The fall of Narcissus

It seems the delisting of Narcissus has been long overdue.

It brought back some interesting memories when I read that Shanghai Narcissus was to be the first A-share company to get delisted. Thats because I can remember visiting Narcissus back in 1999.

I was travelling through China with then-fund manager Richard Tsiang now CFO of Yahoo Asia and it was the last of 20 or so companies we came across. We had been mostly looking at state-owned enterprises in Sichuan Province, but the final leg of our three-week journey brought us to Shanghai.

A broker friend of Tsiangs at Jardine Fleming had arranged the meetings. I never thought I'd walk through these gates again, said Tsiang at the time. This company is...

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