al ▁in ▁bringing ▁the ▁icon ic ▁double - de cker ▁bus ▁to ▁Hong ▁Kong . ▁ ▁However , ▁by ▁the ▁early ▁ 1 9 9 0 s ▁and ▁after ▁N gan ▁Sh ing - kw an ' s ▁ret irement ▁from ▁day - to - day ▁operations , ▁that ▁the ▁Company ▁began ▁to ▁fall ▁behind ▁its ▁compet itors ▁City bus ▁and ▁K ow lo on ▁Motor ▁Bus . ▁N gan ▁Sh ing - kw an ' s ▁children ▁incorrectly ▁w ager ed ▁that ▁f rug al ▁Hong ▁Kong ▁customers ▁would ▁not ▁pay ▁a ▁prem ium ▁for ▁air ▁condition ed ▁bus es . ▁The ▁Company ' s ▁f rug ality , ▁once ▁a ▁virtue , ▁had ▁now ▁become ▁a ▁li ability . ▁Even ▁though ▁C MB ▁was ▁a ▁Hong ▁Kong ▁Stock ▁Exchange ▁listed ▁Company , ▁annual ▁general ▁meet ings ▁were ▁often ▁held ▁in ▁a ▁dep ot ▁and ▁once ▁inside ▁a ▁hospital . ▁Finally , ▁in ▁ 1 9 9 8 , ▁despite ▁ow ning ▁a ▁fleet ▁of ▁more ▁than ▁ 8 0 0 ▁bus es , ▁having ▁ 2 , 4 0 0 ▁employees ▁and ▁a ▁turn over ▁of ▁H K D $ 8 0 0 ▁million , ▁the ▁Hong ▁Kong ▁government ▁pulled ▁C MB ' s ▁lic ence , ▁cit ing ▁poor ▁performance . ▁At ▁the ▁time ▁C MB ' s ▁lic ence ▁was ▁pulled ▁just ▁ 2 0 % ▁of ▁their ▁fleet ▁was ▁air ▁condition ed , ▁versus ▁their ▁compet itors ▁which ▁had ▁approximately ▁ 8 0 %. ▁N gan ▁Sh ing