We disposed China Water 中國水務 all at HKD 4.20

We have disposed all our holding of China Water at HKD 4.20.  Recent share price increase associate with a subsidiary obtain a 30 years concessions for a province in China.  The owner also bought in share from open market.  But we think PE 20 times above with profit yet to be factored may contain risk.  So we sold off and may buy into Hong Kong retail counters which has been beaten down by the protest.