📖 ZKIZ Archives

David Webb: Do you know Chinese?-富士高(927)

其實我一直持有富士高股票，之前出了公告後已經想寫，但由於我有眾多事務分身不暇，所以沒寫。

另外，我的工作要求我每天都寫這些「無聊」的財務分析(真係寫到熟)，所以我回家後一直都不太想碰這些東西，而轉向寫財技方面的東西。

之前都看過公告，但是已經過了時候說東西，所以沒有寫，但是今天收到富士高年報，覺得時機成熟，故把想的東西都說出來一次吧。

雖然今次盈利比我想像中好得多，但是我有一些特別意見，我不太想webb 兄畀錯貼士，故出此文。

在公司東莞廠的電子公告板找出來的一個公告，而公司的生意可以在這個公告中看到，可以作為參考。

http://www.fujikon.com.cn/JavaWeb/FunFile/2008/11/2008_11_6_5_35_31_FIC_PERCN_HP.doc

若想知道更多，就老規矩，過25個留言再說。

David Webb: Do you know Chinese?-富士高(927)(2)

終於夠了二十五個留言，我大致的說一下好，就說一下壞吧。

公司的營業額只有少幅倒退約6%，有7.87億港元，若果如管理層所稱增加外包生產比重的話，實際營業額更可能有增長，公司其他收益方面大幅增加，由238萬港元，增加至824萬港元，但是因為勞動法的實行，行政成本上升了1,020萬，故公司盈利稍為倒退10%，至5,932萬港元，公司有大量現金，故除派發3仙中期股息外，更加派3仙特別股息，合計共6仙，較上年5仙增加20%。

公司資產非常雄厚，公司有約3.72億易於變現的資產，扣除公司負債約八千萬的稅項及其他負債，大概有約2.9億的現金，以公司有約4億股計算，折合每股0.72元，如再扣除其他應付款約1.04億，仍有折合0.46元的現金資產，足夠抵消其應付款，可謂是一家財政狀況極佳的公司。

但是真的這樣好嗎?請看以下三點:

首先，在半年報中提及公司其實是把約788萬的存貨撥回，而上年則把744萬減值，一來一回則相差1,532萬，可見公司業績不如大家想像很這樣好。

另外，公司的外包收入是計入營業額，還是計入其他收入?這個亦是一個重要的問題，因為外包帶來的收入應該是只計佣金，因只是計入人工支出，並不用購料，毛利應是較高，約有60-90%，故計入營業額則會帶來毛利率上升的錯覺，令人誤信其經營成本控制得宜，忽略了原料成本上升令自製產品毛利較低的事實。

更為重要的是，在營業額倒退10%的情況下，公司的應收帳款竟然大增一億元，而細閱其應收帳款的構成，增加部分竟然接近全部來自當期，即是公司這些訂單應該是在截數期前接到的，若以公司毛利率及純利率分別為約20%及約7%計算，毛利亦增加近二千萬，盈利亦相應增加了七百萬，可見公司盈利被誇大了。

若把公司的應收款按上年營業額調整，公司營業額約為6.76億，盈利亦把應收帳誇大、其他收入增加及存貨撥回的影響計算在內，盈利約被誇大約2,218萬，即實質盈利約為3,720萬，和上一年經調整後盈利7,490萬，下跌了超過一半。

但是公司為何要造好業績呢，我覺得是想派高息，為甚麼要派高息呢，這就要從一些細節中看出來。

在半年報告中，公司三位主席及副主席，總共行使了1,800萬股認股權，每股行使價為1元-1.287元不等，所費資金約2,000萬，，當中有一部分已經是蟹貨，加上楊主席在市場增持了一些，亦用了40萬。

這些資金從何而來呢?

公司三位主席們一年人工共一千萬，這些資金卻是他們兩年人工，尚未計他們其他個人使費，故可能是他們幾年的積累。

為解救危亡，公司宣佈多派八仙特別股息，以回饋股東和減少他們的損失，可見他們用公司錢作「自我你增持」，但是小股東應該都覺得高興，因為派的股息，大家都有份，也因管理層慷慨，令股價有一些起色。這已經好過不少上市公司，把自己的虧本資產或垃圾賣給公司套現，不但拿走公司的現金，亦要股東們替他承擔損失，這些就更是股民公敵了。

最後，要留意的是，公司的現金達3.6億，但貸款卻增加了約1,400萬，從明細表上一看，公司是把長期貸款全部還掉，但短期貸款卻增加了1,700多萬，可見公司雖想把債還清，但不能好好利用自有資金作營運用途，故令公司資金浪費在貸款利息上，此數約有220萬，故應該要改善一下問題。

