your strong personality could benet from
a softer touch as you deal with certain
sensitive issues. Also, you might consider
looking at your nances in greater detail.

Doonesbury Flashback

1946, 1958, 1970, 1982, 1994, 2006

You may have to deal with a group of
people who have considerable
inuence at work. Cooperate with them.

by Garry Trudeau

by Wiley Miller

Pooch Cafe

Universal Crossword

Down
1 Very modern couple
stopped by police at last
(2-4)
2 Answer sure to
be everywhere? (6)
3 Rogue report about
constant ordeal regularly
viewed (9)
4 Taking ight after getting
in trouble for scrapping
speech (8,4)
6 Sound astonished
to be limiting Republicans
understanding (5)
7 Phone software
designone shown
by Times Supplement (8)
8 Actuary in a state about
hard rule applied without
limitation (8)
11 Individual on heroin and
speedthe outcomes
obvious here (3-5,4)
15 Way, initially defective,
in which to order a drink
(9)
16 Match ofcial,
suppressing anger,
impressed by con?
Thats puzzling (8)
17 Succeeded with a great
novel involving unknown
characters daydream (8)
19 Heard of person who
beats the booze (6)
20 Turn out a fool?
Whats up? (6)
22 Be prejudiced about
women appearing topless
(5)

1950, 1962, 1974, 1986, 1998, 2010

Problems may arise unexpectedly in the
ofce, but your work gets a little less
heavy with a colleagues timely help. A
relative may come to you for money.

Leo

The Best of Calvin and Hobbes

Times Crossword

Tiger

Cancer

Pisces
February 18-March 19: Certain individuals
seem convinced theyll be involved in
plans youre undertaking. Dont allow
them, nor those who are bound to try to
make you feel guilty, to force your hand.
Call the shots.

with Edwin Ma Lai-wah

Across
1 The Spirit of 76
instrument
5 Type of tree
10 Work, as a bar
14 Petri dish substance
15 Like thick smoke
16 Italian province
or its capital
17 Quarters
20 Skin decorator
21 Negative connective
22 Blast-off preceder
23 Vase relative
24 Well-armed creatures
27 McNallys partner
29 Full compass
32 Kind of instinct
33 Letters on a tachometer
36 Minuteness
38 Quarters
41 Like a northeast-tosouthwest line
42 Annapolis grad (Abbr.)
43 Hotel relative
44 Cheeks
46 States of anger
50 Horse that does well
in slop
52 Circle piece
55 Dec. 24, notably
56 Mythical sea monster
57 Beautied or embellished
60 Quarters
63 Tel ___
64 Struck with a leg joint
65 Poker chip, sometimes
Yesterdays Universal
solution:

Bridge

66 Measure of force
67 Business expenditures
68 Emulate a quarterback
Down
1 Something to consider
2 Galapagos Islands critter
3 Make more substantial,
as a pig
4 Opening for while, once
5 Large house
6 Thespians specialty
7 Arguments in favor
8 What wings provide
9 Tokyo, formerly
10 Fortune-teller, maybe
11 Female hormone
12 Degree in math?
13 Prex with solve
or respect
18 Broke gamblers offering
19 Smarminess
24 Part of a pound
25 ___ in Boots
26 ___ not what you think!
28 Bottom-of-the-barrel bit
30 ___ costs (by any means)
31 1/60th of an hr.
34 Planned undertaking
35 Not signicant
37 Not yet nal, as a decree
38 Indigenous Japanese
39 Lutes kin
40 Crows sound
41 Hardly lit
45 Small scented bag
47 Site of rods and cones
48 Signicant occasions
49 Bog plants
51 Automatic transmission
gear
53 The four in an acre
54 Wine label word
57 First James Bond movie
58 Gives the once-over
59 By yesterday!
60 Unhinged
61 Climbing plant
62 Dog show letters

North dealer. North-South

vulnerable.
NORTH
K J 10 7 2
K94
Q6
873
EAST
WEST
64
5
A853
Q J 10 6 2
J8743
K92
95
J 10 6 4
SOUTH
AQ983
7
A 10 5
AKQ2
The bidding:
North
East
South
West
Pass
Pass
1
Pass
3
Pass
6
Opening lead: queen of hearts
Assume youre in six spades and West
leads the queen of hearts which you
duck followed by the jack. You ruff,
and the outcome appears to depend
solely on nding the missing clubs
divided 3-3. In that case, youd be able
to discard one of dummys diamonds
on your deuce of clubs and so make the
slam.
But experience tells you that a
3-3 break is not a healthy prospect
indeed, it occurs only 36 per cent of the
time. So you start to look for a means
of adding to your chances without, of
course, relinquishing the possibility of
the 3-3 club break.
Actually, this is not a difcult
task. You can improve your chances
substantially by allowing for the
possibility of a squeeze. All you need is
for the defender with the club length to
also have the king of diamonds.
Accordingly, you draw two rounds of
trumps, ruff the king of hearts, cash the
ace of diamonds and cross to dummy
with your last trump to produce this
position:
NORTH
10 7
Q
873
WEST
EAST
K9
Immaterial
J 10 6 4
SOUTH
10 5
AKQ2
When you now play the 10-7
of trumps, discarding the 10-5 of
diamonds, West acquires a king-sized
headache trying to nd two discards.
He can spare the nine of diamonds, all
right, but his next discard will make
everyone at the table happy except East
and West.

by Paul Gilligan

Sudoku
Complete the grid so that
each row, column and 3x3
box contains every digit
from 1 to 9, inclusive.
Difculty:

Yesterdays solution:

Kokonotsu Supersudoku
Complete the grid so that
each row, column and 3x3
box and the two centre diagonal lines contains every
digit from 1 to 9, inclusive.
Difculty:

Yesterdays solution:

Target

L A M
L A E
E B L

How many words of four letters or more

can you make from the letters shown
here? In making a word, each letter may
be used once only. Each must contain the
centre letter and there must be at least
one nine-letter word. No plurals.
Todays target: 10 words good; 15 words
very good; 20 words excellent.
See solution on Monday.

