In August 1998, I was the business news editor of the South China Morning Post, an English language newspaper in Hong Kong, and can remember sitting at my desk when an e-mail arrived from a well-connected old friend that contained just one word: “Clang!”

In my reply, I asked him what he was talking about and received this back: “The bear trap is about to shut.” This did not help much, though all was to be revealed minutes later.