📖 ZKIZ Archives

【飲食籽】米芝蓮一星The Clove Club　倫敦來港開Pop-up店　

1 : GS(14)@2016-10-24 04:21:47

【飲食籽：心水食桌】榮獲全球50最佳餐廳、2016最高排名的新入選餐廳及米芝蓮一星餐廳、倫敦著名晚餐俱樂部The Clove Club，將於本月24至25日於置地文華東方酒店開設兩日的Pop-up店。蘇格蘭名廚Isaac McHale對英國菜極為熟悉，曾在格拉斯哥效力過多間餐廳，亦與Tom Aikens及Mark Best等名廚共事，並在2015年全球50最佳餐廳第20位、米芝蓮二星的高級餐廳The Ledbury工作長達六年，相當威水。

每晚提供五道創意菜

The Clove Club位於建於1865年的東倫敦市政廳Shoreditch Town Hall，餐廳每晚提供五道新式英國菜晚餐。他們的菜式前衞漂亮，深受食客及instagram用家的歡迎。這次Chef McHale將會在酒店的「天」與「地」宴會廳，帶來其創意招牌菜，生鯛魚配梅子醋和辣根，栗子和牡蠣湯配蘇格蘭野生海藻和Petrossian魚子醬，以及用乾式熟成Challans鴨肉製成的三種菜式。



The Clove Club的菜式前衞創新，深受食客歡迎。

乾式熟成Challans鴨肉肉質嫩滑，上枱非常精緻，有着陣陣誘人的香味。


日期：10月24至25日價錢：每位$3,688菜式：4道小食及8道菜餐單，搭配6杯葡萄酒或無酒精飲料地址：中環皇后大道中15號置地文華東方酒店



記者：李泳烔編輯：劉曉丹美術：黃創泰




來源: http://hk.apple.nextmedia.com/su ... t/20161023/19808172

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特朗普贏在華爾街

1 : GS(14)@2016-05-22 11:35:34

【明報專訊】美國共和黨總統候選人特朗普(Donald Trump)的氣勢之所以愈來愈強，除了因為他所提倡的保護主義及對中國的抵制，事實上他還帶?為華爾街復仇的任務︰把奧巴馬過去8年所收緊的金融監管推倒重來。



帶?這種核心思想，可以想像特朗普若果上台，首要任務不是他所說的炒耶倫，而是廢除「多德—法蘭克法案」(Dodd-Frank Act)。

提出廢除多德—法蘭克法案

事實上，這件事現在已被共和黨擺上議程，眾議院金融服務委員會內的共和黨人，包括委員會主席Jeb Hensarling，據報將在數周內公布一項新的法案，希望以此取代2010年由奧巴馬親手簽署推行的「多德—法蘭克法案」。這絕對有機會左右選舉結果，因為如果共和黨提出的法案得到華爾街以至民眾的認同，意味特朗普的金融政策獲得支持。

為何華爾街對「多德—法蘭克法案」如此痛恨？金融海嘯後美國深刻反省，認為問題是源於對金融機構的監察權力不足。「多德—法蘭克法案」賦予美聯儲接管和清算倒閉銀行的業務，要求大型金融機構立下「遺囑」，如果遺囑無法令當局滿意，監管機構有可能介入，強行分拆。

要詳述「多德—法蘭克法案」的內容，恐怕寫萬言書也不足夠。最觸動華爾街神經的，相信是修訂中的法案提出，華爾街高層要等待最少4年才能領取花紅，如果期間公司虧損，他們更要發還花紅。

斷人衣食，罪大惡極，華爾街高層可以忍受特朗普的其他主張，例如在墨西哥邊境設圍牆等，因為他們如果想找南美洲的美女，大可坐自己的私人飛機南下。難得的是，他們從特朗普中看到正宗華爾街狼人Jordan Belfort的影子，忍氣吞聲足足8年，終於有機會反咬監管機構一口。

華爾街狼人忍8年終可復仇

讓我們又看看民主黨的總統候選人希拉里(Hillary Clinton)的金融政策，她主張在「多德—法蘭克法案」的基礎下進一步收緊，賦予監管機構更多分拆金融公司的權力。不用詳細解釋，大家也能理解，希拉里的市場不在華爾街，但她的理念能否得到普羅大眾的支持也未可知，因為這8年以來，「大到不能倒」的銀行愈來愈大，而美國利率正常化的遠景，一直遇到阻滯。

2008年，奧巴馬帶?「Change」的口號進入白宮。今天，輪到一眾華爾街狼人高呼︰「Change！ Yes we can！」

[文濤 豪言壯語]



來源: http://www.mpfinance.com/htm/finance/20160522/news/ea_ead1.htm

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【紅噹噹拜年】初一的故事　唔想全身紅有乜計？

1 : GS(14)@2017-01-26 18:09:05

新年不想全身紅色？這些紅色小物幫到你。



相傳紅色是驅除邪惡厄運的顏色，理所當然為新年專用色，無論是極愛紅色，還是堅持不穿紅色的你，有沒有想過，你身邊原來有這樣多紅色小物件可以好好運用？每個人心裏都有一個初一拜年的故事，它可以可歌可泣，也可以平淡如水，但這些故事卻真實地在我們身邊上演。你的初一又是怎樣的故事？看看這個初一的故事，也許會讓你有一番共鳴。



記者：胡可欣攝影：梁志永2017果籽繼續認真知味。識買惜用。行以求知。好事多為。重修舊好。緊貼果籽報道，即like：http://fb.me/AS.AppleDaily(a) Homeless中環歌賦街28-29號(b) Pernelle銅鑼灣百德新街22-36號翡翠明珠廣場32號舖(c) Net-A-Porter網上商店(d) LensCrafters亮視點銅鑼灣希慎廣場2樓204號舖(e) Marimekko銅鑼灣禮頓道42-52號地下(f) Kapok灣仔日街3號(g) Goldyard中環美輪街9號


紅色沙漏$128(a)

（左）Pernelle Bona手袋$2,380(b)、（右）Mansur Gavriel Mini水桶包$4,700(c)

（前）Dolce& Gabbana太陽眼鏡$2,050、（中）Coach眼鏡$1,350、（後）Giorgio Armani眼鏡$1,750(all from d)


COMME DES GARÇONS銀包$760(c)

（左）Anya Hindmarch小袋$2,300(c)、（右）Marimekko小袋$795(e)

（左）Macon& Lesquoy紅唇心口針$299、（右）Macon& Lesquoy紅心心口針$480(f)


Napron圍裙$550(g)

Wow復古電話$595(a)

Hay夾燈$1,499(a)