P.S. 有一次我在仁濟籌款節目上，發覺公司楊主席和康健系人馬均為仁濟總理，公司之前又在關連交易上用金利豐做財顧，我真怕他們會學他們那些不乾淨的行為，希望楊先生能夠好好做生意，不要那班「財務顧問」或「融資高手」的迷惑。

Michael Jackson - Beat It (Chinese Communist Party Version)

1 : GS(14)@2012-07-24 12:32:17


http://caijingcarefree.blogspot.hk/2012/07/blog-post_23.html
同場加映
第一段片，原片應該係《長征組歌》裡面一段「四渡赤水出奇兵」，邊位高人將片段配上《Beat It》，查唔到，不過曾經在網上引發一段惡搞配樂風潮，配上唔同兒歌怪曲，惡搞到當年的紅劇演員發火，叫人「歷史不能拿来好玩」。
第二段《被迫的》，輯自胡戈短片《007大戰黑衣人》。

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2 : GS(14)@2012-07-24 12:32:37

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3 : GS(14)@2012-07-24 12:33:34

http://ent.sina.com.cn/y/2010-07-28/12553032157.shtml
　　 本報訊(見習記者萬旭明)「從MJ到動漫，沒有紅軍不能唱的歌。」近日，一系列惡搞《長征組歌》的視頻在網絡上熱傳，經典紅歌成了流行歌曲的背景畫面，馬國光成了搖滾、動漫歌手，對此，原唱者之一的耿蓮鳳借本報呼籲「《長征組歌》不能亂動，不能拿來好玩」。

　　  現在搜索「紅軍」二字，你將看到的不是歷史資料，而是「紅軍版《beat it》」、「紅軍版《忍者》」、「紅軍版《嘻唰唰》」等視頻鏈接，甚至曾有「紅軍版陳冠希《還記得我嗎》」。這是近日網絡上熱傳的一系列惡搞視頻，製作者將音樂片《長征組歌》中《四渡赤水出奇兵》的片段按流行歌曲的節奏進行重新剪輯、配樂，看上去就像是紅軍在唱搖滾或是日本動漫歌曲。

　　  這些視頻被冠以「萬能紅軍版」、「紅軍也瘋狂」、「供網友囧一囧」等名號，原唱者馬國光則成了「紅軍叔」。在某大學生社交網站上，記者發現多數網友看到視頻的第一反應便是驚呼「神作」、「笑翻了」、「太有喜感了」。與如潮的嬉笑相比，「怎麼能惡搞紅軍？」這樣的呼聲顯得非常微弱。

　　  今年66歲的耿蓮鳳是《長征組歌》中《遵義會議放光輝》的演唱者，從1965年至今，她所在的戰友文工團已演出了一千多場《長征組歌》，從未對原曲做過任何改動。得知該組歌被惡搞，耿蓮鳳非常痛心，她昨日鄭重地對記者表示：「《長征組歌》這樣的歷史題材作品，我們應該尊重它，要嚴肅地對待，不應該亂改亂動。」從21歲至今，《長征組歌》和它背後的革命歷史、長征精神始終感動著耿蓮鳳。對網友的「惡搞」，她提醒道：「長征路上有30萬紅軍倒下了，沒有他們就沒有我們現在的一切，這段歷史是不能拿來『好玩』的。」

　　  耿蓮鳳對當前青少年的歷史教育也提出了自己的擔憂，她說：「我也知道年輕人，他們並不是不愛紅軍，只是他們不清楚這背後的歷史。作為大人，我們應該傳播更多好的、健康的知識給他們，這裡面也有教育的責任。」

　　  本報訊(見習記者萬旭明)不知《長征組歌》為何物，對長征歷史知之甚少，認為「惡搞」紅軍「沒什麼大不了」，青少年熱傳惡搞視頻的同時，折射出的正是他們對革命歷史的冷淡和漠視。

　　  在看過這些惡搞視頻後，很多人好奇地問道：「這個視頻的原版是什麼？」回答者卻寥寥無幾。實際上，這組歌堪稱幾代人的「紅色記憶」。1965年，為紀念長征勝利30週年，晨耕等人根據肖華的詩作創作了套曲《長征組歌》。1976年，八一制片廠拍攝了音樂片《紅軍不怕遠征難——長征組歌》，惡搞視頻製作者所使用的正是這部片子中《四渡赤水出奇兵》的片段。儘管至今仍時有《長征組歌》的演出，記者詢問多名大中學生卻發現，幾乎沒有人聽說過這些歌。

