Given the tremendous impact of the “bail out” plan on American stock markets, this Newsletter is non-traditional in a sense that it will give investors guidance for the upcoming days versus a month. To put latest developments into perspective ...

U.S. investors has some reason to cheer in August as the DJIA continued to eke out some gains. Following a modest 2.1% gain last month the DJIA added another 1.7% in August as oil fell and the green back continued to strengthen. Despite modest showing in the U.S., Asian markets and Chinese in particular, remained weak. The Shanghai Composite Index continued the slide since January losing another 7.6% in August and now stands at a 54.9% loss to year-to-date (YTD). Chinese shares listed on U.S. exchanges, measured by the China ADR Index (CAI), lost another 6.4% followed closely by the Hang Seng Index in Hong Kong.

Good morning. Chinese companies that dropped the most came back strong this morning. This comes as a no surprise after Hong Kong edged higher and index futures pointed to a higher open. Altogether I think we will see insignificant volume until Thursday when the House votes again on a revised bill. If that passes, we're up to a sizeable rally. If fails, I don't know. It better passes the second time.

No comment... Landslide... Among Top 10 China ADR only two managed not to fall. Everywhere else it's red.

Chinese ADRs indulge in a sizeable plunge along the DJIA. TOMO - an ex-ticker for Tom Online is the only green on the screen. All Chinese ADRs are on the retreat as global money flows are exiting Asia and other foreign markets to find safety in U.S. T-bills and related safe havens.

Chinese ADR trading was not much fun this week. While the S&P 500 dropped 3.4% for the week and is down -18.0% year-to-date (YTD), Chinese shares in Hong Kong are worse; The Hang Seng Index lost 3.3% the week but is down -31.7% YTD. No wonder, Chinese shares lifted in American exchanges suffered, too. The problem is not so much with Asia and with China in particular but with global capital flows. Investors are moving into safe havens abandoning positions in foreign markets- crumbling the value of those shares. China is no exception. And just to illustrate how bad things are, WaMu just went under while rumors that Wachovia is next makes my stomach sick.

从筹资额看，2005年香港新上市中国公司的总筹资额最多，占到中国公司海外IPO总筹资额的93%，其次是美国，占据总筹资额的5%，新加坡新上市的中国公司筹资总额最小，仅占2%的份额(图2-5)。至于在三地市场新上市的中国公司的平均单笔筹资额，同样是香港排名第一，美国第二，新加坡第三。这和2004年的情况有所不同，2004年在三地新上市公司的筹资总额分别为69.9亿美元、35.73亿美元、5.89亿美元，平均单笔新上市筹资额分别为1.63亿美元、3.57亿美元、0.19亿美元。从以上数据可以看出，美国资本市场汇聚的投资资金最多，大规模的筹资往往需要到美国市场挂牌这种情况现在已经开始改变，建行就是一个极好的例子。2005年在全球IPO持续增长的环境下，建行打破了大型IPO通常在美国上市的惯例，成为五年来全球最大的IPO，其超过92亿美元的集资额打破了香港证券市场有史以来单一IPO集资额的最高纪录。在建行等几家大型海外上市国有企业强有力的拉动下，2005年中国企业海外IPO的总筹资额比2004年增长了90%，达到212.3亿美元。

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.