Steve Becker

ONLINE
For details about local bridge events,
go to the HK Contract Bridge Association
website www.hkcba.org

Yesterdays solution: inset ness nest news newt sent sett sewn sine sinew site stein
stet stew swine tent test testis tine tiniest twine twinset went west wine winiest wise
wisest witness WITTINESS

C8 Saturday, September 12, 2015

SOCCER
MANCHESTER UNITED V LIVERPOOL

SHORT
SOCCER
Swiss League donates
goal-aid for refugees

UNITED SET TO RUN RULE OVER MARTIAL

French striker is poised for a baptism of fire
as he attempts to solve new clubs goalscoring
problems at home to fierce rivals Liverpool

The Swiss League is donating

455 (HK$3,950) for each goal
scored in the first and second
divisions this weekend to help
the refugee crisis. In the last
round, a total of 29 goals were
scored in the two leagues. Last
season, around 50 nations were
represented in the Swiss
Football League, federation
president Heinrich Schifferle
said yesterday. Our clubs know
on a daily basis the real meaning
of the words integration and
solidarity. All proceeds raised
will go to Swiss charity Chaine
du Bonheur. AFP

................................................
Agence France-Presse
in Manchester

Chung slams ruling on

AFC backing Platini
Fifa presidential contender
South Korean Chung Mongjoon has criticised election
monitors who cleared the Asian
Football Confederation of
improperly supporting Michel
Platini. The former Fifa vicepresident from South Korea said
the Fifa-appointed committee
investigated for only three days
and forfeited its duty to ensure
the fairness of the election. He
filed a complaint after the AFC
sent members a template letter
soliciting support for Platini, the
Uefa president. Asian leaders
publicly support Platini despite
two home contenders in the
running: Chung and former Fifa
vice-president Prince Ali bin alHussein of Jordan. Chung, who
reportedly faces a Fifa ethics
case for charitable donations to
member federations, said the
Fifa panel told him it found no
indications of the integrity of the
electoral process having been
affected. AP

Zenit can cope without

me on bench: coach
Banned Zenit St Petersburg boss
Andre Villas-Boas is confident
his reigning Russian champions
will cope in his absence against
unbeaten league leaders CSKA
Moscow today. He will be
missing from the bench in
Moscow as he serves a six-match
ban for pushing an official in
Zenits defeat to Krylia Sovetov
Samara. Zenit sit third, six points
behind CSKA, and need a win to
keep tabs on the Red Army side.
Regarding the bench, there is
no No 1 coach, No 2 or No 3, he
said. AFP

Andre Villas-Boas is serving a

six-match ban. Photo: Xinhua

Anthony Martial will have little time to settle in at Old Trafford when he faces Liverpool. Photo: AFP

Anthony Martial is set to make

one of the most eagerly awaited
debuts in recent Premier League
history when his new club Manchester United cross swords with
Liverpool today.
Martial, 19, was signed from
Monaco on transfer deadline day
for a reported initial fee of 36
million (HK$429 million) that
could rise to 58 million and the
French striker will be expected to
enliven an attack who have
scored only three goals in four
league games.
Liverpool are also short of
goals, having netted only twice so
far this season, and with each side
looking to steady the ship after
defeats, there will be pressure to
perform on both sets of players.
Liverpool is the perfect game
to have to come back to after the
international break, United assistant manager and former
scourge of Liverpool Ryan Giggs
said at a supporters event.
Old Trafford will be bouncing for a late kick-off. All the
players are looking forward to it
and Im sure the fans are, too.
Liverpool is always a special
game and its even more special
when you win, so we cant wait.
Martial, who will wear the
number nine shirt, stands to become the first United player to
make his debut in a home game
against Liverpool since Ernie
Thompson in November 1936.
United manager Louis van
Gaal has described the fee for
Martial as ridiculous, but despite having spoken of the need

EVERTON V CHELSEA

P W
4 4
4 3
4 2
4 2
4 2
4 2
4 2
4 2
4 1
4 1
4 1
4 1
4 1
4 1
4 1
4 0
4 0
4 0
4 0
4 0

D
0
0
2
2
1
1
1
0
2
2
1
1
1
1
1
3
3
2
2
2

L F A Pts
0 10 0 12
1 8 5 9
0 8 5 8
0 7 4 8
1 3 2 7
1 3 3 7
1 2 3 7
2 9 6 6
1 5 4 5
1 5 5 5
2 5 6 4
2 4 5 4
2 6 9 4
2 5 8 4
2 3 6 4
1 3 4 3
1 2 4 3
2 3 5 2
2 2 5 2
2 6 10 2

to give him time to settle in, the

Dutchman could do with the
teenager finding his feet quickly.
Of the three goals United have
scored in the league this season,
one was an own goal by Tottenhams Kyle Walker and the other
was scored by Adnan Januzaj,
who is no longer at the club.
Wayne Rooney returns after
setting a new England scoring
record of 50 against Switzerland
on Tuesday, but he has not
scored a league goal since April.
In an announcement that
caps a remarkable turn of events,
David de Gea has signed a new
four-year contract. The Spain
international was on the verge of
signing for Spanish giants Real
Madrid only for the transfer to
collapse because of paperwork
arriving past the deadline.
De Gea said: Im looking forward to putting a difficult summer behind me.
Van Gaal said: He is one of
the best goalkeepers in world

Everyone wants to kill us, says Blues Hazard

................................................
Agence France-Presse
in Liverpool
Eden Hazard admits Chelsea are
struggling to adapt to life as Premier League champions because
everyone wants to kill you.
Jose Mourinhos side are already eight points adrift of leaders Manchester City after winning just one of their opening
four matches.
The Blues desperately need to
get back on track when they face
Everton at Goodison Park tonight
in a clash that has added intrigue
following Chelseas unsuccessful
bid to sign Toffees defender John
Stones.
But Hazard is one of numerous Chelsea stars who have so far
failed to replicate the fine form

that took them to the title last

term. And the Belgium playmaker believes that is partly from the
extra pressure of defending the
title, an honour that leads opponents to raise their game against
Chelsea.
Its difficult to play as a
champion because everyone
wants to beat you, everyone
wants to kill you, Hazard said.
We wear the gold badge and
... yeah, its very good. We had a
fantastic season last season ... if
we could do the same this season
wed be good.
Every day I try to reach a better level. This is my job, every day
I try to score. Every game I try to
score. I just want to be champion.
I just want to be a champion and
win everything like last season.
Mourinho has had two weeks

to stew on the home loss to Crystal Palace only the second defeat in 100 home Premier League
games for the manager that ensured Chelsea entered the international break on a low.
The contrast to last season
could hardly be more stark.
Then, Chelsea flew out of the

12
Points Chelsea earned after
four games last season,
compared to just four
points this term

blocks, rising immediately to the

top of the table, a position they
held on to before being crowned
champions in May.
This time, Mourinhos side
have stuttered through the opening weeks with the manager admitting his team are still short of
their best.
A training ground injury to
keeper Thibaut Courtois this
week did nothing to lift the mood.
Everton went into the international break on the back of a commendable 0-0 draw at Tottenham, but it came at a cost.
Midfielder Tom Cleverley will
be out for between six and eight
weeks with ankle ligament damage sustained in that game, while
Bryan Oviedo who played at
left-back in that match is struggling with a knee problem.

