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Ben Kwok

Asia Orient keeps low profile despite handsome profit
Unlike the usual corporate practice of hiding bad news, Asia Orient Holdings chief executive Richard Poon Jing seems to be trying to keep some good news under wraps. 
Yesterday, his flagship company, through which he controls  property firm Asia Standard and Asia Standard Hotel Group, shot up 38 per cent to HK$1.49 after announcing a 24-fold surge in first-half profit.
Despite the financial crisis, the firm reported a HK$1 billion profit thanks to smart but undisclosed financial investments in Europe made through its subsidiaries.
To put it into perspective, Asia Orient's market capitalisation stood at HK$964 million as of yesterday.
We doubt if anyone other than the group's management know what the financial assets are. We tried to reach Asia Orient management but they did not return our calls.
What we do know, however, is that Asia Standard said it held HK$2.49 billion worth of financial investment as of September 30 this year, of which HK$1.16 billion were held through Asia Standard Hotel. 
These investments brought in a HK$837 million net unrealised gain and HK$140 million realised gain for Asia Standard and parent Asia Orient, but we are not sure whether they were derivatives or stocks or whatever.
As of September, Asia Standard had HK$1.27 billion of investments, almost triple the HK$438 million in March, according to its financial reports. 
But in between the two sets of financial results, the firm only issued a positive profit alert six weeks ago, saying the significant improvement came from more property sales and financial investment gains - mostly unrealised - as opposed to a net unrealised loss in 2008.
The company's low profile handling of the favourable results was further reflected in the fact that they chose not to release them until 10pm on Tuesday night.
Cheng holds for long term
They may be down, but not out.
New World Development chairman Cheng Yu-tung (below) was quizzed about the sub-par performance of some of the investments in his initial public offerings portfolio after Kaisa Group fell below water on its debut yesterday.
'Some stocks need to be held longer,' Cheng said.
We counted at least five stocks - Sands China, Fantasia Holdings, Glorious Properties Holdings and Metallurgical Corp of China - in which he has co-invested with buddy Joseph Lau Luen-hung, the Chinese Estates Holdings chairman, that have fallen below their offer prices. 
NWD directors lose popularity
It seems that longevity does not guarantee popularity when it comes to being re-elected as a director.
We noted there was quite a bit of dissent over the re-election of two veteran New World Development board members yesterday. Independent non-executive director Payson Cha Mou-sing, also chairman of HKR International, had 750.7 million shares, or 31 per cent, voting no to his re-election. Cha has been with NWD for 20 years.
Another veteran, executive director Stewart Leung Chi-kin, who has been a director since 1994, got a 26.8 per cent no vote, or 653 million shares.
No mistaking CSI Properties
Capital Strategic Investment has changed its name to CSI Properties because it believes the new name will 'highlight to investors and the public the business focus of the group and refresh its corporate image and identity'.
So, nothing at all to to do with the fact that the firm owned by financier Mico Chung Chor-yee has had to field numerous calls from the media asking about its Taiwan investments in the mistaken belief that it is China Strategic Holdings, the company involved in the takeover of Nan Shan Life Insurance.
Best and worst of decade
He's making a list ... so begins the second verse of that Christmas favourite, Santa Claus is Coming to Town.
Unfortunately, he's not the only one. As we approach the end of the first decade of the 21st century be prepared to be bombarded with more than the usual stream of year-end lists. 
Organisations are working overtime to condense the best - and worst - of the decade into bite-sized reads. Already out there are the decade's most-used phrase, global warming; top celebrity, Angelina Jolie, and biggest fashion disaster, Crocs footwear.
Lai See has trouble remembering what happened yesterday, let alone in the past decade.



Lai See