（1）美國上市公司的投資者关系主管

（2）投資銀行的机构銷售主管。

Two jobs for the ambitious.

(1) a China-based financial-sector company listed on the NYSE need an IR and capital markets professional. I have advised the company for five years and am helping with this recruitment. This person will spend at least 1/3 of her/his time in Guangzhou and the rest in Hong Kong or wherever. Contact joe.zhang@slowbull.cn

(2) Head of equities and bonds sales. SBI China Capital is one of the oldest boutique investment banks in Hong Kong. I am a co-chairman there. The head of ......

股市的运转需要坚实的法律基础。否则，小股东只能受气，买股票就是捐款。股民之间只能相互搞定，所有的估值也都没有意义。利润涨跌，净资产值的大小，新产品的成败跟小股东有何相关？一点都没有。法律必须十分清楚，执行起来毫不含糊。如果没有这个前提，股市就是建立在沙滩上的，估值就应该很低很低，因为它只有博傻的价值。

我讲的可不只是股票交易的法律基础，我讲的是整个企业治理的法律基础。

China is already in a credit crisis. We may not see a dramatic event or an official announcement about it. Rather it is going to be a long period of water torture. Last time China had a credit crisis, in 1999-2001, Zhu Rongji, Vice-premier announced the country’s banks were “technically bankrupt”. What followed was the creation of four “bad banks”, the asset management corporations (Cinda, etc). Massive recapitalisation of the banks led to high inflation of goods, services and asset prices. As a result, the bad banks turned into huge profit centres. This time,......