Our stories
Proposed law sells HK short
If the Government consulted the public on a speed limit of 50km/h, then set it at 4km/h, wouldn't you wonder why? That's what the SFC has done after a consultation which from the outset was a solution in search of a non-existent problem. We call on the SFC to withdraw or amend its proposed filing requirements for 0.02% short positions and to focus with Government on filling the gap in the existing law by requiring public disclosure of short positions, including derivatives, at the same level as long positions, currently 5%. What do you think? Take our poll! (7-Mar-2010)
Larvotto - do you know the boatyard?
We probe the history of the SHKP/Kerry/Paliburg Larvotto, a luxury industrial-cum-residential project overlooking a typhoon shelter but behind boatyards and sawmills, which are noisy enough for the Environmental Protection Department to object to the Town Planning Board's approval, as minutes reveal. "Non-openable windows" were cited as a mitigating measure. Yours for just HK$25k/psf - can you see the bubble? (3-Mar-2010)
HK's stamp duty addiction
We look at the HK Government's opium-like addiction to stamp duty revenues, which have more than quintupled in 7 years. The budget asks for another fix. Stamp duty is sand in the wheels of the economy, distorting economic decisions and reducing economic output. It should be abolished rather than increased further. Higher stamp duty does not improve property affordability. HK needs a root-and-branch review of taxation to refocus on fair taxation of GDP rather than one-off measures and distortive policies. (2-Mar-2010)
The fictitious spokesman
We look at the HK Government's media management strategy, involving abuse of unattributed briefings, and the quotation of imaginary spokespersons, 97.3% of whom are male. The HK media should put a stop to this practice. (28-Feb-2010)
The Webb-site concentration screen
Webb-site.com today launches a new function in our CCASS Analysis system, to allow investors and regulators to screen the market for concentrations of ownership in HK-listed companies, where market prices may not be an accurate reflection of fair value. (22-Jan-2010)
Rusal and the retail investor
(Updated 21-Dec-09). Reports say the SFC wants to prohibit the retail offering of Rusal and/or require the company to adopt a massive board lot for trading in its shares. Both measures would in fact increase the risk for retail investors, as we explain. The SFC should stick to the principles of a disclosure-based market and focus on legislative reform to increase the deterrent to prospectus fraud. (20-Dec-2009)
The Christmas Pick
After a decade of Christmas Picks, Webb-site.com has produced a compound gain of 1118%, compared with 87% on the Hang Seng Index. That's an average 28.4% per year compared with 6.4% on the HSI. This is getting out of hand! Many have asked whether we would set up a "Good Governance Fund" for HK investors. We tell you why this is currently unattractive, and what the Government should do to facilitate the closed-end fund sector. (18-Dec-2009)
Thinsoft's thin ice
There's a bubble in Thinsoft (8096), suspended with a market value of HK$1,604m and net assets of $33m. Over 95% of the company is in the custody of 2 brokers. We also discuss the archaic practice of parallel trading, which was to have been abolished in 2008. HKEx appears to have given up on that. (11-Dec-2009)
Hong Kong Building and Demolition
HKBLA (0145) has been a perennial cash shell. After 3 takeovers, its foundations now appear to be under threat as its cash pile gets depleted on dubious transactions, including investment in Byford and an "earnest deposit". It appears to have become part of a network which includes at least 9 other listed companies. (10-Dec-2009)
Value Divergence, part 2
What's going on at Value Convergence (0821)? We list the placees in the convertible bond issue, which has been delayed, and analyse their connections to a network of other companies we have written about before. Is VC joining that network? We also look at the massive dilution that awaits shareholders of China Fortune (0290). (10-Dec-2009)
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Other news
Former marketing manager of Moet Hennessy Diageo HK Ltd charged with accepting bribes
ICAC, 11-Mar-2010
Statement re TVB
ICAC, 11-Mar-2010 The company isn't named, but TVB just named itself and the 4 arrested employees on its evening news.
Five guilty in Grand Field case
ICAC, 5-Mar-2010 This case was first brought to light by our article Cooking with Gas of 4-Mar-04. Charges were brought on 23-Jul-07, and then we wrote about Egana. No charges have yet been brought in that case.
PECS Register monthly update.
Notes
HK Government, 5-Mar-2010 Our monthly online snapshot of the register of Post-service Employment of Civil Servants
HKICPA reprimands and fines Billy Chan Wing Nang
HKICPA, 5-Mar-2010 We note that he is the Company Secretary and Qualified Accountant of Shandong Molong (0568).
HKICPA fines and suspends Katherine Yu Kin Ling for professional misconduct
HK Gazette, 5-Mar-2010
Baldwin Wong Kwok Learn & Shirley Wong Po Yee v International Trading Co Ltd
HK Court of Appeal, 4-Mar-2010 Shares in a property-owning firm owned by an accountant and his son (Baldwin Wong) had been fraudulently "sold" to nominees in 1969 to put the firm out of reach of litigation from a client bank which collapsed in 1965. The father had died, and his son and daughter wanted the shares back. "The plaintiffs recognized that the transfer of shares was carried out for an illegal or improper purpose, namely, to defraud creditors", said the Court of Appeal, but overturned the ruling below and granted their wish.
Archie & Betty da Silva v Gabriel Richardo Dias-Azedo & Grant Thornton
HK Court of First Instance, 3-Mar-2010
Litigation funder IMF (Australia) makes submission on HK class actions
Company submission, 2-Mar-2010
Asia Energy Logistics (0351) buys shares in Tack Hsin (0611) for 10x NAV
Company announcement, 18-Feb-2010 |
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Today's
birthdays, 12 March
| Age | |
| Hyde, Anne | 372 |
| Hay, William (1772) | 238 |
| Yu, Grace Yuk Fan | 110 |
| Scriven, Sybil Violet | 108 |
| Tienda-Llorca, Esperanza | 88 |
| Bewley, Edward de Beauvoir | 79 |
| Dobby, Gerald Clive | 70 |
| So, Jack Chak Kwong | 65 |
| Tsai, Albert | 60 |
| San, Min Yee | 47 |
| Hughes-Hallett, Andrew William | 47 |
| Wong, Jenica | 47 |
| Chau, Lap Man | 44 |
| Wong, Mark Nathan | 39 |
Supporter of the
WANTED BY ICAC
Kanjanapas Chong Kwong Derek, also known as Derek Wong Chong-kwong, about 175 cm tall, of medium build.