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回覆 (209): 50 Shades of Grey
回覆 (208): 50 Shades of Grey
回覆 (207): 75 widower ad for fishing buddy
回覆 (206): 五行欠柒
回覆 (205): 港大校長馬斐森
回覆 (204): Billy Joel
One of my favourite Billy Joel.  
回覆 (203): 李小加 fighting off the thieves
Hong Kong can walk tall today.  
李小加: well done (I like my steak medium rare..)  
Voices on investor protection  
There has been a lot said and written about investor protection, share structures and voting rights in Hong Kong in recent weeks. I’ve been listening with great interest. The advocates of certain points of view are extremely loud, while some quieter voices are nonetheless trying to be heard as well. Whenever I try to focus on the issues I can’t get the voices out of my head.  
The other night I was trying to sleep, and as I dozed off I kept hearing these voices arguing endlessly. This is how my dream went.  
The first voice I hear is that of Mr Tradition. He has prospered with the market system we have in Hong Kong, and he doesn’t see the need to change. "Hong Kong’s system has worked extremely well for a long time," he says, "so why change it now? Our reputation for investor protection is what makes our market so successful. We have clear rules in Hong Kong and they apply to any company that wants to list. We are continually ranked as one of the top financial centres in the world and were first in IPOs only recently. We clearly don’t have any problems attracting issuers and we have not made exceptions for anyone. If it isn’t broken, why fix it?" And Mr Tradition sits down heavily, shaking his head.  
Now Mr Innovation bursts in. He’s a young man with spikey hair; he talks fast and excitedly. "Give us a break, Mr T! What’s wrong with different share structures? Most other exchanges in the world permit them, it’s just you Hong Kong stick-in-the-muds who can’t accept change. Look at the technology companies listing in the US – most of the biggest ones, like Google and Facebook, protect the founder’s position with special voting rights. People invest in these companies based on the founder’s vision, track record and reputation. The founder has the long-term interest of the company in mind, and that’s better than a bunch of hedge funds arbitraging the shares or corporate raiders buying into companies thinking they know how to run them! Look at what happened to Apple! Steve Jobs got kicked out of the company on perfect corporate governance processes but Apple almost went bust before Jobs was asked to come back – and then he recreated one of the greatest companies on earth!"  
Mr Innovation is out of breath, but now Mr Disclosure speaks up in a steadier tone. "Calm down, Mr Innovation. The issue is not who is better, innovative founders or activist investors. It is about disclosure. The regulator’s job is to ensure full and fair disclosure and to penalise abuses in disclosure. Don’t forget, investors will simply price these companies at a discount to reflect the less-than-equal voting rights of their shares. Let the market decide what the right price is when founders ask for a special voting structure. This system works well in the US and elsewhere, and certainly isn’t destroying value or ignoring investor protection. It’s time for the Hong Kong market to modernise.”  
"I do want to point out, though," Mr. Disclosure continues, "that the disclosure regime works well in the US largely because of the large sophisticated institutional investor base there and the aggressive litigious culture of class actions. As such, the US system provides important deterrent forces that can offset the negative impact of the different weight in share rights. Hong Kong must get comfortable that there will be enough checks and balances to keep the founders motivated, but at the same time, honest and prudent should Hong Kong consider similar changes. If you ask me, a more gradual approach is better than a wholesale adoption of the US system."  
"Wait a minute," I hear another voice. "You guys keep talking about protecting investors. Did anyone actually speak to our investors to find out what they really want?" "Great idea!" everyone agreed. They first brought in Mr Big Investor. He said, "I don’t care too much whether a company is listed in Hong Kong or New York since I can invest anywhere. I only care whether it’s a good company. I don’t like disproportionate voting rights, but if you must have them, I know how to value them." Then Mrs Small Investor comes in; she feels really torn: "I can’t invest in the US market, so if it is a great company, don’t take that opportunity away from me, please! But I really don’t like companies with special rights. It isn’t fair. I want the regulators to look after my interests."  
Then I hear another voice. It’s Mrs Practical. "Boys and girls!" she says, "Let’s get real! People in Hong Kong have always taken a practical approach and made bold moves. We took a chance on H shares and Red Chips – we even took a chance on private enterprises – and we have been very successful. Let’s just get on with it. If we miss out on the next wave of big listings from China, just think what we’re all going to lose! It’s not just the stock exchange and the SFC losing their trading fees and levies, the government will lose its stamp duty, the brokers will lose hundreds of millions in commissions, and the investing public will lose the opportunity to invest billions of dollars in fast-growing and iconic companies! Hong Kong can’t afford to miss out on all of that!"  
