The local bourse (交易所) operator was severely criticized (受批評) yesterday after suspending eight listed companies, including three blue-chip stocks, from trading following the breakdown (note 1) of its announcement e-platform.
"Our current assessment is that this is a result of a malicious (惡意) attack by outside hacking (note 2)," said Hong Kong Exchanges and Clearing (0388) chief executive Charles Li Xiaojia.
Investors failed to cash out (note 3) from HSBC Holdings (0005), HKEx (0388) itself, Cathay Pacific (0293), China Resources Microelectronics (0597), China Power International Development (2380), Dah Sing Banking Group (2356), Dah Sing Financial Holdings (0440), and a bond (4517), which were halted (停牌) from trading (even as the market rallied (勁升) yesterday after six session of losses. )
Some of the companies, including bourse operator HKEx, were set to announce interim results (中期業績) yesterday - to be available on HKExnews.hk - the sole (note 4) platform for all announcements of listed companies.
Cathay Pacific chairman Christopher Pratt said he was upset (不舒服) that investors could not trade its stock yesterday.
Dah Sing Bank executive director Gary Wang Pak-Ling said HKEx decided the suspension after his bank negotiated with the bourse operator. He urged the bourse to review the trading suspension arrangement.
More than 400 related derivatives (note 5) worth about HK$200 million were also suspended from trading. The exchange did not report possible hacking to the police until late evening.
Haitong International Wealth Management associate director Alan Leung Wai-lun criticized the suspension, saying investors have to bear the risk (note 6) overnight and investors have missed the chance to realize profits yesterday.
The platform was down at 11.45am and was temporarily fixed during the lunch break, but it failed again. Li defended (辯護) the suspension decision which, he said, was fair and equally bad for everyone.
From good to better English:
(note 1) breakdown=故障；失敗，挫折；中斷, 衰退。Working too hard led to Mo Mo suffering from a nervous breakdown=工作太辛苦令Mo Mo產生 神經衰弱。the breakdown of communication=聯絡中斷。a breakdown of data=資料的分類。
(note 2) outside hacking=外面駭客入侵電腦並進行破壞。Hacking=亂砍, 胡亂刪改。take a hack at=嘗試。
(note 3) cash out=套現 (出售股票)。Cash=現款，現金。be short of cash=現金不足。cash on delivery= 貨到收款[略稱 C.O.D.]。cash in=賺到錢，抓到賺錢的機會。cash a check=把支票兌現。
(note 4) sole=單獨的，單一的，唯一的。Victor was Julian’s sole confident= Victor 是Julian唯一信任的人。sole reason=唯一的理由。
(note 5) related derivatives=相關的衍生工具。股票的相關衍生工具包括期權 (options)、輪 (warrants)、期貨 (futures)等。
(note 6) bear the risk=承受風險。Bear=負擔，負載，負荷；承擔。Bear a loss=承擔損失。Bear a resemblance to it=跟它相似。Co Co’s letter to Victor bears no date=Co Col給Victor的信沒註明日期。
Victor’s View: Computer hacking is a serious matter. People could lose a lot of money or make less money if trading is suspended because of a security breach. Laws against hackers should be toughened.
(Victor Fung Keung, director of HK Baptist University’s M.A. in international journalism program, has published 4 books on English-enhancement [the latest, titled <<學會演說、改變你的人生>>, was published on July 18] and plans to write 6 more by the end of 2012. Write to him: deanfungenglish@gmail.com)
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