Looking at Bloomberg’s classification, Sapphire is still classified in the “Metals & Mining” industry. However, Sapphire has completed its acquisition of China-based Engineering, Procurement and Construction (“EPC”) business, Ranken Infrastructure Limited (“Ranken”) on 1 Oct 2015. According to Sapphire’s press release, Ranken is China’s second largest privately-owned integrated rail transport infrastructure construction group and the only privately-owned operator in China which has obtained the prestigious full AAA-certification for design, construction and project consultation in the rail sector. Ranken’s clients are mostly state owned enterprises (“SOE”) and Fortune-500 companies in China. Going forward, Ranken will be Sapphire’s largest revenue contributor. It seems to me that Sapphire, through Ranken, may be in a promising industry with bright prospects. I managed to contact Mr. Teh Wing Kwan, Group CEO and Managing Director of Sapphire and I was pleasantly surprised that he promptly agreed for an exclusive meeting (despite his busy schedule). Here ......