黑色手袋有紅色內裡，不想紅得太出面，可以試試「暗角見紅」。



來源: http://hk.apple.nextmedia.com/su ... t/20170125/19907521

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上海港股通今年首走資

1 : GS(14)@2017-03-03 00:56:55

【本報訊】滬港通南下走資，今年首見！港股近月以大成交急升，北水被指為當中推手，但在連續兩個半月合共吸資752億元人民幣後，滬港通南下昨錄約4億元人民幣淨走資，騰訊（700）更錄高逾10億元的港股通沽額。分析暫估是內地投資者獲利，目前仍難判斷是大媽全線撤退。恒指昨升35點或0.2%，收報23776點；H指跌9點或0.1%，收報10287點，連跌5日累跌250點。主板成交762億，沽空率連續6個交易日維持約一成。滙控（005）與銀娛（027）撐起大市，基建鐵路股熱炒，中交建（1800）飆7.8%創逾一年高。


騰訊錄11億港股通沽盤

滬港通南下昨淨走資4.4億元人民幣，去年12月中以來首錄走資。騰訊是昨滬港通南下最活躍港股，錄10.8億元沽盤，遠超買額的8,335萬元；而建行（939）、中行（3988）及農行（1288）昨亦分別有1至2億元北水賣額。大華繼顯（香港）策略師李惠嫻不排除炒權重股的北水止賺，不排除後市或失20天線（處23748點），甚或下試二萬三關，之前「大圍炒上去嘅情況應該唔再見到」。財經評論員熊麗萍提醒，由於北水之前大量吸納內銀股，倘現轉為出貨將不利大市，但仍需一、兩天時間，觀察資金獲利後會否換馬至其他股份。內地昨公佈的2月官方製造業採購經理指數（PMI）勝預期，報51.6。內地股市昨靠穩，滬綜指升0.2%，報3246點；深成指升0.3%，報10418點。兩市成交昨有4,964億元人民幣。另人社部昨稱，去年底已啟動養老保險基金的投資運營實施工作，但強調養老基金投資運營不意味會進入股市，股市只是選擇之一。




來源: http://hk.apple.nextmedia.com/financeestate/art/20170302/19944636

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【旅遊籽】鶴咀燈塔　海岸第一盞燈

1 : GS(14)@2016-11-26 14:02:23

鶴咀燈塔:鶴咀燈塔附近範圍被列為鶴咀海岸保護區，旨在保育香港海洋資源及進行研究，遊人即使參觀也要保護當地生態及帶走垃圾。



【旅遊籽：假日散心】屹立在海角的一座座白色巨塔，總帶着一點浪漫。談香港的燈塔，要追溯至清朝無分邊界的年代，英籍中國海關總稅務司赫德（Robert Hart），在中國沿海大量修建燈塔，為各類商船引航，隨着機器自動化，香港的燈塔早已人去留空，現存在鶴咀、青洲、橫瀾島、燈籠洲的五個燈塔，已被列為法定古蹟，但只有鎮守港島東南面的鶴咀燈塔，仍可讓遊人走近，在明燈下聽海風擦身而過。

英國製造商　花崗岩打造

香港海岸第一盞明燈，1875年便在鶴咀出現。鶴咀燈塔由英國製造商建造，圓柱形塔身由花崗岩打造，樓高9.7米，備有拱門、嵌入式螺旋樓梯，鐵門上方飾有幾何圖案，根據1874年的香港財政預算，單是塔身預算造價，當年便花一萬五千元，而按同年的《香港憲報》預算，華籍消防員年薪只有$18，「燈塔一般會用石頭、磚、鐵製造，而塔頂的玻璃圍幕、塔蓋也有不同設計，金屬製塔蓋一般以傘形、圓拱形及圓錐形為主，方便散熱。鶴咀燈塔原本的塔頂，便是呈梯形的變化型玻璃門窗格、圓拱形屋蓋。」城市大學景祥祜教授，早前聯同建築與土木工程學系及傳播與媒體學系的學生，在香港及台灣實地考察，比較及重塑鶴咀燈塔的昔日外貌，「從前的燈器是手動式石油氣燈，加上梯形彎弧玻璃透鏡，將光線折射到最中間，便可以發出強光，照到23海里以外。燈塔因為透鏡大小不同，燈光射程的距離也不同。」精湛的燈器技術，令每一個燈塔皆有獨特的光度及轉速，方便船家在漆黑的茫茫大海辨認位置直到1893年，鶴咀燈塔被橫瀾燈塔取代，原用的塔頂及燈器於1905年被轉移至青洲燈塔，剩下塔身的鶴咀燈塔，直至1975年才復燈，換上自動化LED白燈。



東莒燈塔：於台灣的東莒燈塔外有一道30米矮牆，避免強風吹熄塔前的煤油燈。

鶴咀燈塔是香港第一座燈塔，塔身上的「158」號碼卻無從稽考。

青洲有兩個燈塔，而其中1904年動工的青洲新塔，塔頂的訊號燈來自鶴咀燈塔，1970年起改為全自動射燈。


寶島姊妹塔　活化成景點

不完美的鶴咀燈塔，卻有一個姊妹在台灣，保留昔日風采，「東莒燈塔的外形、結構與鶴咀燈塔非常相似，可以說是姊妹塔，兩者都是由相同英國製造商及年份打造，花崗岩白色牆身、螺旋樓梯，塔頂設計也是一樣，而東莒燈塔整座建築仍然保持完好，百年燈器仍然運作。」景教授說，塔內文物保存良好，全靠一張護身符，「1947年白先勇的爸爸白崇禧將軍，當時任國防部長，知道燈塔對海上交通非常重要，他發了一個軍令狀，禁止軍隊隨便打擾燈塔的作業。」許多逃過炮火的台灣燈塔，因而保留大量文物及資料，「守燈員會記錄船名，1892年10月10日英國蒸汽船（Bokhara）在東莒燈塔附近遇到颱風下沉，就是透過記錄估計出事水域，二百多人只有十多人生還，遇難者包括香港木球代表隊。」燈塔見證航海歷史，對研究經濟有重要啟示，經濟學家Ronald H.Coase便是憑研究燈塔得到諾貝爾經濟學獎。台灣的燈塔得到政府及當地居民大力活化，近年更發展成當地旅遊景點，反觀香港的燈塔，雖已列為法定古蹟，卻不對外開放，建築系學生陳樂陶補充，「我們希望參考台灣文化局，如何妥善管理東莒燈塔，再提供建議活化鶴咀燈塔，例如增加公共交通設備、洗手間、駐場導遊等。」鶴咀於1996年劃定為海岸保護區，要活化燈塔，除了考慮人文歷史，還要顧及生態環境，否則只會成為翻版「利東街」。



1947年，白崇禧將軍發佈保護燈塔的軍令狀。

香港郵政於2010年發行香港燈塔的特別郵票，描繪本港現存鶴咀、青洲、橫瀾島及燈籠洲的五座戰前燈塔。

東莒燈塔旁的白色軍營，今天成為展覽館，展示大量燈塔的古老石油氣燈及設備。



如何前往鶴咀？

交通︰周日及假期於筲箕灣地鐵站轉乘9號巴士，在鶴咀道巴士站下車。路線︰鶴咀道巴士站->鶴咀村->燈塔



記者：王佩兒攝影：伍慶泉、徐振國、林栢鈞、楊錦文編輯：劉曉丹美術：楊永昌




來源: http://hk.apple.nextmedia.com/su ... t/20161126/19845524

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黑客組織指造假 華寶瀉8％

1 : GS(14)@2012-04-25 23:47:43

http://www.mpfinance.com/htm/Finance/20120425/News/ec_ech1.htm



華寶於年報中曾刊登其德國研發中心的照片（圖左），但匿名分析指，這與他們實地探訪所拍下的照片（圖右）有異，年報中的研發中心面積大一點，且隱藏了實際地址。

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2 : GS(14)@2012-04-25 23:52:58

