Li's man takes the helm at Vanda

WHEN

The trusty sidekick is Canning Fok, a 52-year-old former Arthur Andersen accountant who is charged with helping to draw up and execute Li's ambitious corporate strategies.

Just like his boss, Fok is well regarded in Hong Kong, and confirmation today that he had been appointed as chairman at Vanda Systems and Communications sparked a surge in the shares of the computer services firm. Vanda's stock rallied five cents, or 6.7%, to 79 cents, building on a run that has added 80% to its price over the past three months.

Fok, who is managing director at Li's main listed flagship Hutchison Whampoa, has come aboard at Vanda as Hutch boosted its stake in the company to 43% with the conversion of bonds into new shares. Three other Hutch reps were also appointed as executive directors at Vanda.

Fok is a low-profile workaholic who has been with Li since 1979, first with developer Cheung Kong and then at Hutch. Among his most recent tasks has been a mammoth effort to iron out some of the glitches that have marred Hutch's expensive push into third-generation telephony.

In a rare interview just this week Fok conceded that his working life dominated, and that he had not taken a holiday in more than a year. 'It's like a religion. This is our life,' Fok said.

Vanda specialises in integrating software systems and selling computer services. Capitalised at HK$1.2 billion (£98 million), it derives about half of its revenue from the fast-growing China market.

But Li and Fok are not the only players who argue that Vanda has great potential. In a nice twist DBS Group, the Singapore-based State-linked banking group, has also moved to convert its own Vanda bonds into equity. It holds 29% of the company.

The wider Hong Kong market climbed further above the 11,000-points threshold, supported by strong advances in US equities overnight. Wall Street was inspired by a solid showing in the Federal Reserve's Beige Book survey. Hutch, which has interests from ports to telecoms, rose 50 cents, or 0.8%, to HK$59.75, Cheung Kong rose 25 cents, or 0.4%, to HK$63.75, and fashion retailer

Esprit leapt 80 cents to HK$20.55. The Hang Seng added 37.3 points to 11,139.62, up 0.3%.

Japanese equities rose, aided by rumoured intervention in the foreign exchange markets by the Bank of Japan. As the authorities dumped yen for dollars, the Nikkei 225 lost 68.74 points, or 0.64%, to 10,646.95. Brokers said keeping the yen from rising too far, too fast bolstered the country's exports sector. Tyremaker Bridgestone rose 40 yen, or 2.4%, to 1687 yen while Fuji Photo put on 90 yen, or Carmakers got a lift from Goldman Sachs, which upgraded its view of the sector to 'attractive' from 'neutral'.

'Concern over a correction in US auto demand has eased considerably,' it said. Nissan Motor led the gainers, up 37 yen, or 2.9%, to 1317 yen.

Australian stocks rose to a 14-month peak aided by the improved global growth outlook. The All Ordinaries was up 18.9 points, or 0.6%, at 3229.8. Media giant News Corp rose 7 cents, or 0.5%, to A$13.69.