Subject: File No. S7-38-04

January 26, 2005

Dear Sir/Madam,

The elimination of the institutional internet roadshow will further reduce the access to important company information for US-based professional investors in IPOs and registered offerings.

We are already suffering from the disadvantage of information access compared with our competitors who are based outside the US jurisdiction in markets like Europe, Asia, Japan and others.

Our country is the global leader in financial asset management.

Proper regulations to protect the integrity of our system is utmost important, but there should be a balance to give sufficient information for investors to make the right decisions and compete effectively with our global peers.

Thanks for your attentions.

Herbert Chung
Non Japan Asian Equity Sales