The Different Fate Of Thailand And Hong Kong During 1997...

The Different Fate of Thailand and Hong Kong during 1997...
The Different Fate of Thailand and Hong Kong During 1997 Asian Financial Crisis
The 1997 Asian financial crisis was a disaster that obsessed much of Southeast Asian countries. The
financial crisis began in July 1997, and rose to worldwide economic meltdown due to financial
contagion. Thailand, Indonesia and South Korea were the most affected by the financial crisis. Hong
Kong, Malaysia, and the Philippines also had abundant negative effects by the financial disaster.
China, Singapore, and Vietnam were less affected, however, they also suffered from the crisis,
which leads the citizens lost their faith of the economy at that period.
Speculation to the baht currency at what level, what the future will present situation to judge? Soros
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The main facts that can affect supply and demand of foreign exchange have been discussed as
follow:
Firstly, a country's GDP growth reflects the country's economy to flourish. When the national
income increases, consumption ability also increases. In this situation, the country's central bank is
likely to raise interest rates, tightening the money supply, by which, the country's economic
performance is good enough to rising interest rates and will increase the competitive power of the
currency. On the other hand, if a country's GDP has a negative growth, the country's currency's
competitive power will reduce. Generally speaking, the high rate of economic growth would push
their currencies rise, while low economic growth rate will cause the currency exchange rate to fall.
Secondly, interest rates rise, can make the interest income increased, holding the currency to attract
investors to buy the currency, therefore, support for the currency is good; if interest rates fall,
holding the currency income will reduce, its appeal is diminished. Therefore, it can be said that
"interest rates, currency is strong; interest rates fall, weak currency".
Additionally, durable goods orders when durable–goods orders both fell more sharply, can reflect
the manufacturing industry is weak, weak manufacturing will increase in the unemployment rate,
economic performance turn pale, as against the country's
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What Are The Weaknesses Of The Hong Kong Crisis
Hong Kong has always been a major international financial and business center in the East Asian
region. It could not avoid being affected by the crisis .Even though It was the only economy with a
fully convertible currency and was known for beating speculations on its monetary and fiscal
structure, it was drastically affected by the crisis. It had the estimated exchange reserves of US$90
billion(in 1997),still .it could not protect the country from the financial and economic turbulence
brought in, due to the crisis.
Causes
Interest rates rose in defense of the Hong–Kong dollar( which is pegged to the US dollars under
currency board ). The People's' Republic of China promised to support to Hong Kong by committing
to not devalue the yuan so as to defend the Hong Kong dollar.
But the floatation of the Taiwan dollar intensified attacks on Hong Kong dollar .
On 23rd ... Show more content on Helpwriting.net ...
Upgraded the financial market :
One of the weaknesses exposed by the crisis was the underdevelopment of capital markets within
the region. The Hong Kong government, to strengthen the operations and supervision of local
securities market , provided the stock exchange's settlement system to enable the settlement of
securities denominated in other major currencies . This encouraged the listing of Japanese and
European bonds.
The Govt set up the Hong Kong exchange and clearing Company in March 2000 and proposed to
merge the stock and future exchange markets, along with three clearing companies in order to
increase efficiency, reduce cost and allow for better supervision. The Growth Enterprise
market(GEM ) was established in November 1999 to create market in which relatively new local
and overseas companies could raise

Financial Statement Analysis Between China Mobile and...
Financial Statement Analysis between China Mobile & China Unicom in HK stock market ➢ China
Mobile Brief description: The company: China Mobile (Stock Exchange of Hong Kong 941)
Competitor: China Unicom (Stock Exchange of Hong Kong 762) It's now estimated that China has
more mobile phone users than any other country. According to statistics provided by the Ministry of
Information Industry of the PRC, the number of mobile phone owners throughout the country
totaled 539 million in November 2007. However, this is only a 41.5% penetration of the enormous
population of 13 billion, and signals immense opportunity. Following the rapid growth of China's
per capita income, increasingly more people are finding ... Show more content on Helpwriting.net ...
Basic EPS grew 31.0% to RMB4.35. This reflected a relatively high level of profitability growth
and earnings capability. The Group sustained its robust cash flow as a result of favorable business
growth, effective cost control measures, efficient capital expenditure and economies of scale. Net
cash generated from operating activities and free cash flow reached 168,612 million and 63,473
million, respectively. Total debt to total book capitalization ratio and interest coverage multiple
remained at a sound level. This reflected China Mobile's commitment to consistently practise its
prudent management discipline has earned good market recognition. Operating revenue for 2007
reached 356,959 million, up 20.9%. Leased Lines Self–constructed and jointly–constructed lines
reached a sizeable scale through the continuous network structure optimization. The Group's leased
line expenses reflected a declining trend. While various businesses were growing at a high pace, the
leased line expenses decreased by 121 million. The Group consistently endeavored to drive long–
term, sustainable and favorable profitability growth. Margin of profit attributable to shareholders
and EBITDA margin in 2007 remained relatively high at 24.4% and 54.3%, respectively. Profit from
operations was 124,068 million and maintained a rapid and steady growth. EBITDA, profit
attributable to shareholders and

Swot Analysis Of Alibao As A Commercial Venture
Company Establishment Alibaba.com
In early 1999, Jack Ma and 17 other founders set up Alibaba.
Alibaba first commercial venture is Alibaba.com, an online platform that linked SME of Chinese
and international manufacturers and buyers. The main reason of Alibaba success development was
improving customers' satisfaction by listening closely to them. The proof is Alibaba had attracted
32m members in 2007, with operating profits and revenues of $105.3m and of $289.5m respectively.
Customers satisfaction and trust are believed to be the secret recipe of Alibaba's success. Taobao
Competition has begun as early as 2002. eBay entered China and immediately started expanding. In
response, on 11th May 2003, Alibaba launched its second commercial ... Show more content on
Helpwriting.net ...
Listing – From Hong Kong to New York On the 19th of September 2014 a history made. Alibaba
became Alibaba Group Holding Limited through New York Stock Exchange (NYSE). There were
unique reasons why Alibaba listed on the NYSE instead of on Shanghai Stock Exchange (SSE) and
Hong Kong Stock Exchange (HKEx) since it is a China–domiciled company. SSE found to be too
restrictive, that it imposed limits on trading, size, timing, and speed of foreign capital flows. Alibaba
had also attempted to be listed on the HKEx. Since Alibaba embraces dual–class share structure, this
was the main reason HKEx rejected Alibaba's proposal to be listed as HKEx does not authorize
dual–class share structure, it allows "one–share–one–vote" principle instead. Jack Ma, the
determined and charismatic leader, did not stop after being rejected. Alibaba proposed to Nasdaq
and the NYSE. Eventually, on September 19, 2014, it was listed on the NYSE, being the largest U.S.
IPO of common stock, raised $21.8 billion, with $68 per share. It was obvious that the restrictions
on SSE and HKEx's ban on dual–class share structure had led Alibaba to land on the NYSE and
trading up until today. Dual–Class Share Structure
In dual–class share, there are two groups of shareholders, where one group has excess voting rights
disproportionately to the shares they hold. In this case,

