„G-1990
GOVERNMENT SECRETARIAT
852 840 0569
P.02
Extract from Far Eastern Economic Review dated 16 August 1990
What price the free market? In the wake of the Hong Kong market's latest nerve-jangler comes a predictable piece of self-serving cant from Jardine Fleming. In this variation on a special-pleading theme, the public is invited to view the market's drop as proof of the "need" for listed companies to be allowed to mount buy-back operations at the drop of a market. The Securities and Futures Commission and the stock exchange are duly and publicly urged to get their skates on.
Shroff hopes these two bodies will resist this unwarranted interference in the operation of the market. Doubtless, Jardines would love the opportunity to pick up its own shares at bargain prices (for one thing, it might keep Li Ka-shing at bay). But that would only rob the more daring investors of the profits to be had from betting on a market rebound.
Michael Taylor