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Harvey Nicks at a discount
Dickson Poon, the Hong Kong billionaire, is proposing to take the department store private at 20 per cent below its flotation price in 1996, write Angela Mackay in Hong Kong and Lauren Mills
Dickson Poon is fed up and feels unappreciated. That is the most plausible explanation of why the Hong Kong billionaire has decided to acquire the rump of Harvey Nichols he did not already own and end its brief existence as a UKlisted company.
"Investors have become very cautious in investing in the clothing retail industry and with its small market capitalisation and relative stock illiquidity, Harvey Nichols has not really been appreciated for some time," Poon says.
The highliving Poon, owner of two RollsRoyces and several European highperformance sports cars, believes that the British market did not understand his strategy nor did it grasp his strength and experience in the global luxury retail market.
In addition to Harvey Nichols, Poon's private company controls the luxury goods company ST Dupont, while his Hong Konglisted vehicle, Dickson Concepts, has the concession in Asia to market topdrawer brands, including Ralph Lauren, Brooks Brothers, Coach, Guy Laroche, Chopard, JP Tod's and the department store, Seibu.
Earlier this year, he also acquired the rights for Italian clothing group Benetton in Taiwan, and assumed management control of the company's 75 stores on the island.
He says the move to take Harvey Nichols private or privatise it, to use the investment banking jargon only increases his commitment to the upmarket department store brand.
"I believe in Harvey Nichols. I believe that by privatising the company, it will enable management to concentrate and focus their attention on the longerterm development of Harvey Nichols' activities without the pressure of the shorterterm focus on profitability of a publicly listed company," he says.
"We have a clearly articulated regional store opening programme and a strategy to expand the Harvey Nichols brand into ownlabel products. We will work closely with the existing team to execute their stated strategy. Actually, the next Harvey Nichols store will be in Manchester."
Like Virgin's Sir Richard Branson, who decided to take his company private for similar reasons, Poon has no time for those who do not share his vision.
That equity markets are in the doldrums has also helped shape the decision. Indeed, the cost of taking Harvey Nichols private is 20p per share less than the flotation price of 270p when it came to market in April 1996 provided it is approved by shareholders, including Deutsche Bank, which owns a 15 percent stake and is said to believe the offer is too low.
Meanwhile, Poon has felt a little unappreciated at home recently. In the summer, the Hong Kong Stock Exchange ruled that Dickson Concepts was in breach of listing rules by conducting transactions with four companies connected to the chairman, Poon, and two former nonexecutive directors,[url=http://www.fcgeo.ca]ugg australia for sale[/url], despite the deals conferring no undue gains.
The transactions involved sale and purchase of merchandise, the provision of management and supporting services, the licensing and leasing of properties and royalty payments.
Over the long stretch, however, Poon has done pretty well. At flotation, he cashed in shares worth and has separated the freehold of the famous main store in Knightsbridge.
And whatever the recent sluggishness of Harvey Nick's shares, the current value of the company at the buyout price does not look bad compared with the Poon originally paid for the business in 1991.
Poon started his working life as an assistant salesman in one of his father's watch shops. He learned every aspect of the trade and stresses that it was important to his father that Poon junior did not receive any favouritism. After four years with his father, Poon founded Dickson Concepts in 1980 when he opened his own watch shop in Hong Kong.
Being a watch salesman was an unlikely course for Poon, who went to boarding school in England and later graduated with a philosophy degree from Occidental University in California. Now 46, he still possesses a boyish sincerity and an overactive work ethic that carries over into his private life.
He has been married three times: first to Margie Yang, a very successful businesswoman in her own right who runs a private textiles business, then to the actress Michelle Yeoh, star of the critically acclaimed Crouching Tiger, Hidden Dragon as well as the latest James Bond extravaganza.
His third wife, Pearl, is a Harvard graduate and former banker who met her husband at a presentation to company analysts. They have three small children.
Friends of the exwives say they have maintained amicable relations with the welldressed and unflappable Poon. In fact, Yang lives with her daughter by Poon in the same small block of apartments as her exhusband on Hong Kong's exclusive Peak.
Moreover, Yeoh is one of Yang's best friends and godmother to her 19yearold daughter, Dee Dee Poon.
Local sceptics suggested Poon might be inclined to return to the stock market when the cycle is clearly on an upswing.
He, however, dismissed such a notion. "There is no intention to refloat Harvey Nichols. Given Harvey Nichols' strategy, the company is better positioned in a more supportive private environment."