Pardews men have a good record against top

teams but Pellegrinis side remain the favourites
the black-and-white pattern
under Pardew. Since he took
over in January, Palace have
played eight games against the
big six teams and have won four
and lost four.
One of the wins was 2-1 at
home to City in April, which is
indicative of Palaces form under
Pardew but not necessarily a
good guide to how City will
perform on their return to
Selhurst Park.
City appear to be in much
better shape now, although it
has to be noted that they
finished last season in good form
with seven wins out of nine a
sequence of victories
interrupted only by back-toback defeats at Palace and
Manchester United.
If we go back to Citys
Champions League exit in

FIXTURES
TODAY
10pm unless stated: Arsenal v Stoke, Crystal Palace v Manchester City,
Everton v Chelsea (7.45pm), Manchester United v Liverpool (0.30am
Sun), Norwich v Bournemouth, Watford v Swansea, West Brom v
Southampton
TOMORROW
Leicester v Aston Villa (11pm), Sunderland v Tottenham (8.30pm)
MONDAY
West Ham v Newcastle (3am Tue)

Fernando is hoping for a return to Citys first team. Photo: Reuters

Pain-free Fernando ready

for action as leaders try
to build on strong start

Palace can make life difficult for Manchester City

Man City
Palace
Leicester
Swansea
Man Utd
Arsenal
Liverpool
West Ham
Everton
Soton
Bomouth
Villa
Chelsea
Norwich
West Brom
Tottenham
Watford
Stoke
Newcastle
Sunderland

CRYSTAL PALACE V MANCHESTER CITY

YOU BET
NICK PULFORD

his is a blockbuster day in

the English Premier
League, starting with
Everton v Chelsea and ending
with Manchester United v
Liverpool. Sandwiched in
between is the exciting clash of
the early front-runners as Crystal
Palace host Manchester City.
Alan Pardews Palace have
developed into a dangerous side
even against the elite, as they
demonstrated with their 2-1 win
at Chelsea before the
international break. The fact that
it was only Jose Mourinhos
second defeat at Stamford
Bridge, in his 100th home game
as Chelsea manager, is ample
proof of the scale of Palaces
achievement.
Against that is Palaces only
defeat this season, 2-1 at home
to Arsenal, and the two results fit

STANDINGS

football. I am very pleased that he

will be part of the team for many
years to come.
Michael Carrick is a doubt
after withdrawing from England
duty with a calf complaint.
While United have looked
reasonably solid in defence, it will
not have escaped Liverpool manager Brendan Rodgers attention
that makeshift centre-back Daley
Blind was bullied by Bafetimbi
Gomis during their 2-1 defeat at
Swansea City.
Liverpool have a bruising forward of their own these days in
Christian Benteke, who scored
twice against United for Aston
Villa last season, and are likely to
look to isolate him against the
lightweight Blind.
Liverpool have problems of
their own in attack, however, and
will be without Brazilian playmaker Philippe Coutinho
through suspension after he was
sent off in their chastening 3-0
loss at home to West Ham.
Daniel Sturridge has returned
to training after hip surgery in
May, but may not be risked so
early, while there are doubts over
the midfield trio of Adam Lallana
(thigh), Jordan Henderson (ankle) and Joe Allen (hamstring).
Liverpool enjoyed a 3-0 win at
Old Trafford amid the embers of
David Moyes ill-fated reign as
United manager in March 2014,
but were beaten twice by their old
enemies last season.
After losing 3-0 in Manchester
in mid-December, Liverpool
went on a 13-game unbeaten run
that appeared to have resurrected their season, only for Van
Gaals men to inflict a 2-1 defeat
upon them at Anfield in March.
We have to try to approach it
the same way we approach every
single game, but we know there is
a lot of talking and the fans are
more excited about it, says Liverpool midfielder Lucas Leiva.

March, they have won 11 out of

13 in the Premier League since
then and Palace are one of only
two teams to beat them.
Palaces record under
Pardew against the big teams
suggests it is win or bust with
their attacking approach and,
like they did at Chelsea, they
may prove to be one of the best
long-odds shots of the season.
That is not to deny Citys
status as strong favourites, given
the quality of their team and
their flying start to the season. As
well as having the only surviving
100 per cent record, City have yet
to concede a goal in their four
games and have scored 10. Any
punter backing them has to
consider the handicap, as 12 of
their 15 league wins in 2015 have
been achieved by a two-goal
margin.
Last season City gave too
many teams a chance by
conceding, winning only four
out of 12 in those circumstances
from the turn of the year to the
end of the season.
Palace are easily good
enough to score given the
opportunity and that makes
tonights match a good test of
whether Citys defence really has
improved this season.
Whatever the result, this is set
to be an entertaining game and
over 2.5 goals looks a good bet.
Fourteen of Palaces 22 league
games under Pardew have gone
over that mark, while City have
similar figures on the road since

BEST BETS

1
2
3
4
5

Swansea on handicap
Only defeats in their last
13 games have been
against the current top
three
Southampton on
handicap Tough
opponents for low-scoring
West Brom
Wolves on handicap Have
won both games so far
against teams outside the
top six
Hertha Berlin on
handicap Visitors
Stuttgart a team to
oppose
Sampdoria home win
Another good chance
against a promoted side

SHORTLIST
Manchester United, Tottenham,
Charlton, Wolfsburg
the start of last season (13 out of
21 over 2.5 goals).
In normal circumstances,
Everton v Chelsea would be the
polar opposite, with under 2.5
goals strongly favoured, but
Chelseas sudden defensive
fragility means all four of their
league games this season have
gone over 2.5 goals.