Land Lease
. Introduction
LandLease (Asia) Property Limited (LL) wants to infiltrate the Hong Kong real estate sector. Louisa
Martin and her senior advisor Marco Li have two main possibilities to achieve this goal, direct
and/or indirect investment. By investigating the different investment possibilities they want to
understand the merits and demerits, including risk and return of the possible investments. Bearing
these outcomes in mind, they can form a new strategy for the company.
We will discuss 4 different subjects as stated in the assignment: * The merits and demerits of direct
real estate investing are highlighted; * The potential benefits for LL of allocating its assets to
indirect real estate; * The opportunity of assembling ... Show more content on Helpwriting.net ...
The Hong Kong real estate sector has ten listed major property companies that basically form the
market. Graphical analyses can be found in the appendix. The 3 largest companies, based on market
capitalisation, are Sun Hung Kai Properties, Cheung Kong (Holdings) and Henderson Land
Development. Due to a consolidation in the property sector these key players increased their share
of new residential sales from 30% to 50%.
Since both REITS as share in real estate properties are traded on the (supposedly transparent) Hong
Kong Stock Exchange, they are considered to be relatively liquid. This has risk merits since no long
investment is required and allocation is relatively quickly possible. The investors does not need
special local knowledge since all locations and properties are already chosen. No extra capital need
to be spent on property management and maintenance. Investors also do not have to worry about the
tenants since the property companies of REIT managers do this for them. Indirect investing can
contribute to international diversification of the portfolio, which happens to be in arm length with
the LL strategy.
One of the downsides of indirect investment is that as a minority shareholder the firm would lack
certain control rights regarding management of the underlying assets. Furthermore, a number of the
major listed property companies were involved in non–property investments and in sectors as
Hotels. Since LL is

Hai Xing Shipping Company Ipo Case Study
FINA 6040E
Investment Analysis and Portfolio Management
Case Study
Shanghai Hai Xing Shipping Company
Andrew Fung (1009010180)
Yiu Tsz Yan Brenda (1155009775)
Gavin Niu
Lam Yung Wai Matthew (1155009776)
"H" Shares in 1993–1994
In the 1990's, there was around 100,000 state owned enterprises (SOE) in China and over half of
them were losing money. Since 1992, most of the SOEs were given freedom to reform and extensive
new investment was required for the action. IPO is one of the effective channels to raise capital in
the market. Beside the Shanghai Stock Exchange and the Shenzhen Stock Exchange, SOE also
sought listing out of the PRC and Hong Kong became their first destination.
In 1993, 5 "H" ... Show more content on Helpwriting.net ...
This is the twelfth H–share issue on the HKEX. Total 1,080 million "H" shares would be offered and
the total market capitalization is HK$1,575 million.
GAVIN, Please insert the below table in your part
From table 2, we could calculate that:
Coefficient of beta between H Share and comparable Hong Kong Firms: 1.95
Coefficient of P/E between H Share and comparable Hong Kong Firms 0.35
Our estimation of the value of SHXS's equity

As our ultimate goal is to make a decision about whether it is worthwhile for us to make an
investment on SHXS's equity, we need to estimate the fair value of SHXS's equity first by adopting
our estimation of this company's required rate of return ('E(r)'), which is 38.7%, and then compare
our result with SHXS's IPO offer for 'H' shares, which is HKD1.46 per share.
Our procedures are as follow:
1. Obtain SHXS's financial data of Profit After Tax ('PATt'), Depreciation ('Dept'), Capital
Expenditure ('CapExpt') and Net Turnover from the period between Year 1994 to Year 1997.
2. Since CapExpt is denominated in HKD while the rests of the selected data are denominated in
RMB, we can apply the given exchange rate of HKD 1 = RMB 1.1037 to convert the CapExpt into
RMB for comparable calculations. We will eventually convert our estimation about SHXS's equity
value back to HKD again by using the same exchange rate.
3. We have been informed that Net Working Capital ('NWCt') is about 13% of the Net Turnover for

Huaneng Power International Inc.
Question No. 1
You have been hired as an international investment banker by a large U.S. institutional investor who
is considering purchasing HPI stock. Provide an analysis of i) China as an investment destination, ii)
key success factors, and iii) HPI's strengths and weaknesses.
China, officially the People's Republic of China is the world's largest country by population and one
of the largest by area, measuring about the same size as the United States. The country's varied
terrain includes vast deserts, towering mountains, high plateaus, and broad plains. Beijing, located in
the north, is China's capital and its cultural, economic, and communications center. Shanghai,
located near the Yangtze, is the most populous urban center, the ... Show more content on
Helpwriting.net ...
The need of a modern technology to improve the power's productivity b. The need of foreign capital

Macau Casino Industry
Investment Group Project
Macau Casino Industry
Tuesday 8:30 – 11:20 am
Wong Wing Hei Penelope 12141056D
Liu Xiaoyu Ivy 10806758D
Au Chak Chung 12072495D
Wong Yee Ting Gladys 11608217D
Introduction
The reputation of Macau's Casino has more than 100 years of history. In recent years, owing to the
opening up of gambling industry, this reputation further carried forward. Gambling policy depends
not only on local government policy, but also on the tourists' government policy. The policy of
gambling prohibition from tourists' government is always more decisive in deciding the fate of the
gambling industry in one place. There are both certainty and non–deterministic element in
determining the future prospects of Macau gambling industry. In this essay, we would like to first
evaluate the historical performance of the HKEx–listed stocks portfolio in the casino industry. Then
recommend a portfolio of stocks in the industry that can outperform the market. Also, we will
discuss about the rationales behind and make some prediction on our portfolio.
Evaluating the historical performance of a portfolio of stocks
In this part, the historical performance of a portfolio of stocks in the Macau casino gambling
industry will be measured and evaluated. To make a more thorough study of the industry, a portfolio
composed of all the HKEx–listed stocks in this industry is chosen, then the overall performance of
the industry can be found and compared with the whole stock market through

Glencore Essay
Glencore is one of the leading producers and marketers of commodities, with activities covering
marketing of metals and minerals, energy products and agricultural products, production,
refinement, processing, and storage of these products. Being a global company, Glencore
International usually markets the physical commodities that are sourced from third party producers
and also its own production to industrial consumers. The company also a has lot of expertise in the
market as well as several long term relationships with a broad supplier and consumer base across the
globe. Glencore's marketing activities are majorly supported by investments in industrial assets
which are operating in Glencore's core commodities. Its diversity in combination ... Show more
content on Helpwriting.net ...
Bank of America Merrill Lynch, Barclays, BNP Paribas, Deutsche Bank, Goldman Sachs,
JPMorgan, Liberum Capital, Societe Generale and UBS were the book runners for the IPO. Two
weeks of book building along with roadshows were held by the banks. Glencore was not that well–
known among the public in Hong Kong. The lead banks filed for permission from the HKSE
authorities for lower claw–back triggers to be applied. Cornerstone Investors: Glencore's bankers
brought in 12 cornerstone investors who invested an aggregate USD 3.1 billion with a 6–month
lock–up period. The details of Glencore's cornerstone investors are: Fees: Glencore's bankers earned
£240m from Glencore listing. Citigroup, Morgan Stanley and Credit Suisse got the biggest share of
the fees since they were the lead bankers. The Banks also earned 1.3% from underwriting services.
However, most banks sub–underwrite part of the risk so as to reduce the risk of having the entire
shares in their books in case the prospective shareholders do not subscribe. This resulted in the
banks' fees getting reduced to around £150m. On top of underwriting, the banks also charged
advisory fees of 3.27% which means that banks earned a kicker due to the high share prices of the
offer. Post IPO

