A group of disgruntled shareholders yesterday took out a full-page advertisement in a Chinese newspaper calling for the government to stop companies carrying out transactions which could hurt the interests of small investors. The advertisement was an open letter from investors who called themselves 'a group of hearts devoted to Hong Kong and China'. It said the letter had been sent to China's senior leaders including President Jiang Zemin, Vice-President Hu Jintao and Premier Zhu Rongji, as well as Hong Kong's Financial Secretary Antony Leung Kam-chung and Secretary for Financial Services and the Treasury Frederick Ma Si-hang. Without naming any companies or specific transactions the letter said some firms had conducted transactions at what it called a ridiculous price, which had hurt the interests of minority shareholders. 'We are not seeking compensation for past transactions, but we urge the authorities to take a serious look at these transactions which have undermined the reputation of the local financial market,' the letter said. It said if nothing was done to prevent similar situations, pension funds and insurance companies would also suffer losses. A Securities and Futures Commission spokesman said the commission welcomed public comment and action was being taken to improve corporate governance.