Monday 24th September 2007

Dear Reader,

If you haven't yet taken our China Bubble poll, it closes at the end of today (Monday), HK time, so vote now. And if you are an MTRC shareholder, time is running out to protect your wealth. Vote against the deal now.

Now we need your help with a financial reporting poll, the results of which help change the Listing Rules. Do you want more information on listed companies, and faster than you currently get it? Your voting e-mail address and PIN are at the top of this e-mail.

Faster and quarterly financial reporting (24-Sep-07)
We need your help! After trying once in 1998 and again in 2002, Hong Kong is again proposing faster financial reporting and mandatory quarterly reporting, to catch up with the rest of Asia, including mainland China, where quarterly reports have been mandatory since the start of 2003. With your support, we hope to overcome vested interests this time. Please take our opinion poll!

Incredibubble! (16-Sep-07)
What else can you call a US$3.2tn market which has gained 358% in 20 months and trades on a historic P/E of over 60, which is probably closer to 80-100 excluding stock-market and real-estate revaluations from "E". We look at the bubble, the impact on HK, the thru-train, the calls in HK for an A-H arbitrage mechanism, and how the bursting may affect the socio-political system. The absence of a free media is itself contributing to the bubble.

MTRC: Time to vote (11-Sep-07)
We analyse the MTRC circular on the so-called "Rail Merger". We reaffirm our advice to independent shareholders to vote AGAINST the transaction. VOTE NOW - and don't assume that others will stop the deal for you. The Government will spare no effort trying to push this through.


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David M Webb