HONG KONG: CLOSING WRAP, 04Jun2013

HK sidesteps China’s dismal performance and ends down slightly; Timmy Tong has awoken the beast; Lenovo and their mystery partner; Mainlanders now hoover up insurance; Civil servants can’t beat inflation; Here’s what you missed today.

1. HK didn’t get dragged into the gutter with China today. Indices basically unch on the day. HSI down 0.01% to 22,285.52; HSCEI down 0.10% to 10,537.49.
2. Timmy Tong done provoked the LEGCO hydra. A special subcommittee will now be formed to look into the possible misuse of public funds.
3. Just who is Lenovo possibly working with on a smartphone JV?
4. Mainlanders will do anything and everything to get their money out of China. Now they are buying up HK insurance policies.
5. Civil servants cry bloody murder at their below inflation pay raise.
6. HK’s dismal May property transaction figures get further validation from the Lands Registry.