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Wu Mochou in "China good voice" after much mentor Harlem Yu Harlem Yu ranked 164 in importance: Harlem Yu Harlem Yu,[link widoczny dla zalogowanych], under escort,[link widoczny dla zalogowanych], she won the runner up in the voices of doubt and,[link widoczny dla zalogowanych], afterward two people cooperation songs,[link widoczny dla zalogowanych], so that two people gossip,[link widoczny dla zalogowanych], but both deny.
late on January 30th Annie Yi and her ex husband Harlem Yu rumored girlfriend Wu Mochou together to participate in certain activities,[link widoczny dla zalogowanych], the scene is not the intentional or unintentional unexpectedly will arrange two people at the same table. Two full almost no communication,[link widoczny dla zalogowanych], two male guests hot Annie Yi and next to the chat,[link widoczny dla zalogowanych], and new Wu Mo seems to popularity is not so wide,[link widoczny dla zalogowanych], so embarrassed. When Wu Mochou came to power after the fall of Annie Yi prize,[link widoczny dla zalogowanych], the attitude to smile and clapped my predecessors,[link widoczny dla zalogowanych], also to Wu Mochou thumbs up, and Wu Mochou has to stoop and shook hands, and say thank you. Annie Yi still did not exchange with Wu Mochou but then,[link widoczny dla zalogowanych], seems to be controlled by Annie Yi, the.
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Chen Hai (a pseudonym) wanted to quickly end the marriage, gratuitous suspicion from years of his wife, but the other day, when he saw his wife diagnosis book reads "jealousy delusion", he was silent.

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South East Express (reporter Chen Muyi correspondent Wu Guoqi) Minhou County, 18000000 yuan investment in Baisha Town water supply project completed in second. Yesterday,[link widoczny dla zalogowanych], a reporter from the Minhou county Party Committee Propaganda Department learned that,[link widoczny dla zalogowanych], from sugar cane County Water laying 9 km long water pipe to the white sand, and received the villagers home,[link widoczny dla zalogowanych], Baisha Township around the water shortage problem basically solved.

according to Baisha Town relevant controller introduces,[link widoczny dla zalogowanych], at present,[link widoczny dla zalogowanych], after the water project completed,[link widoczny dla zalogowanych], Baisha Town,[link widoczny dla zalogowanych], can realize the daily water supply 3 tons to 50000 tons. But in the next 20 years to meet the comprehensive reform of Baisha Town level the construction of small towns and Nanshan Ocean Industrial Zone enterprise production water needs, Baisha Township residents will also get rid of water difficult problem. Reportedly, Minhou will be launched in the near future the third phase of the project construction,[link widoczny dla zalogowanych], the pipeline to Baisha Zhen Da Lai Cun extends 7 kilometers,[link widoczny dla zalogowanych], water problem solving more peripheral village villagers.
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Shanxi Mount Wutai scenic area of Taiwan Huai temples over the emergence of multicoloured auspicious clouds, so there is a Chinese idiom "auspicious sign" or "Rui Cai auspicious clouds".

