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Goldman Sachs failed Chinese test

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Week in review 09/16 to 09/22

0) Sept 22 is “no car day” in many Chinese cities. Individual car owners are encouraged to take public transportation. I saw some volunteers on Zhongshan park metro station.

1) According to China Capital week, 中文难倒高盛, Goldman Sachs senior executive, Malysian Chinese Richard Ong, failed the Chinese test administrated by CSRC. Because of that Mr. Ong can not take the top postion of Goldman China.

2) US federal reserve hikes interest rate by 50 points. Higher than many people expected. The more important question investor should ask: is Mr. Bernanke trying to rescue the market, or the economy?

3) You got the RMB, we got the IPOs. To contain the excessive liquidity in China, the CSRC recently approved the Haigui IPO of 3 big state owned companies: China construction bank, Sheng Hua Coal, and Petro China.

The reason people called it Haigui is, those stocks have been listed in Hongkong Stock Exchange for a while. Now they are returning to the Shanghai A share market, at a much higher price compared to the price listed in HK a few years ago.

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