Oh dear, somebody doesn’t like this at all! It’s Mr Righteous – clearly agitated now that money has been mentioned. "What do you mean, you, you….!" His voice was rising. "It’s perfectly simple – one share, one vote and that’s the end of it! How dare you suggest the founder is so special! The founder grows old, don’t forget – would you let him entrench himself and extract benefits from the company forever? Would you sell Hong Kong’s soul just to win one or two big listings? What about our hard-won reputation? Why should we learn from the Americans? Look at what they did to the world in the financial crisis with the so-called financial innovation of Wall Street. If anyone doesn’t like what we’ve got in Hong Kong, they should just pack up and leave..." "And one more thing," Mr Righteous continues: "Why is the Exchange even considering this? Is it because the Chinese government asked them to?"  
I can feel people becoming really uncomfortable, but no one wants to disagree openly with Mr Righteous, because, well, he is always so righteous. But Ms Future, who has been listening to her music all along, takes off her earphones. "Don’t make it personal," she says to Mr Righteous. "The world is changing, China is changing and so should Hong Kong," Ms Future goes on. "Hong Kong missed the technology revolution a decade ago. Looking into the future, there’s a wave of new economy companies, particularly in the internet space, that may fundamentally reshape the entire economic landscape of China over the next decade. This could be Hong Kong’s chance to claim true global leadership: combining China with technology and the new economy. It's OK for you" she looks pointedly at Mr Righteous, "you’ve already made it, but think about my generation in Hong Kong."  
"But why does this future of yours have to have special rights for founders?" Mr Righteous objects.  
"If the only way to secure the listing of these companies is to allow special rights for founders, so be it," Ms Future retorts. "You have no right to deny us the opportunity. These innovative companies are growing so fast they are threatening - and could possibly overtake - the traditional businesses which are listed on our exchange. Do we want to pass on these companies, and plant our flag firmly in the past?"  
Ms Future is clearly getting annoyed. By this time, I have already begun to sweat in my dream…  
"OK, guys, let’s not get carried away!" I hear that familiar voice calling for calm. Thank goodness, it’s Mr Process, finally speaking with that very deliberate manner he is known for. "The issue is not about who is right and who is wrong." Mr Process goes on, "the issue is not whether a particular share structure is good or bad for the markets. The issue is not about who can create or destroy value, founders or activist hedge funds. People can make a case for both sides and many sides. The issue is not about whether Hong Kong should embrace tomorrow or stay in yesterday. We all want to be part of tomorrow."  
By now, everyone has sat down to listen to Mr Process more carefully. "It is all about due process." he says. "Hong Kong’s Listing Rules are clear and, if there is a need to change them, we should do it via due process. If we chop and change our regulations to fit whoever comes along we will lose all credibility. What is due process? Well, it means that if a company is asking for something narrow, modest and balanced that can be reasonably dealt with within the letter or the spirit of the overall listing regime as it currently stands, waivers or permissions can be allowed. That is what the Listing Committee and the SFC do all the time. We should also consider whether any discretion we exercise can be articulated clearly as a precedent. This is important because Hong Kong adheres to the rule of law and the regulators need to draw a clear line for future listing applicants seeking similar treatment to follow and carefully articulate a clear rationale for that line."  
"If what is asked for is beyond this narrow space of discretion permitted under the rules, however," Mr Process continues, "then such significant changes to the rules and policies should be adopted only after proper consultation with the community so that they will stand the test of time."  
Well, where does this leave us then? I was asking in my dream. "Why don’t we call Mr Solution?" someone suggested. "Great idea," everyone agreed.  
And then I woke up!  
In real life, there isn’t a Mr Solution who can put the right decision together for us. We have to make the decision ourselves, drawing on the wisdom of the community as a whole. We need to look objectively at the issues and not be swayed by emotional arguments or be distracted by specific circumstances of any given company or issue. In the end, we should take responsibility for doing what is right and best for Hong Kong, not just what is safe and easy.  
