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)
Delivery of petition for HK democracy
Webb-site has today delivered to the CE's Office the petition with the first 2,114 signatures. The realistic and pragmatic petition remains open for signature, so it is not too late to add your voice. The CE has an opportunity to resolve the impasse over constitutional development, move HK forward, and land on the right side of history. (31-Oct-2014)
Broadly representative of wealth
C Y Leung tells 3 media from democratic countries that the Nominating Committee should be "broadly representative" of wealthy people, not the general public, who would otherwise wreck the economy, and explains how he has to pander to vested interests in the committee to get elected. Yet the lack of a popular electoral mandate has resulted in populist handouts anyway, as well as wasteful infrastructure spending to favour vested interests. Could a democratically nominated and elected CE really be any worse? We also look ahead to what the students should realistically be asking for tonight. (21-Oct-2014)
Here's the speech by Webb-site founder David Webb to the crowd in Admiralty last night. (12-Oct-2014)
One HK, two possible outcomes
HK's civic freedoms and lack of democracy are an incompatible, unsustainable combination, which is why it is alone globally in that quadrant of the grid of democracy and civic freedoms. Either we move to a democratic open society, or we join mainland China and others with neither civic freedoms nor democracy. The status quo, with recurrent protests against an illegitimate and paralysed government, is not a viable option. (9-Oct-2014)
The highway guide to the Umbrella Movement of 2014
What's going on in HK? Here is our quick illustrated guide. Note 12-Oct-2014: we've amended the title from "Revolution" to "Movement" - as this subsequently emerged as the more accepted name for the pro-democracy protests. (29-Sep-2014)
C Y Leung to visit democratic Asian country
HK Government, 21-Nov-2014
They say he is visiting "Korea" which we assume means the Republic of Korea (South Korea) and not the Democratic People's Republic of Korea (Norh Korea), which of course, like most countries that name themselves Democratic, isn't.
ICube (0139) lends HK$75m to Cordoba Homes Ltd
Company announcement, 14-Nov-2014
The announcement fails to say who owns the borrower. As far as we know, at 18-Sep-2012 it was 100% owned by HEC Capital Ltd, which is at the core of what we call the "Chung Nam Network". ICube invested HK$65m in shares of HEC Capital Ltd on 22-Sep-2014.
Concentration warning in Sinogreen (1159)
Webb-site analysis: Sinogreen had net assets at 30-Jun-2014 of $24.1m and raised $164.4m from the issue of shares and convertible bonds to a Macau junket operator on 19-Sep-2014, with an issue and conversion price of $0.35. Upon full conversion, there will be 652,564,800 shares in issue, with a pro forma net asset value of $0.29 per share. The shares trade at $13.00, or about 45 times NAV.
Sidney Chau Foo Cheong v ICAC
HK Court of First Instance, 10-Nov-2014
Mr Chau, former head of security at HK Airport, succeeds in getting some documents back, claiming legal professional privilege.
HKSAR v Koo Sze Yiu & Ma Wan Ki
HK Court of Final Appeal, 10-Nov-2014
The court says that the law against desecrating the HKSAR flag (and by implication, the national flag) is still constitutional, 15 years after the last test, as it is "necessary" to maintain public order. On the other hand, the flag of the Communist Party is probably fair game.
HKSAR v Pang Hung Fai
HK Court of Final Appeal, 10-Nov-2014
Mr Pang succeeds and his conviction for money-laundering is quashed. The CFA holds that the list of grounds considered by the District Court judge in determining that the defendant had "reasonable grounds to believe" that the money was proceeds of an indictable offence was too narrow. It failed to take account of the existing relationship of trust between Mr Pang and Mr Kwok.
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Today's birthdays, 22 November
From Webb-site Who's Who
|Spencer, Charles (1706)
|Forbes, James Grant (1769)
|de Rothschild, Lionel Nathan (1807)
|Emerson Forbes, Edith
|de Rothschild, Leopold
|Jutting, Arthur Laurence
|Fraser, Etheldreda Mary
|Crichton, John Henry George
|Townsend, Peter Woolridge
|Huxley, Andrew Fielding
|Wong, Louis Kar Chit
|Hunt, Stephen Burnau
|Khattar, Sat Pal
|Arlidge Hung, Pamela Gail
|Yeung, Sum (1947)
|Lobo, Margaret Rosalyn
|Purves, Victoria Jane
|Lee, Jae Chul
|Broadley, Matthew Cameron