　　  不僅如此，對紅軍長征的歷史，多數受訪者坦言自己知道的並不多。談及革命先烈流血犧牲的歷史，除了「偉大」、「慘烈」等空洞字眼，很少有人能說出更具體的感受。這種淡然不只是對先烈們流下的鮮血，曾有網友發帖怒斥道：「沒有紅軍的犧牲，恐怕你們這些人都不可能出生，竟然惡搞紅軍，真是腦殘。」但立刻有人跟帖反擊：「不要上綱上線」、「何必認真」。

　　  一位中學校長告訴記者，用「茫然、冷漠」來形容當前青少年對革命歷史的態度絕不為過，這正反映了「感恩教育」的缺失。他說，很多家長和教育者認為所謂素質教育就是會唱歌、會跳舞，其實更重要的是人文和感恩教育。現在的青少年基本都是獨生子女，物質生活的豐富，家長的嬌慣，使他們覺得什麼都是唾手可得的，因此對於革命的艱難，先輩的苦難，他們無法理解，更不會「感恩」和「尊重」。

　　  該校長表示，現在的愛國教育存在一定誤區，不能簡單依靠歷史課本上的幾篇課文，而應當充分結合當地的革命歷史，採用看得見摸得著的方式，讓學生更容易接受和理解。

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Vegas Bet on Chinese VIPs Raises Red Flags With Feds

1 : GS(14)@2012-12-08 21:43:22

http://online.wsj.com/article/SB ... 48160626366488.html
AS VEGAS—It could easily be mistaken for Chinese territory. On the
36th floor of the Venetian hotel and casino sits the "Paiza," a unique
gambling salon and suites for high rollers from Asia, adorned with
traditional serene Chinese paintings and a karaoke room. Gambling tables
accommodate as few as one player, for patrons who prefer more privacy.
        


  
    
    
    
    

  
  
  

Las Vegas is on a winning streak with rich
Chinese gamblers, but the WSJ's Kate O'Keeffe explains why big bets are
raising red flags with the U.S. authorities.
        
      
The area is
named after a passport given centuries ago to important Chinese
officials and guests. And the importance of the guests is certainly not
in question: These "whales" of gambling are betting anywhere from
$10,000 to $400,000—per hand.
For Las Vegas Sands Corp.,
LVS -0.43%
owner of the Venetian, and a handful of other casino companies in Las
Vegas, this select niche has become a godsend for an industry stuck in a
financial losing streak for much of the past four years. Jumping on a
business that is virtually invisible to most casino goers, industry
giants like Sands, MGM Resorts International
MGM -0.36%
and Wynn Resorts Ltd.,
WYNN -1.07%
are rolling out the red carpet for an elite group of gamblers, and scoring some remarkable jackpots.
        
        
          
Enlarge Image


          
          
          
          
          
        
        
            
              Triad Story: Connection Seen to Las Vegas Operators
            
          
            
              Sands Probed in Money Moves
             8/4/2012
            
              China Gains Foothold in U.S. Energy
             3/6/2012
            
              In the Heart of the Rust Belt, Chinese Funds Provide the Grease
             2/11/12
        
      
In a single night during the Lunar New Year
last year, Wynn's Las Vegas resort won $16 million in table gambling,
the biggest tables-game night in its history. Asked at an investor
conference about the Chinese business in Las Vegas, Sands' CEO Sheldon Adelson described gambling as a "linchpin" of the Chinese culture. "In my second life, I'm coming back as Chinese," he said.
But while this Asian connection is a potential gold mine, it is
quietly attracting a related and controversial business that has drawn
the attention of federal authorities. China allows residents to take
only $50,000 in currency abroad a year, so some high rollers rely on
foreign tour operators, known as "junkets," to provide access to far
greater sums. Based in the Chinese gambling mecca of Macau, it is an
industry U.S. law enforcement officials and diplomats have long
suspected of money laundering and organized crime.
Now as the big U.S. companies are
upping the ante on their Chinese business, the U.S. Treasury enforcement
arm is focusing on whether some junket operators are importing a new
layer of money laundering to Las Vegas by obscuring the source of their
funding, the method for transferring it to high rollers and the
identities of the gamblers themselves. As part of that focus, the
Treasury's Financial Crimes Enforcement Network last month issued a web
alert to casinos advising them to monitor junket operations and junket
patrons and report "all available information" on any suspicious
activity.
        