I went back to my office, completely awake from my dream, and began finishing up my blog. I then began to hear another voice in my head, a very clear voice: "Charles, people are already complaining that HKEx has a 'vested financial interest' in this debate. I know you think that such criticism is totally unfounded, but isn’t it a good idea to stay out of the controversy and be silent?" I reflected on this carefully and decided still to proceed with the blog mainly for the following three reasons:  
Firstly, yes, I am the Chief Executive of HKEx and part of my job is to promote and protect the interests of HKEx’s shareholders. However, as enshrined in our charter, in the event of a conflict, public interest is put ahead of shareholder interest at HKEx. It is in this context of the broader public interest of Hong Kong that I chose to make my contribution to this important debate;  
Secondly, decisions in relation to individual companies or broader policy are not decisions of mine or indeed that of the board of HKEx. They are determined by the Listing Committee, on which I am a small voice, and ultimately by the SFC. The Listing Committee consists of members who are among the best and brightest minds in Hong Kong’s financial community. They devote their vast experience, wisdom and an incredible amount of time to public service. Their decision process and the SFC oversight are motivated and driven by consideration of the best interests of Hong Kong;  
Finally, I am not using my blog to change any minds or advocate any particular position. I am simply trying to promote an honest, balanced and respectful debate on an important issue of public interest. Nobody should be made to feel shy, guilty or afraid about expressing their views whether he or she is an individual investor or the Chief Executive of a large institution like HKEx, as long as we all do so with honesty, openness and the best interests of Hong Kong in our hearts.  
這時候,創新先生忍不住發話了。他是個髮型前衛的年輕小伙子,激情洋溢,語速極快。「傳統先生,你算了吧。多層股份架構有甚麽問題?世界上大部分交易所都允許這樣做,只有香港墨守成規、不肯接受。看看那些在美國上市的科技公司,最大的幾家公司比如Google和Facebook,都是以特別投票權來維護創辦人的地位。人們投資這些公司,就是因為相信公司創辦人獨特的眼光、業績紀錄和聲譽! 創辦人關心公司的長期發展和利益,比起那些單靠短期套利賺錢的對沖基金和自以為是卻根本不懂如何經營創新科技公司的併購狙擊手們好多了吧!你看看蘋果公司!喬布斯不就是在『完美』的企業管治程序下被踢出局,險些令蘋果破產的嗎?最終還不是靠把喬布斯請回來主持大局,才再創地球上的科技神話!」  
程序先生繼續發表他的意見:「整件事不關誰對誰錯,也不是說特別股權結構對市場是好是壞,更不是說公司創辦人和進取的對沖基金究竟誰可以創造價值或破壞價值。 每件事大家都可以證明有好壞兩面、甚至多方面。整件事不關香港到底應該擁抱明天還是活在往昔。大家都希望擁抱明天。」  
回覆 (202): 「王金平關說」案 -- 馬英九呢次有尻用?
Wang may be a scumbag, but the way Ma handled the crisis showed why he was called dumb ass by the foreign press. And the recent ruling by the Taipei court is a slap in his face. Now he is in deep trouble.  
回覆 (201): 「王金平關說」案 -- 馬英九呢次有尻用?
小馬哥一直俾人嘅感覺就係潺弱書生一名, 無尻用(老毛最睇唔起D臭老九)。呢次竟然咁威猛一洗頹態, 好似食咗偉哥(或被普京上咗身)。  
還有一個很奇怪的現象: 台灣藍營媒體, 除了聯合報, 一致替王金平站邊。王金平是大壞蛋, 黑過墨斗, 是黑金政治的幕後黑手。幫會老大舉殯, 他還出來做治喪委員會主席。  
綜合多方面報導, 愚以為小馬被四大家族逼宮的可能性最大:  
【2013/09/12 聯合晚報】@ http://udn.com/  
回覆 (200): Hand job
fungus inflammation la....
回覆 (199): Hand job
..............and scratch my itchy balls!!!  
Why are your balls always itchy?  
My fingers are itchy and want to scratch others' balls (not yours, I mean gals').  
回覆 (198): Hand job
Good! Gald to have Kris and fiekeung talking together. Very good indeed!
回覆 (197): Hand job
I definitely know what you meant.  
I'm no scholar.  
I just sit in front of my LED screen and scratch my itchy balls!!!  
回覆 (196): Hand job
>>> Good things about hand job........costs much less than full-blown encounters <<<  
DIY'ers get them for free!  
ps: btw feikeung, my earlier comment "virtual reality is a known hangout for dorks masquerading as scholars while jerking off by the computer " was NOT meant for you :-)  
回覆 (195): Hand job
Morning gents,  
Dennis, thanks for being a good sport, you're one classy guy!
回覆 (194): 一個被閹割的民族
Supposedly. However, hand soap used in massage joints north of the border is always of dubious quality. Diseases transmitted via purely hand motions are rare and far between. The only scenario I have witnessed is jock itch.  
The moral of the story: If you happen to have athlete’s feet, don’t let the masseuse touch your part after her massaging your feet.  