指控：部分客戶否認華寶為供應商

至於Anonymous Analytics的報告，王基信指公司現階層不作回應，「公司基金股東以long fund(長線投資者)為主，上周亦有基金增持，今日電話與部分基金股東溝通，他們對公司仍有信心，反應很令人鼓舞。」

華寶於2006年借殼上市，並由主席朱林瑤注入香精公司Chemactive。匿名分析的報告指出，Chemactive在被注入前毛利率僅48%，注入後僅半年，華寶毛利率便急升至65.4%，最近一期財政報告更達70%。然而，根據他們所得資料，華寶旗下23家子公司的毛利率僅在40%至50%之間。同時，華寶的研發開支是行業中最少的，報告質疑如何能維持高毛利。
http://www.hkexnews.hk/listedco/ ... TN20060608042_C.pdf
http://www.hkexnews.hk/listedco/ ... TN20060629078_C.pdf

除毛利率外，報告亦質疑華寶虛構收入。華寶在2008年聲稱國內10大煙草品牌都是其顧客，但匿名分析聯絡這些品牌的負責人時，部分否認華寶是其供應商。

報告最後指摘朱林瑤以高價注入資產，並以高派息吸引投資者入股，自己則不停減持公司股份，持股量由5年前的97.6%減至37.7%，累計套現94億元，被冠以「套現女王」稱號。

基金經理：前Banker執董都未跳船

雖然匿名分析再度發功，但有基金經理對此不以為然。「報告指華寶換走核數師德勤，但無提及換入來的係另一間四大羅兵咸永道。」至於質疑華寶毛利率高於同業，但報告列出的同行公司主業是食物及飲品的香精業務，毛利一向遠低於香煙香精，對比起逾八成收入來自香煙香精的華寶，毛利率自然較低。
http://www.hkexnews.hk/listedco/ ... TN20060329082_C.pdf

不過該基金經理亦稱，報告提及華寶客戶的部分確實值得留意。「華寶執行董事熊卿之前在德銀工作，當年於德銀替華寶搞借殼後獲邀入公司，前banker都未跳船，應該係一個信號。」

http://www.hkexnews.hk/listedco/ ... TN20080211090_C.pdf
熊卿先生，現年31歲，二零零七年五月加入本集團任總裁助理。熊先生曾在多家國際投資銀行任職多年，於中國大陸之企業以及國際資本市場方面擁有豐富經驗。熊先生畢業於清華大學經濟管理學院國際會計專業，獲經濟學學士學位。
http://webb-site.com/dbpub/positions.asp?p=43240&hide=N
明報記者 廖毅然

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3 : GS(14)@2012-04-25 23:53:53

http://tobaccodocuments.org/rjr/ ... atted&start_page=11

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4 : GS(14)@2012-04-25 23:56:58

The proximate cause seems to have been the acquisition of Chemactive. Prior to this acquisition, Huabao was more or less a shell company with de minimis operations reporting annual losses. On the other hand, Chemactive was a highly profitable company enjoying margins of 48% based on the pre-acquisition financial statements.
But still, 48% is a long way from 70+%. So what happened between the acquisition and the following year when management released their annual results showing margins had skyrocketed? We aren’t actually sure. You see, management only dedicated a few lines in their entire 2006 Annual Report to explaining the jump in gross margins:
“As the raw material structure of many of the continuous developing products were being optimized as well as the capacity of relevant production accessories increased, the gross margin rose from 47.3% of last year to 69.5%, which further improved the operating results.”16

From our reading of this explanation, management did two things to significantly improve margins:
1) ‘optimized’ the raw material structure; and
2) Increased ‘relevant production accessories.’
If you’re confused, you’re not alone. We don’t understand this vague explanation either. Moreover, we do not believe that management was able to re-engineer Chemactive within a year to become some sort of super-profitable money machine.
First, this transformation didn’t even take a year. As presented in the interim 2006 report, gross margins had already improved to 65.4% within 6 months of the Chemactive acquisition. Just so our readers don’t think they’re missing something:
 March 31, 2006 (Chemactive prior to acquisition): Gross Margins – 48.0%
 September 30, 2006 (Huabao interim report post-acquisition): Gross Margins – 65.4%
 March 31, 2007 (Huabao annual report post-acquisition): Gross Margins – 69.5%
Second, what type of re-engineering/cost cutting/synergies could management possibly have pulled out of their hat? Prior to acquiring Chemactive, Huabao was just a shell. It’s not like there was a second material operating business that was merged with Chemactive to cut costs or increase efficiencies. In fact, the same person who had run Chemactive prior to the acquisition was still running Chemactive after the acquisition – Huabao’s Chairwoman, Ms. Chu.
Given management’s dubious explanation, we turned to the most obvious source of confirmation – documents Huabao filed with the SAIC. 17 It took nearly three months, but we didn’t just get documents related to the Chemactive acquisition, we got documents related to the entire Company – nearly all of its principal operating subsidiaries representing 99.5% of Huabao’s production capacity. In total, we are in possession of SAIC documents for 23 different Huabao subsidiaries.
Based on our analysis of these documents, it appears that the overwhelming majority of Huabao’s subsidiaries report gross margins around 40-50%, in line with industry standards but a far cry from the 74% reported by the Company in 2010. It should be noted that since these results are not consolidated, it becomes difficult to calculate an exact gross margin figure. But in either case, 40%+ and 70%+ are a world apart.
To get more clarity on industry margins, we contacted several private F&F companies located in China. In our discussions with them, no representative was able to understand how gross profit margins of 70%+ could be achieved in this industry. Moreover, one representative mentioned that his company supplies tobacco flavors and fragrances for several foreign brands and that the gross profit margin of their business is ‘quite low.’ When pushed further, he relented that it *may* be possible for the gross profit margin of some new products to reach up to 70 or 80%, but was unlikely for older products. Looking back at Exhibit 4, a simple analysis of China Flavors and Fragrances’ gross margins confirms this statement. This point was also reaffirmed by a contact at a different F&F company, who went on to state that potentially better margins on new products is why all of the companies in the industry continue to develop new products through R&D.