Everton may not have the

best set-up to take advantage of
Chelseas problem, but they
have a solid record under
Roberto Martinez at home to the
big six, having lost only three out
of 12. The draw is a big runner in
this match and, despite the
champions high-score start to
the season, under 2.5 goals is still
favoured.
Fireworks are more likely in
United v Liverpool, with goals
and red cards both regular
features of their meetings. Only
the Merseyside derby has
produced more dismissals than
this fixture in the Premier
League era and the last eight
league meetings at Old Trafford
have had over 2.5 goals, at an
average of 3.5 goals per game.
Neither side has exactly
sparkled in attack, however, with
five goals between them in eight
games.
The best bet is a United win
for several reasons last season
they did the double over
Liverpool, their squad is less
depleted by injuries and
suspensions and they have
home advantage.
Among the other bets to
consider are an Arsenal win-win
on the HaFu at home to Stoke,
Swansea on the handicap away
to Watford, under 2.5 goals in
West Brom v Southampton
(with the visitors the handicap
pick) and a Tottenham win and
over 2.5 goals on their visit to
struggling Sunderland.

................................................
Agence France-Presse in London
Manchester City midfielder Fernando claims he is pain free and
ready to show his true colours as
he presses his claims to play in
the Premier League leaders clash
at Crystal Palace tonight.
Fernando played much of last
season with painkilling injections
in his groin that sometimes hampered his performances.
The Brazilians injury problems recurred during Citys tour
of Australia and Vietnam before
the current campaign started,
but the 28-year-old believes his
troubles are behind him ahead of
the trip to Selhurst Park.
Ive had this problem for a
long time. I originally picked up
the injury a year ago and after
every game I played, it felt sore
and obviously much worse, Fernando said.
I hoped I would return after
the summer break and everything would be fine, but during
preseason the pain became gradually worse again. Now Im feeling much better.
Its not been easy because on
one hand, its been great to see
the lads playing so well, but on
the other you are frustrated at not
being involved.
Obviously, I want to help my
team and play my part but I needed to be clear of this injury first.
Ive been working hard to recover, Im feeling much better
now with no pain so hopefully
will be available.
City manager Manuel Pellegrini will consider whether to
hand Belgian midfielder Kevin de

Bruyne a debut following his

55 million (HK$656 million)
move from Wolfsburg.
Pellegrini, whose side have
won all four of their league
matches to go three points clear
at the top, will be without fullbacks Gael Clichy (ankle) and Pablo Zabaleta (knee), but striker
Wilfried Bony has returned to
training after a gash on his leg.
Midfielder Fabian Delph and
right-back Bacary Sagna will both
be assessed by Citys medical
staff after they picked up knocks
on international duty.
Meanwhile, second-placed
Palaces shock 2-1victory at Chelsea ahead of the international
break confirmed the progress the
club have made since Alan Pardew took charge last January.
The arrival of France playmaker Yohan Cabaye in the close
season has added to the creativity
of Pardews side, while his decision to bolster his squads forward options has also paid off.
Pardew acknowledges his
sides realistic ambitions lie in
challenging for a Europa League
spot and not in sustaining a place
in the top four, but he believes
they can cause problems for City.
The Chelsea result must enhance our confidence, Pardew
said. Our work ethic and technical ability has gone hand in hand
and that makes for a good team.
You can have one without
the other, but our technical ability is matching our work rate.
It makes us difficult opposition and for Manchester City Im
sure theyll be approaching this
game knowing theyre up against
a good side.

Saturday, September 12, 2015 C9

ROUNDUP
HOME AND AWAY
PETER SIMPSON

Brave attempt

NZ rely on
all-rounders
for tour of
Australia

Roll out welcome

mat for foreign fans

Coach Hesson hopes to

have Neesham and
Anderson fit again for
the three-test series

Locals should admire their overseas brethren

who make the effort to attend games in England

he European Union is not

alone in suffering a crisis
because thousands are on
the move in search of greener
grass, bringing out the best and
worst in all of us.
EPL stadiums have a refugee
situation all of their own,
according to a new report.
Disappointed with their
home-grown football, legions of
foreign fans are coming over
here, taking our seats, buying
rubbery burgers and arteryclogging chips, swigging the
overpriced flat beer from
undignified plastic glasses,
queuing for an age at noseturning toilets at half-time and
emptying the stadium mega
stores of tacky merchandise.
Latest findings released from
tourism group Visit Britain
showed the number of overseas
fans visiting the UK to watch
top-flight football rose to 800,000
in 2014, up 15 per cent from the
last study in 2010.
Manchester Uniteds Old
Trafford and Arsenals Emirates
Stadium were the most popular
venues, both receiving 109,000
international visits followed by
Anfield (99,000), Stamford
Bridge (89,000), Wembley
(51,000), White Hart Lane
(40,000), The Etihad (33,000) and
Fulhams Craven Cottage
(30,000).

Some 99,000 foreign Liverpool

fans visited Anfield in 2014.

Like blood, team

loyalty runs as
thick and
constant no
matter where
you are from
All those zeroes dancing
about the report sent some
indigenous fans into a
xenophobic tizzy.
Among the upset natives was
the Manchester United
Supporters Trust which
snootily reminded the foreign
invaders: Manchester United
has been built by generations of
local support and we deserve
that recognition.
They and other supporters
groups claim the figures added
weight to their claim that the
make-up of fans is changing fast
and foreigners are pushing up
ticket prices, creating subdued
atmospheres and altering a
clubs identity.
True, there does need to be
an equilibrium between
welcoming overseas fans and
maintaining a clubs heritage.
And fans have to be ever vigilant
against greedy club owners who
happily increase prices and
exploit flushed overseas visitors.
And yes, of the 800,000
foreigners who went to a game
in 2014, 40,000 were business
travellers those corporate
types not known for their
whooping, animated
remonstrations or for drumming

up original, witty terrace chants.