回覆 (193): 一個被閹割的民族
Are you certain you (or no 18) washed hands everytime before the choking?
回覆 (192): 一個被閹割的民族
typo - infected with diseases
回覆 (191): 一個被閹割的民族
Good things about hand job:  
a) costs much less than full-blown encounters  
b) less likely to get inflected with diseases  
c) little or insignificant emotional involvement, hence no consequences  
回覆 (190): 一個被閹割的民族
In fact I learnt much from you, Kris and many many si-fu and si-hing in this web site.  
Life is short, don't spend too much on handjob la. Get married la.
回覆 (189): 一個被閹割的民族
>Neither can I stand mediocrity<  
Ok, I guess I am safe here, as I am plain bad! :-)  
回覆 (188): 一個被閹割的民族
You are the kindest person at 1PekingRoad.com. You are so tolerant and forgiving that neither people’s misbehaviour nor being ripped off on eBay every now and then exasperates you.  
On the contrary, I’m a born quibbler who always niggles about minor details. Instead of just relaxing and listening to music, my attention is automatically drawn to scanning the sound being reproduced, from the lowest to the highest of the spectrum. I do the same with people and have a distinct dislike for con artists. Neither can I stand mediocrity.  
Perhaps life would be a lot easier if I were a little bit more forgiving.  
I have much to learn from you.  
回覆 (187): 一個被閹割的民族
This also explains to myself why I am buying so many old stuff earning good review but I couldn't afford in the old days.  
Unfortunitely, this also explains why I am 頻頻瀨野.
回覆 (186): 一個被閹割的民族
They also learn to make good money by selling to advocates.
回覆 (185): 一個被閹割的民族
> 在BBC眼中,JBL和Tannoy不入流, 不能鑑聽  
> 大草唔Like CAS  
Q: Why are the opinions of BBC and 大草 so important in the minds of Hong Kong audiophiles?  
A: Local folks are incapable of independent thinking and they need idols that they can worship.  
There is idol preaching in every corner everyday. We can easily name a few in h-fi, Michael Framer in US, Ken Kessler, Jimmy Hugh in UK, Editor Lau Hon Shing in Taiwan, and no exception in HK, big grass etc.. for one big reason, advocates need idots.  
I started my history as an advocate in Hifi News &Records, What's Hifi etc. When return in my young days, we had Limage and editor YK Chan etc appearing in our popular local HK mag. Shame on me, instead of shopping in the Radio People or Excel with an emptied pocket, I could only chase on reading the hifi mag (I admit, some porn mag as well sometimes) issue in every month. I am not a gifted audiophile nor born with talent in music. And I don't have the luxury to attend concert as often as most members in this web. So please don't be scientific, these idots or seniors in the field had in fact brought me closer to the channel to reproduce canned music better than my life before by blindly or sensibly learning their aspirations and different ideas to reproduce music software in the closest approach to reality (once again, it reminds me Peter Walker). Whether they are true or wrong, evil or honest, I won't bother anymore. This also explains to myself why I am buying so many old stuff earning good review but I couldn't afford in the old days.  
Don't be surprised to hear more idiots preaching in review33 discussion forum by using the search word "一本天書". Well, I call this good fun and no harm at all to read it while taking a break away from pressure.  
Let's relax and having good fun.  
回覆 (216): 一個被閹割的民族
I was fortunate to be able to contribute. And I have to thank kris for creating the most unique hi-fi forum in HK, the only one of its kind.  
The investment was small but the return,, in terms of spiritual pleasure, is great.  
I considered it money well spend, much better than dumping large sums into the so called state of the art hi-end gears and getting crappy sound.  
回覆 (215): 一個被閹割的民族
>This is also the reason why our website was, is and always be a non-profit outfit from Day 1! <  
I didn’t mean this forum, or course, we all know that, and thankful to your generosity in providing such a venue! :-)  
>In any case, hope you didn't loose money on this other business deal you're talking about. Be sure to get your facts straight!<  
Oh, I was asked to join from the beginning, but luckily didn’t need to pay at the end! :-)  
回覆 (214): 一個被閹割的民族
By the way, religion, just like audio and a lot of other things, cannot be read or observed from a distance. It has to be felt.  
回覆 (213): 一個被閹割的民族
Well, sometime people starts something thinking that it can make money! When that doesn't happen, they had to keep the "business" just not to loss face! It may be pathetic, but sadly I have seen that happened before!     
Business, any business is solely profit driven. Nothing else.  
