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Warning: 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.

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; you can find older articles via the archive link on the left. If you want our free newsletter, join the list on the right.

Is Tibet entitled to self-determination?
This is the article by Senior Counsel Paul Harris originally commissioned by Hong Kong Lawyer, the journal of the Law Society, the Editorial Board of which approved, but then U-turned and decided not to publish. In the interests of freedom of speech and debate that are cornerstones of HK's success, Webb-site.com is publishing it instead. (26-Apr-08)

Take our blackout poll

The insider blackout period
Webb-site.com supports the Listing Committee's proposal to rebase the blackout period on directors' dealings from the end of the financial period until results are published. Tell us what you think in our opinion poll. (24-Apr-08)

Fact check: Cathay v Oasis
True or false? Cathay Pacific Airways denies it ever opposed licensing applications by Oasis Hong Kong Airlines. (24-Apr-08)

Poll Poll results

Poll Position
We need your help! SEHK has proposed requiring all votes to be conducted by poll (1-share-1-vote), ending the ancient show-of-hands system. We strongly support this move to greater transparency and accountability. Take our opinion poll and tell us what you think. Meanwhile, we urge custodians to tick the CCASS box to demand polls in all meetings. (3-Apr-08)

Bob Bunker runs for HKEx Board
Webb-site.com is pleased to announce that Bob Bunker has accepted a nomination to run in the contest for election as a director of HKEx. Two board seats are available. We recommend shareholders vote in favour of Mr Bunker and incumbent director Mr Bill Kwok Chi-piu, and against all other candidates. We also update you on the Ocean Grand case. (31-Mar-08)

Webb on "Backchat" re Budget
RTHK, 29-Feb-08

CNOOC Burma partner owned by "heroin trafficker" family
According to the US Treasury, the partner of CNOOC Ltd (883) in its oil and gas projects in Burma is owned by the daughter-in-law of one of the world's leading heroin traffickers. (26-Feb-08)

Webb on "Backchat" re David Li
RTHK, 19-Feb-08

David Li Kwok Po resigns from Executive Council
HK Government, 8pm 16-Feb-08

Letter to Donald Tsang
Webb-site.com editor David Webb has written to Hong Kong's Chief Executive with the results of our opinion poll on whether David Li Kwok Po should leave the Executive Council. (15-Feb-08)

Resign, Mr Li
Early today HK time, avoiding local press coverage, the US SEC announced David Li's HK$63.2m settlement of charges of insider tipping in the Dow Jones case. We call on him to do the honourable thing and resign as a member of Hong Kong's cabinet and legislature. (6-Feb-08)

Stock Exchange launches lunchtime shocks
Under "minor listing rule amendments" announced tonight, HKEx will allow companies to release unscheduled price-sensitive information during lunchtime, leaving outstanding orders from the morning session at risk of being hit. (1-Feb-08)

Nam Tai restructuring proposals
Nam Tai Electronics (NYSE:NTE) has proposed a complex restructuring involving its two HK-listed subsidiaries, JIC (0987) and NTEEP (2633), subject to independent shareholders' approval. Webb-site.com editor David Webb is a significant holder of NTEEP shares. We give our voting opinion on all the transactions by both companies. The meeting is soon, so VOTE NOW. (9-Dec-07)

The 2007 Christmas Pick
Season's greetings to all our readers - time for Santa's annual stock pick. Last year's pick, Sino Golf (0361), under-performed, recording our first ever loss of 6.7% overall. Even so, over 8 years of picks, we've gained 669%, a compound average of 29.1% per year, while the HSI, despite the current bubble, has averaged 11.3%. So what are we putting under the Christmas tree this year? Read on...(3-Dec-07)

Your auditor in Mongolia
Mongolia Energy announces a change of auditors, and a HK firm reaches the parts that PricewaterhouseCoopers cannot reach. (30-Nov-07)

Deutsche Bank's toxic derivatives
Two years ago, we successfully deterred the issuance of further toxic convertibles by listed companies in Hong Kong. Now we find that another bank is peddling toxic derivatives to small listed companies, including three small, apparently cash-rich, HK-listed industrial companies from Fujian. Both sides are to blame. Listed companies should only use derivatives to reduce risk, not to increase it, and banks should not be selling such unsuitable and toxic products to unsophisticated clients. (30-Nov-07)

Choi's choice of degrees
We examine the academic qualifications of Francis Choi Chee Ming, founder of private toy company Early Light and Vice Chairman of Regal Hotels (0078) and Town Health (8138). (21-Nov-07)