But the zeitgeist claim that too
many foreign supporters are
killing the ambience falls rather
flat, given that the country at the
top of the overseas fans table
was the Republic of Ireland with
121,000.
The Irish are as vocal in their
love of sport as the British are, if
not more so and just a shade
louder than the noisy
Norwegians, who took the
runner-up spot with (93,000)
visitors, followed by the Swedes
(58,000).
Next came US fans, the
Dutch, Spanish, French and
Germans, in that order.
Arguably, Americans could be
deemed the quietest of the
bunch, but then anyone who has
experienced the wrath of LA
Galaxy fans case in point,
former player David Beckham
might tell you otherwise.
Besides, all-seater stadiums
are seen as the main killer of
ambience, not the foreign
supporters who come to sample
and join in the atmosphere, not
ruin it.
There are other benefits to be
had besides the 700 million
(HK$8.3 billion) stuffed into the
United Kingdoms economy.
With only heritage canals,
a busy port, the birthplace of
The Beatles and some pleasant
countryside going for it, the
northwest region of England
might not bleep particularly
brightly on the average tourists
radar screen.
But football holidays booked
by Jonny Foreigners are
putting otherwise regional
backwaters on the map,
according to the report.
Ten per cent of visitors to the
northwest, home of Manchester
City, Manchester United and
Liverpool headed there
specifically to watch football,
compared to 5.6 per cent in the
northeast and just 1.3 per cent in
the southeast proof indeed of
the positive role football plays in
showcasing alternative UK
destinations and boosting local
economies.
Tore Hansen, of the Norway
branch of the Liverpool
Supporters Club, said the
increase in flight routes to the
UK had made it easier for fans to
travel and experience for real the
matches they once could only
witness on television.
The standard of football in
Norway wasnt that great and
British football has always been
popular in Norway, and its also
a nice country to visit, he told
the media.
Foreign fans cannot be
blamed for lack of seats on
matchdays.
The onus is on the clubs to
reinvest to cope with demand
and build more capacity, just as
Liverpool are seeking to do.
Like the colour of blood,
team loyalty runs as thick and
constant no matter where you
are from.
Bars and living rooms across
the planet will be packed as
Manchester United and
Liverpool fans huddle around
TVs for todays clash at Old
Trafford.
Short of holding up welcome
signs and offering them beds, we
indigenous fans should applaud
the effort of those overseas
supporters who make such great
effort and investment to attend
our countrys football matches,
because if thats not loyalty,
what is?

Foreign fans of English clubs are passionate, too. Photos: Reuters, EPA

................................................
Reuters in Wellington

Atlanta Braves pitcher Shelby Miller fields a ball hit for a single
by New York Mets Kelly Johnson in the fourth inning of their
baseball game at Turner Field. Bartolo Colons shutout streak

ended at 31 innings while he won his fourth straight start,

pitching the streaking Mets past the reeling Braves 7-2. New
York stretched their NL East lead to 712 games. Photo: AP

BOXING

PACQUIAO DEMANDS A
REMATCH WITH FLOYD
Filipino fighter says Mayweather flouted doping rules with an injection
before their bout but the American and Usada say it was all done legally
................................................
Agencies
Filipino Manny Pacquiao wants a
rematch with Floyd Mayweather
Jnr over an alleged doping violation that the American defiantly
denies and says is overblown.
Pacquiao, beaten by Mayweather in a unanimous decision
in May, yesterday called for punishment and a rematch, urging
Nevada sports officials to impose the appropriate sanction
on the unbeaten American.
Mayweather, though, is
backed by the powerful United
States Anti-Doping Agency (Usada), with both insisting the boxers actions were legal after it
emerged he was injected with
vitamins and minerals before the
May 2 fight.
Eight-division champion Pacquiao questioned why Usada
only informed the Nevada State
Athletic Commission (NSAC)
about the infusion three weeks
after the bout, by which time
Mayweather had already received a Usada exemption.
Are they hiding something?

For the sake of fairness and for

the good of the sport, NSAC must
be consistent, he said at his
home in the southern Philippines. If needed, the NSAC
should impose the appropriate
sanction to sustain its credibility
and to show the world they did
not give preferential treatment to
the Mayweather camp.
A report on the SB Nation
sports news website said Mayweather had broken World AntiDoping Agency (Wada) regulations by having an IV infusion at
his home in Las Vegas on May 1,
the day before the fight.
Wada guidelines say IV infusions are prohibited because
they can be used to mask performance-enhancing drugs, increase plasma volume levels and
distort the values of an athletes
biological passport.
But a Usada source said because Mayweather obtained a
therapeutic use exemption
(TUE), no offence had been committed under Wada.
Pacquiao also said he was
treated unfairly because the Nevada body refused to let him use a

12
Boxers are currently
sanctioned or warned by
Usada for various
doping offences

Usada-approved painkiller for

the fight, when he was carrying a
shoulder injury.
That is why I want a rematch.
One without any injury and with
fair play. No favouritism. Not one
where the Mayweather camp
gets to dictate all the terms and
conditions, he said.
Doping allegations have been

at the heart of the fighters longrunning feud, which has not abated since Mayweather won their
clash for the World Boxing Organisation welterweight title.
Mayweather, who is looking
to extend his unblemished 49-0
record against Andre Berto, has
insisted he is a clean athlete.
I follow and have always followed the rules of Nevada and
Usada, the gold standard of drug
testing, Mayweather said. I am
very proud to be a clean athlete
and will continue to champion
the cause.
Usada said: We believe it is
important to correct the record
regarding the false suggestion
that Floyd Mayweather violated
the rules by receiving an IV infusion of saline and vitamins.
As was already publicly reported in May of this year by the
Nevada State Athletic Commission, Mr Mayweather applied for
and was granted a TUE by Usada
for an IV infusion of saline and
vitamins that was administered
prior to his May 2 fight.
Mr Mayweathers use of the
IV was not prohibited under the
NSAC rules at that time and
would not be a violation of the
NSAC rules today.
Agence France-Presse, Reuters