To think that someone purposely sustain an organization (and the tedious work behind it) at a loss for what you described as just to "save face" seems too naive, I would shut it down immediately. Unless of course is for charity, or love of a hobby. This is also the reason why our website was, is and always be a non-profit outfit from Day 1!  
In any case, hope you didn't loose money on this other business deal you're talking about. Be sure to get your facts straight!
回覆 (212): 一個被閹割的民族
NO pretence of being a gentleman.  
I have been a scumbag from day one, hence the On9Keung nomenclature.  
I am just being myself and would never, and have never, done otherwise to be accepted socially.  
By the way, religion, just like audio and a lot of other things, cannot be read or observed from a distance. It has to be felt.  
回覆 (212): 一個被閹割的民族
NO pretence of being a gentleman.  
I have been a scumbag from day one, hence the On9Keung nomenclature.  
I am just being myself and would never, and have never, done otherwise to be accepted socially.  
By the way, religion, just like audio and a lot of other things, cannot be read or observed from a distance. It has to be felt.  
回覆 (211): 一個被閹割的民族
I think Virtual Reality, forum and internet trading are very different things. Just because these three things are growing fast through a common transmitting platform, "the internet", it dosent mean they can be treated equal. And each one of them make money or entertain users under very different rules and code of conduct. Be it moral or law enforced.  
In virtual Reality such as PS3, you can kill someone or crash your car into whatever you feel good about. You can be however ruthless and rude you wish to be without hurting others!  
In a forum or bascially any public forum. If you try to behave unlawfully or deviate, say you keep on saying you hate a particular person or organisation and use offensive words and repeating it many times under serious tone and manner, dont be surprise, one day soon, the law enforce organisation may come and knock on your door and question you lor!  
In an internet trade platform, you better be as honest and as real as you could be. I mean, go without saying la. Unless you purposely want to a scum and end up in the court.  
回覆 (210): 一個被閹割的民族
And you don't invite me over for a drink?!!!!!!!  
If I do invite, it wouldnt be just for a single drink lor! Sure we have had many of that experience la!
回覆 (209): 一個被閹割的民族
>A bit of sharing on how I like to continue my feel good factor for the rest of the day.  
Wine: Spy valley 2012 Sauvignon Blanc. Fresh as usual as a Sauvignon Blanc should offer. Cheap and Cheerful! <  
And you don't invite me over for a drink?!!!!!!!  
回覆 (208): 一個被閹割的民族
>Why are people being forced to be in a money loosing business?<  
Well, sometime people starts something thinking that it can make money! When that doesn't happen, they had to keep the "business" just not to loss face! It may be pathetic, but sadly I have seen that happened before!  
回覆 (202): 一個被閹割的民族
Just came back from a long ride. So nice! There is a saying that during exercise, a kind of chemical created in your body that can relax you from stress and offer you a feel good factor that is hard to obtain from other source. I have a feeling that sex can be regarded as exercise too, you must agree la!  
A bit of sharing on how I like to continue my feel good factor for the rest of the day.  
Wine: Spy valley 2012 Sauvignon Blanc. Fresh as usual as a Sauvignon Blanc should offer. Cheap and Cheerful!  
Book 1: Car Fever by James May. Sure you know him as one of the presenter in "The Top Gear". Its a funny read with a very English sense of laugh. James is actually a very good flautist and pianist stuided music at Lancaster Uni. I bet you didnt know that.  
Book 2: If you are into politics and religion and want to read more about why and what is happening around you and the society, this book may fit in. Most of what you hear and observe in the media is Administration. Administration is the tools. Its like a turntable, CD or CAS. Perhaps is the music you may want to pay greater attention.  
The Red and the Green by Iris Murdoch. Its a recommended read at Uni and a regular year end exam topic/question. In the book, Murdoch use existentalism in the action of its main character. In existentialism, the individual's starting point is characterized by what has been called "the existential attitude", or a sense of disorientation and confusion in the face of an apparently meaningless or absurd world.  
Food for tonight: Roast Iberico Pork Chops with dill and black pepper.  
Music: Plenty of Jazz today on LPsssssss.  
Good day!  
回覆 (207): 一個被閹割的民族
From a business point, you just pull the plug if the profit is not there.  
Why are people being forced to be in a money loosing business?
回覆 (206): 一個被閹割的民族
Very true, even though some are intensional from the start, while others are forced to be that way! :-)  
回覆 (205): 一個被閹割的民族
Charity? Why not? Not all website is a business.
回覆 (204): 一個被閹割的民族
If not, what else, a charity, or just doing good for the human race?  
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