Webb-site.com
Established 1998

You are reading an independent non-profit commentary on Hong Kong's corporate and economic governance. Below is a list of our most recent articles and external coverage; you can find older articles via the archive link on the left. If you want our free newsletter, join the list on the right.

Retail Financial Products poll results

SFC reprimands and resolves compliance issues with Standard Chartered Bank (Hong Kong) Ltd
Source: SFC, 6-Jan-2009
Relates to: Standard Chartered plc 

Continuation of injunction against placing
Source: Company announcement, 6-Jan-2009
Relates to: eSun Holdings Limited  Passport Capital LLC 

SFC bans Kelvin Wu King Shiu for 2.5 years
Source: SFC, 5-Jan-2009
Relates to: China Everbright Capital Limited  Tungda Innovative Lighting Holdings Limited 

Pay-Shek
Sheltered by the immunity of the Legislative Council last week, Legislator for concrete Abraham Shek asked rhetorically whether the HKEx Head of Listings is working for David Webb. Well of course, he isn't, but we'll tell you whom Mr Shek is working for. Listed companies pay him as a director about 5 times what he earns as a legislator. (5-Jan-2009)
Relates to: Hong Kong Exchanges and Clearing Limited 

Weakening of corporate governance and quintupling of Chairman's pay
Source: Company announcement, 31-Dec-2008
Relates to: Chinese Estates Holdings Limited 

Liquidators suspect fraud at Peace Mark
A court judgement published on Monday this week sheds some light on the situation found by the provisional liquidators at Peace Mark (0304). We expect the Police Commercial Crime Bureau to investigate. (24-Dec-2008)
Relates to: Peace Mark (Holdings) Limited 

SFC v Du Jun (previously "A")
Source: HK Court of First Instance, 23-Dec-2008
Relates to: CITIC Resources Holdings Limited 

Tycoons whinge over blackout period
Tycoons are making a last-minute effort to undo a HK Listing Rule change which will prohibit directors from dealing between the end of a financial period and the release of the results, starting from 1-Jan-09. The regulators should not U-turn. (23-Dec-2008)
Relates to: Chamber of Hong Kong Listed Companies Limited (The)  Great Eagle Holdings Limited 

Discontinuation of quarterly reporting
Source: Company announcement, 22-Dec-2008
Relates to: FU JI Food and Catering Services Holdings Limited 

eSun substantial shareholder obtains ex parte injunction against placing
Source: Company announcement, 22-Dec-2008
Relates to: eSun Holdings Limited  Passport Capital LLC 

First Natural Foods says it made a false and unauthorised statement on 12-Dec-08
Source: Company announcement, 19-Dec-2008
Now it says 3 mainland directors resigned by fax on 12-Dec. The remaining Two INEDs and an ED are unable to contact the Chairman. So an ED and an INED held a board meeting on 17-Dec, after which the ED and the other INED resigned.
Relates to: First Natural Foods Holdings Limited 

Stanley Ho Hung Sun & Ambrose So Shu Fai v Winnie Ho Yuen Ki
Source: HK Court of Final Appeal, 19-Dec-2008

The 2008 Christmas Pick
Season's greetings to all our readers - time for Santa Webb's annual stock pick. Last year's pick, Shinhint (2728), out-performed the HSI by 6.5% and, of course, lost money. Even so, over 9 years of picks, we've gained 358%, a compound average of 18.4% per year, while the HSI has averaged just 3.1%. So what are we putting under the Christmas tree this year? Read on... (17-Dec-2008)
Relates to: Alco Holdings Limited  Fujikon Industrial Holdings Limited  Shinhint Acoustic Link Holdings Limited  Sun Hing Vision Group Holdings Limited 

Re Robert Alun Jones QC
Source: HK Court of First Instance, 17-Dec-2008
Relates to: Skyworth Digital Holdings Limited 

Inland Revenue v Ngai Lik Electronics Co Ltd
Source: HK District Court, 17-Dec-2008
Relates to: Ngai Lik Industrial Holdings Limited 