Insider Dealing
1. Introduction Insider dealing has been affecting the efficiency of stock markets in different places
like United States, United Kingdom and Australia. Hong Kong is of no exception. Basically, insider
dealing refers to the trading of a corporation's stock or other securities by individual with potential
access to non–public information of the company. The law of insider dealing in Hong Kong
provides a much more detailed definition and is very comprehensive. However, when it comes to
enforcement, it seems not very effective. In the following, the law of insider dealing in Hong Kong
will be summarized. After analyzing the comprehensiveness of the law, the underlying reasons of
the difficulty in enforcement will be identified. Some ... Show more content on Helpwriting.net ...
The definition of "derivatives" is also very wide, and includes options and warrants, whoever they
are issued by, as well as rights and interests in respect of listed securities (or other derivatives). In
addition to the thorough explanation about the fundamental concepts of insider dealings, the law
also provides detailed statements about some common scenarios of insider dealings which are not
regarded as market misconduct, interest in securities, penalties and general defenses. 3. Pros and
cons 3.1 Advantages The law defines different terms very broadly which is very effective in
prosecution. Take the definition of "connected person" as an example, according to the law, a
corporation may connect to another corporation, a director or employee or a substantial shareholder
may connect to a corporation. If the insider has a fiduciary duty to the company, such as that held by
a director, the company may claim any profits he makes from abuse of his position. The duty is held
to the company, rather than to individual members and so a member who sold his shares to directors
who had information affecting the future value of those shares was unsuccessful in a claim against
those directors. But you can try to bring legal action against the company instead of the director. 3.2
Disadvantages However, the law is not stringent enough. This can be illustrated by the comparison
between Hong Kong and the UK insider dealing law. For

Stock Market and Great Lakes
Comparative Analysis of Indian Stock Market with International Markets
Debjiban Mukherjee T. A. Pai Management Institute, Manipal, India
Abstract The stock market is witnessing heightened activities and is increasingly gaining
importance. In the current context of globalization and the subsequent integration of the global
markets this paper captures the trends, similarities and patterns in the activities and movements of
the Indian Stock Market in comparison to its international counterparts. This study covers New York
Stock Exchange (NYSE), Hong Kong Stock exchange (HSE), Tokyo Stock exchange (TSE),
Russian Stock exchange (RSE), Korean Stock exchange (KSE) from various sociopolitico–
economic backgrounds. Both the Bombay Stock exchange ... Show more content on Helpwriting.net
...
Also called the "Big Board", it is the largest stock exchange in the world in terms of dollar volume
and second largest in terms of number of companies listed. The Tokyo stock exchange was
established on May 15, 1878 and trading began on June 1, 1878. In 1943, the exchange was
combined with ten other stock exchanges in major Japanese cities to form a single Japanese Stock
Exchange. It is the second largest stock exchange market in terms of monetary volume and currently
has 2302 listed companies. The Hong Kong stock exchange is the 8th largest stock exchange in the
world in terms of Market capitalization. The Hang Sang Index (HIS), was started on November 24,
1969. The Russian stock exchange was established in 1995 by consolidating the separate regional
stock exchanges into one uniformly regulated trading floor. The Korea stock exchange was created
by the integration of the three existing of the Korean Spots and Futures exchanges (Korean stock
exchange, Korean futures exchange & KOSDAQ) under the Korea Stock and Futures Exchange
Act.3.5. In this paper, the names of the countries and the names of the indices of those countries
have been used interchangeably. Thus, the names of the countries represent the indices for the

Ipo : Ipo And Ipo
An initial public offering (IPO) occurs when a private firm offers shares to the public for the first
time. Facebook, Google, Apple, Visa, and many other household names have all gone through an
IPO to become publicly listed firms.
An interesting feature of IPO markets is that they are very sensitive to stock market conditions. IPO
volume soars following bull markets and contracts during bear markets. This means that IPO
activity exhibits waves in tandem with stock market cycles. The organic link between the level of
IPO activity and market conditions is strong. In the US, there were almost 1,000 IPOs during the
dot–com boom years of 1999–2000, whereas there were less than 150 IPOs in 2001 after the internet
bubble burst and less than 60 IPOs in 2008 when the financial crisis hit.
An important question regarding the nature of IPO activity that has not been tackled so far is how it
responds to changes in the regulatory framework. Would IPO activity be more uniform over time in
a more heavily–regulated market, or would it still exhibit cycles? Would IPO volume remain
sensitive to changes in market conditions if the regulator exerted more control, or would it behave
more independently?
IPO markets of China and Hong Kong gives us a perfect opportunity to address these questions,
since these two markets are very close both geographically and culturally but are substantially
different in terms of the ways they are regulated. The institutional setup of the Hong Kong IPO
market

Trade Essay
Trade Introductuion
Hong Kong, the pearl of Asia has been the center of trade and finance in Asia since the early 20th
century. In a short history of about 150 years, Hong Kong has become the source of growth for
many nearby economies. In a certain sense, it can be even said that it is a merchant city founded and
managed by businessmen. Traditional "hongs" or trade houses of Hong Kong were the pillars of the
economy. Jardine Matheson and Hutchison were major hongs that led the economy and the Hong
Kong & Shanghi Bank were the financier of these hongs and has today grown to become one of the
largest bank in the world. These firms were the critical factors of the growth for Hong Kong's
economy. Their role however has changed ... Show more content on Helpwriting.net ...
The first traditional hong was the Jardine Matheson. It was once seen to be more influential than the
colonial government but nowadays it has become a minor player compared to Li Ka Shing's
Hutchision Whampoa. Li Ka Shing, the Chairman or "Taipan" of Hutchision Whampoa, became the
first Chinese to own a traditional hong. Li's drive and business ability helped foster Hutchision into
a global conglomerate. Hong Kong Bank grew from a small trader's bank into one of the Top ten
banks in the world today. Jardine Matheson Jardine, Matheson & Co. was founded by 2 Scottish
merchants, William Jardine and James Matheson in Guangdong in 1832. It was an opium trader that
were the pioneers into the China trade. Eventually James Matheson takes control from 1836. It
played a key role in the founding of Hong Kong and became the first to purchase land from the
colonial government in 1842. Jardine expanded into other trade products in other Asian countries
like Japan and South East Asian countries and also enters the ship/cargo handling industry and the
real estate business. After World War II, Jardine moved their head office from Shanghi back to Hong
Kong and it offically goes public in the Hong Kong Stock Exchange in 1961. The 1970's saw
Jardine forming many ventures and aquisitions such as the joint venture with the Robert Fleming of
UK to create the Jardine Fleming & Co., a holding company the aquires many foreign and local
firms and diversifies Jardine's

