仆街一號 |
>   1 2 3 4 5 6 7
 
*** ﹝請按主旨作出回應﹞ ***
主旨寄件者更新日期
回覆 (207): 75 widower ad for fishing buddy
sregnifnet
17-02-04
21:05:03
回覆 (206): 五行欠柒
sregnifnet
17-02-04
20:17:43
回覆 (205): 港大校長馬斐森
https://www.hk01.com/article/69471
sregnifnet
17-02-04
20:06:11
回覆 (204): Billy Joel
 
One of my favourite Billy Joel.  
 
sregnifnet
16-07-23
13:15:22
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.  
 
http://www.hkex.com.hk/eng/newsconsul/blog/blog.htm  
 
 
 
投資者保障雜談  
近幾周來,關於香港投資者保障、股份架構和股東投票權的討論十分熱鬧,各種聲音不絕於耳。我一直仔細傾聽著這些不同的聲音:有些聲音格外響亮,也有些較小的聲音不容忽視。每當我嘗試靜下心來思考投資者保障問題的時候,這些聲音總是縈繞在我耳邊,揮之不去。  
一天晚上,我輾轉反側,耳邊響起了這些爭論聲,久久不絕。恍惚間,這些聲音的爭論一一展開……  
第一個說話的是聲勢豪邁的傳統先生,他非常滿意香港現有的市場體制,完全不覺得有必要改變。「香港的體制長期以來運作非常順暢,為什麽現在要改變?這裏的市場之所以這麽成功,就是因為我們的投資者保障機制出了名的好。香港的《上市規則》十分清晰,誰想來香港上市都一視同仁。我們一直是走在世界前列的金融中心,近年還一再榮登首次公開招股集資額排行榜的榜首。對於我們來說,吸引發行人來上市集資完全不成問題,我們也不曾為任何公司妄開先例。好端端的為甚麽要改變?」傳統先生搖著頭重重地坐了下來。  
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!」  
創新先生滔滔不絕,冷不防聲音穩重的披露先生插嘴進來。「冷靜一點,創新先生。現在問題的關鍵不是創新的創辦人和進取的投資者相比孰優孰劣,而是訊息披露。監管機構只需要定下良好體制確保訊息披露準確並懲罰違規者。別忘了,若有公司以這樣的股權結構上市,考慮到手上並不平等的投票權,投資者願意為它們付出的價格自然也會打折扣。至於公司創辦人若要求有特殊投票權而投資者願意為這種架構的公司付出甚麽樣的價格,就由市場來定吧。這種體制在美國和其他地方都很成功,既不損害公司價值,也沒有影響投資者利益。香港市場是時候與時俱進了。」  
「不過,有一點要提醒大家,」披露先生繼續說,「美國的多層股權制之所以運行良好,是因為他們以披露為主的市場機制,與身經百戰經驗老到的機構投資者和一究到底的集體訴訟文化組合在一起,這些全都發揮著重要的制約作用,可抗衡同股不同權帶來的負面影響。如果香港要學習的話,必須有足夠的配套組合,既賦予創辦人足夠的動力,又確保他們誠實可信。如果你問我的意見的話,我認為循序漸進的改變要好過全盤複製美國的制度。」  
「等一等。」又傳來了一個聲音。「你們人人都在說保障投資者,不如我們先問問投資者、看看他們到底想要甚麽吧!」「好主意」,大家異口同聲地說。他們先問大基金先生。「我完全不關心一家公司到底在香港還是在紐約上市,因為在哪裏我都可以投資呀。我只關心那家公司是否一家好公司。我不喜歡同股不同權,但如果公司非要以這樣的架構上市,我也知道怎麽給它估值。」然而,另外一邊的小散户女士卻感到很為難:「我不能投資美國股市啊,所以,如果有一家優秀的公司,請不要奪走我的投資機會啊!但話說回來,我真的不喜歡公司同股不同權,這對我們不公平。我希望監管機構可以幫忙照顧我的權益。」  
接著我又聽到另一個聲音,是務實女士。「喂,各位各位,讓我們談點實際的吧!我們香港人一直都以開拓、務實而聞名。我們曾經大膽引入H股和紅籌公司並大獲成功,我們也適時把握了小型民企來港上市的機遇。這一次,讓我們敞開雙臂迎接新經濟公司吧!如果香港錯過了中國下一輪上市大浪潮,我們大家都會輸掉!不只交易所和證監會將損失交易費及徵費、政府損失印花稅,經紀亦將失去數以億元計的佣金,投資者們更將損失投資這個時代發展最快、最有潛力公司的巨大機遇!香港怎麽可以錯過這些!」  