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then, reporters call min Feng school reflects the situation. The staff said,[link widoczny dla zalogowanych], will be sent to the West Zhuang Xiao Qu drove away.
5 days afternoon 5 when Xu,[link widoczny dla zalogowanych], reporters saw at the store West Zhuang Xiao Qu,[link widoczny dla zalogowanych], two silver vehicles parked at the West Zhuang Lu public parking space,[link widoczny dla zalogowanych], several wheels have no gas, although wet by rain, still visible body covered with dust,[link widoczny dla zalogowanych], the body has been paint rust,[link widoczny dla zalogowanych], the door is also marked "Min Feng driving school coach cars",[link widoczny dla zalogowanych], apparently has been in place for a long time. "There is a public parking spaces, the coach car here does not go,[link widoczny dla zalogowanych], others can not be used, the owner was not moral." Ms. Luo said.
Fuzhou news net "coach car has stopped here for a few months,[link widoczny dla zalogowanych], not to see somebody comes." The 5 day,[link widoczny dla zalogowanych], live in Xindian Xi Zhuang Xiao Qu Luo lady call our hotline party 83751111 said,[link widoczny dla zalogowanych], driving the vehicle to perpetuate the public parking space, leading to residential property owners have no place to park.
(reporter Chi Yuan text / photo)
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At present, the center opened a total of children's painting, calligraphy, dancing, chess, 27 training classes. Activity center classes can not only enrich the youth outside activities and amateur life, but also cultivate hobbies and personality, enhance their innovation spirit and practice ability.

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network July 21st news (Fujian daily Chen Zezhou Ye Xingwang) recently,[link widoczny dla zalogowanych], the Ministry of public security work for a collective of Fuqing City Public Security Bureau Criminal Investigation brigade.
Southeast of the
since 2007,[link widoczny dla zalogowanych], Fuqing City Public Security Bureau Criminal Investigation Brigade has detected more than 1.3 of criminal cases,[link widoczny dla zalogowanych], captured all types of criminal suspects arrested more than 11000,[link widoczny dla zalogowanych], more than 6900 kinds of criminal case of murder,[link widoczny dla zalogowanych], more than 100 per capita,[link widoczny dla zalogowanych], the case number,[link widoczny dla zalogowanych], case detection,[link widoczny dla zalogowanych], destroyed the black evil gang number were listed in Fuzhou City,[link widoczny dla zalogowanych], the first,[link widoczny dla zalogowanych], the criminal investigation work performance evaluation of continuous 5 years ranked the forefront of Fuzhou city.
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Shanghai City, jointly with the Municipal Commission of Commerce, the district actively implement measures, efforts to defuse the cabbage and other vegetables and seasonal varieties structural slow-moving problem.

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price three major steel mills,[link widoczny dla zalogowanych], more than 30 domestic steel prices follow up. "My steel net" data display, although the year is approaching,[link widoczny dla zalogowanych], the market turnover further slowed, but steel traders believe that the late costs of supporting strong, generally after the Spring Festival market.
The data
steel prices beyond the last year the highest point
"ore prices with steel prices,[link widoczny dla zalogowanych], steel mills have not much profit space increment brought." Central China a steel for approaching ore price appears quite helpless, he said the price than console oneself with soothing remarks, total prices is good, when the price of steel is the "price scissors".
on the 17 day, the India media reports, the government of India plans to start in April 1st for the 2011-2012 fiscal year iron ore export levy a uniform 20>
takes the lead to sound the horn is still the price of baosteel. The company announced on 11 February,[link widoczny dla zalogowanych], hot rolled products generally increase 100 yuan / ton; cold-rolled products generally increase 100 yuan / ton; hot dip galvanizing generally increase 100 yuan / ton; plate prices increase 100 yuan / ton.
however, rising steel prices did not seem to make the steel business sleep without any anxiety.
joint metal mesh, with mainstream product hot-rolled coil as an example, 18 Beijing, Shanghai price has risen to 4780 yuan / ton and 4680 yuan / ton, while the most expensive in 2010 two places respectively 4730 yuan / ton and 4590 yuan / ton. The personage inside course of study says,[link widoczny dla zalogowanych], may foresee,[link widoczny dla zalogowanych], the upcoming steel city, the bull market will be a busy season for miners working.
statistics show,[link widoczny dla zalogowanych], 18 days of domestic and imported ore market prices continue to rise,[link widoczny dla zalogowanych], most businesses are optimistic about the market outlook, but now the price has reached the high. Up to now,[link widoczny dla zalogowanych], 63.5/63% imported ore outer market printing powder mines reported US $186-188 / ton. The spot ore,[link widoczny dla zalogowanych], 63.5% printing powder to 1340-1370 yuan / ton.
reporter Li Ruoxin
After the
steel mills profit space was erosion
since January 11th, Baosteel,[link widoczny dla zalogowanych], Wuhan Iron and steel and Angang have declared February the product price. "Three major steel pricing has actually been to the first season this year set the tone." Lange Iron and Steel Research Center Director Hou Zhiyun in an Chinese Securities newspaper interview with reporters, the highest point of the domestic steel prices have been fully beyond 2010. At present, while the 2011 season has not come true, can say, the 2011 season beginning in 2010 peak.
on the 12 day of February, Wuhan Iron and steel out of price policy,[link widoczny dla zalogowanych], hot-rolled products generally increase 200 yuan / ton, cold-rolled products generally increase 100 yuan / ton. Finally, follow the Anshan Iron and steel out of the largest increase, according to its 17 day introduced price policy, hot-rolled products generally increase 300 yuan / ton; cold-rolled products generally increase 200 yuan / ton; hot dip galvanizing generally increase 250 yuan / ton; plate generally increase 300 yuan / ton; non oriented silicon steel raised 50-150 yuan / ton.
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Shanghai City, jointly with the Municipal Commission of Commerce, the district actively implement measures, efforts to defuse the cabbage and other vegetables and seasonal varieties structural slow-moving problem.