Swot Analysis : Acadia Realty Trust
Overview of REITS
REITS
REITS is a special company that mainly owns and in most cases operates income–producing real
estate such as apartments, shopping centers, office hotels and warehouses. Some REITS also engage
in financing real estates. The shares of many REITS are traded on major stock exchanges for
example Boston Properties Inc., General Growth Properties, Inc., Acadia Realty Trust ...; on the
other hand, many REITs are public non–listed and private REITs. There are very strict requirement
for a company to qualify as a REIT. The items listed below are some of the basic requirement of
REITs:
Organize as a Corporation, business trust or similar association
Be managed by a board of directors or trustees
Have shares that are fully ... Show more content on Helpwriting.net ...
As a result, their main source of income comes from the interest on these investments or by the sales
of mortgages. Hybrid REITs are a combination of both equity and mortgage REITs.
In 1974, there were an even number of REITs between three types 12 equity, 12 Mortgage and 10
Hybrid; however, in 2006, the number of equity REITs increased to significant number (138) while
there were 38 Mortgage REITs. On the other hand, the number of Hybrid REITs had reduced to only
7. Due to the recent financial crisis, the number of REITs in 2008 reduced to a total of 136 with 113
of them are Equity, 20 are Mortgage and only 3 Hybrid. As of 2014, due to the recovery of the US
economy, the number of REIT increased to 216. Among those, 177 are Equity REITs, 39 are
Mortgage while there are no Hybrid REITs.
REITs offer investors a number of benefits including:
Simple tax treatment: REITs do not pay taxes at the corporate level; only investor's dividends are
taxed as ordinary income, capital gain or return of capital
Diversification: the average performance of REIT has been more or less equal to US common
stocks; however, the correlation of the long term return has been varied. This correlation would
prove to be benefit for investors over the past 20 years; in addition, REITs gives investors an
opportunity to invest in income–producing real estate without owning the actual property
Dividends: Stock exchange listed REITs provide a consistent stream of income to investors due to
one

Effect Of Rmb On Hong Kong Essay
The Hong Kong economy can incur a lot of positive effects from the appreciation of the Renminbi.
According to a study conducted by Kelvin Fan (2010), it was found that the appreciation of RMB
can influence HK's consumer price inflation. This finding is consistent with another study conducted
by Lai (2007). Lai's study is more comprehensive compared to Fan. In her paper, she discussed the
forseen effects of the appreciation of RMB on the economic and financial systems of Hong Kong.
Her findings are summarized as follows:
Effects on Hong Kong's Economy Inflation Lost purchasing power and asset value Retail Market &
Tourism Increase market competitiveness Trade with the World (Excluding China) Not significantly
affected Trade with China Increased export competitiveness Investment & Asset Valuation in China
Increased cost of production for investment in China
Appreciation for Asset valuation in China GDP Grow with the booming economy of China
Effects on Hong Kong's Financial System Financial Services Benefits from deregulating financial
markets in the Mainland Property Market Expand with HKD depreciation against RMB Stock
Market in General Not much direct effect China's Hong Kong listed H–Stocks Attract foreign
investments Bond Market Bonds denominated in RMB snapped up
Notice from this table that, according to the research, the Retail Market and Tourism industries in
Hong Kong will increase competitiveness. This is due to the increase in purchasing power of RMB
in

Land Lease
. Introduction LandLease (Asia) Property Limited (LL) wants to infiltrate the Hong Kong real estate
sector. Louisa Martin and her senior advisor Marco Li have two main possibilities to achieve this
goal, direct and/or indirect investment. By investigating the different investment possibilities they
want to understand the merits and demerits, including risk and return of the possible investments.
Bearing these outcomes in mind, they can form a new strategy for the company. We will discuss 4
different subjects as stated in the assignment: * The merits and demerits of direct real estate
investing are highlighted; * The potential benefits for LL of allocating its assets to indirect real
estate; * The opportunity of assembling real ... Show more content on Helpwriting.net ...
Lower grade properties might be available, but might not fit the strategy of LL, and acquiring the A
Grade buildings may be very expensive and not all companies are willing to sell properties to
REITs. This can be reflected in a poorly performing IPO. Other demerits are closely related to the
direct investment strategies. It requires a large amount of capital to invest in properties and this
depends on the availability of equity on the market and on trust in the fund. When setting up a listed
REIT, a lot of market information and expertise is needed to avoid big risks and to actively manage
the portfolio. As discussed above, LL does not have this knowledge yet. Gaining this knowledge
might take a lot of time or money. The positive side is that when LL acquires this information and
the fund is successful they can ask for managing fees. This can lead to a structure where LL earns
money on fees, but the REIT, and thus its investors, will carry most of the risk. 5. A proposition for a
new LL strategy The purpose for Louisa Martin, Chairman of LandLease (Asia) Property Limited
(LL), is to explore commercial real estate investment opportunities for the group. Specific
preferences regarding the risk and return profile of LL are not specified in advance. Focusing on the
Hong Kong case, the question for direct and indirect real estate investments is to formulate a

Functions of the Stock Market: Benefits and Limitations
Introduction Stock markets are a central component to the functioning of a capitalist economy. All
major economies have national stock markets and many economies have smaller markets as well in
order to facilitate trade in small cap stocks, or other specialized securities such as derivatives.
Sometimes the performance of a stock market is used in the media as a measure of economic
performance, as the market is deemed to be comprised of rational economic actors whose actions are
guided by high levels of knowledge. It is important for everybody to understand how stock markets
work, and what the benefits and limitations are of using stock markets as a gauge of economic
performance. Functions of the Stock Market In general, stock markets provide two basic functions.
They serve as a primary market and as a secondary market. It is worth keeping in mind that stock
markets could not serve as a primary market if they did not serve as a secondary market. The
primary market function refers to a market where investors first have the opportunity to acquire a
security. A company that goes public for the first time during its initial public offering (IPO) is
selling on the primary market, meaning that the buyers are the first buyers of those particular shares
(Investopedia, 2012). On the primary market, stocks are sold by the company to investors, usually
through an intermediary like an investment bank. Stock markets also serve as secondary markets.
Once stocks have been sold

Case Study Cafe De Coral
Café de Coral Group is main operating a chain of fast–food catering business when it has set up, It
set up on 1968 and it appear on the Hong Kong Stock Market on 1989. Café de Coral is famous in
Hong Kong because fast–food culture is popular. It is attract people to go Café de Coral to eat. Café
de Coral Group in addition to operating fast–food catering business, it has operated specialty
restaurants, fast casual restaurants, catering for institutions and central food processing in Hong
Kong. It is all success in the Hong Kong market. Also, it has operated quick service restaurants,
specialty restaurants, catering for institutions and food manufacturing and distribution in Mainland
China. It has more than 300 restaurants and has training ... Show more content on Helpwriting.net ...
They care about the health of their employees, they think that if the work and the life can balance, it
will make employees have a better performance, so they always organize fitness and wellness
programmes to increase their team spirit. Also, they pay attention employees development, they
want their employees continuous progress, increase their working performance. Also, they have
Continuous Learning Subsidy Scheme and encourage their employees to pursue professional or
academic qualifications or some work training. Café de Coral want loyalty and professional people
to join their company and make their employees can develop their full potential, it can make their
employees work happily in their company because they can easy to do for their work and feel
relaxed for their job. Also, they will give their employees have safety and cozy working
environment, it will make them like to work in this

