HK's hotel subsidy in SimCity
Since 2008, HK has been underpricing land for hotels by selling "hotels only" land leases, failing to optimise development value and incentivising mass-market budget tourism. We urge the Financial Secretary to let the market optimise land use with unrestricted leases, and to reform the land lease system with higher ground rents and lower premiums. (23-Jan-2014)
A response from HKSCC indicates that Glorious Property (0845) has some explaining to do: the Grand Court did indeed want to see the CCASS Participant figures. We also show that the 61 registered holders who voted against could not have held more than 0.89% of the shares which voted, and HKSCCN held at least 99.11%. The Grand Court should decide whether the scheme proceeds. (22-Jan-2014)
Solving the MPF-LSP offset problem
We explain the historical context of the Long Service Payment and the offset against employers' Mandatory Provident Fund contributions, which is now an impediment to full portability, efficiency and lower costs in the MPF system. We provide a solution to this problem which, while not cost-free to employers, is better than the political alternatives, so they had better support it. (21-Jan-2014)
Glorious failure in the Cayman Islands
We look at the curious circumstances behind the failed privatisation of Glorious Property (0845) and call on the Cayman Islands and Bermuda, where 75% of HK-listed companies are incorporated, to follow HK in abolishing the headcount test. (19-Jan-2014)
Why did the SFC kill HSBC's Stockmax?
Two years after the SFC shut retail investors out HSBC's automated trading system, an SFC announcement gives some indication of what happened, but still leaves retail investors wondering why a pioneering service which offered potential price improvement and competition for HKEx's monopoly stock market was not allowed. (20-Dec-2013)
SHKF's abuse of HKID numbers
Next in our series on the abuse of HKID numbers as passwords comes stockbroker Sung Hung Kai Financial, which uses them to "secure" e-mailed statements. (19-Dec-2013)
The new Dragonair First Class: Cathay Pacific Business Class passengers have seen it all before... (17-Dec-2013)
CCB Asia's abuse of HKID numbers
Time to start embarrassing service providers into stopping the abuse of HKID numbers as authenticators or passwords. We start with China Construction Bank (Asia) Corp Ltd. (26-Nov-2013)
The hole in Bitcoin (updated)
We've yet to see a grounding in the technology and economics of Bitcoin that a layperson can grasp, so this is our explanation of what all the fuss is about, and why you are looking at one big, US$2.6bn, 275 megawatt bubble that will likely go to zero. Even if it succeeds in becoming an accepted transaction currency, there is a second flaw that will destroy its original purpose. (4-Nov-2013)
Alibaba's Joe Tsai finally breaks the company's silence to explain why we don't know a good thing when we see it. All hail the Emperor's new clothes! (27-Sep-2013)
We had a dream too!
Following the hallucinations in HKEx non-elected director and CEO Charles Li Xiao Jia's blog yesterday, Webb-site had a dream last night! (26-Sep-2013)
Ajisen (0538) has a new COO with a criminal record for corruption. But on the plus side, he is a graduate of prestigous US university CalTech - or is he? That's not what the court was told. (24-Sep-2013)
Alibaba's spotlight on HK regulation
10 years after the Expert Group report, Alibaba's requests spotlight the unresolved conflict of interests of HKEx between profit and regulation, creating an opportunity for Government to put this back on the agenda. They should now follow through, strip HKEx of its regulatory role, create a Listings and Takeovers Authority under the SFC, and remove the special provisions of HKEx's own constitution which make it a Government-controlled company. (18-Sep-2013)
Women on boards flatline.
Community Business, 4-Mar-2014
The report shows that women held 9.6% of HSI board positions at 2-Jan-2014. Across all HK-listed boards, Webb-site Who's Who shows the figure at 10.9%. The report is sponsored by Standard Chartered plc (2888), which has 9.5% female directors (2/21). StanChart is also a big sponsor of HK's 30% Club run by the Women's Foundation. "Do as we say and not as we do..."
Report on non-preemptive share issues in Asia
CFA Institute, 3-Mar-2014
HK comes off looking bad in comparison with UK, Singapore, Malaysia and Thailand, which all have either lower discount limits, lower quantity limits, or higher approval thresholds.
Statement by CE on attack on MediaNet Resources Ltd COO Mr Kevin Lau
HK Government, 26-Feb-2014
He is the recently removed Chief Editor of Ming Pao newspaper. Why does the government evade this point by describing him as the COO of a BVI company which does not even have a place of business in HK (it is a fellow subsidiary of Media Chinese International Ltd, which owns Ming Pao Newspapers Ltd)?
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