The Group has in the ordinary and normal course of business conducted its listed securities investment activities and maintains a treasury portfolio.  The treasury portfolio includes available-for-sale investments, investments held-for-trading, equity-linked notes and derivative financial instruments, of which available-for-sale investments (listed in Hong Kong) comprises over 90% in value of the treasury portfolio.

The top 5 available-for-sale investments (listed in Hong Kong) represented, in alphabetical order, are Agile Property (3383), Bank of China (3988), Bank of Communication (3328), China BlueChemical (3983) and Ping An Insurance (2318).    Cost, fair value and gain recognized in equity of available-for-sale investments (listed in Hong Kong) as at 1 February 2008 were HK$2,852.6 million, HK$7,926.3 million and HK$5,073.7 million respectively. The composition of investments in the treasury portfolio is subject to change without notice.

The available-for-sale investments (listed in Hong Kong) as at 1 February 2008 were entirely financed by internal resource of the Group, without borrowings.