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CAID (0048) gains from umbrella bubble
Following a Webb-site complaint to regulators, CAID has revealed 3 holdings, including umbrella maker China Jicheng (1027), still trading at over 70x NAV. CAID expects the investments to contribute a positive return in the near future, but doesn't say why. Meanwhile Lerado (1225) hasn't said how it made similar gains. Is it also in the umbrella bubble? (10-Oct-2015)

Transcend This
If the new policy of "decolonisation" requires HK Post to vandalise its boxes, then what comes next? Perhaps the royal insignia on the Court of Final Appeal building will be "transcended". (5-Oct-2015)

Bubble warning: MPG (8147) (update 10-Oct-2015)
This stock closed at a record daily high of $12.40 on Wednesday, 91.8x its listing price for a US$1.67bn bubble, but even as a shell, in our view it is only worth about $0.25, for 98% downside. (1-Oct-2015)

Tung Chao Yung, born with the Republic of China (update 3-Oct-2015)
A historic document reveals the date of birth of shipping tycoon C Y Tung, father of HK's first Chief Executive. (27-Sep-2015)

Bubbles and troubles in Hong Kong
Pour yourself a coffee and digest this long article as we investigate several ongoing abusive "open offers" and placings as well as show you who's been making out in multi-billion-dollar bubbles. We call on regulators and rule-makers to take action. (24-Sep-2015)

Hao Wen, Capital VC and Unity
Webb-site finds questionable cash investments at extremely high valuations which link together 3 listed companies. We urge the SFC's corporate misconduct team to investigate. (24-Sep-2015)

China Jicheng (1027) may be preparing for a placing
We note that 1.5bn shares (10%) of China Jicheng were deposited into CCASS on 17-Sep-2015, via Black Marble Securities. These can only be from Chairman Huang Wenji. Shares must be in CCASS to be tradable, so this may be a preparation for a top-up placing. Click the link to see CCASS movements. The stock is in a bubble, at 106x NAV last night, up 64x since the IPO. Black Marble is owned by Lerado (1225). (23-Sep-2015)

Tradelink's provincial politics (updated)
What is Taiwan? Tradelink has the answer... (22-Sep-2015)

FRC probably investigating Esprit (update 26-Sep-2015)
The Government has appointed a standby Chairman and two temporary members of the Financial Reporting Council, to deal with potential conflicts of interest for its Chairman, John Poon Cho Ming, and other members. We connect the dots. (20-Sep-2015)

You are silly, Yuhua (update 6-Oct-2015)
Yuhua Energy (2728) proposes a 2 for 1 bonus issue and a 4.5-fold board lot increase that it wrongly claims will reduce the market value per board lot and thereby enhance trading liquidity. In fact it does the opposite. (17-Sep-2015)

Cheng & Cheng's EPS snafu
The HKICPA sanctions the audit firm and its director, but fails to disclose the listed company involved. We'll tell you who it was. (1-Sep-2015)

Challenges for China and implications for Hong Kong
Slides from a presentation by David Webb to the Oxford University Hong Kong Society annual dinner last night. (22-Aug-2015)

Time2u (1327): 20.80% is deposited into CCASS with Black Marble Securities on 31-Jul-2015
The stock was listed on 30-Jan-2015 so this deposit is the day after the 6-month lock-up on new issues expired; this block of shares must come from the controlling shareholder. (1-Aug-2015)

One Country, Two Typhoons
Look at this weather map. What a perfect metaphor for the markets. (9-Jul-2015)

Webb to defend HK media freedom in landmark appeal
In a public hearing on 13-Jul-2015, Webb-site's founder, editor and publisher will appeal against an Enforcement Notice issued by the Privacy Commissioner which, if upheld, would have wide-ranging implications for freedom of speech and publication in HK and access to media archives of HK-based publishers. (4-Jul-2015)

Other news

Financial statements of AzureTax Ltd, 30-Jun-2011
Company filing, 9-Oct-2015
Deborah Annells was the sole director. The auditor's report and note 12(c) refer to the police investigation.

Government: colonial posting boxes still in service are "inappropriate"
HK Government, 9-Oct-2015
The Government is "looking into ways to update the markings on these boxes". Send them suggestions on a postcard. So are the royal insignia on the Court of Final Appeal building, and the crown on its dome, also "inappropriate"? How about the street names? Queen's Road to become Deng's Road?

China Soft Power (0139) increases to 24.19% of Skyway Securities (1141). Senworth filing
Disclosure of interest, 8-Oct-2015
The 14.75% stake was purchased for HK$434m ($0.31/share). Both companies are in what we call the "Chung Nam Network". Neither company has made an announcement. The vendor was probably Senworth Ltd, which made a corresponding filing.

Ocean Grand liquidators get court approval for litigation financing
HK Court of First Instance, 8-Oct-2015
The companies are not named, but from the case numbers we know that they are former subsidiaries of Ocean Grand Holdings Ltd, which collapsed in 2006. The parent company went through a scheme of arrangement and emerged as Zhidao (1220). The liquidators, presumably still Deloitte, can now sue unnamed persons to try to recover money for the bondholders, who as of 2008 were owed about HK$1.2bn.

KPa-BM (8141): allotments and concentration warning. CCASS allocations
Company announcement, 7-Oct-2015
The top 25 placees have 97.6% of the float.

HKEx drops second-class shares proposal
SEHK, 5-Oct-2015
HKEx has finally thrown in the towel on its attempts to list second-class shares. Corporate governance was already bad enough without making it even easier to abuse minority shareholders. Charles Li’s campaign to do this exposed the blatant conflict of interests in the Exchange being a for-profit regulator. This conflict should now be addressed by transplanting the listing function to the SFC, the statutory regulator. The Listing Committee, dominated by issuer interests, needs radical reform too.

Ex-Chief Executive Donald Tsang Yam Kuen charged with misconduct
ICAC, 5-Oct-2015
Note: the architect involved, Barrie Ho Chow Lai, was also appointed by Donald Tsang as a member of the HK Housing Authority on 1-Apr-2012. We wonder whether Mr Tsang made any disclosure at that time.

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

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Today's birthdays, 11 October
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Roosevelt, Anna Eleanor 131
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Chan, Robert Hing Cheong 69
Wong, Nelson Sing Chi 58
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Roche, Patrick Maurice Burke 48
Lee, Clarice 47
Wong, Arthur Chi Yee 45
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