appConfigEntityId

bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

hooksArticlePageAdvertisementConfigArticle

liveArticle

appConfig

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

sectionsV2

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

json

morgan stanley finds the fine line between mainland and president chen

One bank, two adversaries, no problem!

It is nice to see that Morgan Stanley, a perennial rainmaker in China, can walk a fine line and also make New Taiwan dollars without upsetting Beijing.

Last week, the United States investment bank sent four representatives - including Asia president Michael Berchtold and global investment bank head Terry Meguid - to call on Taiwanese President Chen Shui-bian.

The messengers came bearing good tidings: Morgan Stanley would increase Taiwan's weighting in its widely followed MSCI index.

Morgan Stanley was keen yesterday to play down the encounter as no more than a casual meeting, claiming similar visits to Taiwan were made by at least 10 global investment banks over the past three months.

firm pays dearly for soured talks

When it rains it pours at New World Mobility, the technology arm of New World Development.

Last week, the firm disclosed that a technology investment gone sour would force it to make a whopping $5.46 billion provision.

And now Lai See has learned that in September, New World Mobility lost 10 per cent of its subscriber base to CSL in a single swoop, after a three-year contract with one of its largest customers - Telecom Digital - expired. In discussions with Lai See, company insiders pooh-poohed the loss, saying New World Mobility had been able to maintain its overall subscriber numbers.

Telecom Digital, which operates paging services and owns a licence to operate a mobile virtual network, contributed about $50 million to parent New World Mobile Holdings for each of the past three years. That's a drop in the bucket given New World Mobile's turnover of $1.66 billion for the year ending in June 2003.

The setback came a month after CSL and New World Mobility failed to negotiate a takeover deal that would have seen New World Mobility cash out of its mobile assets and CSL achieve a back-door listing.

Our advice for New World Mobility: if you can't beat them maybe you really should join them.

Picc's sorry excuse for an accountant

Which is easier - recruiting a qualified accountant for a Hong Kong-listed mainland enterprise or getting a China visa for Democratic Party stalwart Martin Lee Chu-ming?

Frankly we like Mr Lee's chances better.

On Wednesday, PICC Property and Casualty announced it had failed to meet a Hong Kong stock exchange requirement that listed companies' senior management team include a qualified accountant. A PICC official's assertion that 'our senior management is totally qualified to handle financial matters' failed to put us at ease about their shortcomings in recruitment.

Yesterday, Aluminum Corp of China and Guangzhou Shipyard International said they too could not find qualified accountants.

Unlike PICC, however, they at least did not beg for a three-year waiver.

tong leaves mixed legacy, popular son

Sad news for the Tomson Group, whose majority shareholder David Tong Cun-lin passed away yesterday.

The 55-year-old businessman known for the notorious Tomson Pacific takeover of World Trade Centre Group (former Bond Corp International) at least leaves the company in good hands and good shape.

After reinventing itself as a Shanghai property developer, the group has made profits four years in a row.

Associate Rivera (Holdings) also returned to profit last year after three years of losses.

Tomson, now run by Tong's widow Hsu Feng and their 21-year-old son Albert, has been free from scandal ever since Tong and his broker, Arthur Lai Cheuk-kwan, were cleared of conspiring to defraud the regulator and its takeovers committee.

Tong junior joined the board in December 2001 straight from the high school and soon became the youngest director in Hong Kong corporate history.

Seemingly older than his years, Tong the Younger is exceedingly well-liked by journalists.

Investors too seem to have faith in the new management. Tomson Group's shares finished up 6.67 per cent, and Rivera's 4 per cent, yesterday.

HK-listed trio vie for friendly crown

In two weeks' time IR Magazine, or Investor Relations, will host a conference and banquet in Beijing to crown China's most investor-friendly company.

Lai See understands three Hong Kong-listed giants are in a close race: China Mobile, CNOOC and Sinopec. May the friendliest company win!



Lai See