Dear Vic,

Thanks so much for the compliment and kind consideration.

Regarding publishing, my concern is mainly around the tight controls by the government on this side. In this country, anything can easily be fathomed as a state secret — I was shocked at times when I saw slogan banners on streets saying "keeping state secrets is every citizen's responsibility". At the moment, financial topics are especially sensitive for the reasons that on the one hand there is a crisis on the globe and at home the government has a lot of hardship, and on the other, the wave of shorting China is coming. Shorting China is being generally portrayed and perceived as hostile to China's development. Although to my belief the article has no non-public information and my concern might not be very well-grounded, I just try to be cautious.

Pardon me if this may have caused your confusion. The situation may be hard for Americans to understand, just as in quite the same ways some American situations are hardly imaginable to the Chinese. I have experienced both. Over 20 years ago, I had never known what freedom really meant until I stepped on American soil to study for my PhD at Dartmouth. Then in America, the concept of being controlled gradually faded away from my mind. Only about 10 years ago, I started to re-realize it after I came back to China to lead an American business.

Your kind efforts in circulating it will be very much appreciated. While I fully understand that in this age, nothing stays being covered for very long, a circulation at the moment within a community (let's say the financial community, large or small) rather than over to the general public makes me feel a little more comfortable. I appreciate very much your kind understanding.

Again, my great honors in communicating with you.


Leo Humbert


Mainland China's Securities and Derivatives Exchanges [15 page PDF]


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