Analysis of Hong Kong Economy During Financial Crisis
·808· Proceedings of the 7th International Conference on Innovation & Management An Analysis of
the Hong Kong Economy after the Financial Crisis Cao Hongliu School of Management,
Guangdong University of Technology, Guangdong, P.R.China, 510520 (E–mail:
hongliucao@126.com) Abstract This paper analyzes the current economic development and the
status of leading industries in Hong Kong. It shows that Hong Kong economy, which is mainly
comprised of the service industry in particular, facing with both opportunities and challenges after
the financial crisis. Hong Kong economy has a wide range of needs in information technology,
electrical and electronic technology, and manufacturing technology. Development in these areas has
great ... Show more content on Helpwriting.net ...
The value of imports increased by 10.3% to $2,868 billion in 2007. With the value of total exports
being less than that of imports, a merchandise trade deficit of $180 billion was recorded in 2007. In
the import and export trade, the largest proportion of re–exports. This was largely attributable to the
relocation of many local manufacturing activities to the mainland of China. Quite a large amount of
the goods produced in the mainland of China through the outward processing arrangement were sent
back to Hong Kong and re–exported to other countries/territories. During 1997 to 2007, the value of
re–exports increased by 107%, while a decline of 48% was observed in the value of domestic
exports. In 2007 the re–export trade to the mainland continued to grow rapidly. The invisible trade
services are export and import trade of commercial services and financial services. While these
services could be exported or imported by the import/export firms or companies in other sectors,
most of the merchant and other trade–related services were exported or imported by import/export
firms .In 2007, Hong Kong's exports and imports of services valued at $652 billion and $322 billion
respectively. Compared to 2006, exports and imports of services increased by 15.4% and 11.7%
respectively. Net exports of services in 2007 amounted to $330 billion, this makes Hong Kong's
overall trade surplus of $150 billion. (2) Finance. Hong Kong is recognized as

How Exchange Rate and Interest Rate Affect Hong Kong Market
In 1983, Hong Kong implemented Fixed–linkage System to US currency because of the reason that
Hong Kong currency was very unstable. This Fixed–linkage System is a fixed exchange rate system
that fixes the exchange rate of Hong Kong Dollar and United State Dollar to a ratio of 7.8: 1 Hong
Kong Monetary Authority does not need to stable exchange market by controlling the supply and
demand of HKD. It can be stabilized by Fixed–linkage System. In the past 15 years, Hong Kong
interest rates and exchange rates fluctuated in the same trend of the US interest rate and exchange
rate. The graphs below show an example of interest rate and exchange rate respectively: [pic] [pic]
We can see that their trends and fluctuations are normally the same. ... Show more content on
Helpwriting.net ...
This in turn lowers the exchange | | |rate of Hong Kong dollars. In consequence, the low | | |relative
prices of Hong Kong goods help the net exports | | |become more positive and then contribute to
GDP. As a | | |result, lower interest rate helps the Hong Kong economy. | | |In reality, this theory held
from year 1994 to 2002. | | |After that, some other factors exert a larger effect | | |affected the net
exports. | |[pic] |In general, consumption of Hong Kong changed in the same| |Graph 4 |sign but
different in degree as that of U.S. interest | | |rate. The theory behind is that, when interest rate |

Hong Kong Essay
Hong Kong
The region of Hong Kong, which had long been a haven for coastal pirates was occupied by the
British during the Opium War (1839–42). The colony prospered as an east–west trading center, the
commercial gateway to, and distribution center for, South China. It was efficiently governed, and its
banking, insurance, and shipping services quickly became known as the most reliable in Southeast
Asia. In 1921 the British agreed to limit the fortifications of the colony, and this contributed to its
easy conquest by the Japanese. It was reoccupied by the British on Sept. 16, 1945.
After 1949, when the Communists took control of mainland China, hundreds of thousands of
refugees crossed the ... Show more content on Helpwriting.net ...
The crackdown in 1989 at Tiananmen Square in Beijing inspired fears that China would not respect
Hong Kong's autonomy, and in the next few years many business people left, affecting Hong Kong's
economy. In 1991, Hong Kong's first direct legislative elections were won almost entirely by liberal,
pro–democracy candidates, and no pro–China candidates were elected.
In 1992, Britain introduced a number of democratic measures, which were denounced by China.
Talks between the two countries proved pointless, and in 1994 Hong Kong's legislature approved
further democratic reforms in the colony still going against Chinese ideology. In the 1995 elections
prodemocracy candidates received about 60% of the popular vote. Upon Hong's return to China,
Beijing abolished the legislature set up by the British and established a provisional legislature; a
chief executive, Tung Chee–hwa, was also appointed. Elections were held in 1998, with
prodemocracy parties taking 16 of the 20 directly elected seats. Hong Kong was affected by the
Asian financial crisis of 1997–98, but its economy began to rebound in 1999. In the Sept. 2000
legislative council elections, prodemocracy parties won 15 of the 24 directly elected seats.
Hong Kong Demography: People, Languages and Culture
Situated at the

The New Rules Prevent Investors From The Stock Market
Despite HFT obviously has many positive impact on market, like increased liquidity, improved
market efficiency even increased fee for exchanges. Regulators more concern about risk come from
HFT in China's equity market. Though, some risks or negative impacts not really come from high
frequency traders. As show in the above example, investors were restricted open a position less than
10 lots result in transaction volume shrank. The new rules prevent investors from participating in the
market. Fewer investors will lead to the price distortion. HFT is not the enemy of stock market. If
Chinese authorities want the market more healthy, they should hold a positive attitude toward HFT
considering HFT has been gaining global popularity.
HFT in other Asia security market
Japan
According to statistics from Bank of Japan, HFT account for more than 50 percent in Tokyo Stock
Exchange (TSE) in September 2012, which is the second largest sock exchange in Asia. Rather than
attempting to restrict HFT in the market, Japan has made upgrades to its trading system
"Arrowhead" to embrace HFT. "Arrowhead" brings millisecond–level speeds to both transactions
and market–information distribution, achieves an order execution time of 5 milliseconds and
distributes information in 3 milliseconds5. It also distributes all order information on all issues in
real time. High frequency traders could get benefit from this real–time access to all order and quote
data. In addition, Japan stock market is the

The Impact Of Fair Value Accounting On Real Estate Companies
THE INFLUENCE OF FAIR VALUE ACCOUNTING ON REAL ESTATE COMPANIES : BASED
ON HONG KONG LISTED COMPANIES
(PROPOSAL)
BY
ZHANG MUDI DEBBIE
12250511
ACCOUNTING CONCENTRATION GAO JIAYI CINDY
12250295
ACCOUNTING CONCENTRATION
An Honours Degree Project Submitted to the School of Business in Partial Fulfillment of the
Graduation Requirement for the Degree of Bachelor of Business Administration (Honours)
Hong Kong Baptist University
Hong Kong January 2016
Table of Content
Introduction
Statement of the Problems
Literature Review
Objective of the Study
Statement of Hypotheses
Methodology
Action Plan
1. Introduction
Fair value accounting and historical cost accounting are two wildly used ... Show more content on
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Accordingly, the financial ratios and overall condition of companies performance appeared from the
data will fluctuate with the valuation method. Meanwhile, investors always evaluate companies
depending on the annual report, which bears the substantial figures of a company including

investment properties. There are bound to be influence on the investor's behaviors when using fair
value model. To discover the influence of the implementation of the fair value model, we mainly
have two problems to study:
1) The effect of implementation of the fair value model on financial statements among Hong Kong
Listed Companies on Real Estate Industry
2) The effect of the implementation of the fair value model on investor's decision
3. Literature Review
As is mentioned, fair value accounting and historical cost accounting are under heated discussion
among scholars, concerning the issue of financial reporting and risk management. By definition, fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. On the other hand, historical cost
is a valuation method in which the price of an asset on the balance sheet is based on its nominal or
original cost when acquired by the company. [1]
Both methods have their owns advantages and disadvantages on

