Webb-site Reports
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Bonus hogwash
The Stock Exchange and SFC continue to allow companies to make false and misleading statements about "bonus" issues of shares - we take a look at the latest example. (11-Jun-2015)

Porky Yorkey, Round 2
Webb-site urges shareholders of Yorkey (2788) to vote against connected transactions with the largest shareholder and urges the board to distribute the surplus cash, which has grown fatter since our previous campaign in 2013. We also warn Citibank not to stuff the ballot with a discretionary proxy appointed by management as they did at the 2014 AGM. (1-Jun-2015)

Hanergy (0566): a complaint
Webb-site publishes a complaint we filed with SEHK and the SFC on 9-May-2015. (28-May-2015)

Principles of Responsible Regulation
Webb-site calls on the SFC, Government and HKEx to get serious about facilitating investor stewardship. Principles of Responsible Ownership are only useful if regulators address the deficiencies in Hong Kong's governance framework for listed companies. We call on readers to make a submission and support our proposed Principles of Responsible Regulation. (26-May-2015)

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)

Other news

Ex-CCC Kei Chun Primary School clerk gets 15 months for fraud and theft
ICAC, 30-Jun-2015
For "purportedly paying a basin meal", amongst other things. Don't ask what that means.

Duo charged with HK$27m fraud, theft and money laundering
ICAC, 25-Jun-2015
This involves the solution in which human organs are flushed and preserved pending transportation and transplant. What a pickle. Who knew it was so expensive?

SFC statement on SEHK's draft proposal on weighted voting rights
SFC, 25-Jun-2015
Hurray! This should kill it, as all changes to Listing Rules must be approved by the SFC. The SFC board "unanimously concluded that it does not support the draft proposal for primary listings with WVR structures". Now Government should recognise the huge conflict of interest in HKEx being a for-profit rule-maker and regulator. The Listing Division should be transferred to the SFC and merged with its Corporate Finance Division which oversees the Takeovers Code, as a Government-appointed Expert Group recommended in 2003.

HKSAR v Theodore Cheng Chee Tock: dead man's appeal continues
HK Court of Final Appeal, 25-Jun-2015
Mr Cheng died in December after leave to appeal to the CFA had been granted but before the appeal could be heard. The CFA grants approval for his widow Leonora Yung Chi Fung to carry on the appeal instead.

Shangri-la Hotel (Kowloon) Ltd v Appeal Tribunal (Buildings)
HK Court of First Instance, 24-Jun-2015
They wanted to slap an extra 2 floors onto the Kowloon Shangri-la. The application for judicial review is dismissed.

Li Ka Shing supports 1-share-1-vote
South China Morning Post, 23-Jun-2015
Now perhaps he can get that message through to his representatives on the Listing Committee.

Trading firm director charged with HK$1.3m bribery while Japanese listco director wanted by ICAC
ICAC, 22-Jun-2015
Have you seen Aruko Arakawa, ED of Japan-listed Kohnan Shoki Co Ltd, pictured on page 3? If so, contact the ICAC.

HKSAR v Alexander Au Pak Cheung
HK Court of First Instance, 22-Jun-2015
Mr Au's conviction is quashed, on a successful challenge to the reliability of LiDAR speed guns due to possible panning errors. The expert defence witness was probably Dr Michael Clark of the UK. We note that at a distance of 131.7 metres as measured, if you are aiming at a registration plate that is 30cm off the ground, a 0.13 degree shift is enough to hit the ground instead. LiDAR doesn't actually measure speed - it measures distance at time intervals, so if you pan the target then you can get a false reading. Incidentally, Mr Au is also a racing driver in the Audi R8 LMS Cup.

Dragonite (0329) grants HK$200m loan facility to HEC Capital Ltd
Company announcement, 19-Jun-2015
HEC Capital Ltd is a hub in what we call the "Chung Nam Network", of which Dragonite is a member. Dragonite is also a shareholder of HEC Capital Ltd.

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

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Important notice: All material on this site, except where otherwise accredited, is copyright to Webb-site.com. Media are welcome to quote from articles on this site, provided that such quotation is attributed to Webb-site.com. The information in this site should not be relied upon by any person in making any investment decision. No responsibility or liability is accepted by Webb-site.com or any person related to it for any loss arising from or in reliance upon the whole or any part of the contents of this site. Persons who are in any doubt about an investment or potential investment in a security should take professional advice before making their decisions in relation to any investment. From time to time parties associated with Webb-site.com may own long or short positions in securities issued by or related to companies or governments on which we comment.

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Today's birthdays, 3 July
From Webb-site Who's Who
Stanley, James (1664) 351
Lee, Robert 309
Jenkinson, Selina Charlotte 203
Cholmondeley, George Henry Hugh 157
Lindsay, George Macintosh 135
Lambton, Violet (d) 135
Niarchos, Stavros Spyros 106
Garcia, Arthur 91
Li, Kwan Ha 78
Montgomerie, Robert Alexander 77
Cheng, Albert Jinghan (aka King-hon) 69
Bo, Xilai 66
Baillieu, Mary Clare 65
Cheung, Hok Ming 63
Cheung, Morris Siu Wa 54
Oakes, Nigel John 53
Smulders, Patrick Lance 50
Lee, Christophe Kin Ping 46
Lam, Irene 42
Manners, Charles John Montague 16

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