Portfolio Update

Update on Red Star Portfolio:

• Headed southwards: -7.07% as on 16 Nov 04;
  
• Added ZPI SG at S$0.22 last week;
  
• Only holding about water is CH SP, 1 breakeven, 6 in the red;
  
• Most heavily hit: CFLX SP, FAPX SP, MEGH SP, UFH SP [first two due to oil price concern; market sentiment to China businesses poor].