Tuesday 11th September 2007
MTRC: Time to vote (11-Sep-07)
We analyse the MTRC circular on the so-called "Rail Merger". We reaffirm our advice to independent shareholders to vote AGAINST the transaction. VOTE NOW - and don't assume that others will stop the deal for you. The Government will spare no effort trying to push this through.
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Intervention returns (10-Sep-07)
We look at the HK Government's surprise disclosure of 5.9% of HKEx, where it might go next, and how it quietly scrapped a 5% benchmark on the Exchange Fund weighting in HK stocks, leaving it as the 2nd-biggest investor after the mainland Government. With about HK$1 trillion of surplus liquid assets, whatever happened to Donald Tsang's "big market, small government"? We call on the Government to return its surplus capital to the people with a 10-year program of deliberate budgeted deficits.
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David M Webb