| Abstract | Hong Kong's illiquid market is no excuse for the recent sell-down of shares by Wai Kee Holdings and its newly listed subsidiary, Road King, an infrastructure play that builds roads in southern China. Wai Kee, a 26-year-old engineering firm that concentrates on civil engineering, quarry operations and dredging, had watched its share price climb from $1 in January 1996 to more than $2.50 in June before the poorly received Road King listing quickly dropped the counter like a dead weight to below $1.75. However, Wai Kee directors are confidently forecasting that Road King's net profit will double in 1996 to $180 million. |
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