New Zealand coach Mike Hesson

has included recuperating allrounders James Neesham and
Corey Anderson in his cricket
squad for the three-test tour of
Australia later this year.
The duo, who have both been
battling back problems, were
named yesterday in a 15-man
party to face Australia in Brisbane
and Perth, as well as the first ever
day/night test in Adelaide.
Hesson is banking on the allrounders being fit enough to supplement the bowling of the pace
attack, allowing him to name
only four seamers in Trent Boult,
Tim Southee, Doug Bracewell
and Matt Henry.
A lot of our recent success
has been based on the value of
our number six batsman bowling
some overs and were comfortable continuing in that vein,
Hesson said.
Rather than having an extra
fast bowler not playing in Australia, we thought it more prudent
for those in contention to remain
in New Zealand and be playing
domestic cricket.
Hesson said he was confident
Neesham, who was rested from
the final two one-dayers on the
recent tour of South Africa, and
Anderson, who suffered a double
stress fracture in his spine in
June, would be available.
Weve been very conservative with them and we wouldnt
have picked them if we didnt
think they would be fit, Hesson
added. Most countries are struggling for one and were lucky to
have two good ones.
Otherwise, Hesson has selected an experienced squad led by
captain Brendon McCullum to
try to extend New Zealands run
of seven straight series without
defeat.
Mark Craig, who with Kane
Williamson bowled the Black
Caps to a series-tying victory
against England at Headingley in
June, was the sole specialist spinner named in the squad.
Luke Ronchi will remain as
back-up for the middle order and
wicketkeeper BJ Watling, while
Hamish Rutherford retained his
place ahead of Dean Brownlie as
cover for the top order.
New Zealand, who will play
three warm-up matches before
the first test starts at the Gabba on
November 5, drew the 2011series
1-1 after winning the second test
in Hobart.
History suggests its a difficult place to win, Hesson said.

All-rounder James Neesham

hopes to be fit for tour. Photo: AP

TENNIS

My form at 34 isnt a surprise to me: Federer

................................................
Agence France-Presse
in New York
Many may be surprised by Roger
Federers untroubled progress
towards becoming the oldest US
Open champion in almost half a
century, but not Federer himself.
The 34-year-old has glided
into the semi-finals, where he
faces Swiss compatriot Stan
Wawrinka.
It will be his 10th New York semi-final as the five-time champion targets a record sixth US Open
and 18th grand slam title.
For many years I have tried to
look at the big picture to hopefully still be playing at a high level at
this age, said Federer, who
would be the oldest winner of the
US Open since Ken Rosewall in
1970. So in some ways I am not
surprised.
Federer has not won a major
since his seventh Wimbledon
title in 2012, but came into the US
Open on the back of a seventh
Cincinnati title, defeating world
number one Novak Djokovic in
the final.
It was his 87th career title and
pushed his on-court earnings to
almost US$94 million.

His form in New York has

been just as impressive, dropping
serve just twice and not yet having lost a set.
Despite his grand slam title
drought the longest of his career
Federer has not been afraid to
keep innovating.
In recent years, he has experimented with a larger racquet,
brought in former world number
one Stefan Edberg to work alongside long-time coach Severin
Luthi and radically altered his

playing schedule. The US Open is

only his 13th tournament of the
year.
He has also invented a new
tactic, the Sabr, or sneak attack
by Roger, which is his chip-andcharge on an opponents second
serve. After his 87-minute quarter-final demolition of Richard
Gasquet on Thursday, Federer
also said he was sleeping more
up to 10 hours a day to maintain
his competitive level.
I think I have worked on my

game moving forward, have been

able to take the ball earlier, he
said when asked to explain his
longevity.
I think Im volleying better
than I have the last 10 years. Its all
about keeping yourself in shape
and staying injury-free. And motivated, he added.
Ive played so well over the
last one-and-a-half years. I dont
feel like Im as old as I am. I still
feel young.
He has come close to adding

RAIN DAMPENS WILLIAMS QUEST FOR HISTORY

Two triumphs from completing a calendar grand
slam, top-ranked defending champion Serena
Williams was confronted at the US Open by an
opponent even she could not defeat rain.
US Tennis Association officials postponed the two
scheduled womens semi-final matches to today amid
forecasts of rain.
Williams was to play Italys 43-ranked Roberta
Vinci in the second semi-final after Romanias secondranked Simona Halep faces Italian 26th seed Flavia
Pennetta in the opener at Arthur Ashe Stadium.
The delays come in the final uncovered year for
Arthur Ashe Stadium, which starting in 2016 will have
a retractable roof to avoid any postponements
because of bad weather. A supporting superstructure

is in place around the venue, but there was not

enough time to secure the roof for the tournament.
Another day of tension only heightened the
anticipation and drama around Williams and her
quest for more tennis history.
The 33-year-old American, who already holds all
four major titles, is chasing the first calendar grand
slam since Steffi Graf in 1988 and trying to match
Grafs open era career record of 22 slam singles titles,
two shy of Margaret Courts all-time record.
I never really thought I would be in this position
where I would even be talking about records, talking
about passing Steffi Graf or even mentioning
Margaret Court, Williams said.
Agence France-Presse

to his 17 majors. He made the

final at Wimbledon in the past
two seasons, only to be denied on
both occasions by Djokovic.
Federers stunning semi-final
rout of Andy Murray at the All
England Club also had the sport
drooling.
At this years US Open, Federer has seen world number three
Murray knocked out in the fourth
round as the British star saw his
run of 18 consecutive grand slam
appearances come to an end.
Old nemesis Rafael Nadal
fared even worse, a third-round
loss his earliest exit in a decade.
The threat from Djokovic,
who plays defending champion
Marin Cilic in the other semifinal, remains real.
However, the Serb has endured a rollercoaster tournament, needing four sets to see off
Spaniards Roberto Bautista Agut
and Feliciano Lopez.
The odds are on a potentially
classic final between Australian
Open and Wimbledon winner
Djokovic and Federer.
It will be too tight to call.
They have met 41 times with
Federer leading 21-20, though
Djokovic has dominated their
most recent slam meetings.

C10 Saturday, September 12, 2015

Fighting words
Pacquiao demands
rematch after Floyd
denies drug claims

Good planning
Long-term outlook
helped Federer to
stay in top bracket

No pressure, then
Day of reckoning
awaits Martial in
Old Trafford cauldron

> B OX I N G C 9

> TENNIS C9

> SOCCER C8

Stoop to conquer

SOCCER

OFFICIALS KEEN
FOR CHINA CLASH
AT HK STADIUM
HKFA chiefs say the interests of the team and
fans should come first with plenty of demand
expected for the return match against China
................................................

will be meted out, rather than a

draconian punishment where
Hong Kong home games may be
played behind closed doors.
The 40,000-seat venue in So
Kon Po, which has acted as the
national stadium for Hong Kong,
is the ideal location andthe HKFA
has made a submission to Fifa.
But it is understood the government is concerned after a series of incidents at Hong Kongs
three home matches, especially
with the deepening conflict between Hong Kong fans and their
mainland counterparts after an
inflammatory Chinese Football
Association poster highlighting
the Hong Kong teams skin colour and the subsequent jeering
of the China national anthem at
all three matches.
No one will doubt there is
huge support for the Hong Kong
team at the moment and if we
cant take the opportunity, it will
be a big waste, said HKFA vicechairman Pui Kwan-kay.
I have received many calls for
tickets and if they decide to put
the match on at a smaller venue,
how can we satisfy the needs of
the fans? We understand there