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the morning of September 27th,[link widoczny dla zalogowanych], according to a report from the masses, Longyan City,[link widoczny dla zalogowanych], Xinluo district two level quality supervision departments jointly Xinluo district safety supervision, public security,[link widoczny dla zalogowanych], and other relevant departments to North Street is located in the northwest of trading city Gongxingmeikailong Plaza three suspected illegal operation of large recreation facilities (controlled aircraft,[link widoczny dla zalogowanych], carousel,[link widoczny dla zalogowanych], train),[link widoczny dla zalogowanych], seized banned in accordance with the the relevant provisions of the State Council "" Regulations on safety supervision of special equipment.
National Day approaching, quality supervision departments to remind the general public friends, large-scale recreational facilities is a special equipment risk bigger,[link widoczny dla zalogowanych], national regulation of these devices have a special legal and safety technical specification standard. Do not blindly take without quality supervision departments registration and the large recreational facilities inspection,[link widoczny dla zalogowanych], if found in the tourist attractions,[link widoczny dla zalogowanych], places of recreation,[link widoczny dla zalogowanych], Park Plaza,[link widoczny dla zalogowanych], exhibition and other crowded places large recreational facilities have illegal operations,[link widoczny dla zalogowanych], quality supervision departments can dial 12365 complaints to report telephone. (reporter Chen Riping photo coverage)
diagram is banned site
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Zhangzhou inspection and Quarantine Bureau to support enterprises to develop new markets, through the development of import and export commodity quality safety risk investigation work, eliminate the quality safety hidden danger, ensure safety;

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learned that Lee to jump off building,[link widoczny dla zalogowanych], many colleagues came to Li Mou to persuade, and colleagues to dial the alarm telephone.
when the man jump off building
Day dinner, Lee in the factory canteen drinking 2 bottles of beer, spur of the moment to produce the idea of suicide. Li colleagues told reporters, after dinner in the canteen, Lee returned to the fifth floor of the dormitory, "he had locked the door,[link widoczny dla zalogowanych], first make a hullabaloo about in the room,[link widoczny dla zalogowanych], air conditioning frame and then climbed up the outside of the dormitory."
Be grabbed
reportedly, jump off building man Lee around the age of 40,[link widoczny dla zalogowanych], the factory is a deputy director of the workshop. Close paragraph of time,[link widoczny dla zalogowanych], Lee's wife and Naoqi contradictions, coupled with the factory and other managers have differences, he was the factory leadership criticism. "Life, work is not" a "double whammy" let his heart depressed.
rescue workers rushed to the carry rescue tools for rapid boarded the five floor. The five floor of a window, a man struggling to hold a man's arm to jump off building. In the rescue personnel to rescue, jump off building the man finally dragged back into the room.
8 on the evening of 10 August, a deputy director of the workshop in Lu'an City, a leather factory due to emotional and frustrated, air-condition shelf drunk sat in the five floor outside the dorm to jump off building. The factory director in the man to jump off building moment be grabbed,[link widoczny dla zalogowanych], avoid casualty accidents.