And so it seems that R&D is vital to the industry’s profitability and staying power. However, as Exhibit 5 shows, for Huabao this issue raises more questions than it answers – simple questions such as:
How is Huabao able to maintain its leadership position and gross margins by spending less on R&D than most of its peers?
This chart is baffling when one reads through Huabao’s annual reports and sees the following gem:
“The R&D capability of a flavours and fragrances company reflects its overall strength. After continuous investment, the Group has set up a leading R&D team which is top-notch in China and up to international standards. The State-recognized technology centre, the overseas R&D centre in Germany and the professional R&D departments in Yunnan, Guangdong and Fujian together formed a vertically integrated platform for R&D in areas ranging from fundamental research to application. The R&D strategy of the Group is market-driven so as to closely follow the latest global industry trends and to accelerate the mastering of technologies in key raw materials. With such strengths, the Group is able to develop products and technologies that meet market demands, deliver comprehensive technical services to customers and remain dedicated to maximizing value for clients, while the Group’s overall competitiveness is greatly elevated.”18
Based on these type of statements, Huabao seems quite dedicated to cutting-edge, international caliber R&D. So much so that to aid its efforts in internationalizing its R&D capabilities, in 2006, Huabao set up an R&D center in Holzminden, Germany, a town famous for its F&F industry and the proud headquarters of Symrise, an industry powerhouse.

German research facility stands out as an important jewel in Huabao’s R&D initiative, because:
 It’s located in a logistically out-of-the-way place for a company that does all its business in China.
 “Internationalized R&D” seems to be a key strategy for the Company.
 Management considers it a “world-class R&D center.”
 Huabao’s Chief Technical Officer for Tobacco Flavors, Mr. Alan Davies, is posted at the Holzminden facility.
Given the apparent importance of this facility, we decided to give it a closer look to get a better feel for Huabao’s R&D work.
At the prompting of our contacts, our sources at Anonymous Germany agreed to take a road trip to Holzminden and put the R&D center under surveillance for three days.
Minimal Activity
Our contacts told us that during their investigation several points struck them as notable, especially in contrast with activity at the Symrise facility, which they also visited:
 Most of the lights in the complex were off.
 There was minimal noticeable staff activity.
 There was no security protecting the research facility.
 When neighbours were questioned, they either did not know what business was being carried out at the facility or assumed the facility belonged to Symrise.
It should be noted that the R&D center is not actually located in Holzminden, but in a very small village called Neuhaus, which is a twenty minute drive out of town. We were told there was no public transportation to speak of and it was during the winter season, making it difficult to ride a bicycle. This is relevant because over the three days, our contacts did not see more than six vehicles in the parking lot of the research center.

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5 : GS(14)@2012-04-25 23:57:17

Concluding on R&D Expenses
So, here we have a company with questionably low R&D spending that reports absurdly high margins, which industry sources say should not be possible. How do we bridge this divide?
We have come across various explanations. However, the best ones can be summarized as follows:
Huabao has established relationships with several prominent SOE tobacco manufacturers. Cigarette smokers are sensitive to their preference of cigarette brands and manufacturers are hesitant to change ingredients/suppliers in their blend. Accordingly, there is no need for major R&D as once Huabao is contracted to supply flavoring to a brand, that relationship will continue until the tobacco brand is terminated. Consumer preference for their favorite brand creates a natural moat for Huabao, ensuring lofty margins and low R&D expenditure.
This is actually a very logical, very good explanation.
The idea behind this explanation is that in a mature industry, there really is no need for R&D. The Company already has its flavours, it already has its connections, and it already has its committed cigarette brands. All the work is done.
And this makes sense. Except when it doesn’t.
The problem with this explanation is that the math cuts both ways. It may be possible for low R&D expenses to co-exist with high profit margins in a mature industry, but then we should be seeing correspondingly low revenue growth. Growth implies new markets, new opportunities, and therefore new R&D initiatives. If a company is not incurring substantial R&D costs because it benefits from being the leading player in a mature industry, we should not then be also witnessing high revenue growth that appears to be far surpassing the growth of its customer base.
Despite this, Huabao has also inexplicably experienced the fastest sales growth in the industry, as we discuss next.

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6 : GS(14)@2012-04-25 23:58:57

The Cannibalization Problem
Huabao supplies flavouring to approximately 50% of the top ten cigarette brands. In terms of consolidation, this is a positive factor for the Company. As the top brands consolidate smaller players, by proxy Huabao increases its market share and grows accordingly.
However, Huabao also supplies approximately 50% of the overall market, which implies that on average it also supplies 50% of brands and suppliers that are being or have been phased out. And as surely as Huabao gains from its biggest customers consolidating the industry, it also loses equally as its smaller clients are squeezed out. The result is a near zero-sum game.
Given these factors, we question Huabao’s growth story as a result of ‘industry consolidation’. In sections 3 and 4, we follow up this macro analysis by providing a granular look at Huabao’s revenue streams and client relationships.

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7 : GS(14)@2012-04-25 23:59:38

For example, we contacted Heinz’s corporate office in the US and were placed in contact with the Procurement Department. We provided the department Huabao’s name, along with the names of all its food and flavor subsidiaries. The department ran the names through their system and confirmed that they have no relationship with any of the names we had given them. We were informed that it may be possible that their Chinese factory sources directly from Huabao, in which case the Corporate office wouldn’t be aware. They therefore provided us with the contact information of the person in charge of procurement at the Chinese factory.
We contacted the individual who confirmed that they were in the best position to provide information regarding Heinz’s suppliers. When asked about Huabao, the individual wasn’t convinced Huabao could be classified as a “supplier” to Heinz because, to quote:
“We didn’t purchase much *from Huabao+… we didn’t really use them, previously we only purchased from them once. It was very little.”

Admittedly, the presented client list is dated. What about current clients? While Huabao stopped providing a client list, Shanghai H&K Flavor, one of Huabao’s food and flavoring subsidiaries does have a website where it lists products that it evidently provides flavouring for.
On its website (http://www.hbkq.com.cn/en/) under the tab ‘Market > Product Information’, there is a list of various products from flavoured yogourt to flavoured peanuts. This list was updated as recently as October 20, 2011, so we can assume it’s relevant.
From this list, we picked two products at random and contacted their manufacturers to confirm a client/supplier relationship with Huabao or its subsidiary.
The first product we picked was Harris Teeter Simply Clear Water, as shown in Exhibit 12.
We contacted Harris Teeter, a grocery store chain based in the US. Harris Teeter put us in contact with Cott Beverages, the company that manufactures and bottles the Simply Clear product. When asked about Huabao, Cott simply confirmed that they are not using any Chinese based company to supply flavouring ingredients for this product.

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8 : GS(14)@2012-04-25 23:59:50

We contacted HyVee who put us in touch with the account manager and the third party broker responsible for this product. Both individuals confirmed that no Chinese company is sourced for flavouring in the production of the milk.
Confused, we asked our contacts if they knew any reason why their products were displayed on Huabao’s website. Their simple response: “No.”

