Jie Gan of Cheung Kong Graduate School of Business, Yan Guo of Peking University and Chenggang Xu of the University of Hong Kong conclude that the return on assets and profitability per employee for companies that have undergone partial share offerings is indistinguishable from those that were not privatised at all.
One of the best examples is Lung King Heen, the Michelin-starred restaurant at the Four Seasons Hotel Hong Kong, where chef Chan Yan Tak has added duck liver and black truffles to pork dumplings, and invented new dim sums, like abalone baked in a cup of flaky puff pastry.
The stick warns Hong Kong residents to beware of siu yan - a Confucian term for inferior or bad people - during the Year of the Snake, Oriental Daily News says.