We’ve had a great
run with China Yuchai
(CYD:NYSE). We sold
half the position in
August 2003 for a 289%
gain. We held the other
half until it reached our
-20% trailing stop on
January 7, 2004. That’s
a 415% gain! Since
December 2004, the
stock has been on a steady decline. Even if you sold at
these levels, you would still be up over
100% on the position.      Guangshen Railway (GSH:NYSE)
recently hit a 52-week high of
US$20.74. China continues to increase
its budget to finance its infrastructure
projects, including its railways.
Guangshen is positioned to profit from
China’s modernization and expansion.
Continue to hold but maintain a -20%
trailing stop at US$16.59.      Quinenco S.A. (LQ:NYSE) recent-
ly hit a 52-week high. Take the profits
off the table. Sell LQ for a 163% gain!      Omi Corp. (OMM:NYSE) has
been appreciating with the increased
price of oil. The stock hit a 52-week
high in November. But the stock hit our
-20% trailing stop on December 28,
2003. That’s a 143% gain. Even the buyback announcement in December
did little to lift the stock. If you haven’t
sold, go ahead and do so.      Zindart Ltd. (ZNDT:NYSE) has
been disappointing, hitting our -20%
trailing stop on March 23, 2004. We
made out with a 28% gain. It also looks
as if there has been some heavy sell-
ing in January.      LJ International (JADE:NAS-
DAQ) hit our -20% trailing stop on
February 24, 2004. That’s a gain of
34%. I was looking for JADE to benefit
from the growing wealth of China. But
the stock has done little since its run-
up in January 2004.      Ivanhoe Energy (IVAN:NASDAQ)
has not been able to benefit from the
increasing demand for oil. The stock
hit our -20% trailing stop on March 11,
2004.       Things are not looking good for
Semiconductor Manufacturing
(SMI:NYSE). Last week, the Chinese
chipmaker announced that it is cutting
its output target for 2005. Despite long-
term optimism for the company, the
stock officially hit our -20% trailing
stop on May 14, 2004.       On the other hand, Sinopec
Beijing (BYH:NYSE) has been able to
benefit from the increasing demand for
oil. We’re currently up over 17%.   12 TAIPAN Publisher:
J. Christoph Amberger Editors:   Christian DeHaemer,
Siu-Yee Ng, Briton L. Ryle, Adam
T. Lass, Bryan Bottarelli, Ian
Cooper, William Colburn, Martin
Denholm, Ann Sosnowski, Erin
Beale, Alex Chinn, Abe Said Managing Editor:
Ned Humphrey Art:   Elliana Brocato Fulfillment:   Alex Ferguson Tours and Conferences:
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T #123384745 TAIPAN www.taipanonline.com Siu-Yee Ng ADR’s are the big winners
in 2004! Siu-Yee Ng 2004 Track Record Company Name (Symbol) Total Average Gains China Yuchai (CYD:NYSE) 415.56% 161.11% 60.00% 71.43% 38.40% 143.30% -20.00% -20.00% 17.15% 89.50% 28.00% QuinencoS.A. (LQ:NYSE) SGL Carbon (SGG:NYSE) Zindart Ltd. (ZNDT:NASDAQ) LJ International Inc. (JADE:NASDAQ) Guangshen Railway(GSH:NYSE) IvanhoeEnergy Inc. (IVAN:NASDAQ) Semiconductor manufacturing (SMI:NYSE) Sinopec Beijing (BYH:NYSE) Omi Corp. (OMM:NYSE) 2004 Gains