Shenzhen Investment lends to ex-director
Source: Company announcement, 15-Dec-2008
Comment: If Mr Tam wants to borrow money for his "urgent financial needs", then he should go to a bank. The loan is 10.6 times his 2007 salary, at 95% loan-to-value (without mortgage insurance). Are these really "normal commercial terms" as the directors claim? If so, then why didn't he get those terms from a bank?
Relates to: Shenzhen Investment Limited 

First Natural Foods suspended; company has only one director
Source: Company announcement, 15-Dec-2008
Relates to: First Natural Foods Holdings Limited 

Webb on "Backchat" re HK Government stimulus plans
Source: RTHK, 9-Dec-2008

Trio guilty of bribery and false accounting over Housing Authority building projects
Source: ICAC, 5-Dec-2008
Relates to: Hong Kong Housing Authority 

Mr Ong Hong Hoon disqualified from directorship for misconduct at GP NanoTechnology
Source: SFC, 4-Dec-2008
Relates to: GP Nanotechnology Group Limited 

International Trader Ltd v Appeal Tribunal (Buildings)
Source: HK Court of Appeal, 4-Dec-2008
Relates to: HKSAR Appeal Tribunal Panel (Buildings)  Swire Pacific Limited 

Censure of Northeast Electric Development Ltd (again) and of 17 current and former directors
Source: SEHK, 3-Dec-2008
Relates to: Northeast Electric Development Company Limited 

SFC fines two former South China Capital employees in relation to a listing sponsorship
Source: SFC, 3-Dec-2008
Relates to: South China Capital Limited  South China Financial Holdings Limited 

Re Koon Wing Yee
Source: HK Court of First Instance, 3-Dec-2008
Relates to: Easyknit International Holdings Limited 

Grand Field Group Holdings Ltd v Wayland Tsang Wai Lun & others
Source: HK Court of First Instance, 2-Dec-2008
Relates to: Grand Field Group Holdings Limited 

Tongda corrects "trivial and inadvertent disclosure mistake" of receivables in annual report
Source: Company announcement, 28-Nov-2008
Comment: the new classification appears to change the basis from invoice date to due date, with $192m of receivables overdue at 31-Dec-07. It is impossible to tell how old the receivables are. There has been no restatement for 30-Jun-08.
Relates to: Tongda Group Holdings Limited 

Gome Chairman, CFO under investigation by Beijing PSB for suspected economic crime
Source: Company announcement, 28-Nov-2008
Relates to: GOME Electrical Appliances Holding Limited 

Akai Holdings Ltd v Ernst & Young
Source: HK Court of First Instance, 28-Nov-2008
Relates to: Ernst & Young HK  Hang Ten Group Holdings Limited 

Eric Chan Shun Kuen v SFC
Source: SFAT, 28-Nov-2008
Relates to: South China Capital Limited  South China Financial Holdings Limited 

Robin Jonathan Gibbs Fox v SFC
Source: SFAT, 28-Nov-2008
Relates to: South China Capital Limited  South China Financial Holdings Limited 

Sign up for our free newsletter

Click to recommend Webb-site.com to a friend

Important notice: All material on this site, except where otherwise accredited, is copyright to Webb-site.com. Media are welcome to quote from articles on this site, provided that such quotation is attributed to Webb-site.com. The information in this site should not be relied upon by any person in making any investment decision. No responsibility or liability is accepted by Webb-site.com or any person related to it for any loss arising from or in reliance upon the whole or any part of the contents of this site. Persons who are in any doubt about an investment or potential investment in a security should take professional advice before making their decisions in relation to any investment. From time to time parties associated with Webb-site.com may own long or short positions in securities issued by or related to companies or governments on which we comment.

Back to top

Warning to Netvigator users: if you are using a PCCW Netvigator account for mail, then you will not currently receive our newsletter as it is rate-limiting mail from our dedicated server. So much for free speech! We suggest you use a better ISP such as Pacific Internet or i-Cable, or a webmail provider such as Gmail or AIM. You can complain to Netvigator by e-mailing techsupp@netvigator.com