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9 : GS(14)@2012-04-26 00:00:29

http://whlg.cei.gov.cn/doc/hyc9c01/2012030518751.pdf
中国烟草行业分析报告
（2011 年4 季度）
2011 年，烟草行业卷烟产销量平稳增长，卷烟结构持续优化，行业效益稳步
提升，卷烟市场价格稳定。“532”、“461”品牌发展目标引领效应突出，持续推动
重点品牌快速发展，行业品牌价值和竞争力进一步提升，行业经济运行态势持续
向好发展，经济运行质量明显好于往年。4 季度，烟草行业生产卷烟5154.79 亿支，
同比下降0.84 个百分点，与上季度相比，减少1294.38 亿支。但从2011 年整体分
析，卷烟产量微增，累计生产卷烟24474 亿支，同比增长3.04%，低于上年同期
0.68 个百分点。1～12 月份，烟草行业累计完成卷烟销量24431.7 亿支，同比增长
3.34%。

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10 : GS(14)@2012-04-26 00:01:25

Part 1: The Chemactive Injection 5.1
As we mentioned at the beginning of our report, Huabao did not go public through a traditional IPO. It went public through a backdoor listing via a shell company. In an IPO setting, you hire investment bankers and outside consultants with their own reputations on the line to vet through your business operations, look through your financial statements, and then sell your shares to the public. And while this outside scrutiny in no way guarantees that your business is legitimate, it doesn’t hurt.
In a backdoor listing, you can be as shady as you want. No one is really there to question your business or inspect it. In fact, most people will just assume you’re doing something sketchy. Backdoor listings have that certain je ne sais quoi grease-ball quality to them.
After Huabao took over Leaptek, management effectively had a shell company available. They then bought the Chemactive assets from the Chairwoman and injected it into the shell, essentially taking Chemactive public. This is when we believe management first began to misstate their financials.
As we mentioned on page 14, Chemactive’s reported gross margins rose drastically immediately after the injection. Based on the evidence previously presented, we believe management simply fabricated their numbers. But of course, if you begin to lie about your gross margins, it’s going to affect reported net income as well.
Exhibit 17 shows the difference in 2010 net income between Huabao’s public filings and its SAIC documents. The net income of the SAIC documents are based on the sum of Huabao’s disclosed principal operating subsidiaries representing 99.5% of its production capacity, plus several ancillary subsidiaries that have some form of business operations. There appears to be a 36% difference in earnings between these two sources.
Exhibit 17 (HK$ millions) Difference
Public Filings
1,632
SAIC Documents
~1,200
36%
Reported R&D Expense
122
R&D Expense net of taxes
105
SAIC Documents less R&D
~1,095
49%
Source: Company financials and SAIC documents
It should also be noted that in calculating the SAIC net income, we did not included any cost centers, such as R&D facilities. However, Huabao claims to have spent HK$122 million on R&D in 2010. If we subtract this expense on an after tax basis from the SAIC net income, then we get an even larger discrepancy.
So, what reason did management have to inflate the financial figures?

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11 : GS(14)@2012-04-26 00:01:43

Part 2: The Chairwoman’s Share Sell Down 5.2
Better financial figures bring a higher share price. And that’s exactly what the Chairwoman wanted when she began dumping her shares. In order to understand the Huabao story, it’s important to understand that Huabao and its Chairwoman are inextricably linked. It helps to think of the Chairwoman as Huabao’s off-balance sheet entity. So yes, it’s true that Huabao as a company has never raised any money. But through the years, the Chairwoman has raised HK$9.4 billion (US$1.2 billion) on the back of inflated share prices.
Exhibit 18 Date (HK$ millions)
3-Aug-2006
1,500
17-Jan-2007
1,300
7-Apr-2009
1,200
8-Oct-2009
1,200
12-Apr-2010
2,000
28-Jan-2011
2,200
To Date:
9,400
In most instances of fraud, management will usually issue shares/debt through the company and abscond with the proceeds. However, this creates certain problems. For instance, when the auditors do their annual cash verification, management will need to explain what happened to the money. To cover the theft, management has to create lies such as claiming the money was spent on expanding/improving the business. This lie leads to other lies, such as inflated asset balances. Unfortunately, these inflated assets stay on the balance sheet where they can eventually be uncovered. Then there’s the issue of trust. If management repeatedly raises money to ‘expand’ business, people are going to start asking questions. The market will begin to suspect foul play. The whole process can become very messy.
We believe Chairman Chu avoided these complications. Instead of raising money through the Company, she simply inflated the value of Huabao, and then sold her personal shares into the market, generating a small fortune in the process.
The Queen of Cashout
Well, ‘small fortune’ may be a bit of an understatement. Last year Ms. Chu was ranked the 8th richest woman in China at the age of 41 on Hurun’s list of Self-Made Women Billionaires.
But that’s not the only list that Ms. Chu made. Hurun also released a ‘Cashout List’ which lists billionaires who have been cashing out of their own companies.26 According to the list, Ms. Chu was the second biggest inside-seller in China, cashing out US$549 million in the last year alone. This sum was so large that she has been dubbed ‘Queen of Cashout’ by The Shanghai Daily.
Disregarding everything in this report, at the most basic level shareholders should ask themselves: Why am I an investor in this company when the Chairwoman can’t sell her shares fast enough?

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12 : GS(14)@2012-04-26 00:01:54

Part 3: Other Related Party Acquisitions 5.3
Of course, overstating a company’s earning power has its own issues. For instance, auditors expect to see a commensurate cash balance as proof of income. Sales receipts and expense receipts can easily be forged or faked. However, bank cash balances are slightly more difficult to fake – slightly.
We know that Ms. Chu disposed of a large portion of her shares two days after the Chemactive acquisition, and once more before fiscal year end. Together, these two share sales gave her proceeds of approximately HK$2.5 billion.
With this amount, it would have been easy enough to pad Huabao’s bank accounts, which at the end of Fiscal 2007 (one year after the Chemactive acquisition) were reported to be approximately HK$ 900 million and still have enough money left over to grease the palms of third parties and their proxies working behind the curtain – and as a result of our investigation we certainly have reason to believe there are a multitude of outside players who are involved in this game Huabao is playing.
Of course, one does not perpetuate a scheme to simply leave money in the bank for the auditors. Moreover, as each year goes by and fake earnings continue to accumulate, it becomes more difficult to maintain sufficient cash in the bank. Ms. Chu could have sold down her holdings at a faster rate to continue to pad Huabao’s bank account, but then that would likely attract scrutiny. So what to do?
The answer was to transfer these ‘earnings’ out of Huabao. Enter Win New Group and Wealthy King Investments.
Recall from the beginning of this report that these two companies were injected into Huabao through Chairwoman Chu as related party transactions. More dubiously, the Chairwoman acquired these assets from third parties and resold them to Huabao within months. Not only that, but the price paid for these acquisitions were absurdly high, as shown in Exhibit 19.
Exhibit 19 Net Income Acquisition Price P/E Ratio
Win New Group
31
652
21.0
Wealthy King Investments
70
870
12.4
Average P/E
101
1522
15.1
Xiamen Amber
5.7
62
10.9
Maoming Kebi
20
117
5.9
Qingdao Qingda
2.5
12
4.8
Yunnan Huaxiangyuan
0.4
4.3
12.2
Average P/E
29
195
6.8
Source: Company disclosures
This Exhibit contrasts the valuation of the transactions between Huabao and the Chairwoman, and the transactions between Huabao and third parties. What is evident here is that the transactions involving the Chairwoman were valued at more than twice the transactions involving third parties.