        
      
The alert isn't the only headache Las
Vegas may face from the world of junkets. According to documents
reviewed by The Wall Street Journal, at least two alleged Chinese
organized crime figures are operating in Las Vegas through Macau-based
junkets; both have been members of Sands' high roller "Chairman's Club."
Law enforcement authorities say they are concerned about casinos
transferring junket deposits across international borders for patron
gambling; without the same scrutiny banks provide, those fund movements
carry a high risk of money laundering, they say.
People close to the junket industry also
provided the Journal with names of four operators who have been
registered to do business in Nevada—but who were found unsuitable last
year by outside investigators for Singapore's gambling authority. Three
of the four are still registered in Nevada, including one who
investigators said had hundreds of millions of dollars in unaccounted
for cash and assets, the people said. Nevada and Singapore gambling
officials declined to comment.
Spokesmen for Sands, MGM and Wynn declined to discuss the specifics
of their junket partnerships, but casino officials say they have been
able to limit junket presence in Las Vegas by working directly with
Chinese patrons. Indeed, while their ranks are growing, the number of
VIP gamblers from the mainland who are making the trip to Las Vegas is
still a relatively small group. The casinos also said their operations
comply with all laws and that their junket partners haven't been charged
with any serious crimes. "We can't be held to account for something
that legal authorities have yet to resolve," said Alan Feldman, a
spokesman for MGM.
Las Vegas' interest in the Chinese
sector is the latest example of U.S. companies noticing—and trying to
capitalize on—increasing flows of assets leaving mainland China. Of
course, that interest by Las Vegas isn't entirely new, dating back to at
least the 1980s, when Caesars Palace famously placed a Buddhist shrine
in front of its casino. Lunar New Year has long been a big event in
town, and some casino hotels avoid rooms with the number "4," considered
unlucky by some Chinese. Still, attracting travelers from mainland
China was rare, since travel was limited and casino companies had few
inroads into the complex gambling scene in Macau, the heart of Chinese
gambling.
        
Enlarge Image


        
        
        
        
        
        Associated Press
        
The Lunar New Year display inside the conservatory at MGM's Bellagio hotel and casino in Las Vegas.
      
In recent years, though, MGM, Wynn and
Sands have opened casinos in Macau, which has catapulted into the
world's largest gambling center, with a remarkable $34 billion in
gambling revenue last year, more than five times the size of the Vegas
Strip. The success the companies have had there—Wynn relied on Macau for
72% of its revenue last year—has given them a new incentive to create a
home-away-from-home for Chinese mainlanders. Sands alone poured $25
million into upgrading just one "Paiza" gambling center in Las Vegas,
while other casinos have been similarly generous, creating ultra luxury
gambling salons with Chinese TV and Chinese food delicacies.
"Guests can have anything they want anytime," Greg Shulman, a vice
president for marketing for MGM's Bellagio hotel, said on a tour earlier
this year of that casino's salon, decorated with gold and red hues and
private spaces. He called the adjacent dim sum and noodle joint "one of
the most important restaurants in the entire building."
In all, the number of mainland Chinese and Hong Kong tourists to Las
Vegas has shot up almost 80% over five years, to 188,000 last year. But
for casinos, the most important payout has come at its baccarat tables,
the game favored by Chinese high rollers. Revenue from that game rose
49% through July this year, compared with the same time period five
years ago, even as overall gambling revenue on the Strip fell almost
10%. Because of baccarat's growth, the game has jumped to more than one
fifth of all Vegas Strip gambling revenues, up from 13%.
"The baccarat growth is entirely driven by mainland Chinese
travelers," said Ben Lee, a casino consultant who has written
extensively about the junket market. "What you have is a small number of
people making a big impact."
        Red Flags
        
View Interactive
          


        
        