慢著,有人實在聽不下去了!原來是道德先生,他很生氣大家竟然在赤裸裸地討論金錢。「你這是甚麽意思,你…你……!」他大聲說道。「這是再簡單不過的事──一股一票就是了,毋須再討論!你憑甚麽聲稱創辦人可以享受特殊待遇!別忘記創辦人也有老去的那天──當他頭腦不清自私自利時,你還願意給他機會獨攬大權,無止境地榨取公司的利益嗎?為了贏得一兩家大型公司,你就要出賣香港精神?那我們辛辛苦苦建立的聲譽何存?香港為甚麽要學習美國?看看華爾街那幫人打著金融創新的幌子鬧出多大的全球金融危機。香港的體制就是這樣,不喜歡的人大可以捲好鋪蓋走人。」「還有一件事,」道德先生又繼續追問道:「香港交易所為甚麽會考慮這個方案?是不是中國政府要求的?這要查一下。」  
我感到氣氛開始緊張起來,大家坐立不安,但誰也不敢公然反對道德先生,因為……道德先生永遠是對的。可是,本來一直在自顧自聽音樂的未來小姐,此刻卻摘下耳機,向道德先生說道:「咱們就事論事,不要搞人身攻擊嘛。世界在變、中國在變,香港也應該要變啊。十年前香港錯過了科技革新的機會。展望未來,中國將湧現一大批代表新經濟的公司,尤其是在互聯網領域,它們可能會徹底改變中國未來十年的經濟面貌。這可是香港將中國故事和新經濟融合在一起、真正掌握全球領導力的好機會啊。」此時,未來小姐直直望向道德先生,說道:「你當然無所謂,你已經名成利就,但想想我們這一代香港人啊。」  
道德先生心有不甘,反駁道:「但你們為了未來,難道就非要給創辦人特權嗎?」  
「如果賦予創辦人特權是能吸引這些代表未來的新經濟公司來港上市的唯一之途,那就給他們好了。」未來小姐答道:「你沒有權力剝奪我們的未來。別忘了,你們今天投資的大公司明天都可能被這些新經濟公司徹底取代,到那時,我們年輕人怎麽辦?……」  
未來小姐顯然煩躁起來。至此,夢中的我已聽得直冒冷汗……  
「好啦,好啦,大家不要那麽激動。」我聽見一個熟悉的聲音在叫大家冷靜。謝天謝地,程序先生來了,真是人如其名,程序先生從來都是那麽深思熟慮。  
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。」  
這時,只見人人都坐了下來,聆聽程序先生講話。「這件事關係到審慎程序。」程序先生說道。「香港的《上市規則》非常清晰,如果要修訂條文,必須按照審慎程序進行。如果為了迎合新來者而朝令夕改,我們的公信力便蕩然無存。那麽甚麽是審慎程序?就是說,如果公司要求的改變『有限、適度而且平衡』,又能根據香港現行整體上市機制的條文規定或精神合理地處理,豁免或者批准都可以斟酌。這亦是上市委員會及證監會一直以來的工作之一。另外,我們亦應考慮所行使的酌情權能否歸納為一項先例。這一點十分重要,因為香港是法治之都,監管者需要為將來尋求類似待遇的其他上市申請人劃定一條清晰的法規界線,並仔細闡述劃定這一界線的原因。」  
程序先生續說:「如果要求超出了《上市規則》所許可的有限酌情範圍,那就要經過適當的公眾諮詢之後才可以修訂規則及政策,確保所作的改變經得起時間的考驗。這是香港的優良傳統,必須堅持。」  
唉,夢中的我不禁在問,那答案到底是甚麽?「為甚麽不找答案先生請教一下?」有人建議。「對,好主意!」大家異口同聲。  
我拼命想聽清答案先生的答案,但一下竟醒了過來!  
現實中,哪裏會有甚麽答案先生來給我們拿主意?我們只能依靠集體的智慧自己作決定。這裏最需要的,是客觀看待事情,不被負面情緒牽動,不受指摘影響,也不被個別公司或個案的具體情形而影響判斷。歸根究底,我們需要作出最適合香港、最有利於香港的決定,而不是最安全最容易的決定。  
此刻,我已經完全從夢中醒來並回到辦公室。我迫不及待把這些聲音寫在這篇網誌裏,正要完稿之際,卻清楚聽到耳邊有另外一個聲音對我說:「小加呀,人們已經在批評交易所在這個問題上有既得利益不宜參與討論;儘管你自己認為這種說法沒有根據,但是此刻保持沉默置身事外不是更好嗎?」我思索許久但還是決定繼續這篇網誌,主要原因有三:  
首先,沒錯,我是香港交易所的集團行政總裁,促進和保障交易所股東的利益是我職責的一部分。可是,正如我們的章程所規定,當「公眾利益」與港交所股東利益之間發生衝突時,我們永遠要把公眾利益放在第一位。正是出於「公眾利益」考慮,我才決定參與這一重要的討論。  
第二,有關個別公司上市或政策改變的決策並不取決於我或香港交易所董事會。它們均由上市委員會和證監會審議決定,我只是眾多聲音中的小小一員。上市委員會的其他27名委員都是香港金融界的精英才俊,為了香港的利益,他們無私奉獻出自己寶貴的時間、智慧和豐富的實戰經驗。這一決策過程和證監會的監督安排正是為了保障香港的最佳利益。  
最後我想說,我無意利用我的網誌去改變任何人的想法,或宣揚任何立場。我只是希望大家能在這一涉及公眾利益的重要議題上進行誠懇、公開、平衡客觀及尊重各方的討論。不論您是個人投資者,還是大機構負責人,只要胸懷坦蕩,只要抱著為香港最佳利益考慮的心態真誠表達意見,就不應為參與這場討論而感到羞怯、害怕或者愧疚,因為每個人的意見,對我們都同樣寶貴!  
 