Correlation Between Oil and Gold Silver Using Regression...
Introduction Multi Commodity Exchange of India (MCX) is a demutualised commodity exchange
with permanent recognition from the Government of India to facilitate online trading, clearing and
settlement operations for commodity futures markets across the country. Since its inception millions
of small and medium enterprises, corporate houses, exporters, importers and traders have benefitted
from this nationwide electronic trading platform through its efficient and transparent price discovery
and price risk management. MCX ranks No. 1 in silver, No. 2 in gold, and No. 3 in crude oil. This
document contains the correlation between change in prices of Gold, Silver and OIL with respect to
each other. Over the last 50 years or so, gold and oil ... Show more content on Helpwriting.net ...
07 3512484.88 3539597.49 4829088.89 Aug–2007 4071387.43 4387989.95 4229747.79 Sep–2007
3176323.04 4222007.29 5810271.62 Oct–2007 4684780.59 5239697.55 8285033.18 Nov–2007
5154108.34 6628808.93 10386144.1 Dec–2007 5153276.59 4046305.1 7759148.93 Jan–2008
4671822.02 7085404.22 16669925.31 Feb–2008 4468044.92 7292145.03 14260015.15 Mar–2008
5275426.22 9216822.67 13868565.59 Apr–2008 5446577.38 6453967.32 10250063.16 May–2008
9230304 5560380.3 10579252.85 Jun–2008 11287930.81 6558813.86 13113103.07 Jul–2008
10822279.05 8494148.23 20076066.06 Aug–2008 7502891.61 7401530.05 16215325.61 Sep–2008
8953858.65 8931120.14 21524528.53 Oct–2008 6138823.07 6926098.73 16871983.04 Nov–2008
5377674.75 4959711.67 13718417.16 Dec–2008 6771616.16 5100578.99 16907140.81 Jan–2009
7938402.13 6776131.8 21051503.32 Feb–2009 6849426.38 7803863.21 23338041.32 Mar–2009
10782770.57 7749670.76 27457088.19 Apr–2009 9238346.15 5494679.24 15955495.1

Cross Listings On International Exchanges
The past few decades have witnessed the increased internationalization of various firms through
cross–listings on international exchanges. This has been facilitated by market liberalisation, which
has led to greater integration of global securities markets. Cross–border listing has become one of
the avenues for the integration of global securities markets.
There are two forms of cross–border listing, namely, direct listing and indirect listing. Direct listing
implies that the firm concerned offers ordinary shares to the public. Indirect listing on exchanges is
through Depository Receipts (DRs). Depository receipt is a negotiable certificate issued by a bank in
a domestic country that represent ownership of shares in companies of other countries. Cross listing,
particularly through DRs such as American Depositary Receipts (ADRs) or Global Depositary
Receipts (GDRs), is a popular way of internationalization among firms from emerging economies.
In addition to Europe and America, international firms are allowed to cross list in other countries
through the DR programme.
There could be several reasons for a domestic company to cross–list, such as an expanding investor
base, the desire to improve stock liquidity through its highly liquid secondary market, the increasing
visibility of the company, a growing customer base, and the wish to take advantage of higher
valuations. From the perspective of investors, cross listing mitigates some of the

Business Analysis : Alibaba 's Marketing Strategy
Alibaba.com
In early 1999, Jack Ma and 17 other founders set up Alibaba.
Alibaba first commercial venture is Alibaba.com, an online platform that linked SME of Chinese
and international manufacturers and buyers. The main reason of Alibaba success development was
improving customers' satisfaction by listening closely to them. The prove is Alibaba had attracted
32m members in 2007, with operating profits and revenues of $105.3m and of $289.5m respectively.
Customers satisfaction and trust are believed to be the secret recipe of Alibaba's success. Taobao
Competition has begun as early as 2002. eBay entered China and immediately started expanding. In
response, on 11th May 2003, Alibaba launched its second commercial venture, called Taobao, ...
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Listing – From Hong Kong to New York On the 19th of September 2014 a history made. Alibaba
became Alibaba Group Holding Limited through New York Stock Exchange (NYSE). There were
unique reasons why Alibaba listed on the NYSE instead of on Shanghai Stock Exchange (SSE) and
Hong Kong Stock Exchange (HKEx) since it is a China–domiciled company. SSE found to be too
restrictive, that it imposed limits on trading, size, timing, and speed of foreign capital flows. Alibaba
had also attempted to be listed in the HKEx. Since Alibaba embraces dual–class share structure, this
was the main reason HKEx rejected Alibaba's proposal to be listed as HKEx does not authorized
dual–class share structure, it allows "one–share–one–vote" principle instead. Jack Ma, the
determined and charismatic leader, did not stop after being rejected. Alibaba proposed to Nasdaq
and the NYSE. Eventually, on September 19, 2014, it was listed on the NYSE, being the largest U.S.
IPO of common stock, raised $21.8 billion, with $68 per share. It was obvious that the restrictions
on SSE and HKEx's ban on dual–class share structure had led Alibaba to land on the NYSE and
trading up until today. Dual–Class Share Structure
In dual–class share, there are two groups of shareholders, where one group has excess voting rights
disproportionately to the shares they hold. In this case, the group with excess

Prada Ipo or Not Essay
Problem: Prada requires a significant amount of capital both to re–finance debt that is maturing in
the next six to twelve months and to finance its intended growth into the Asian (especially Chinese)
markets
Alternative Solutions:
#1) IPO: (Initial Public Offering) Cons: High tax and pricing "We received little demand from our
(retail) clients for the (Prada) shares. It might be the 12.5 percent tax that scared them away and the
pricing itself was expensive when it compared with its peers," said Alfred Chan, chief dealer at
Cheer Pearl Investment. "Unlike institutions, our retail clients hold the shares for a much shorter
term," he added.
"Consumers are willing to pay a very high premium chasing after brands, but ... Show more content
on Helpwriting.net ...
"If Chanel was not posting incredible results, no one would know. But if they were public and this
was known, some customers would say that the brand was not cool anymore – this is a risk."
Prada raised US$2.14 billion from a Hong Kong IPO in June last year. That was around a fifth less
capital than the company had planned for. As things transpired, retail investors were put off by the
prospect of Italian capital gains and dividend taxes, which they were liable to pay (even though the
listing was in Hong Kong).
.
the share price shot up in July but then proceeded to lose around a third of its value to December, as
investors panicked about stock market and real estate declines.
The New York Stock Exchange, the biggest in the world by market capitalisation, was arguably a
safer choice.
That the share price has been so volatile is a measure of the risk in instigating an IPO in relatively
uncharted waters.
Risk is a core reason why other luxury goods companies, with an eye on a Hong Kong listing, have
hesitated. Prada was bold in its listing strategy, and that has to be one of the biggest lessons. It is one
thing to identify emerging Asia – and China in particular – as the sweet spot of luxury goods
opportunity, it is another to act on it

Prada has moved speedily away from a wholesale model, which was shown to have fundamental
weaknesses in the aftermath of the 2008 financial crisis –

