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Buffett lunch at HK$16m turns 
out to have been a bargain
Zhao Danyang is not known as the king of China private  equity for nothing. 
When he paid HK$16 million in June to have lunch with investment guru Warren  Buffett, he knew he could get it back easily ... and some.
The Pure Heart Asset Management founder has been reaping the rewards from a stock tip he offered the Sage of Omaha over the charity lunch table.
Zhao's fund cashed out HK$5.35 million from selling Beijing supermarket chain Wumart Stores last Friday  when the stock  closed at a record high of HK$13.54.   It was the fund's second disposal since cashing out HK$1.5 million last month.
Since Zhao told the media that he had taken along some Wumart annual reports for  Buffett to  look  over at the lunch, the retailer's shares have climbed 35 per cent, closing yesterday at HK$12.92, on  optimism that  Buffett  would buy a stake.
That has yet to happen, but it still leaves Pure Heart sitting on a huge paper profit from its near 12 per cent stake in Wumart, which has a current market value of HK$783 million, compared with our estimated cost of about HK$400 million.
Now we know why Pure Heart was voted China's best fund by Asiahedge this year, delivering a return of 816 per cent as of the end of August since its debut six years ago.
Leaving before the movie ends
Poor first-week box-office sales  for animated feature film Astro Boy  were accompanied by a 30 per cent collapse in the shares of  the movie's maker, Imagi International Holdings, this week. The culprit was probably its substantial shareholder Asia CGI Investments, which had a six per cent stake in Imagi but sold most of its shares on Tuesday.
According to its filing  with the stock exchange, Asia CGI sold 194.5 million shares for  HK$43 million  at an average of 22.3 HK cents per share.  That left the company with 45 million shares. Asia CGI was among the  creditors  that agreed to convert  their loans  to shares at  40 HK cents per share in February.
Can they turn those into flats?
Most of us may not be able to afford HK$70,000 per square foot for an apartment, but what about HK$9,999 for a funny-shaped watermelon?
ParknShop said it managed to sell one of the four 'limited edition' watermelons, including the amusing face-shaped one (above), that were displayed at its Festival Walk Taste store recently.
The watermelons were imported from Fukuoka in Japan, where they were grown in special frames using a process patented by students at an  agricultural college.
Gome chairman sells shares
Gome Electrical Appliances Holding chairman Chen Xiao has sold HK$144 million worth of shares in the past two months.
Last week he dumped 71.1 million shares off-exchange at HK$1.379 each,  a 40 per cent discount to yesterday's close of HK$2.30.  
His disposal followed two previous sales that netted him HK$24.46 million (at HK$2.14 per share) and HK$22.29 million (at HK$1.83 per share) - all off-exchange. Chen still owns 220 million shares.
Pay rises after profit dip
How much did the Chengs make when their blue-chip listed flagship New World Development reported a 79 per cent drop in profit last year?
Managing director Henry Cheng Kar-shun had a  4 per cent drop in his take-home pay but still made HK$34.4 million, the highest-paid person in the New World group and ranking among the highest in the blue-chip property firms.
His son Adrian Cheng Chi-kong got the highest increase in his take-home pay, which totalled HK$8 million, up 56 per cent. 
His other son Peter Cheng Kar-shing took home HK$6.8 million, up 41 per cent.
Grandfather and founder Cheng Yu-tung received HK$300,000, the same as always.
Guinness date Friday the 13th
Oops! We got ahead of ourselves yesterday. The Swire Symphony Under the Stars at Happy Valley is not being held next week but on Friday, November 13. 
At least it gives people more time to register for the attempt to create a world record for the largest harmonica ensemble. We hope the date doesn't put a hex on the bid.



Lai See