Jailed Simpson loses

appeal for a new trial

Messi in Barca line-up

after son No 2 arrives

Rome enters race to

host 2024 Olympics

Breasts help putting,

says Caitlyn Jenner

Imprisoned former NFL star OJ

Simpson lost his latest appeal on
his 2008 kidnapping and armed
robbery conviction in Las Vegas.
A Nevada Supreme Court panel
rejected Simpsons request for a
new trial, ruling in a 16-page
order on Thursday that there
was no reason to overturn a
lower court judges decisions in
the case. Simpsons lawyers filed
the appeal last October, arguing
that the judge was wrong to
deny a new trial on charges
related to a botched heist. AP

Barcelona coach Luis Enrique

will be able to count on his firstchoice attacking line-up of
Lionel Messi, Neymar and Luis
Suarez for todays match against
Atletico Madrid. There were
doubts Messi would make it,
given that he had missed every
training session this week due to
the impending arrival of his
second child. But Messi was on
the squad list yesterday after
news that the Argentina forward
had become a father for a
second time to a boy. AP

Rome has formally submitted its

bid for the 2024 Summer
Olympics. Mayor Ignazio
Marino, bid leader Luca Cordero
di Montezemolo and Italian
Olympic Committee president
Giovanni Malago signed the
candidate application yesterday
and sent it to the International
Olympic Committee. Hamburg,
Germany, Paris, Los Angeles,
and Budapest, Hungary, are
other declared bidders. The IOC
deadline for formal submission
of bid entries is Tuesday. AP

Avid golfer Caitlyn Jenner says

being a woman with breasts has
helped her putting game. In a
spirited golf outing with Today
anchor Matt Lauer, she said her
newly acquired bustline helps
keep her arms aligned for
improved putting form. She
joked that she was not pushing
Lauer to get implants, just
wanted him to consider their
potential advantage. The 65year-old said despite one
moment of doubt she had no
regrets about her transition. AP

21-14. In the other semi-final, Denmarks Viktor Axelsen faces

Taiwans Chou Tien-chen. In the womens semi-finals, Japans
Akane Yamaguchi takes on Chinas Wang Shixian, who beat top
seed Carolina Marin, of Spain, while Taiwans Tai Tzu-ying meets
Japans Nozomi Okuhara. Photo: AP

AMERICAN FOOTBALL

Brady in blazing Patriots victory

................................................
Reuters
Tom Brady may not have admitted to using the Deflategate
scandal as motivation, but he
sure looked like a man on a mission while leading the New England Patriots to a NFL seasonopening victory on Thursday.
Brady, whose entire offseason
was spent dealing with fallout
from accusations that he knew of
a scheme to deflate footballs,
looked sharp as he threw four
touchdown passes in New Englands 28-21 win over the visiting
Pittsburgh Steelers.
It was a pretty special night
so I was excited. Our whole team

was excited, said Brady, who

completed 25 of 32 passes for 288
yards.
It is always fun getting out
there and getting the opportunity
to go play and we took advantage
of it, it was a good win, I thought
our guys played hard.
The game, played in constant
rain, was one of the most hotly
anticipated starts of his glittering
career as it came one week after a
federal judge overturned an NFLimposed four-game ban for his
alleged role in Deflategate.
After pre-game fireworks, a
video presentation punctuated
by music and the unveiling of the
Patriots fourth Super Bowl banner, this one commemorating

CRICKET

last seasons championship win,

Brady got to work.
On New Englands opening
possession, Brady came out firing and completed his first three
passes to get the Patriots into
Pittsburgh territory. He then
threw a pair of incomplete passes
and was sacked, forcing the Patriots to punt.
Brady opened the scoring
early in the second quarter when
he capped a 13-play, 90-yard
drive with a 16-yard touchdown
pass to Rob Gronkowski. On the
scoring drive, Brady completed
all seven of his passes for 65 yards.
Fans later erupted in chants of
Brady, Brady when the quarterback snuck the ball up the middle

for a first down late in the second.

Two plays later Brady tossed another touchdown pass to Gronkowski as the Patriots stormed
into a 14-0 lead.
Brady also connected with
Scott Chandler at the end of an
another impressive 80-yard drive
to give the Patriots a 21-3 lead
early in the third quarter.
At one point, the 38-year-old
future Hall of Famer flashed his
mid-season form as he completed a franchise record 19 consecutive pass attempts.
He was an unbelievable performer tonight, said Patriots
tight end Rob Gronkowski. Hes
our leader. Hes just a great player
and its fun playing with him.

RUGBY UNION

Trials for six-point tries

and two-point penalties
................................................
Associated Press in London

Damien Yee (right) will face the Philippines. Photo: SCMP Pictures

Philippines to face local

sides in T20s, one-dayer
................................................
Nazvi Careem
nazvi.careem@scmp.com
The cream of Hong Kongs elite
and developing talent will take on
the visiting Philippines national
side in a series of limited-overs
matches next weekend.
The Philippines are among
the rising forces in Southeast Asia
and are ranked fifth in the East
Asia Pacific region. They will play
three matches in Hong Kong
two T20 clashes and a 50-over
match.
On Saturday, September 19,
the visitors play two Twenty20
matches at Mission Road.
The first game is against a
combination side featuring players from the Hong Kong Cricket
Association development squad
and the all-Chinese HKCA Dragons. Later that afternoon, they
will take on a 2014-15 HKCA Premier League Team of the Year, an
elite side led by Hong Kong captain Tanwir Afzal.
Also playing for the Premier

League XI is HKCA chief executive Tim Cutler, who has been appointed vice-captain.
I am looking forward to playing with past, current and future
Hong Kong stars when we take
on the touring Philippines mens
team, said Cutler.
On September 20, they play
the Hong Kong Under-19s in a
50-over match at the same venue.
Philippines coach Iain Sinclair said: Hong Kong and Manila are both large cities with limited space and we would like to
take this opportunity to look at
the programmes Hong Kong has
established to attract the local indigenous community.
This would be something we
would be very interested in introducing to the Philippines.
HKCA Dragons all-rounder
Damien Yee said: We are excited
to have the opportunity to play
against the Philippines. Our team
will consist of a great mix of upand-coming players, so its a
good chance for all of us to experience playing another nation.