The Stock Market And Stock Exchange
This paper will encompass the importance of the U.S stock market/stock exchange versus the
Chinese stock market/ stock exchange, with a brief introduction about how each stock market/stock
exchange came into existence, the importance of each stock market/stock exchange, how the U.S
and Chinese manage their stock markets/stock exchange, how corporations are appointed plus the
rules and regulations. This will also entail random facts about each stock market/stock exchange.
Stock markets are like hitting a royal flush, if the price of your stocks goes up, you win; if it drops,
you lose! The stock market, also known as the fairness market, is one in which shares are owned by
companies and their shareholders. The companies that are on the stock market, its stocks are issued
and traded publicly, through either exchanges or over–the–counter markets. The stock market is
considered to be one of the most critical components of a gratuitous–market economy that provides
companies with access to dominance in exchange for giving investor's the opportunity to have some
type of possession of the company. The stock market gives those the power to invest monies, and to
capitalize on their gains. This in return can bring about wealth to some without having to take a
financial risk in starting up a new business.
The U.S stock market came into existence on May 17, 1792 followed by the stock exchange coming
into existence on March 8, 1817, at Wall Street, lower Manhattan, New York City, New

Corporate Governance in Hong Kong
Corporate Governance in Hong Kong 1. Corporate Governance in Hong Kong Hong Kong's
position as an international economic and financial center is attributed to its exemplary corporate
governance. With Hong Kong's various authorities and regulatory bodies emphasizing on
transparency and accountability for listed companies, Hong Kong was ranked first for corporate
governance among 11 Asian countries in 2007. (Refer to Appendix 1) The Stock Exchange of Hong
Kong (SEHK) describes corporate governance as the "duties, functions and power of the board of
directors as a whole and executives and non–executive directors individually". These binding
responsibilities include the fulfillment of their legal obligations towards the ... Show more content
on Helpwriting.net ...
Hong Kong complies with The Companies Ordinance (Cap 32), originally derived from the United
Kingdom Companies Act 1948. This provides the basic regulatory infrastructure, addressing
corporate governance issues for all companies. The Committee on the Financial Aspects of
Corporate Governance was set up in May 1991 by the Financial Reporting Council and London
Stock Exchange to address the financial aspects of corporate governance in the United Kingdom. It
produced the Code of Best Practice in UK, which was adopted by SEHK in 1993. The Committee
also came up with the Cadbury Report in 1992, which provided a basis for Hong Kong to adopt
certain recommendations regarding the Board of Directors. For instance: A mixture of executive and
non–executive directors on board; seeking of separate professional advice by independent directors;
and regular board meetings. However, some recommendations of the Committee have not been
adopted by Hong Kong. For instance, large companies in Hong Kong are not required to separate
the roles of CEO and Chairman. This is hard to practise due to the family–dominated business
characteristic. 4.2 Asian Influence As prevalent in East Asian countries, most listed companies in
Hong Kong are family–controlled, resulting in minority shareholders being placed at a disadvantage.
To protect the interests of minority shareholders, SEHK implemented the

Hong Kong Is Known For Their Small And Free Economy System
Hong Kong is known for their small and free economy system. They are deemed as the global
monetary foundation. Due to the influence of the worldwide economic catastrophe, its economic
growth confronts various new trials. As a result, a complete examination of the Hong Kong's
financial growth and their prominent production standing becomes a vital matter. Hong Kong is
presently the world's most service oriented economy, with facilities divisions responsible for more
than 90% of GDP. After the Chinese mainland it is measured as the second major beneficiary of the
foreign direct investment and it is the third major cause of FDI in Asia, following Japan and Chinese
mainland.
"Hong Kong became part of the People's Republic of China in 1997, but under the "one country, two
systems" agreement, China promised not to impose its socialist policies on Hong Kong and to allow
Hong Kong a high degree of autonomy in all matters except foreign and defense policy for 50
years." (Hong Kong Economy: Population, Facts, GDP, Business, Trade, and Inflation, 2015). The
universal suffrage is the critical issue for China currently, which was promised for 2017 by Chinese
officials. Even though government officials have power over all land in Hong Kong, small
government, low taxes, and light regulation has been beneficial towards their economy. Key
businesses comprise monetary services and distribution; production has mainly traveled to the
mainland. Hong Kong's economy has become progressively united

The Stock Market And Stock Exchange
paper will encompass the importance of the U.S stock market/stock exchange versus the Chinese
stock market/ stock exchange, with a brief introduction about how each stock market/stock
exchange came into existence, the importance of each stock market/stock exchange, how the U.S
and Chinese manage their stock markets/stock exchange, how corporations are appointed plus the
rules and regulations. This will also entail random facts about each stock market/stock exchange.
Stock markets are like hitting a royal flush, if the price of your stocks goes up, you win; if it drops,
you lose! The stock market, also known as the equity market, is one in which shares are owned by
companies and their shareholders. The companies that are on the stock ... Show more content on
Helpwriting.net ...
They are basically the eyes and ears to their clients stocks.
The stock market plays an important role in the growth of the industry, plus in the
business/marketing of the country that can eventually affect the economy of the country as a whole.
This is important because all companies rely on the stock market as a primary source to raise funds.
Till this day the government and region banks keep a close look at the ups and downs of the stock
market. The stock market is only important to the people that invest in it, meaning they invest their
money in real estates, mutual fund or money market funds, purchased bonds and/or purchased
shares of a company (usually traded publicity or OTC). If one does not invest in the stock market
anything that affects this economy situation does nothing to them.
Whenever companies need more money to open new business they either take out a financial loan or
they have to present and issue their shares on the stock markets. Instead of a company raising capital
for a business they can in–return issue shares because they have part ownership of the company.
This is all considered to be the primary role of the stock market. The secondary role of the stock
market is a market that plays an important role as the basic stool step for both, buyers and sellers to
interact in exchange for shares. It is where investors go to buy and sell stocks that are to be traded
on the market exchange.
The United States Securities

A Study On Stock Market Return, Volatility And Correlation...
A STUDY ON STOCK MARKET RETURN, VOLATILITY AND CORRELATION ANALYSIS
AMONG INDIAN & ASIAN STOCK MARKETS
Dr.M.Sumathy1
Associate professor,
Department of commerce,
Bharathiar University, Coimbatore–46,
Tamil Nadu,India.
B.Ramya2
M.Phil Research Scholar, Department of Commerce,
Bharathiar University, Coimbatore–641046,
Tamil Nadu, India. bramyaca@gmail.com ABSTRACT The stock market is witnessing keen
activities and is gradually more gaining Importance. Post the1997 East Asian disaster which had
caused significant reduction in asset prices and stock markets in quite a small number of Asian
countries, these economies bang back. These economies maintained high interest rates thereby
creation them attractive to foreign investors. As a result these economies customary a large inflow of
funds and experienced a theatrical run–up in asset prices. As a part of market amalgamation, the
capital market of India is no longer cut off from international economic measures and their stock
index travels. This paper finds the correlation of Indian Stock market with four other major Asian
economies: Japan, Singapore, Hong Kong and Korea. A weak correlation concludes that the Indian
stock markets propose diversification benefits to institutional and international investors. The paper
finds non routine feature in the stock return allotment of the five economies of Asia including India.
The Indian markets showed facial exterior of platykurtic distribution, the volatility of