http://www.hkex.com.hk/chi/newsconsul/blog/blog_c.htm
http://www.hkex.com.hk/eng/newsconsul/blog/blog.htm
feikeung
13-09-29
07:58:08
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.  
 
kh33
13-09-14
11:16:27
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)。  
 
肥強呢幾日一直被這個問題困擾,挍晒頭(其實挍春袋多D)。  
 
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:  
 
新新聞報導連戰、吳伯雄、郝龍斌和朱立倫等「四大家族」,密謀在今年9月29日的全代會上提案,要求黨主席必須為明年「七合一選舉」結果負全責,是馬英九總統這次決定對立法院長王金平痛下殺手的原因。對此連系的國民黨中常委李德維表示「沒聽說」。他說,要求黨主席為七合一負責,去年五六七聯盟就提過,不是新鮮事。新北市長朱立倫嚴肅地說:「我不是家族,我是朱立倫。」  
馬英九總統及台北市長郝龍斌上午到台北市愛愛院探視老人,雙方互動不如以往頻繁,但兩人皆一起參觀、與老人互動,不過都沒有接受媒體訪問,行程結束便立即離開;對於週刊報導四大家族一事,北市府發言人張其強表示,絕無此事。  
李德維今天又在臉書上留言批馬,他強調,自己反對馬英九的做法,是因為他不尊重法治,不代表就是「挺王」。他也認為,現在黨內並沒有所謂的「反馬勢力集結」,「假如有,就不會只有我這個無名小卒跑來跑去了」。  
今天出刊的「新新聞」週刊封面故事以「馬英九毀憲獵殺王金平的幕後盤算」主題,內容中點名真正讓馬英九痛下殺手的,是連戰、吳伯雄、郝龍斌與朱立倫等國民黨四大家族,指出他們聯手密謀商定在9月29日「起義」,計畫在國民黨全代會上提案,要求馬英九必須為明年「七合一」選舉負全責,若選得不好,則必須交出黨權,而他們公推的接替人選正是王金平。  
週刊封面斗大的「獵殺王金平」,封面故事更以「無視憲政體制、縱容司法濫權─馬英九毀憲獵殺王金平的幕後盤算」為標題,指出這次特偵組已淪為馬英九為鞏固一己權力的「東廠」和「錦衣衛」,而且「殺雞儆猴」正是馬英九發動政爭的重點。  
「為何馬英九選擇此時出手?」報導指出,一說是國民黨中常委選舉,與王金平友好的台派地方人士弄了個「二六連線」,企圖從地方包圍中央,架空黨主席馬英九,所以在中常委選舉前夕,馬主席先出招。  
另一說,是服貿協議和核四公投等案被卡住,為了給王金平和意見太多的藍綠立委一個警惕,所以馬總統出重手。  
還有一說,是因地方山頭林立,而2014縣市長提名在即,若干「諸侯」不理會黨中央規劃安排,結集勢力對抗黨中央,光是雙北市長由誰來選,就讓馬英九一個頭兩個大,所以馬英九出招,是為鞏固權力核心。  
但報導指出,真正讓馬英九痛下殺手的,據說是包括連戰、吳伯雄、郝龍斌與朱立倫等國民黨四大家族,聯手密謀商定在9月29日「起義」,反馬人士醞釀「政變」,而他們公推的人選正是王金平,讓馬英九不得不先出招,「拔掉」王金平。  
對此報導,朱立倫臉色一沈,表情嚴肅地說:「我不是家族,我是朱立倫。」  
面對國民黨的9月政爭,朱立倫上午表示,這對國民黨、對國家來說都是不幸的事,應趕快讓政治、司法運作回到正軌;至於外傳他將轉戰台北市?朱立倫則駁斥是「八卦、謠言,不值得一談!」外傳黨內意屬由五都縣市長兼任副主席一事,朱立倫更是嚴肅地回答,他說最近政治紛擾,有很多的謠言、放話,「都沒有意義」,地方政府縣市首長最關心的還是市政工作,所以這類八卦、謠言,「不值得一談」。  
 