Henderson Investment, Round 3
We urge minority shareholders of Henderson Investment (0097) to vote against the sale of its controlling stake in Hong Kong and China Gas (0003) to Henderson Land Development (0012). Read why. (31-Oct-07)

Listen to Donald Tsang on democracy and the Cultural Revolution
RTHK, 12-Oct-07 His apology, 13-Oct-07

MTR Exit
The Government's push to get the MTRC deal approved provided a 35% premium to the share price, or a HK$37bn gain in market value since the circular was posted. If they had offered to buy out the minorities at the current $25.60 price, we would have recommended acceptance. Most of the institutional investors have voted with their feet and sold out, leaving a low 25% voting turn-out at today's EGM. (9-Oct-07)

Faster and quarterly financial reporting
We need your help! After trying once in 1998 and again in 2002, Hong Kong is again proposing faster financial reporting and mandatory quarterly reporting, to catch up with the rest of Asia, including mainland China, where quarterly reports have been mandatory since the start of 2003. With your support, we hope to overcome vested interests this time. Please take our opinion poll! (24-Sep-07)

Incredibubble!
What else can you call a US$3.2tn market which has gained 358% in 20 months and trades on a historic P/E of over 60, which is probably closer to 80-100 excluding stock-market and real-estate revaluations from "E". We look at the bubble, the impact on HK, the thru-train, the calls in HK for an A-H arbitrage mechanism, and how the bursting may affect the socio-political system. The absence of a free media is itself contributing to the bubble. (16-Sep-07)

MTRC: Time to Vote
We analyse the MTRC circular on the so-called "Rail Merger". We reaffirm our advice to independent shareholders to vote AGAINST the transaction. VOTE NOW - and don't assume that others will stop the deal for you. The Government will spare no effort trying to push this through. (11-Sep-07)

Intervention Returns
We look at the HK Government's surprise disclosure of 5.9% of HKEx, where it might go next, and how it quietly scrapped a 5% benchmark on the Exchange Fund weighting in HK stocks, leaving it as the 2nd-biggest investor after the mainland Government. With about HK$1 trillion of surplus liquid assets, whatever happened to Donald Tsang's "big market, small government"? We call on the Government to return its surplus capital to the people with a 10-year program of deliberate budgeted deficits. (10-Sep-07)

Minister supported MTRC fare autonomy
The new Secretary for Financial Services and the Treasury, and hence a director of MTRC, Professor K.C. Chan, has stated his support for fare autonomy, something worth billions of dollars to MTRC shareholders, which the Government is now trying to take away for no payment in return. (31-Aug-07)

A by-election in HK
We take a look ahead to the forthcoming by-election in Hong Kong, and marvel at the hypocrisy of the DAB and Regina Ip. (31-Aug-07)

Egana update
We update you on the Egana (0048) situation, and the answers management provided to some of the questions in a recent conference call with investors. A recording of the call is now available for download from Webb-site.com, in the interests of fair disclosure. (6-Aug-07)

Tack Fat: as clear as Mudd
Webb-site.com takes a close look at the latest accounts of garment maker Tack Fat (0928), and finds plenty to worry about. Amongst other issues, Tack Fat is fast approaching a 30-Sep expiry of an option to increase its stake in Mudd or lose the premium, and investors and the auditors do not have enough information on Mudd to reach a view. Meanwhile there was a previously undisclosed deposit at least 2 months before the latest $330m acquisition of XXESS. (6-Aug-07)

Egana and Upbest
Following this week's charges by the ICAC against certain directors of Upbest (0335), Webb-site.com looks at the connections between EganaGoldpfeil (0048) and Upbest, and we don't like what we see. There's a mixture of out-and-back profit-generating transactions, innovative accounting policies, investments in closed-end funds, interest-free "deposits", rolling promissory notes and yes, an aborted gas transaction in the PRC. Are we looking at the next Moulin here? (26-Jul-07)

HK Government intervenes in journalism
Was overseas coverage of HK's Handover anniversary too much and too positive? Webb-site.com exposes the Hong Kong Government's junket journalism programme, spending taxpayers' money flying journalists here, putting them up in 5-star hotels, and biasing the coverage of HK affairs. (14-Jul-07)

Previously on Webb-site.com
Check out our full list of articles in the archive, since our launch in 1998.

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.

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Webb-site.com Established 1998

Webb-site.com
Established 1998