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Yes Pope Frank, we can mock faiths
Pope Francis says its OK to punch someone who insults his mother, and we cannot make fun of faith. No, it's not. No insult justifies an assault, whether it's an insult against you, your mother or Muhammad, and whether it is a punch, a massacre or a state-sponsored flogging. Laws against blasphemy, insult and mockery have no place in an open society and incentivise intolerance of free speech. (17-Jan-2015)

Occupy school suspension order was invalid
We have investigated the Government's actions during the "Occupy" protests and find that it lacked the legal powers to order district-wide class suspensions, and was therefore acting outside the rule of law. (13-Jan-2015)

The bubbles in CNN
We warn investors of 3 bubbles amounting to HK$20.0bn (US$2.58bn) in the "Chung Nam Network" of listed companies, Heritage (0412), Rising Dev (1004) and Mascotte (0136) and look at a blatantly bad decision by the board of Hao Tian (0474), and an undisclosed Very Substantial Acquisition by that company. One of the bubbles is even a Russian doll "double bubble" - one owns the other. (8-Jan-2015)

Imperial Pacific bubble
We look at the HK$24.8bn (US$3.2bn) bubble in Imperial Pacific (1076) surrounding a Macau junket operation and a casino project in Saipan. (8-Jan-2015)

Petition filed with SEHK and Listing Committee
We close and submit the petition on 1-share-1-vote, and call on the Listing Committee to get back to improving the quality of HK's market rather than trying to degrade it, starting with 4 key issues. (2-Jan-2015)

Kuangchi the stratospheric stock
Our latest New Year bubble worth popping is Kuangchi (0439), HK's top-performing stock of 2014, valued at HK$32.03bn (US$4.13bn) or 16.1x NTAV. (2-Jan-2015)

SFC actions risk chilling critics
A New Year's Eve SFAT ruling reveals an SFC action against Moody's for its 2011 "red flags" report, following the recent launch of MMT action against a short-selling analyst. The SFC risks chilling publication of critical opinion and analysis - something we would hate to stop doing. We will be watching the cases carefully. (1-Jan-2015)

Where will it end?
The judge in the Hui-Kwok trial resorted to quoting Sir Humphrey Appleby in rejecting Bloomberg's request for a copy of fund flow charts presented to the jury. (31-Dec-2014)

Government changes Basic Law facts
In a Webb-site exclusive, we reveal that the HK Government has revised its own fact sheets on the Basic Law with politically-sensitive consequences. (18-Dec-2014)

Moving on from Occupy to the Central Issue
The protesters have overstayed their welcome in Admiralty. They should withdraw and set a new deadline for C Y Leung to do the right thing: send a new report to the NPCSC, recommending restoring the nomination threshold to 12.5% from 50%. That would achieve free and fair elections without civic nomination. After all, only 305 members of the 1200-member committee nominated him in 2012. A New Year's Day march should celebrate or protest his choice. Sign the petition! (7-Dec-2014)

The right to remember: keeping public data public
The slides from a speech by Webb-site founder David Webb to the AGM of the Hong Kong Library Assocation tonight. (5-Dec-2014)

Freedom of Speech v Privacy - can public domain information be private?
These are the slides of a presentation by Webb-site founder David Webb to a Year 12 (Form 6) school class today. (25-Nov-2014)

Other news

HKICPA fines Louis Tang Wai Hung, Chow Chi Kit & W.H. Tang & Partners CPA Ltd
HKICPA, 30-Dec-2015
This concerns Celebrate (8212), an acquisition circular and its annual audit for 30-Jun-2010. This is the 2nd sanction in a year against Mr Tang and his firm. The panel calls them "serious breaches" and fines them HK$50k each. Seriously? Another reason why the HKICPA should stop self-regulating. Celebrate paid the firm audit fees of HK$2.7m that year, so the fine is trivial. A ban on practising for a prolonged period would be more meaningful.

Hutchison (Three) negotiating to buy O2
Company announcement, 23-Jan-2015
We'll be impressed if they can get that past UK and EU competition regulators. It would reduce UK consumer choice to three major mobile spectrum-holders: Hutch-O2, BT-EE and Vodafone.

HKICPA bans Francis Lam Chi Ming and Lee Ho Yee for 2 years, reprimands KL CPA Ltd. Webb-site Total Return
HKICPA, 22-Jan-2015
This concerns the 31-Mar-2010 audit of Code Agriculture (8153), which has so far been the only HK-listed audit client of the firm. We warned investors about that company on 25-May-2010. The stock has returned -82.19% since then. Mr Lam is also the company secretary of China Aluminium Cans (6898).

HKSAR v Shirlina Tsang Pui Yu: costs
HK Court of Appeal, 22-Jan-2015
Shirlina Tsang, who defrauded RBS by cooking her trading books, gets half her appeal costs having succeeded on one of two grounds of appeal to reduce her sentence from 50 months to 46 months.

HKSAR v Mak Chun Kong
HK Court of Appeal, 19-Jan-2015

12 charged with bribery & fraud over village house projects
ICAC, 14-Jan-2015
Ding ding! David Li Yam Pui, the 81-year-old developer, allegedly conspired with the Chairman of the Sha Tin Rural Committee, who has not been charged, to offer him not more than HK$200k for "introducing" each indigenous male for a small-house licence application. In case you are wondering, he is Mok Kam Kwai, BBS. As Chairman of the SRC he is a Heung Yee Kuk Councillor and ex officio Sha Tin District Councillor.

Enerchina (0622) buys 1.5bn shares (5.58%) of Mascotte (0136) for HK$210m
Disclosure of interest, 14-Jan-2015
This is an off-market transaction and increases its stake to 9.51%. The 5-day average market cap of Enerchina before the purchase was $1432m, so the "consideration ratio" is 14.7% and this should be a Disclosable Transaction under the Listing Rules. Enerchina has not made any announcement. In our view, Enerchina has just bought into the Mascotte bubble.

CKH-HWL mega-shakeup. Company registration
Company announcement, 9-Jan-2015
So now we know why CK Hutchison Holdings Ltd (Cayman) was registered in HK on New Year's Eve. We saw it, but didn't know what it was for.

Ageas Insurance Co (Asia) Ltd v Inneo Lam Hau Wah
HK Court of Appeal, 9-Jan-2015
Inneo Lam loses his appeal. He rose to fame in the PCCW privatisation vote-rigging case of 2009.




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