Citic Pacific said it knew of the losses, which it claims were unauthorized, six weeks before it announced them.

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Surprisingly, CalPERS still owns stock in Citic Pacific, an affiliated Hong Kong-based company.

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"The Citic Pacific case will be a litmus test, " says Webb.

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TPG-Newbridge will bring in Larry Yung, China's richest businessman and chairman of Citic Pacific, and Lee Shau-kee, a local tycoon and head of Henderson Land, a property group.

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Ev en in Hong Kong some stocks look attractive: conglomerates like CITIC Pacific, which is the premier red chip, or First Pacific and Hutchison Whampoa, or even HSBC, which is a strong, global bank.

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Citic Pacific's managing director is Henry Fan, who took a leave of absence as a member of Hong Kong's executive council and chairman of the city's Mandatory Provident Fund Schemes Authority after the company's announcement.

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Hong Kong Red Chips--shares of Chinese firms listed in Hong Kong, such as Citic Pacific or China Telecom, are treated separately from the rest of the Hong Kong market, because they tend to be more volatile and have different accounting standards.

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By pushing back against the attempted PCCW buyout plans of Richard Li and probing the muck of Citic Pacific, the commission and its head Martin Wheatley (profiled in our Jan. 12 issue) have joined with longtime local reformers to start the ball rolling--if still uphill.

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