Another tumultuous week and drama. When last Wednesday Wall Street got wracked before the $700 billion plus rescue package I thought we hit bottom. But as events unfold, we may see more drama to come. Keeping a calm today is difficult since I'm an economist. It's difficult to see that some put the our economy on the line for some presumed political gains. And while we're waiting for the bail out plan to eventually pass- Bush's plan or another - our economic system is falling apart. WaMu today. Who's next? How long are we gaing to wait? I hope we do it before it's too late.

题 目：（中文）中国企业海外上市经营绩效 变化分析

A new restructuring scheme of telecommunications was announced on 23rd May 2008. As the proposal says, the basic telecom service of Chinasatcom is incorporated into CHA and the latter one purchases CHU’s CDMA (including capital and business) by RMB 110 billion; CHU mergers with CN by stock - 1 CN share by 1.508 CHU share and 1 CN ADR by 3.016 CHU ADR; CHL consolidates with Chinatietong. Briefly speaking, the number of telecommunications service providers in China will be reduced from six to just three and only CHL, CHA and CHU exist.

Solarfun published a sound Q2 report on Wednesday. By June 2008, Solarfun reported revenue reaches US$ 197.1 million, which increase by 12.7% on quarter-over-quarter (QoQ) basis and 192.2% on year-over-year (YoY) basis. Although current stock market does not perform well due to the high inflation global economics, we still recommend investors holding this stock. As green energy supplier, Solarfun owns its born advantage given current unfavorable energy market. Besides, through objective and rational analysis on current capital market, we believe that behind systematic risk in global market, values for individual stock needs to be emphasized and analyzed from specific angles and be considered within long term time horizon.

Wall Street failed to gain traction as the DJIA shed another 161.52 points to finish at 10,854.17. As investors digested the bail out plan and weighted down large caps, Chinese ADRs could not escape the fray. The market cap weighted China ADR Index (CAI) lost 28.42 points today and is down 37.50% YTD. Smaller cap NASDAQ listed China stocks did much better, shedding only 18.19 points. The China NASDAQ Index (CQI) is down 24.92% YTD.

China stocks are on the retreat along the U.S. Here are the headlines before the market opens: China shares retreat after 2-day rally HK shares drop 4 pct on US concern; Mengniu dives China should consider more Wall Street buys Microsoft cuts prices in China to fight piracy PetroChina's parent buys back shares, pledges more

The Ctrip.com International Ltd. has continued to lead the travel service industry in China with its special combination of traditional and online methods. Strong revenue and net income growth was generated through effective cost control and excellent management. Strong economy and further improvement of the internet service in China has created strong demand for Ctrip's service thus bringing a promising outlook for both the industry and the company. Total revenue for Ctrip increased 53.7% in 2007 on a year-to-year basis and gross margin was as high as 77.3%. While net income increased 65.4% with a net profit margin of 33.2%. On the other hand, costs were effectively controlled to support its significant growth. Operating expenses were kept nearly consistent at 66% of total revenue during the period from 2003 to 2007.

It's 11:00 A.M. on Monday and is a good time to take a deep breath and see what lays ahead today's trading for Chinese ADRs. For starters, energy pulled the broad Hang Seng Index up 1.6% after Friday's record 9.2% rally. Petrochina (PTR) had a strong showing closing 5.1% higher on the back of strong oil. So today's gain of $2.44 on the NYSE comes as no surprise. Aluminum Corp. of China (ACH) is strong today on news that the company is not considering cutting additional production despite low aluminum prices.

What a week we had! We woke up on Monday to see Lehman go under along Merrill - though this latter was better off by selling herself to Bank of America. Then we learned that AIG may be next unless it can raise significant amount of capital ASAP. So Monday was a disaster.

Wall Street continued yesterday's rally by adding another 400+ points before 10:00 A.M. on Friday. Strong market sentiment carried over to Chinese ADRs, too. Stocks that were hit the hardest came back real strong this morning. CNOOC Ltd. (CEO), China's top off-shore oil producer, is up $12.73 followed closely by Sinopec (SNP) and Petrochina (PTR). Another huge company, China Mobile (CHL) is strong and is up $4.90 in the first few minutes of trading. Europe's largest bank, HSBC Plc (HBC) is up $4.78 or 6.01%.

Estimates are re-do going with following assumptions: 1. Sales growth rate at 32% per 3 months. This rate is derived from corresponding increasing rate in 2007. 2. Profit margin is set at 6%, which is the same as that for the second quarter 2008. Be honest, I incline to make this assumption conservative for that I think if this company doesn't do any improvement at its management, its profitability could not be improved!

The latest quarterly report from STP (ending 20/06/08) displays a strong revenue growth from $434,514 thousand to $480,179 thousand, or 10.51% (9.3% for last Quarter). According to the market information , majority of analysts believe such favorable result may be attributed to following factors:

Chinese companies listed in American exchanges plunged on Wednesday tracking the DJIA down. As the following chart reveals, the wide China ADR Index (CAI) lost 44.3% year-to-date (YTD) thanks to the free fall of large cap Chinese companies.