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13 : GS(14)@2012-04-26 00:02:08

So, was the Chairwoman just greedy and looking to make money by flipping these businesses to Huabao? Yes and No.
We believe that these subsequent acquisitions were carried out at inflated valuations for the purpose of removing fake earnings from Huabao’s balance sheet. That way, management had an excuse when the auditors found Huabao’s bank accounts empty. Put another way, these transactions were used to clean up the theft that had already occurred.
And this is exactly why the Chairwoman took the awkward step of buying these assets from third parties only to resell them to Huabao.
We do not believe Huabao paid the reported price to acquire Win New Group and Wealthy King Investments from the Chairwoman. The reported acquisition price consisted of imaginary money/earnings that needed to be removed from Huabao’s balance sheet. It would have been impossible to do this through an arm’s length transaction, since a third party would be publically questioned regarding the value of the transactions. However, since the Chairwoman acquired the assets quietly from a third party, she was free to resell them to Huabao at any price with impunity.
Take the acquisition of Win New Group as an example. When Win New Group was acquired by Huabao from the Chairwoman, it had three operating subsidiaries as listed below:
Exhibit 20
Win New Group 2007
(In millions of RMB) Subsidiaries Revenue % of Total Net Profit % of Total
Shanghai Zhezhan
35.8
18%
26.2
80%
Huasheng Qinghua
30.8
15%
-0.1
0%
Zhaoqing Fragrances
134.1
67%
6.7
20%
Total
200.7
100%
32.8
100%
Huabao acquired Win New Group for HK$650 million, or 21 times earnings. It’s vital to note that this acquisition included 100% of Shanghai Zhezhan and Huasheng Qinghua, but only 72.1% of Zhaoqing Fragrances. A third party owned the other 27.9% of Zhaoqing Fragrances. This is important, because according to filings, Huabao would later acquire this outstanding portion of Zhaoqing Fragrances for only HK$21 million. This transaction from an independent third party implied a valuation of only 10.6 times earnings, for the same business Huabao bought at twice that valuation from Ms. Chu. It’s interesting how Huabao only pays reasonable prices for acquisitions that are not through the Chairwoman.
Over the years, Huabao has continued to grow and overstate its earnings. The share price has continued to grow as well, giving the Chairwoman more opportunities to sell down her stake. However, this growth has come with a price: Huabao is so large now that it has become difficult to conduct additional related party transactions of significant size to be meaningful in removing earnings from its balance sheet. Moreover, as Huabao’s reported cash balance grew, calls from investors and analysts to declare dividends intensified.

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14 : GS(14)@2012-04-26 00:02:31

Part 4: Dividend Payouts 5.4
Here we return to the stated amount of HK$2.4 billion – the cumulative amount Huabao has paid out in dividends all these years, the amount that regardless of how shady management has been in the past, should remove any doubts about Huabao’s brilliant and legitimate business.
But there’s a problem with this number: it’s a red herring.
Over the relevant period, the Chairwoman has had anywhere between 66% to 38% ownership in Huabao. Due to this interest, a significant amount of the dividends that have been ‘paid out’ have never actually been ‘paid out’ – they have just circled back to the Chairwoman. In fact, as Exhibit 21 shows, only half of the HK$2.4 billion has actually made it to public shareholders.
Exhibit 21
(In HK$ ‘000) 2007H1 2007H2 2008H1 2008H2 2009H1 2009H2 2010H1 2010H2 2011H1 2011H2 2012H1 Total
Dividends per share
1.80
3.80
2.30
6.00
5.00
8.80
8.80
12.28
7.20
7.98
12.98
Declared dividends
54,773
116,382
70,451
184,147
154,100
271,463
274,970
384,219
226,789
251,374
409,467
2,398,135
Chairwoman's stake
65.78%
65.35%
62.96%
62.80%
62.64%
51.28%
50.87%
44.10%
37.71%
38.43%
38.40%
Dividends paid out
18,743
40,326
26,095
68,503
57,572
132,257
135,087
214,767
141,267
154,776
252,232
1,241,625
To put this all into perspective:
Over the last six years, the Chairwoman has raised HK$9.4 billion from the public. Over that same time period, Huabao has paid HK$1.2 billion back to the public in the form of dividends. That’s 13% of what was raised – over six years.
Based on our time weighed calculation, the Chairwoman could have put the money she raised in a bank account earning 5.00% interest and still made those payments to public shareholders. And despite official statistics, anyone who actually lives in China will know that 5.00% doesn’t even cover the cost of inflation.
With some perspective, suddenly Huabao’s dividend story doesn’t seem so compelling anymore.

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15 : GS(14)@2012-04-26 00:02:52

http://www.mpfinance.com/htm/Finance/20120425/News/ec_ech3.htm
問題在於，海外研究機構並非香港持牌人士，本地證監會是否只能袖手旁觀、任造市之風氾濫？證監會發言人昨日回覆本報查詢時表示，不對個別事件發表評論。然而，海外研究機構唱淡民企的一系列事件，早在去年7月已經引起監管方注意，證監會曾擬定3招，專門應對以造空為生的海外對畄基金，其中包括：要求與傳言相關的民企第一時間作出解釋、由證監會出手調查沽空交易、由交易所及港府對外澄清本港上市監管水平高於海外借殼上市等。有法律界人士曾指出，即使並非本港持牌金融機構，涉嫌誹謗的造市行為仍可能受到追究。

證監關注沽空率高股份 是否潛在違規

證監會亦表示，已加強對沽空活動的檢查，每天針對沽空比率最高的股份，關注是否存在潛在違規行為。另一方面，市場對類似披露開始習慣之後，「渾水效應」已不及初時迅猛。有觀點認為，雖然有關監管應該對造市行為起到遏制作用，普通投資者也須要提高分辨力，不應聽信一面之詞、一遇到不利消息便急於沽售或沽空。

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16 : GS(14)@2012-04-26 00:24:25

http://hk.apple.nextmedia.com/te ... 307&art_id=16278898
本報致電華寶投資者關係經理王基信，面對記者反覆提問，他只堅持回答：「我哋朝早 9點收到呢份報告，公司內部處理緊，全日喺度開緊會，所以呢一刻無任何嘢可以 comment（評論）。」
雖然匿名報告早上已「出街」，但華寶昨日沒有停牌，在下午報告廣為流轉後，跌勢越來越急，全日瀉 8.08%至 3.98元，創三個月來新低，單日蒸發 11億元。華寶昨晚刊發通告，指不明股價下跌及成交增加的原因，公司現正編製業績，強調現時生產經營一切正常。
華寶近兩周股價無端急挫，引來市場揣測。華寶前日早上 9時即舉行電話會議，執董熊卿強調不知股價積弱原因，又聲稱核數師已開始工作，可如期在 6月底前公佈全年業績。
有基金經理坦言，華寶「開幾多電話會議都無用」，「份報告今次講咗成個 picture，都幾有說服力，我驚股價有排跌。」

