Yes, of course. I think in China that you got where
the company can choose to either listed domestically in Asia market.
Some company do get listed in overseas market.
I think the more popular one would be this Asia market in Hong Kong.
They have a different agenda.
I think for the company who probably got more for political crowd or political muscle,
they can get listed in Hong Kong or in China.
But of course, there's always a long queue to get a share listing.
So some of the people would like to go to Hong Kong and to get listed over there.
I think for the Lesco, generally,
they have a higher financial transparency and so more
disclosure so it would be easier for other company.
So we look at the situation and make a better assessment.
And also I think the governing body do have
higher requirements for them in terms of corporate governance,
in terms of their business strategy, etc.
So I think in general terms,
I think we feel more comfortable dealing with Lesco.
But I think there are two important things,
probably we need to also bear in mind.
First is that some of the Lesco,
they probably have some sort of reconnected transactions with their own parents, right.
So the local authority do encourage
some of the local company to have what they call holistic listing to ensure
that the whole operation are not listed so it can't or under the seller
like them [inaudible] The people can say look at it in
its entirety and not just looking at fresher of a bigger group.
So I think that's one area.
That doesn't mean that Lesco automatically will be a better credit.
And secondly I think there are some very good unlisted companies.
So for instance Huawei, they're not listed.
It doesn't mean that they are not good.
So I wouldn't sort of say the listed must be better than the unlisted.
They can both be good company but just I think the company
need to do their homework and understand
more of the company or the counterpart they're dealing with.