【2013/09/12 聯合晚報】@ http://udn.com/  
 
 
 
眾卿家有何高見?  
feikeung
13-09-14
08:02:34
回覆 (200): Hand job
 
fungus inflammation la....
feikeung
13-09-10
18:10:35
回覆 (199): Hand job
 
 
..............and scratch my itchy balls!!!  
___________________________________  
 
Feikeung,  
 
Why are your balls always itchy?  
 
My fingers are itchy and want to scratch others' balls (not yours, I mean gals').  
 
 
cpsjj
13-09-10
17:56:25
回覆 (198): Hand job
Good! Gald to have Kris and fiekeung talking together. Very good indeed!
bobui
13-09-10
14:43:56
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!!!  
 
feikeung
13-09-10
11:30:08
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 :-)  
 
 
 
 
 
 
 
 
 
 
 
kris
13-09-10
10:34:56
回覆 (195): Hand job
 
 
 
Morning gents,  
 
 
Dennis, thanks for being a good sport, you're one classy guy!
kris
13-09-10
10:32:41
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.  
 
feikeung
13-09-09
22:06:14
回覆 (193): 一個被閹割的民族
Feikeung,  
 
Are you certain you (or no 18) washed hands everytime before the choking?
dkyyu
13-09-09
21:09:54
回覆 (192): 一個被閹割的民族
 
typo - infected with diseases
feikeung
13-09-09
19:32:06
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  
 
 
 
 
 
 
 
 
 
 
feikeung
13-09-09
19:18:59
回覆 (190): 一個被閹割的民族
Feikeung,  
 
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.
dkyyu
13-09-09
18:42:44
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! :-)  
 
thekong
13-09-09
17:31:42
回覆 (188): 一個被閹割的民族
 
Dennis,  
 
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.  
 
feikeung
13-09-09
17:24:07
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.
dkyyu
13-09-09
11:46:02
回覆 (186): 一個被閹割的民族
http://www.audionet.com.tw/a/forum.php?mod=viewthread&tid=4309  
____________________  
 
They also learn to make good money by selling to advocates.
dkyyu
13-09-09
11:39:50
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.  
 
肥強博士如是説………  
__________________________________  
 
Feikeung,  
 
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.  
 
dkyyu
13-09-09
11:38:45
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.  
 
 
kh33
13-09-09
10:56:40
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! :-)  
 
 
thekong
13-09-09
08:37:14
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.  
 
_____________________________________________________________  
 
Amen!
kris
13-09-09
07:14:54
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!
kris
13-09-09
07:10:47
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.  
 
feikeung
13-09-08
19:25:53
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.  
 
feikeung
13-09-08
19:25:49
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.  
 
bobui
13-09-08
16:14:27
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!
bobui
13-09-08
15:45:54
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?!!!!!!!  
 
thekong
13-09-08
15:38:42
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!  
 
thekong
13-09-08
15:35:55
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!  
 
 
bobui
13-09-08
15:29:36
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?
kris
13-09-08
15:18:10
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! :-)  
 
thekong
13-09-08
15:09:28
回覆 (205): 一個被閹割的民族
 
Charity? Why not? Not all website is a business.
kris
13-09-08
15:04:08
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?  
 
thekong
13-09-08
14:59:40
回覆 (203): 一個被閹割的民族
Sure, if you're running a business.
kris
13-09-08
14:52:05
回覆 (202): 一個被閹割的民族
 
No need to thank God for that! Same as other business, some make money, others not, it is just natural! :-)  
 
thekong
13-09-08
14:33:56
>   1 2 3 4 5 6 7