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17 : GS(14)@2012-04-26 00:24:42

http://hk.apple.nextmedia.com/te ... 307&art_id=16278899
狙擊華寶國際（ 336）的「匿名分析」（ Anonymous Analytics），其手法與去年多次出手的渾水研究近似，匿名於去年 9月首次「發炮」，質疑超大現代（ 682）誤導投資者而一戰成名。而遭匿名質疑加上主席涉及市場失當行為的雙重夾擊，超大於去年 9月起一直停牌至今。

團隊陣營有來頭

根據匿名的網頁介紹，其團隊包括分析員、鑑證會計師（ Forensic Accountant）、統計師、律師及電腦專家，故其調查比起投資銀行的研究報告並不遜色，例如有關超大的調查報告，所涉及內容超過 10年，更附以詳盡解說。
有消息指匿名分析是互聯網黑客組織「匿名者」新成立部門，英國《金融時報》曾訪問過他們，他們表示，是被「佔據華爾街」（ Occupy Wall Street）示威行動啟發，希望透過影響股價而引起市場注意。

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18 : GS(14)@2012-04-26 23:27:34

http://www.mpfinance.com/htm/Finance/20120426/News/ec_ecj1.htm
匿名分析周二發表報告稱，從事香精香料生產及銷售的華寶國際涉嫌誇大收入及毛利率。華寶當日股價瀉8%，至昨早終宣布停牌。摩根大通隨即發表報告，認為匿名分析的報告確有值得關注之處，例如提及一些客戶否認與華寶有合作，以及盈利數字與國家工商總局有差異。華寶的股價可能會受報告影響出現一個月的持續下跌，但該行仍維持對華寶「跑贏大市」的評級。華寶投資者關係經理王基信昨日則表示，公司正準備回應報告，同時亦希望未來在數據披露上做得更好。他又強調，一直與股東進行溝通，部分對公司持正面、樂觀的態度。

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19 : GS(14)@2012-04-26 23:28:24

http://www.hkexnews.hk/listedco/ ... N201204261422_C.pdf
本公司正就近日市場流傳一些對本公司不正確及誤導的指控作出澄清工作，其中
包括於今天本公司已派專員至中華人民共和國國家工商行政管理總局（「工商局」）
下屬各地工商行政管理局調出本集團國內之若干附屬公司二零一零年度（即截至
二零一零年十二月三十一日止十二個月）的已經備案之財務資料，以作為公司日
後刊登澄清公告的其中一項佐證。
根據中華人民共和國法律、行政、法規及部門規章，所有在中國經營的企業法人
每年需向當地工商行政管理局報送上一年度（一月一日至十二月三十一日）的年檢
材料，其中包括按中國會計準則編制及審計的財務報表，而該等財務報表的貨幣
單位為人民幣。由於本公司及其附屬公司（「本集團」）的綜合財務報表是按本公
司的財政年度而編制，即由每年四月一日開始至下一年度三月三十一日止十二個
月，故與附屬公司的內地之經審計財務報表存在時間性的差異，加上本集團的綜
合財務報表之貨幣乃以港幣為單位，而兩者適用之會計準則亦不同。
此外，本公司與本公司之核數師羅兵咸永道會計師事務所亦正在進行本公司及其
附屬公司截至二零一二年三月三十一日止年度之末期業績審計工作，本公司擬按
香港聯合交易所有限公司證券上市規則於二零一二年六月三十日或之前公告業績。
最後，本公司就前述不正確及誤導之澄清工作有序開展，一旦有進一步進展將會
另行公告。

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【全球首個】商場農曆新年主題佈置　15萬粒LEGO砌出超像真醒獅

1 : GS(14)@2018-01-22 05:21:37

香港唯一LEGO專業認證大師洪子健（Andy），用15萬粒LEGO砌出接近真人比例的醒獅。


農曆新年快到，你即時想起甚麼？利是？紅噹噹？醒獅？定係打牌？又想想如果這些都用LEGO砌出來，應該大人細路都會好高興。今年新城市廣場跟香港唯一LEGO專業認證大師洪子健（Andy），合作創作出LEGO全球首個農曆新年大宅院主題佈置。


LEGO做過不少主題佈置，但原來農曆新年大宅院主題佈置，今次是全球第一次。

Andy設計主題佈置，參考了不少中國傳統四合院設計。

因為是狗年， Andy忽發奇想，把大宅外的石獅子像變成石狗像，相當有趣。


LEGO人力車，是Andy推介的影相位。

現場可自己砌許願牌，掛在牆上。

這幅可愛的狗仔LEGO畫，也要用2萬粒LEGO砌成。



是次佈置的主角，是一隻由15萬粒LEGO砌出來接近真人比例的醒獅，Andy：「舞獅其實也有不少粉絲砌過，不過去到接近真人比例，就可算是第一次。」醒獅由五個月前開始構思，經兩三個月不停修正，最後用了個多月時間，動用八位工作人員來完成。「今次醒獅的難度在於它有太多弧位，要利用方形的LEGO來演繹，而且圖案複雜，加上大型作品必要考量中間的承托問題等等，都令創作需要更多時間。」如你見到實物，相信你也必定讚賞其造型相當神似，跟真舞獅非常接近，不得不佩服Andy。大宅院主題佈置有很多影相位，Andy：「我們參考了真實四合院的元素，加入了垂花門和涼亭等，來營造更重的中國傳統感覺，務求有更多影相位，讓觀眾們更投入開心。」要留意的還有由石獅子演變?的有趣守門石狗、可愛狗仔LEGO畫、可DIY砌?許願牌掛上許願牆等，全都相當應節。


現場還有其他由LEGO粉絲砌的狗年相關作品。

Andy特別為今次活動，創作多款限量LEGO小模型。

限量模型需要於1月20日至3月4日期間，購物或以VIP Club會員積分換取。


醒獅難在有極多弧形位，需多次修改才像真。

醒獅動用8人，由設計到完成，共用了5個月時間。

今次活動亦特別設計了38款「LEGO minifigures祝賀潮語利是封」，也要購物換領。



新城市廣場x LEGO新春遊樂園主題裝置地址：新城市廣場一期三樓拱型玻璃天幕廣場日期：1月20日至3月4日註：可購物或以VIP Vlub會員積分換取Andy獨家非賣禮品記者：韓繼聰攝影：許先煜全新旅遊專頁，即like籽想旅行：https://fb.com/travel.appleseed



來源: https://hk.lifestyle.appledaily. ... e/20180121/20280921

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券商探討粵自貿區商機下月訪深圳　盼前海設點

1 : GS(14)@2015-03-17 02:04:58





【本報訊】中國（廣東）自由貿易試驗區將於近期掛牌成立，有傳最快於周三（十八日）落實。有銀行界人士認為，成立已一年半的上海自貿區「雷聲大雨點小」，可複製到廣東的金融政策不多。有證券界人士則期待廣東自貿區的成立，因為粵港鄰近，會為業界帶來更多商機，並會於四月出訪深圳，爭取拓展市場。記者：周燕芬



