And of course, most prominently, there’s our old sparring partner Oleg Deripaska, the prince of Russian aluminium. When he listed his master company Rusal in Hong Kong in 2010, I observed that it ‘set a new benchmark for just how risk-laden a stock can be and still gain access to public markets’ and that the only analytical tool with which to address such an impenetrable offering ‘must surely be a very long bargepole’. When he listed his new master company EN+ (by now the majority owner of Rusal) on the London Stock Exchange last November, I suggested that ‘the City shouldn’t be doing business with anyone so close to Putin’s Kremlin’, particularly when the £1 billion proceeds of the float were flowing back as debt repayments to Russian banks that were already subject to US and EU sanctions following Russian aggression against Ukraine. I gather MI6 made the same point, but to no avail.
I can almost hear the wailing voice of the “global elites” with addiction for low income tax…
“No, no, no… we can monitor Tokyo from Hong Kong/Singapore… I mean, it’s temporary… I am sure. Besides, the big story is still, and will always be, China. Yes, yes, I know… but I have always told you it’s a long-term investment (till my retirement fund is big enough)… What? Oh… no, my Mandarin is still poor but I have a good local team… trust me…”
Here’s hoping Uncle Li still has a fight or two left in him.
Tony Leung is arguably the only HK actor who can drop his pants not for comic effect.
–In The Mood For Love: Frames Within Frames
Feeling hamstrung by a Beijing crackdown, growing numbers seek to set up new funds across the border
♫We don’t need another hero~
Churchill without Hitler is… basically Boris Johnson.
These youngsters in HK are beginning to impress me… and it is scary.
– David Tang – Hong Kong’s Future