Investment Reports

28th May, 2001

Worldsec - Forefront IPO document

Forefront International Holdings Ltd.(FIL) is mainly engaged in the distribution and sale of heavy commercial vehicles in the Greater China region. the Group has the exclusive distribution rights.


March, 2002

Worldsec - Natural Beauty IPO document

Natural Beauty Bio-Technology Limited (NB) is capitalising on two new and lucrative trends in the beauty care business, a shift towards natural ingredients and growing use of expensive body treatments rendered in spas to augment the beauty regimen.


May, 2002

Worldsec - Bala - Writing on Jockey Club of Hong Kong

Hong Kong's Jockey Club, one of the last bastions of the old older in the one-time colony, is doing its best to commit suicide in true dinosaur fashion, and the Government,which ought to know better, is helping it.


Columns and other writings in the Media

August, 2013

Bala article on using Mauritius for Chinese funding to India

Mauritius is in the fortunate position of having good relations with China and India. It is true that Singapore also has the same advantages while at the same time being one of the major financial centres of the world and with a very big Yuan deposit base.


July 6, 2017

From Lenin to Lee Kuan Yew, legacies are determined by the living

I have seen the mausoleums of Vladimir Lenin, Mao Zedong (毛澤東) and Ho Chi Minh. Thousands still line up in hushed silence, to see them, demonstrating to non-believers that the embalmed bodies still serve a powerful emotional and political purpose.


June 14, 2017

How British colonial rule left Hong Kong politically stunted

There are some who think Hong Kong might have been better off, economically and politically, had it remained a British colony. Economically and socially, British rule was good, but it was a total failure politically – and the consequences are still with us.


May 20, 2017

Why rich societies like HK are committing demographic suicide

As a newly married man in Singapore many years ago, my hairdresser once asked me when my wife and I were going to have our first child. I replied, like many people do even today, that it was too expensive to have a child and to bring one up.


March 22, 2017

Rule of law depends on Hongkongers' values, not foreign judges

It is no longer acceptable to have 19th-century prejudices such as the belief that the absence of melanin in the skin makes a person superior. However, the equally 19th-century belief that people from Europe or the US cannot be judged by "oriental" laws...


Feb 14, 2017

HK must avoid an underground hell on Earth

Whenever I hear about expanding urban space below ground, as a study regarding better utilisation of some of our most popular recreational grounds intends to do, I think about a 600-year-old Turkish spa or hamam...


Oct 20, 2016

How one Malaysian school became a bright spot in colonialism's dark legacy

Neither of my parents knew any English. The reason I can write passable English is down to the schools I attended in Penang, Malaysia. Penang Free School, my secondary school, celebrates its 200th anniversary on October 21.


Sep 02, 2016

A rising China is good news for ethnic Chinese in Southeast Asia – up to a point

On the last day of the Rio Olympics, when the celebrated Malaysian badminton player Lee Chong Wei was playing in the final against a Chinese, I was attending Malaysia's Merdeka Day (Independence Day) Ball.


Sep 05, 2016

Why the days of Western banks in Asia are clearly numbered

Many people already know that Chinese banks are some of the largest in the world. But I was astonished to learn recently that some banks in India have a market capitalisation greater than the mighty Deutsche Bank.


July 06, 2016

'Little England' made a wise choice to leave the pompous, crumbling EU

After the Brexit vote, "Little England" is being used as a term of derision. But, to me, it is not size that matters but whether a country is able to provide security and jobs for its citizens.


June 12, 2016

Whoever wins the US presidency, expect the dawn of a wrenching new global order

Around this time next year, people in Asia and elsewhere will be wondering how they could have missed the signals about the political and economic tsunami that the US has unleashed on the world.


June 03, 2016

Hong Kong banks need to put the customer first, not profits

A long time ago, I was persuaded by a credit card company that somehow the colour of the plastic you carried in your wallet determined your status and so I applied for a "gold" card.


May 11, 2016

First, a cabbie. Next, a legislator of South Asian descent in Hong Kong?

Two men surnamed Khan have made the news recently – one in Hong Kong, one in London. Both have a success story to tell, but the difference in what they aspired to speaks volumes about social progress and prejudice in the two cities.


April 29, 2016

Suzie Wong - An article by Bala

On a recent trip to Kyoto, Japan, during the cherry blossom season, I was surprised at the hundreds of “geishas” wandering around town, though I had seen only one or two during our last trip there a couple of decades ago.


April 15, 2016

Instead of Queen's Road Central, let's have Sun Yat Sen Avenue in Hong Kong

There is not a street or road named after Dr Sun Yat-sen in Hong Kong. However, there are streets named after him in Calcutta, India, and in many other places, including even Mauritius.


April 03, 2016

Britain, like Singapore in 1965, has outgrown the need to be part of a federation

An island nation that was dependent on free trade, international finance and other services for its wealth was part of a larger federation across the channel. The federation, unlike the island, had its own rigid political and economic imperatives...


March 24, 2016

Poor excuse - An article by Bala

Anyone with even a passing knowledge of India can immediately see that Indians arriving in Hong Kong to seek “political asylum” are engaged in a scam.


March 16, 2016

A vein of anger - An article by Bala

It should be easy to understand the ideology of Donald Trump in Hong Kong – he is just like a Hong Kong “localist” but on an American scale.


Feb 10, 2016

A balanced world for young and old

The two biggest expenditure items of the Hong Kong government are education and health. Education expenditure is spent mostly on the young and the health expenditure is spent mostly on the old.


November, 2013

Bala Comments on stock exchange Board Diversity

Diversity of opinion is a cure to a dogmatic mindset and rigidity; it is not an aesthetic question and has positive implications on corporate goverance by encouraging a balance of perspectives.


August, 2013

Bala article on using Mauritius for Chinese funding to India

Mauritius is in the fortunate position of having good relations with China and India. It is true that Singapore also has the same advantages while at the same time being one of the major financial centres of the world and with a very big Yuan deposit base.


May, 2014

Bala article in China Daily on Taiwan and Hong Kong.

People in Taiwan are even more worried about economic stagnation and income inequality than Hong Kong people.The ratio of a ordability for a residence in Taipei is even worse than in Hong Kong.


June 14, 2010

Bala East Timor article

East Timor also has an unemployment rate of about 20 per cent and a literacy rate of about just 40 per cent.East Timor’s history accounts for its backwardness, as it was brutally colonised by the Portuguese for about 400 years


January, 1980

Bala article in Washington Post and New York Times 1980

CY Foundation Group Limited is a company incorporated in Bermuda with limited liability and listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock code: 1182).