廣東自貿區由前海蛇口、橫琴、南沙部份片區所組成，佔地116.2平方公里；將複製上海自貿區試點成果，並結合地方特點發展。香港銀行學會高級顧問陳鳳翔個人認為，上海自貿區在推進銀行業務方面進展不快，有點「雷聲大雨點小」，可供廣東自貿區複製的內容不多。銀行及其客戶期望能夠將境外資金滙到自貿區，然後經自貿區滙到國內其他省份應用；這方面沒有明顯進展，但他亦明白這會對中國外滙管制造成衝擊，監管當局會有所顧慮。政策未通，他指上海自貿區也存在灰色地帶，在區內設立的融資租賃企業，可透過境外融資滙入自貿區，然後以設備租賃名義將滙款發至其他省市使用。




港銀無懼自貿區搶生意

另一名銀行家亦認同，上海能向廣東自貿區複製的政策不多。對於有業界擔心若自貿區快速發展，會搶去香港銀行的生意，他認為內地越開放，管制放鬆，商機越多；而該行在中港兩地都有經營業務，不擔心生意被搶走。證券業表現則較積極。香港證券學會會長李細燕表示，歡迎廣東自貿區的成立，因為畢竟鄰近香港，機遇也較多。她會留意廣東自貿區金融類別的負面清單，了解有那些發展機會。本地券商亦自動出擊，將於四月前往深圳交易所和前海考察，探討深港通開通，能否擴濶投資港股數目至優質細價股；亦希望推廣自貿區內資產管理公司的基金互認資格，互相銷售兩地基金。立法會議員張華峰亦曾指出，會提出讓本港券商於前海設點。



或成個人境外投資試點

中國人民銀行廣州分行行長王景武更是滿抱期望，要將廣東自貿區打造成為資本項目可兌換「試驗田」，促進人民幣國際化，希望借助毗鄰港澳優勢，建議引導境外資金參與廣東自貿區開發建設，允許區內企業自主開展跨境本外幣融資業務。打造成為境內外資本市場相互連通的管道；探索開展個人境外投資試點，率先讓廣州、深圳和珠海市列入開展合格境內個人投資者試點區域；研究設立海外華僑經濟合作基金，協助內地企業「走出去」提供投融資服務。





來源: http://hk.apple.nextmedia.com/financeestate/art/20150316/19077742

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【網上爆Post】iPhone 7機背曝光　天線位移機邊

1 : GS(14)@2016-05-25 10:09:00

iPhone7的浪潮快將殺到，網上最近又有iPhone7的背殼實物曝光，從圖片可見，機背的天線位明顯移到了機頂和機底，看上去感覺有點古怪。可能圖中的機款為iPhone7，而非大機的iPhone7 Plus，所以未見盛傳的雙鏡頭，而且亦只得機背，難看出3.5mm插口是否被取消。記者認為這個背面的設計不太討好，身為果粉，始終看慣了iPhone上的天線位吧！資料來源：SOFTPEDIA記者：方健銘





來源: http://hk.apple.nextmedia.com/su ... t/20160525/19625930

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【正Trip精】日本絕美河津櫻花祭　三公里長花海

1 : GS(14)@2018-02-21 06:14:43

一click免費下載《籽想去東京》旅遊指南：http://bit.ly/2rSv4c4全新旅遊專頁，即like籽想旅行：https://fb.com/travel.appleseed

在枝葉上盛放的櫻花。


河津町位於伊豆半島東岸，如果乘搭特急踊子號，只需2小時40分鐘便能由東京到達河津，參加在2月10日至3月10日舉行的河津櫻花祭。河津櫻是日本最早盛放的櫻花之一，據說是由緋寒櫻和大島櫻自然交配而成的品種。它在2月上旬開始綻放，滿開大概就在2月下旬至3月上旬。河津櫻的原木(當時還是小樹苗)在1955年被住在河津町的飯田勝美女士發現並帶回家種植。十年後的一月下旬它終於綻放，花朵大且鮮艷粉紅，而花期長達一個月。自1968起，伊東市的勝又光也先生和縣政府致力於種植櫻花活動。經過多年的努力,櫻花在南伊豆等地盛放。在1974年，這種櫻花正式命名為河津櫻。河津櫻原木現在樹齡約70年，枝葉茂盛，還矗立在距離伊豆急河津站1.3公里飯田家的庭園中。


河津櫻花祭開辦期間，遊客可在七瀧溫泉、峰溫泉、河津車站周邊和河津川沿岸欣賞櫻花，約8千棵粉紅河津櫻、金黃油菜花和藍天互相輝映，形成了壯觀的景致。在祭典舉行期間，沿途有150個攤檔售賣農產品、手信和小食，十分熱鬧。櫻花祭期間每天晚上還會有點燈活動，大家可以欣賞到櫻花在射燈下的別樣美麗。如果想確認當地天氣和開花情況的朋友，可到河津町役所的網頁（http://bit.ly/2EFD6u0）看即時現場影像。

河津櫻花祭

地址：靜岡縣賀茂郡河津町交通：伊豆急行「河津站」河津櫻花祭（*可考慮購買JR東京廣域周遊券，成人票券價格為10000日圓，兒童5000日圓。這張周遊券適合會到伊豆、日光和輕井澤旅遊的朋友。不過因為乘搭踊子號由東京和河津的單程車票都要6010日圓，所有即使只是來回河津也值回票價。提提大家踊子號是全車指定席，緊記要提早預約座位。）停車場：營業時間：8:30am-9:00pm收費：700日圓（8:30am-5:00pm）、200日圓（6:00pm-9:00pm）官網：http://bit.ly/2o5wYB2


2018年河津櫻花祭的海報，看到就想馬上買機票出發。

南伊豆櫻花油菜花祭的宣傳海報。

河津櫻花隧隊的地圖。


南伊豆櫻花油菜花祭

南伊豆町位於伊豆半島南部，被海岸線和群山環抱,風景優美。它雖然不像河津般人山人海，但有一種鄉郊的寧靜樸素，適合希望悠閒賞花的朋友。約800棵河津櫻和黃澄澄的油菜花在2月中旬至3月上旬沿著青野川盛放。自2013年起，南伊豆每年3月上旬都會舉行名為「夜櫻☆流星」的活動。主辦單位除了為櫻花樹點燈外，也會在青野川（來宮橋至九條橋附近）擺放藍色LED燈，遠看青野川就像銀河般璀璨迷人。南伊豆櫻花油菜花祭日期：2018年2月10日-3月10日地址：靜岡縣賀茂郡南伊豆町下賀茂青野川沿岸交通：在伊豆急行「伊豆急下田」站乘往「下賀茂方面」的東海巴士，在「日野」下車停車場收費：500日圓官網：http://bit.ly/2EIrE17


JR東京廣域周遊券。

在枝葉上盛放的櫻花。

除了櫻花、油菜花田也是一大特色，有山有水有花才顯得更加美麗。



文：千紅＠幸福照相館



來源: https://hk.lifestyle.appledaily. ... e/20180221/20310447

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