WITH the likely flop of the Luoyang H-share issue, which starts its life on the Hong Kong Stock Exchange next week, there is a group of gentlemen in town this weekend who must be pondering their luck. Next to take their chance in the great capitalist casino, the directors of Ching Ling Automobiles are here to begin the marketing process for the third H-share issue. Ching Ling is to be the third of the second batch of mainland companies to issue shares and will follow Shanghai Hai Xing Shipping on to the Hong Kong exchange. We have been told the directors will be keeping a low profile and have no plans for media engagements, in contrast to the fanfare which has accompanied other launches. Based in Chongqing, the automobile company is planning to tap the market for between $1.5 and $2 billion dollars. A month-long roadshow is expected to start within two weeks and orders are likely to be accepted for subscription by the end of July. It looks like it could be a nerve-jangling July for lead underwriter Smith Barney Shearson, this being its first major Hong Kong equity listing since the high-profile opening of its Hong Kong office late last year. THE trials and tribulations within the property agency Vigers appear to have reached a conclusion. Last month we reported disaffection within the ranks since last year's take-over of the partnership by a mainland consortium, and the appointment of Nelson Wong as the firm's chief executive officer. Mr Wong had departed the firm a few months prior to the buy-out and returned with his mainland backers to run the company. He returned as head of the firm much to the chagrin of his former bosses. Now, however, the former partners have won back day-to-day management of the firm and have complete control of the Hong Kong office, according to a senior expatriate partner. Mr Wong is still around, but has taken up residence in the firm's Kowloon office with a job description which has apparently been considerably narrowed. According to the head office source, Mr Wong will now concentrate on what he is supposed to do best - pulling in fabulous deals from China.