Government changes Basic Law facts
In a Webb-site exclusive, we reveal that the HK Government has revised its own fact sheets on the Basic Law with politically-sensitive consequences. (18-Dec-2014)
Moving on from Occupy to the Central Issue
The protesters have overstayed their welcome in Admiralty. They should withdraw and set a new deadline for C Y Leung to do the right thing: send a new report to the NPCSC, recommending restoring the nomination threshold to 12.5% from 50%. That would achieve free and fair elections without civic nomination. After all, only 305 members of the 1200-member committee nominated him in 2012. A New Year's Day march should celebrate or protest his choice. Sign the petition! (7-Dec-2014)
Webb-site CCASS Analysis shows HK through-train holdings and changes
The CCASS data shows total positions held by mainland investors on the through-train from Shanghai, which are all held through China Securities Depository & Clearing. Settlement dates are 2 days after trade dates. Click the column-headings to sort. Click "Changes" to see the daily movements. (23-Nov-2014)
Submission to HKEx on Weighted Voting Rights
Webb-site calls on HKEx to keep 1-share-1-vote and not to introduce second-class shares or allow companies to install trapdoors in their articles of association. We also launch a petition - please sign it if you agree! (21-Nov-2014)
Shinhint (2728): Webb-site CCASS Analysis
Chim Pui Chung has sold the 27.99% bought last year from Chairman Jacky Cheung Wah Keung, while on 4-Nov-2014 Cheung sold 6.22%, cutting his stake below the Takeover threshold to 28.35%. Meanwhile, China Merchants Bank and 2 of its subsidiaries, as custodians, have acquired 26.34%, but nobody has disclosed an interest in these shares. The subsidiaries are CMB International Securities and Wing Lung Securities. It is statistically unlikely that these 3 are acting for mutually independent buyers. The SFC should investigate whether a concert party is underway. (13-Nov-2014)
Blowing the whistle on Sinoref (1020)
The latest deal deserves attention from the SFC's corporate misconduct team. We also find improbably high profit margins which have now collapsed, a big receivables problem, and two changes of board, the latest after a character from our 2012 "Raking Muck" series reappears. (12-Nov-2014)
Renowned local cartoonist Templar begins a digital presence on Webb-site. (1-Nov-2014)
HK Companies Registry finds new way to milk its monopoly
Company announcement, 19-Dec-2014
The CR has the monopoly on companies register information; last year it made a pre-tax profit of HK$347m on $606m of fees, including $70m of search fees, so it would still make a huge profit without charging to see the data. The principles of open data for public sector information require it to abolish the pay-wall and let the market innovate presentations and utilities for the data. Same goes for the Land Registry.
SHKP (0016): the son rises
Company announcement, 19-Dec-2014
As is traditional when an Asian tycoon is convicted, his son replaces him on the board of the listed company.
Court freezes bank accounts of suspected boiler rooms.
We note that Australian regulator ASIC has also warned about "Phoenix Creek Capital" which used a bank account in ICBC (Asia) held by SMD Partnership Ltd, one of the entities that the SFC warns about. ASIC also warns of a company called Drake Trading Ltd with an account at HSBC.
Rising Development (1004): Chairman sells 147.896m shares at $0.533?
Company announcement, 17-Dec-2014
Comment: that's 9.95% of the company, at a 91% discount to yesterday's closing price of $5.93. In our view, this stock is in a bubble. It will split 4:1 on 19-Dec-2014. At 26-Sep-2014 it was 6.27% owned by Freeman Corp Ltd, a partial subsidiary of Freeman Financial (0279). Yesterday's price values the holding at $553m. Update: we see that 147.9m shares have crossed the exchange at $5.33, not $0.533, and the stock was suspended at 13:02.
Ever-Long Finance Ltd v Rebecca Chan Pui Ching
HK District Court, 17-Dec-2014
The plaintiff is owned by Styland (0211). The defendant repaid a 2nd mortgage by borrowing from the plaintiff. A total of $217,100 in fees were charged, reducing the net loan to $712,900, so we calculate that the monthly repayments of $27,023 for 10 years would have resulted in an Annualised Percentage Rate on the net loan of 55.45%.
Chan Ping Che v Gunter Gao
HK Court of Appeal, 15-Dec-2014
The Court of Appeal grants a stay of the judgment below, allowing Mr Gao to defend the case of the $270m bounced cheques if he pays HK$30m into court within 14 days. "it seems to us that absent a stay, it would be open to the plaintiff to seek to enforce it and that this would have serious consequences for the defendant, including possible bankruptcy". Mr Gao is a member of the CPPCC National Committee and the HKSAR Election Committee.
Asia Energy Logistics (0351) plans toxic convertibles
Company announcement, 12-Dec-2014
The subscriber would convert at 80% of the lowest 3-day average in a 45-day window prior to its chosen conversion date, as long as the resulting conversion price exceeds $0.01. This type of convertible is also known as a "death spiral convertible" because the number of shares increases as the share price falls, and the expected dilution can cause it to fall further.
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Today's birthdays, 22 December
From Webb-site Who's Who
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|Aiken, John Alexander Carlisle
|Harilela, Bob Naroomal
|Stocken, Oliver Henry James
|Hay, Edward Philip Gerald
|Flockhart, Alexander Andrew
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|Ward, Tracy Louise
|Yu, Jiang (1963)
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|Hon, Johnny Sei Hoe
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