and i thank you recommended cash payments to the m.t.a., which would be gary and that this -- then nass, is that correct? >> yes, just to be -- the 5 million of the fund came from the general fund set aside that goes to the m.t.a. for pedestrian safety projects or four fleet replacement or all the things related to that. we have significant projects that are going on right now that are major transit projects in san francisco including then nass, terra bill, central simply , so course what we are hearing from this commission is those are major knees. we need to get the money out for those people. however, the mtas a partner on a number of other projects in san francisco where we are heading pedestrian bowls or the element of our project is not that impact will overall when you're looking at m.t.a. specific improvements. is part of a larger citywide project to replace sewer or water line and doing repaving. the idea of doing revolving loan fund using m.t.a. budgeted fund is recognizing we are a partner in a significant number of projects in san francisco and we have equal responsibility b

week, the new nass textile stock exchange opened in china, market, thetar first day for a training frenzyompanies that made their 140%,rose an average although the exuberance faded a bit as the week went on. selina wang, with the china renaissance group at the launch of the new exchange, and asked how this new stock menu will distinguish itself. ♪ -- it's allfferent about the sponsorships. neednot about whether you a certain requirement, at the end of the day. us, with a lot itchinese tech companies -- is quite interesting. >> how much do you see this shifting the balance of listing from new york in hong kong to mainland china? the u.s. is still a very attractive place given the opportunity to raise u.s. dollars and get capital control. >> i think these are different markets. they'llng kong, china, have a different focus. company,e a large cap the u.s. is a perfect home. broadestt liquid, capital market in the world. it hasng, obviously, connections to the china markets, and if you are a company with unique business model, hong kong is probably your topic. and if you are hard tech semicon