Inauspicious omens for our fund on Olympic opening day. Our initial RMB10,000 investment is now hovering around the 7,000 mark, tethered as it is to the sinking stone of Anhui Conch and the anemic Guangji Pharmaceutical. Anhui has now lost nearly half its value since we scooped it up in early June, and riboflavin producer Guangji is down 25% since we bought it a couple of weeks back.
ICBC, our third stock, continues to stick around at about the level we bought in, which is not bad considering that the Shanghai Composite Index is once again nearing the 17-month low it hit back in mid July. These are grim times, but who’s watching the markets today anyway? All eyes are on Beijing’s National Stadium for tonight at least. Maybe next week we’ll gain the fortitude to make some moves that take us in a positive direction.