      
A good part of
that growth, insiders say, wouldn't have been possible without the
junket industry. Entrenched in Macau casinos since the 1980s, junkets
are essential to many Chinese high rollers because China has tight
restrictions on how much currency residents can carry abroad in a year.
The country doesn't recognize gambling debt either.
To assist high-rollers, junkets give players extensive credit lines
to gamble and then collect debts when the losses pile up. Some allow
high rollers to merely sign IOUs before they go abroad—but exactly how
junkets get around Chinese regulations is shrouded in mystery,
regulators say. "I still to this day have not had anyone be able to show
me how the money leaves mainland China and ends up in Macau," said Mark
Lipparelli, the outgoing chairman of the Nevada Gaming Control Board,
which has sweeping authority over Nevada casinos and their partners. "I
have yet to have anyone explain this to me in a coherent manner."
Analysts estimate there are as many as 10,000 people working in some
capacity for the junket industry, which runs from single-man shops to
formal firms. Many are tied to so-called "super junkets," conglomerates
that operate a wide range of junket activity and in some cases, end up
with quirky assets from years of debt collecting. According to one
former junket employee, Steve Karoul, a Mystic, Conn., casino consultant
who now advises investors on the industry, the parking lot of one
junket he worked for in the 1990s looked like a used car dealership,
because it had seized so many cars from gamblers unable to pay debts.
The company also seized real-estate assets, including a 400-room hotel.
"It's all gray market," he said.
        

        
        
        
        
        
        
        Alexandra Berzon
        
Baccarat table in the 'Paiza'
gambling lounge for Asian high-rollers on the 50th floor of Sands'
Palazzo hotel and casino in Las Vegas.
      
One
operator who talked to the Journal said the industry has been trying to
change its reputation, and now has some firms listed on foreign stock
exchanges. "Junkets are becoming more corporate," said Hoffman Ma,
deputy chairman of Success Universe Group Ltd., which has been in the
junket business since the 1990s. He said some Macau junkets still have
links with organized crime in China, but described that activity as
lessening, with junkets trying to make "more loans legitimate" and
realizing that "violence isn't going to work in Macau anymore."
Mr. Lipparelli, at the Nevada gaming board, said that while those
links may occur in Macau, his office has found no evidence of junkets
introducing organized crime to Las Vegas. "There's nothing that would
indicate that," he said. Still, according to two people knowledgeable
about junkets in Asia, private investigators working for the Casino
Regulatory Authority of Singapore reviewed the application of a junket
operator registered in Nevada—and recommended he not be approved because
he failed to disclose ties to a suspected organized crime figure. The
same investigators found another Nevada-approved operator, Chan Ting
Lai, unsuitable because he listed more than $250 million in cash and
assets he couldn't account for, according to the two people.
Reached in Hong Kong, Mr. Chan, owner of a large interior design firm
who has occasionally appeared at local entertainment industry events,
said he was still waiting for news on his application from the
regulatory authority in Singapore.
        
Enlarge Image


      
Nevada and Singapore regulators
typically share information, but a spokesman for the Nevada Gaming
Control Board wouldn't comment on whether the agency knew about the
outside investigators' report for Singapore. Agency officials say that
with hundreds of casino partnerships to monitor, it doesn't typically do
extensive reviews on applications for smaller operators. The gaming
board did recently increase registration fees, from $750 to $2,000, to
fund more thorough checks, but critics say it still needs to step up
scrutiny of Macau-based operators. "Macau is a real potential source of
embarrassment and difficulty for the Nevada regulators," said Bill
Eadington, a professor at the University of Nevada Reno who has studied
Macau junkets.
On the federal level, fund transfers between Macau and Las Vegas that
casinos handle for junkets have attracted the attention of the Treasury
Department. Chip Poncy, head of a Treasury Department policy office,
said such transfers are "a vulnerability we've seen for quite some time"
and that authorities are working with casinos and regulators to address
"the specific exploitation of it." Such transfers have long been a
concern for regulators internationally. "You've got these layers of
anonymity building up and building up so the player can hide between
quite a few layers of transactions," said Rachael Horton, a former New
Zealand casino regulator who wrote a 2009 report for the Financial
Action Task Force, an anti-money-laundering group based in Paris.
Casino officials for Sands, MGM and
Wynn say they comply with all federal requirements and have policies
guarding against money laundering; gamblers, they say, aren't allowed to
cash transferred funds in Las Vegas, just the winnings they make from
them. "Our company has a detailed compliance program that is submitted
to regulators," said Ron Reese, a Sands spokesman.
        

        
        
        
        Reuters
        
Charles Heung was identified as
a high-ranking triad figure in a 1992 U.S. Senate subcommittee report
on Asian organized crime. He has publicly denied being involved in
organized crime.
      