Core tip: it is understood,[link widoczny dla zalogowanych], jump off building man Lee around the age of 40, the factory is a deputy director of the workshop. Close paragraph of time, Lee's wife and Naoqi contradictions, coupled with the factory and other managers have differences,[link widoczny dla zalogowanych], he was the factory leadership criticism. "Life,[link widoczny dla zalogowanych], work is not" a "double whammy" let his heart depressed.
when Lee's room was locked, and all the colleagues and the Director Tan Mou had to come to the dormitory next door to rescue, "we stand in persuading him in the next room window, but he was very excited, not listen to the opinions of others." Li colleagues introduces to the reporter, at Lee jump off building moment, Tan Mou Ye Li's arm.
rescued the man seemingly wine not wake up look, refused to cooperate with the rescuers down. Rescue officers and soldiers forced the man carried off the floor. Fire officers and soldiers in persuading the 10 minutes later, the man brought to the guard room, waiting for the arrival of 120.
The
rescue personnel arrived at the scene, far to hear someone shouting downstairs: "quickly grabbed him, don't let go." At this time, the downstairs has been full of factory workers.
you'll want to commit suicide at
on the same day at nineteen fifty-one,[link widoczny dla zalogowanych], the fire brigade Lu'an City Development Zone to the city "110" command center command,[link widoczny dla zalogowanych], said the Sanxi leather factory is a man drunk to sit in air-conditioned rack to jump off building. The battalion received the alarm,[link widoczny dla zalogowanych], immediately dispatched 12 soldiers rushed to the scene of the accident.
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Huoqiu man afraid of wife ran away from home for 8

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The eight artists to Tingzhou Tingzhou poetry, beauty for content creation, wrote a praise to Tingzhou profound cultural background, draw a Tingzhou unique local customs and practices. Some of their works to love art, love painting financing; some strong and bold, Hong momentum; some mildly tortuous, elegant quiet, by visitors.

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household publicity. Organize the town, village cadres are on-site face-to-face publicity and education, mainly on the current family planning policy, but also for the masses satisfaction questionnaire. Central propaganda. Arranging town jishengban, family planning service personnel to 14 Village Center organized contests. Quiz includes eugenics, reproductive health,[link widoczny dla zalogowanych], family planning reward policy,[link widoczny dla zalogowanych], floating population management Ordinance,[link widoczny dla zalogowanych], "the Anhui provincial population and family planning regulations" and other knowledge of family planning. For all to participate in the activities of mass site provide towels, aprons and other promotional materials and the family planning policy paper to understand. (Cai Shihong)
for the majority of people of childbearing age to further understand the national family planning policy present,[link widoczny dla zalogowanych], enhance national awareness and self-protection awareness, Shouxian County Ying Town vigorously carry out multi-channel,[link widoczny dla zalogowanych], many forms of publicity and education activities,[link widoczny dla zalogowanych], and strive to create a good atmosphere of harmonious birth. Promotion of the conference. The town held the village cadres meeting, IPPF fertility policy,[link widoczny dla zalogowanych], plan only the reward and assistance system for family, women's licensing family reward system, family planning special assistance system, long-acting contraception reward system, Population Fund and the girl care system,[link widoczny dla zalogowanych], free technical services of family planning policy propaganda by the family planning department. Advertise. Open the population and family planning programs in the town government website; the village using broadcast regularly broadcast family planning law knowledge; the township roads Yingbin street built set of policies and regulations,[link widoczny dla zalogowanych], eugenics, popular science knowledge as one of the family planning publicity and street; arranged a large poster in the eastern end of town,[link widoczny dla zalogowanych], every village of the wall painting three posters. The social propaganda. Posted a letter printed "" more than 20000 pieces, in the main traffic arteries hanging banners,[link widoczny dla zalogowanych], dispatched propaganda vehicle arrangement, organize the town of literature and art propaganda team by village by the family planning programs, the typical family planning into a story two positive and negative side, by traveling, sketch, Allegro,[link widoczny dla zalogowanych], let the masses consciously accept the birth legal education in laughing.
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request advice and guidance to standardize the school regulation of food safety and the environment. Xin'an Town, according to the research plan, immediately Joint Industry and commerce, health and other departments, organizations of the township campus surrounding environment special rectification actions.

