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Sign the petition for C Y Leung to send a new report to the NPCSC

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Putting the FRC in Farcical (updated 22-May-2015)
In a shocking failure to recognise a basic and obvious accounting and auditing error, HK's Financial Reporting Council rejected our complaint. The listed company involved has now admitted the error. We call on the FRC's Process Review Panel to investigate how it deals with complaints. (16-Apr-2015)

Southbound net settlements on 9-Apr for trades on 2-Apr
Bookmark this page and check it daily - enter any date you like in the "to" box. Settlements are normally 2 working days after transactions. (10-Apr-2015)

Lee Kuan Yew arrives in Liverpool, 1946
Singapore was then a British colony, but the entry records record him as both a citizen of China and British. Also on the same ship were future leading figures in HK. (30-Mar-2015)

Government cites Webb-site board stats without attribution
The Government has cited statistics from Webb-site Who's Who without attribution, instead attributing them to SEHK. You're welcome. (25-Mar-2015)

China Money Recycling
A graphic from this week's judgment on China Metal Recycling (0773) seems strangely familiar. (14-Mar-2015)

NPCSC poll results: not much optimism
The results of the Webb-site Opinion Poll on "NPCSC decision - pocket or not" show that the opponents of the NPCSC proposal don't want to get stuck with it, but they don't expect a veto will produce a better offer for 2022. Meanwhile the proponents recognise that the current offer is fake democracy, but they think it is worth taking in the hope of real democracy later. (10-Feb-2015)

Top stocks on the Southbound through train by value, 5-Feb-2015
Visit Webb-site Who's Who daily for updates. CCASS positions lag transactions by 2 days. (6-Feb-2015)

Beijing's 2020 vision for LegCo
In the past few days, it has become clear how Beijing plans to rig the 2020 LegCo elections to claim "universal suffrage" without losing control. This gives even less reason for legislators to approve Beijing's proposal for the 2017 Chief Executive election. (3-Feb-2015)

The architect and surveyor cartels
Webb-site finds written evidence of price-fixing and other anti-competitive practices at the HK Institute of Architects, HK Institute of Landscape Architects and HK Institute of Surveyors. But they do have 1 legislator and 30 seats in the CE's Election Committee, so when will C Y Leung activate the Competition Ordinance? (25-Jan-2015)

Yes Pope Frank, we can mock faiths
Pope Francis says its OK to punch someone who insults his mother, and we cannot make fun of faith. No, it's not. No insult justifies an assault, whether it's an insult against you, your mother or Muhammad, and whether it is a punch, a massacre or a state-sponsored flogging. Laws against blasphemy, insult and mockery have no place in an open society and incentivise intolerance of free speech. (17-Jan-2015)

Occupy school suspension order was invalid
We have investigated the Government's actions during the "Occupy" protests and find that it lacked the legal powers to order district-wide class suspensions, and was therefore acting outside the rule of law. (13-Jan-2015)

The bubbles in CNN
We warn investors of 3 bubbles amounting to HK$20.0bn (US$2.58bn) in the "Chung Nam Network" of listed companies, Heritage (0412), Rising Dev (1004) and Mascotte (0136) and look at a blatantly bad decision by the board of Hao Tian (0474), and an undisclosed Very Substantial Acquisition by that company. One of the bubbles is even a Russian doll "double bubble" - one owns the other. (8-Jan-2015)

Other news

Goldin Properties (0283): we don't know why our bubble is bursting
Company announcement, 21-May-2015
The stock is down 45.7% at the lunchtime break today.

Goldin Financial (0530): we don't know why our bubble is bursting
Company announcement, 21-May-2015
The stock is down 57.5% at the lunchtime break today.

Modern Land (1107) plans to cancel dividend
Company announcement, 18-May-2015
"the Board has come to the view that issuance of bonus Shares as a return to the Shareholders will give them an opportunity to increase their shareholdings in the Company at the comparably low costs". What a misleading statement. Cutting the pizza into more slices does not give people more pizza.

Mimi Wong Kar Gee v Raymond Hung Kin Sang
HK Court of Final Appeal, 18-May-2015
The long divorce battle surrounding the co-founders of Applied Development (0519) comes to an end, with the husband winning the final round.

HKSAR v Carson Yeung Ka Sing
HK Court of Appeal, 15-May-2015
Having lost his appeal against convictions, Mr Yeung's appeal against sentence could not formally be abandoned, so leave to appeal is refused.

Power Assets (0006) independent shareholders veto loans to parent
Company announcement, 14-May-2015
They called it the purchase of "connected debt securities" but it amounts to lending money to the parent, which is never a good idea. It was close though, no doubt after a lot of lobbying.

Concentration warning in Jicheng Umbrella (1027)
Company announcement, 14-May-2015
The surge in the stock price gives new meaning to "umbrella movement".

China Jinhai (0139) sells 15/F China United Centre in shell
Company announcement, 12-May-2015
The announcement fails to say who owns the buyer. We can tell you that as of 18-Sep-2012, Future Master Investments Ltd was owned by Cordoba Homes Ltd. That is 94.54% owned by HEC Capital Ltd (a hub of the "Chung Nam Network") and 5.46% owned by Mission Capital (1141). The shell deal avoids 8.5% Double Stamp Duty on the deal. The deal occurs just 6 weeks after completing the purchase of the same thing from Qualipak (1332).

China Env Energy (0986) pays HK$113m for 1.73% of L & A (8195)
Company announcement, 12-May-2015
The average price per share was $1.62. At 31-Dec-2014, L & A had equity of $136.73m, or $0.034 per share. So the price is about 48x book value of the OEM cashmere clothing maker. In our view, China Env Energy has just invested in another bubble, following its investment in Suncorp (1063). The question is, why?

Previously on Webb-site.com
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Today's birthdays, 23 May
From Webb-site Who's Who
Stanhope, George 210
Roche, Edward FitzEdmund Burke 165
Bonham, Lilian Frances 132
Spencer, Albert Edward John 123
Pelham, Marjorie Edith 118
Hughes-Hallett, Clive Loch 111
Lo, Lai Chi 91
Chiu, Hin Kwong 87
Oxley, Clive William Baker 79
Lai, Michael Kam Cheung 70
Ho, Richard Man Wui 69
Chan, Cavor Kai Ming 64
Li, Eric Ka Cheung 62
O'Donovan, Kathleen Anne 58
Bertamini, Stefano Paolo 51
Wong, Lok (1973) 42
Ploshay, Elizabeth 26
Gates, Rory John 16

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