Champions Kitchee must put a

disappointing regional
campaign behind them when
they kick off the new Hong Kong
Premier League season against
Yuen Long at Mong Kok Stadium
today.
Last month, they suffered a
humiliating 6-0 away defeat at
the hands of Kuwait SC in their
AFC Cup quarter-final first leg, a
deficit they are unlikely to
overhaul when they host the
Middle East team in the return
leg next week.
Playmaker Lam Ka-wai said
they had to forget the AFC Cup
for the time being and focus
fully on domestic competitions,
saying a strong start was pivotal
to their title defence.
There are nine clubs in the
league with a mere 16 matches
for a team to decide the
championship, said Lam. Its
very important to kick off the
season with a bang because a
good result will also be a big
boost in morale for the team.
Yuen Long are not
considered title challengers, but
they still have some quality
players and can give any team a
hard time. Their new coach,
Fung Hoi-man, is also very good
at managing medium to smallsized clubs and we cant take
them for granted.
Fung won the coach of the
year award in 2013 when he was
at the helm of Southern.
Midfielder Lam said he may
not be in the starting line-up
because he was still recovering
physically and mentally after
playing for Hong Kong in World
Cup qualifiers against China and
Qatar. But Kitchee should still
prove too strong for Yuen Long.
We have a couple of good
players who have arrived this
season and they are all capable
of doing a good job, said Lam.
Striker Fernando Pedreira
joined from YFCMD in the close
season, along with Sandro from
Wong Tai Sin, while another
striker, Alex Akande, who
missed most of last season with
injury, is also ready to return.
Other new players include
fullback Tong Kin-man and
striker Sham Kwok-keung.
In another match, Wong Tai
Sin face a tough test against
Dream Metro Gallery (formerly
YFCMD) at Sham Shui Po Sports
Ground.
The district team were
almost disbanded in the
summer after the loss of a
major sponsor. Key players such
as Sandro, Lai Yiu-cheong and
defenders Mauricio da Luz and
Tomas Maronesi have all left.
But coach Poon Man-chun said
they would keep fighting despite
a weakened side.
Chan Kin-wa

may be a small group of people

who may attend the match
against China for their own reasons other than sport, but most of
the fans want to come and support the Hong Kong team and
their presence is important.
Remember what happened
in the last 10 minutes of the
match against Qatar.
We cannot deprive the opportunity of the majority just because a small number of people
may have other interests in
attending the match.
It will be a very bad decision if
they do not allow us to host the
match at Hong Kong Stadium.
The Siu Sai Wan Sports
Ground in Island East has been
suggested as an option, but the
venue has a capacity of 12,000.
The previous World Cup qualifying home matches were held at
the 6,600-seat Mong Kok Stadium and all recorded a full house.
The Hong Kong Stadium has
been closed since March for a
HK$100 million turf renovation.
It will reopen next month
when Pegasus, who will use the
venue as their home ground in
the Hong Kong Premier League,
host Yuen Long on October 17.
The Asian rugby sevens qualifying tournament for the 2016
Olympics will take place at the
stadium on November 7-8, with
12 mens and 12 womens teams
competing for the berth.
Pui dismissed suggestions the
pitch would not recover in time
for the World Cup qualifier.
They are spending a huge
amount of money on improving
the turf and if it cant be held for a
soccer match 10 days after the
rugby qualifiers, how can they
host a tournament like the EPL
Asia Trophy which features four
teams in a four-day period? said
Pui.
I am not a rugby expert, but I
dont think a two-day sevens
event can cause such damage to
the ground that they have to close
it for more than a week to repair.
HKFA chairman Brian Leung
Hung-tak urged the government
to make a decision as soon as
possible, so they can work on
match logistics.
Our first choice is Hong Kong
Stadium, said Leung. If the governmentis worried the crowd will
be too big and too difficult to control, they dont have to open all
the seats.
Leung said the Baoan Stadium in Shenzhen, which hosted
the 0-0 draw in the away match
last week, also has 40,000 seats,
but organisers only sold 27,000
tickets and everything went
smoothly.
We hope a decision can be
made before the end of the
month, said Leung.

Chan Kin-wa
kinwa.chan@scmp.com

Chinas Lin Dan (top) goes low to return a shot against his
compatriot Tian Houwei in their mens singles match in Tokyo at
the Japan Open badminton championship. Lin beat Tian 21-14,
21-18 to set up a semi-final clash against Indonesias Tommy
Sugianto, who defeated compatriot Ihsan Maulana Mustofa, 21-5,

KITCHEE REFOCUS

Six-point tries and two-point

penalties and dropped goals are
being trialled in Wales and Australia under World Rugbys auspices as part of proposed law
changes to make the game safer
and more enjoyable.
The value of tries rose from
four points to five in 1992, while
penalties and dropped goals
have been worth the same three
points since 1948. By increasing
the value of tries to the same as
American footballs touchdown,
World Rugby want to further reward tries over goal kicks.
The crouch-bind-set scrum
engagement has also been

amended. Now, the front rows

must come together at the referees first command to crouch, instead of third command to set.
That is designed, especially at
elite level, to reduce the number
of collapses and resets.
Mauls must also start moving
within five seconds, otherwise its
over, and even if a team exhaust
their front-row options and must
play uncontested scrums, it must
still put eight men in a scrum.
Proposed laws were previously tested in closed trials, but
World Rugby sought more meaningful testing and feedback, and
reached agreement to try the
changes in the Principality Cup in
Wales, and the National Rugby
Championship in Australia.

Soccer chiefs are pushing the

government to stage the highly
anticipated World Cup qualifier
against China at Hong Kong Stadium, saying the interests of the
team and fans should come first.
The venue for the crucial clash
on November 17 has yet to be announced as high-level discussions take place within the government because of security
concerns.
The HKFA is also waiting on a
Fifa investigation into another
case of disrespecting the national
anthem at Tuesdays game
against Qatar, but is hopeful only
minor disciplinary action, if any,

6-1
Chinas win-loss record
against Hong Kong in
internationals, with
three draws

SPORTS
DIGEST

OJ Simpson stands up to leave

the courtroom. Photo: Reuters