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this article has been waiting for an interview with more than 100 days can finally face the reader,[link widoczny dla zalogowanych]. Time delay of three months.
this is the South Fund history, is also the history of China fund.
"fund Godfather" relegated to second-line
three months later, in January 4, 2013, the cool breeze, Shenzhen's temperature dropped to 10° C. 100 meters in the duty-free building Fuhua road from the horse brother Polo Shenzhen hotel, the South Fund Manager Gao Liangyu and the newly appointed inspector general Yang Xiaosong,[link widoczny dla zalogowanych], in the face of some media announced the outgoing message.
many people do not know,[link widoczny dla zalogowanych], this resolution was born three months ago -- in September 27, 2012, the South Fund board.
this is the length of time Gao Liangyu served the South Fund Manager -- from September 2, 1998 to January 5, 2013.

a very close relationship with Gao Liangyu said: "Gao Liangyu in the south of the fund's history,[link widoczny dla zalogowanych], basic can represent the domestic fund industry whole development history."
is also on the board of directors before September 25, 2012,[link widoczny dla zalogowanych], at noon, Gao Liangyu >
2013 year in January 4th, Shenzhen Fuhua Road, Ma brother Polo Shenzhen hotel, Gao Liangyu and recently his inspector Yang Xiaosong, announced the high outgoing message to some journalists.
which involves many sensitive events he experienced, including fund scandal event, 5.19 market, sniper hostile takeover event, 2008, South Reconstruction of reflection, and Successor Selection inside.
prior to the two day, September 25, 2012, Gao Liangyu has been the general manager of the outgoing identity, accept the "financial weekly" 5 hour long interview.
5236 days,[link widoczny dla zalogowanych].
on the same day at eleven forty-eight in the morning, had originally thought that his departure is a foregone conclusion Gao Liangyu,[link widoczny dla zalogowanych], text messages to inform the relatives and friends: "I still have to continue to serve as general manager of the South fund." Weekly financial reporter received this message.
three months before the September 27, 2012 morning, Shenzhen Fuhua road tax-free business building, the South Fund for the meeting of the board of directors. Gao Liangyu puts forward, hope the former general manager, but the cumulative holding 55% of the small shareholders Shenzhen Investment Holdings, the Xiamen International Trust,[link widoczny dla zalogowanych], Societe Generale Securities at a board meeting repeatedly detainment, the board of directors agreed with Gao Liangyu finally agreed,[link widoczny dla zalogowanych], former general manager,[link widoczny dla zalogowanych], but the time must be extended until the end of the year, and at other positions in the company must be high.
1 month 5 days, Gao Liangyu will step down the south fund manager to Chairman, vice chairman as the company and Hongkong South East company. Southern Fund chairman Wu Wanshan on behalf of general manager. Most likely, deputy director Yang Xiaosong sat next to Gao Liangyu's inspector general,[link widoczny dla zalogowanych], from the SFC issued supervision department took over as general manager.
the exclusive Zhuangao original plan published in 2012 October in the "financial weekly", but received Gao Liangyu message,[link widoczny dla zalogowanych], to be postponed until now.
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before the CSRC revised "measures" securities investment fund management solicit public (referred to as "the draft"). For bond funds, "draft", debt leverage ratio should not exceed 140% of its net assets, in addition, the single bond holdings also made similar shares based on "double limit".