lothar montel of tatton investment management is still with us this morning.question regarding this is, what is going on with ant and alibaba. is that a red flag for investigators -- investors who are looking to china? lothar: not necessarily. it is not pleasant, but it was on the cards unforeseeable. i think investors do recognize that china is not quite the same as the west, so i wouldn't see it as a massive, huge red flag. i think we all saw this coming. ismarie: do you think this idiosyncratic to jack ma's empire or is there risk they will -- this will spread to other chinese companies? i think you will see the involvement of the state with other chinese companies when they do something that is not quite as expected by the chinese are liked by the chinese government and there are some positives in that, in that it can indicate real regulatory we havet that perhaps been missing in some other stories over the last year, would wirecard have happened if the german regulator had a similar oversight regime as the chinese are displaying here at the moment? annmar