Our stories
China Public Procurement
In part 4 of our series on a network of companies, we cover China Public Procurement (1094) which has a long string of over-priced acquisitions from often-anonymous vendors, "earnest money" deposits for deals which don't happen, issues of unlisted warrants and shares for no obvious reason, and gaps in disclsoure. If you own this stock, get out while you can. (3-Jul-2009)
- People
- Au, Tin Fung
- Chan, Chun Wai
- Chan, Joe Cheung
- Chan, Kin Kee
- Chan, Wai Ming (1959)
- Chiu, Nelson Yu Choi
- Fong, Herman Yat Wo
- Hung, Wilfred Fan Wai
- Kan, Philip Siu Lun
- Lam, Kitty Kit Ping
- Lam, Shu Chung
- Lee, Man Fa
- Li, Chun Tak (1979)
- Liu, Yi Dong
- Lu, Xing
- Lui, Albert Chun Shuen
- Sham, William Chi Keung
- So, Connie Choi Ying
- Too, Shu Wing
- Tsoi, Yung Yung
- Tsui, Deso Pak Hang
- Wong, Hans Hin Shek
- Wong, Tony Kam Fat
- Wu, Fred Fong
- Yu, Katherine Kin Ling
Skin in the game
In part 3 of a series, we look at the often calamitous IPOs produced by B M Intelligence and its conversion into China Bio-med Regeneration Technology, involving a huge mark-up on the acquisition. We also cover an international organisation run out of a cobbler's shop in Las Vegas, and the recent changes of ownership in CBRT, including a CPPC member who is a big fan of the PLA. (23-Jun-2009)
- People
- Chan, Terence Ho Wah
- Cheng, Tony Chak Ho
- Cheung, Cheever Siu Chung
- Cheung, For Sang
- Cheung, Sing Chi
- Chong, Brandson Cha Hwa
- Dai, Yumin
- Gao, Gunter Jingde
- Ip, Arnold Tin Chee
- Ip, Barry Yu Chak
- Lam, Raymond Shiu Cheung
- Lee, Daniel Ka Leung
- Lin, Hoi Kwong
- Lo, Lowell Wah Wai
- Lo, Roy Wa Kei
- Lui, Tin Nang
- Orr, Joseph Wai Shing
- Sun, Patrick Sai Man
- Tin, Ka Pak
- Wong, Oscar Sai Hung
- Woo, Lawrence Hing Keung
- Yang, Linda
- Yeung, Agnes Sau Han
- Yu, Sau Lai
The Semtech saga
In this side story to Part 3, we look at the scandals which surrounded Sino-Tech International Holdings Ltd in 2004, the subsequent convictions, possible options abuse and the missing deposit on a failed Vietnamese chromium mining project. (23-Jun-2009)
GP Nanowreck
In this side story to Part 3, we tell you about the convicted criminal who the SFC alleges was behind the IPO of GP Nanotechnology, which was one of the pre-IPO customers of B M Intelligence. We now publish the complaint filed by Webb-site.com in 2002 which triggered the investigation, and ask whether the SFC's action to disqualify directors is sufficient, given the alleged false and misleading disclosures. (23-Jun-2009)
China Railway Games
In part 2 of a series, we look at how HK$16bn of market cap evaporated when bubbles around China Railway Logistics, PME and Forefront burst. Each dealt with the same purported arm of the Ministry of Railways for joint ventures in wagon-leasing, media and online ticketing, each of which failed to get started. A miriad of BVI shells with shadowy owners are involved, but at least one has exposed himself in a court case. (11-Jun-2009)
Rent distortion in container truck game
The Government moved the goalposts and created uncertainty in future tenders of short-term land tenancies by cutting rents by 20% for 6 months at a cost to taxpayers of HK$166m. It serves them right that they are now fielding complaints from car park users who realise that the tenants were the main beneficiaries. (8-Jun-2009)
Tycoons gain in Listing Committee shake-up
Well what did you expect after the blackout saga? The changes are not subtle, and further diminish the outlook for corporate governance reforms in the Listing Rules. We take you through the changes and the likely shape of the committee until 2012 and its leadership until 2015. (8-Jun-2009)
The HKICS blackout study
In a side-piece to our story on the Listing Committee, we look at the flaws in the study commissioned by the Institute of Chartered Secretaries after they opposed the backout extension, from none other than the brother of the Secretary for Financial Services, whose bureau lobbied to overturn the rule. (8-Jun-2009)
Suitability in a disclosure-based market
SEHK has announced possible waivers of the profit criteria. We don't object, but the profit test should be scrapped. It has no place in a disclosure-based market, and is no substitute for better accounting disclosure requirements and effective legal remedies and deterrents, all of which HK still sorely lacks. We make proposals for those. (8-Jun-2009)
Byford bubble
Investors should beware of a bubble in Byford (8272), which boasts two celebrity shareholders - New World Development's Cheng Yu Tung and Angela Leong, a wife of casino tycoon Stanley Ho. Both apparently paid 186x net asset value for the shares. (1-Jun-2009)
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Other news
Censure of Dahe Media, censure and criticism of certain directors
SEHK, 22-Jun-2009
- People
- Chan, Viveca E Nam
- Cheng, Zhiming
- He, Chaobing
- He, Lianyi
- Li, Huafei
- Li, Yijing (1930)
- Qiao, Jun
- Shen, Jin
- Wang, Weijie
- Xu, Xiang
SFC revokes and fines Mr Chan Wang Fai
SFC, 8-Jun-2009
Comment: the unnamed listed company should now sue Mr Chan and his brokerage First Shanghai Securities Ltd for the HK$930,000 in excess cost which they had to pay for share buybacks due to Mr Chan's malfeasance. This cost was ultimately bourne by the shareholders of the listed company.
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