New holding - Hotung Investment Holdings

Bought 15,000 shares of Hotung Investment Holdings at the market close on a matching trade at US$0.11 (we were looking to buy 20,000 shares). The company is a market leader in venture capital based in Taiwan, but is curiously listed on the Singapore Exchange, where it receives little investor interest. The company recently reported earnings, which have recovered from 2008 where write-downs were aplenty. More importantly, the company trades at just half of book value, which makes it rather interesting.