Details on the movement of funds for
Chinese high rollers into Las Vegas—and some of the more controversial
figures who may be involved—have also emerged since a high-profile,
wrongful-termination suit was filed in 2010 by Steve Jacobs, the former
head of Macau operations for Sands. In the suit, Mr. Jacobs filed copies
of a Sands ledger showing intracompany transactions between Macau and
Las Vegas with junket and individual names blocked out; the Journal has
now seen the names. Two people with past alleged ties to Chinese
organized crime groups known as triads are either listed in the
ledger—or are business partners of junkets on the document.
The two men—Cheung Chi Tai and Charles Heung—have each been
identified as high-ranking triad figures in a 1992 U.S. Senate
subcommittee report on Asian organized crime; the report, which followed
a series of triad-related arrests by the FBI, drew its findings from
law enforcement authorities and informants. More recently, a Hong Kong
appeals court judgment in March 2011 said Mr. Cheung was a "triad
leader" who ordered the death of a casino dealer. He wasn't charged in
the case, but a subordinate was sentenced for conspiracy to commit
murder.
        
Enlarge Image


        
        
        
        
        
        Las Vegas Sands Corp.
        
'Paiza' dining room.
      
Neither
Mr. Cheung nor Mr. Heung has been convicted of triad activity, and Mr.
Heung has publicly denied being involved in organized crime; when
contacted, representatives of the two men declined to comment. According
to people with knowledge of the company, both have also been members of
Sands' "Chairman's Club." The club is a select group of high-rollers
given exclusive access to Sands' most luxurious suites, six-figure
monthly expense accounts and extensive credit lines, according to a
court filing by Mr. Jacobs, who, through his attorney, has declined to
discuss his case.
For their part, Treasury and other law enforcement authorities who
have seen or are familiar with the Sands ledger say they are alarmed by
the size of some of the activity. Although the reasons for the fund
movements aren't known, the Journal found more than two dozen junket
operators on the ledger transferring a total of about $28 million from
2006 to 2010. One junket operator alone transferred $3.6 million in two
days between Macau and Las Vegas in 2009; another transferred $2.4
million in one day, according to the ledger.
        

        
      
Asked about the ledger, which was an
accounting document at Sands, Ron Reese, a company spokesman, wouldn't
comment on the money transfers, the company's use of junkets or any
people identified as moving money through casinos. "We believe the
company has acted properly and we will continue to cooperate with all
our regulators," he said. "But we will not compromise the privacy rights
of our customers."
In the end, some followers of the junket arrival in Las Vegas say the
biggest mystery may be the size of this new industry. In Macau, junkets
accounted for nearly three-fourths of the island's gambling revenues
last year, according to local regulators. Here in Las Vegas, casino
executives say the junket industry is much smaller, accounting for no
more than 20% of their mainland China VIP business. But some consultants
say that number is higher.
One problem: it is hard to track junket revenues because some junkets
don't use formal contracts—part of what Mr. Lee, the expert in the
Chinese gambling market, calls the "shadow junket" industry.
"Getting money over to America is even harder than getting money to
Macau," he said. "That's why the junkets have a big role in Vegas."
—Daniel Lippman, Chester Yung and Chun Han Wong contributed to this article.
        Write to         Alexandra Berzon at [url=mailto:[email protected]][email protected][/url], Kate O'Keeffe at         [url=mailto:[email protected]][email protected][/url] and James Grimaldi at         [url=mailto:[email protected]][email protected][/url]

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萬南 二五中環 China Club跌落Chinese Club？

1 : GS(14)@2015-08-23 01:01:57

http://www.metrohk.com.hk/index.php?cmd=detail&id=288269&search=1


近排股市完全無魚，好多靠金魚缸搵食嘅老友大呻世界難撈，手多多掃貨博執十格八格嘅，最終損手爛腳居多，情況相當不妙。就喺呢個時候，細價股資深炒家K哥突然打電話嚟約萬南去中環食晚飯，喺咁嘅慘淡時勢，有人請食飯當然二話不說應承啦。
到咗食飯嗰晚，萬南準時到達舊中銀總行頂樓嘅中國會，K哥未到便先坐低，望望四周圍依然鬼多過人，難怪好多湊老外生意嘅都肯畀幾十萬入會呢度。冇幾耐K哥打嚟質問萬南點解仲未到，先知原來擺咗大烏龍，佢話去Chinese Club(圖)食飯，我就誤以為係China Club。

萬南幾乎忘記咗Chinese Club(華商會)嘅存在，佢哋會址喺環球大廈隔籬，屬於比較平民化嘅會所，裝修嘢食都普普通通，入會幾皮嘢已可。萬南趕到過去見K哥，都忍唔住話估佢唔到，竟然有華商會會籍，佢就笑笑口話China Club又貴又唔好食，邊及Chinese Club性價比高，呢個時勢自己友食飯，梗係慳得就慳。

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