Good morning Maurice, I am ready for my return trip from Yichang Three Gorges Dam (3GD) site to Shenzhen Special Economic Zone (SEZ) by plane, and then Shenzhen SEZ to Hong Kong Special Administrative Region (SAR).
The weekend yielded 500k fruits for my client and possibly put Jay on a good path for 2003. Yes, it is nearly time to tally up 2002 and figure out 2003.
Some news: The Hubei province, of which Yichang is a part, will have only 2 State-owned Enterprises (SOE) left by the end of the year, because as the government is feeling confident of the state of SOE reform in the province (about 80-100 mm population) and the foundation of private and collective (worker owned) enterprise establishment here, the remaining state shares will be IPO-ed, sold to SOE management, or closed down by the end of 2002. The province is adopting the Russian model after suitable Chinese style forethought and preparation.
Yes, the signal: the taking starts now. There is an opportunity to help my British client's local Chinese partner on an unrelated power plant now owned by international folks who had abandoned the asset to local government partner who in turn is losing a bunch of money due to corrupt plant management.
I can leverage my knowledge of HK corporate vehicle controlled by Cayman and British Virgin shells, injection of assets, extraction of value, and using value extracted to amalgamate more value.
The air is alive with talk of deals, wheels, girls, money, gold coins, and the progress of reform and restructure. So much is going on and so little time to contemplate. Reaction speed is almost everything, flexibility and improvisation is everything else.
The Game is the same as "Last Man Standing" in Unreal Tournament. Chest bare and shout 'here I am' in the open or hide like a girl. Hunt or be hunted. Fragment others or be gibletized oneself. Jungle rules.
<<did you sell the AOL after a 50% profit or are you riding it down again?>>
No, I did not sell, because I believe AOL will stay above USD 10 by January expiration of Call option, my AOL shares will be called away at 10, netting me a USD 0.5 gain on sales and allowing me to keep the USD 2.10 premium on option. If I sell AOL now, my option would be naked, and I may be killed in the beginning of year euphoria concerning recovering economies and rising markets.
BTW, I tentatively believe 2003 will be an awful year for equities, as we enter the beginning phase of a long recession.
Chugs, Jay |