Fast Zara, Fast Fashion
Fast Zara, Fast Fashion
Introduction
Everyone, no matter youngsters or middle–aged mothers, love to buy clothes and keep updated on
latest fashion trend. In the past, people could only consume western styles clothing if they are rich
enough to go shopping by travelling in European countries or able to afford expensive air mail to
send the consumed western clothes back from overseas. However, it took a period of time and the
fashionable clothing may become "old" at the time received.
As the information technology grows rapidly and, at the same time, trend of globalization makes the
world become flat, people in every corner of the world receive updated news and knowledge
quickly. They started to learn cultures from different part of the ... Show more content on
Helpwriting.net ...
Hong Kong Business Environment Hong Kong business environment is very special compared with
other cities in Asian, or even all over the world. Hong Kong was British colony for more than 150
years which has left significant influence on the population and history of Hong Kong, especially
the legal and educational foundation. Unlike long–term orientation held in Chinese, Hong Kong
people tend to have a short–term orientation, i.e. short–term measures and quick profits.
Although we are influence deeply by Chinese values through traditional family education and
parents and elderly, Hong Kong people see themselves a mixture of Eastern and Western values,
cultures and practices. This might be because most of the business leaders have been educated
abroad or have graduated from local business schools which emphasize lot on Western business
theories (Holt and Mailer, 1992). Such uniqueness makes culture–driven analysis worthy to Hong
Kong people.
PESTLE Analysis for Hong Kong Business Environment
PESTLE Analysis is a new version of "PEST Analysis". This external, strategic analysis gives
overview of different macro–environmental factors of a particular area for understanding market
growth or decline, business position, potential and direction for operations. "PESTLE" stands for
political, economic, social, technological, legal, and environmental factors, using for environmental
scanning and strategic management. Legal and

Personal Narrative: A Career In The Stock Market
The stock market, a market with a lot of risks, successfully awakens my desire to study about
business. Not only because the desire of making plenty of money in the future, but also because of
the desire to explore the mystery of the number world. Although luck could be a very imperative
factor in the stock market, I believe profession can be the same important feature, too. It is hard to
explore the new risky world without someone's instruction, but fortunately, a friend of my mom has
a lot of experience and is willing to tutor me. At the beginning, I was completely lost since I had
zero knowledge about the stock. I didn't know what those curves mean, what those numbers
represent about. But just like eagles are given sharp eyes to see and

Why A Currency Board Is A Rule Based Monetary Institution
A currency board is a rule–based monetary institution that first established in the British colony of
Mauritius in 1849(Kwan and Lui, 1999). Since then, the board introduced to more than 70 countries
and issued money for British colonies, which included Africa, Asia, the Caribbean, and the Middle
East as well as a few other small countries (Walters and Hanke, 1992). This development reached its
heyday in the 1940s (Hanke, Jonung, and Schuler, 1993). After that, the Second World War changed
this situation. The newly independent territories from British colonies replaced the currency board
system to the central bank system. Until now, few currency boards still survived. Hence, some
people supported that the currency boards is out of the centre stage with losing its practical
importance on the basis of historical experiences. However, Kwan and Lui (1999) did not share the
identical view with these people. They argued that the currency boards begin to attract widespread
attention due to the effect on maintaining stable exchange rate, which is a significant feature to
confront the global financial crisis. Because of this characteristic, Argentina (1991), Estonia (1992),
Lithuania (1994) and Bulgaria (1997) have promulgated the law to support establishing the currency
boards. If the result of this measure can stabilize the currency and economic effectively, many
countries will introduce the boards eventually. As Schwartz (1993) had commented, "a watershed
would have been reached

Industrial And Commercial Bank Of China Essay
As previously mentioned, the People 's Bank of China opened up the banking system and began
allowing the emergence of state owned banks. The four state owned specialized banks that exist are
Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), China
Construction Bank (CCB), and Bank of China (BOC). The state owned banks were a success so in
1994 the Chinese government decided to open three more banks that were dedicated to specific
lending purposes and policymaking. The banks include China Development Bank (CDB), Export–
Import Bank of China, and Agricultural Development Bank of China.
Industrial and Commercial Bank of China was established on January 1, 1984 and the name of the
bank was changed to Industrial and Commercial Bank of China Limited on October 28, 2005. It is
the largest bank in the world by total assets and market capitalization. As well as being the largest
bank in the world, it is also the largest bank in the People's Republic of China. It has 17.1% of the
market share in Chinese banking assets. It also has over sixteen thousand branches in the PRC and
one hundred branches in the rest of the world including Hong Kong, Singapore, Tokyo, Kuala
Lumpur, Seoul, Frankfurt, Luxembourg and London, with representative offices in New York,
Moscow, and Sydney. Industrial and Commercial Bank of China initially focused on industrial and
commercial loans, savings, and settlement service, but it now offers a variety of products and
services

Vanke Boneng Spat Case Study
Content
Question 1 2
Question 4 4
References 7
Question 1:
Ans: "Dispersed ownership in the listed companies is the root of the corporate government
problem."
Due to the ownership structure determines the distribution of the control rights of the company
which also determines the nature of the principal–agent relationship between the owner and the
operator. That's mean the ownership structure can be determine the corporate governance structure.
And the efficiency of corporate governance will finally reflect in the company operating
performance.
As can be seen that the relationship between ownership concentration and corporate performance is
of great significance to corporate governance reform. Therefore, before we analyze the question, ...
Show more content on Helpwriting.net ...
And under the proposed system, the future Listing Committee will be more limitation regarding
their current job duty, whose 28 members experience and expertise cannot play in due role.
Moreover, over the past decade, changes in the securities market in Hong Kong is quite large. Both
in terms of market volume, scale etc. In particular, added a lot of Chinese companies listed in Hong
Kong; plus a number of IPO soon after that appears a lot of different financial issues, investment
issues etc. If we still continue to rely on the system formed ten years ago under these kinds of
circumstances, as foundation and operation of the market order, those problems will appear more
and more, and therefore Hong Kong has in hand to optimize market approval procedures and
systems and when necessary.
Therefore, I believe CHANGES or BREAKING THE OLD will bring out different problems and
challenge, but it also can bring out something good to us. And those good will lead us to become
more competitive advantage in the worldwide financial

The Legal Tender Of The People 's Republic Of China
Renminbi (RMB) is the legal tender of the People's Republic of China. The trade of RMB is
booming internationally. It is now the ninth most traded currency in the world account for 2.2% of
total foreign exchange turnover. In 2004, Hong Kong residents are allowed to deposit Renminbi into
their bank account up to 20000 yuan per day (2100 pounds). In 2007, the first Renminbi
denominated bond is issued in Hong Kong, called the dim sum bond. In the end of 2008, China
allowed the trade using RMB between ASEAN countries (Association of Southeast Asian Nations:
Indonesia, Malaysia, Singapore, Philippines, and Thailand) and Hong Kong, Macau, Guang Dong.
Later Shanghai and other cities were included. In 2009, China signed direct swap deal with
numerous countries including UK, Canada, and Iceland. In 2015, Renminbi is included in IMF's
SDR basket.
CNY and CNH: The same currency traded in or outside of mainland China
A little background of CNY and CNH. Both of them are the same currency called Renminbi as
stated above. They are both the legal tender of China and their unit is 'Yuan' (like pounds). The
differences are that CNY is only traded in mainland China, and one can only trade within a limited
amount of CNY against other currencies. CNH, on the other hand, is traded outside of mainland
China such as Hong Kong and London. There is no limited of how much CNH you can traded in a
specific period and can fluctuate freely without any government control. As a result, the exchange
rate

The Different Fate Of Thailand And Hong Kong During 1997...

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The Different Fate Of Thailand And Hong Kong During 1997...