Word: honge
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Cheah Cheng hye's life is a rags-to-riches saga with an Asian twist. As a boy in Malaysia, Cheah sold pineapples by the roadside to support himself after his father died. Years later, Cheah left behind a career in journalism to start Value Partners, now Hong Kong's most successful independent investment-fund firm, with $7.2 billion under management...
...Nowhere is it more important than in Hong Kong. China is on course to overtake Germany as the world's third largest economy. As the country prospers, it is looking beyond its borders for places to park its wealth. And Hong Kong, with its world-class financial-services sector and bustling stock market, is perfectly positioned to become China's Wall Street at the dawn of the Asian century. "We have clear advantages," says Franco Ngan, Value Partners CEO. "We're part of China. We understand the culture and speak the same language. There's a natural tendency for people...
...Even when it was a British colony, Hong Kong benefited mightily from a symbiotic relationship with the mainland. In the 1990s, the city prospered shipping goods manufactured in southern China by Hong Kong-owned companies. As south China's export-manufacturing economy exploded and the mainland's budding entrepreneurial class began seeking overseas investment, Hong Kong became a willing and able broker. This transition is reflected in the changing composition of the Hong Kong Stock Exchange. In 2003, Chinese companies accounted for only about 29% of Hong Kong's total market capitalization. By last September, that number had risen...
...kidding. Hong Kong's economy has been on a tear lately: bolstered by a booming mainland and the Hong Kong dollar's peg to a weakening U.S. currency, the Hang Seng Index gained 39% in 2007. A recent survey by TNS and Gallup International showed that Hong Kong people are the most optimistic in the world on the general outlook for 2008, with 71% expecting the coming year to be better than the last. All that prosperity is causing headaches for Hong Kong's pro-democracy camp, who are finding it harder to make their cause relevant. In November...
...everyone is so sure. "Politically you can say that we will continue to fight for 2012," says Professor Ma, "but most HK people know that it is not possible to fight on in this regard against Beijing." Still, organizer Lee Cheuk Yan, a legislator from the Hong Kong Confederation of Trade Unions, points out that the rally was also intended to send a clear signal to Beijing that the relatively small number of demonstrators on the streets could drastically swell if the mainland reneged on its timetable promises. The next battle is to make sure that the electoral systems necessary...