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Broadly representative of wealth
C Y Leung tells 3 media from democratic countries that the Nominating Committee should be "broadly representative" of wealthy people, not the general public, who would otherwise wreck the economy, and explains how he has to pander to vested interests in the committee to get elected. Yet the lack of a popular electoral mandate has resulted in populist handouts anyway, as well as wasteful infrastructure spending to favour vested interests. Could a democratically nominated and elected CE really be any worse? We also look ahead to what the students should realistically be asking for tonight. (21-Oct-2014)

Ignore the argument, blame the foreigners
Is the pro-democracy movement in Hong Kong really just a devious foreign plot to undermine the future prosperity of China? (14-Oct-2014)

Admiralty address
Here's the speech by Webb-site founder David Webb to the crowd in Admiralty last night. (12-Oct-2014)

One HK, two possible outcomes
HK's civic freedoms and lack of democracy are an incompatible, unsustainable combination, which is why it is alone globally in that quadrant of the grid of democracy and civic freedoms. Either we move to a democratic open society, or we join mainland China and others with neither civic freedoms nor democracy. The status quo, with recurrent protests against an illegitimate and paralysed government, is not a viable option. (9-Oct-2014)

Germany shows unity with HK protesters
An interesting speech from the Consul-General at last night's celebrations of German Unity Day. (8-Oct-2014)

The highway guide to the Umbrella Movement of 2014
What's going on in HK? Here is our quick illustrated guide. Note 12-Oct-2014: we've amended the title from "Revolution" to "Movement" - as this subsequently emerged as the more accepted name for the pro-democracy protests. (29-Sep-2014)

What do investors want? Views from an activist investor
These are the slides from a presentation by David Webb to investor relations professionals in HK today at the National Investor Relations Institute (NIRI, USA) "Wisdom Roadshow" hosted by IPREO. (26-Sep-2014)

Fixing the Small House Policy
We look at a recent court case which again highlights the rampant abuse of the Small House Policy for the New Territories. We propose a return to the original policy intent, creating an internal market for indigenous housing, together with a voluntary, market-based scheme to surrender the claims of indigenous men and their under-age and unborn male descendants. (9-Sep-2014)

HKT's abuse of ID numbers
Your ID number is not a password; so many firms and people know your identity - but dominant land-line provider HKT Ltd (6823) is using it that way to access your phone bills. HKT: Here to Cut Corners. (9-Sep-2014)

PCPD not answering our calls
After blogging about parts of an "intemperate grilling" from the Commerce and Economic Development Bureau over his call for a do-not-call person-to-person register, igniting public debate, the Privacy Commissioner has now refused our request, under the Code on Access to Information, for copies of the CEDB's letter and his reply letter, citing a lack of public interest. He can't have it both ways. (5-Sep-2014)

ISS recommends against Lerado (1225) sale
Webb-site has learned that ISS, the leading proxy advisory firm, has joined us in recommending voting against the sale of Lerado's core business, due to the excessive capital retention. (4-Sep-2014)

Soon, we can all be rubber stamps
Our take on yesterday's command from Beijing. (1-Sep-2014)

Veto Lerado (1225) sale until they pay up
We call on Lerado shareholders to veto the sale of its core business unless and until the board increased the proposed special dividend from $0.30 to at least HK$1 per share. We would rather hold a stake in a real business than get trapped in another shell trading at a discount to its net cash. Management only owns 33%, so they had better listen to investors and revise the plan. David Webb holds just under 8%, and we need your support. (1-Sep-2014)

Guangdong Yueyun bonus share vetoed
H-share holders have narrowly vetoed a bonus share issue by Guangdong Yueyun (3399) which would have knocked 40% off the dividend in additional tax and destroyed 1.5% of value for H-share investors. This is the board's idea of "providing returns to shareholders". (30-Jun-2014)

Other news

Financial Secretary to visit political leaders in 3 democratic countries
HK Government, 24-Oct-2014
He is standing in for C Y Leung, who stays at home to deal with the democracy protests.

Mimi Wong Kar Gee v Raymond Hung Kin Sang
HK Court of Final Appeal, 23-Oct-2014
Leave to appeal on one issue is granted by the Court of Final Appeal, in the long-running divorce battle surrounding Applied Development (0519).

Centa-City Index v HK Economic Journal
HK Court of First Instance, 22-Oct-2014
Centa-City is awarded HK$300k for libel by HKEJ about its property index.

Webb-site analysis: C Y Leung lying about 2017 candidacy plans
YouTube, 20-Oct-2014
In last night's TV interview, he claimed that he had never stated an intention to run for re-election in 2017. We prove that his claim is false. Has Beijing told him not to run again?

HK protests: CY Leung 'foreign link' claim denied
BBC, 20-Oct-2014
Conversely, there is no doubt that C Y Leung was funded by foreign interests while in office - £4m from Australia's UGL Limited.

Foreign forces behind protest movement, says C Y Leung
RTHK, 20-Oct-2014
Comment: he is insulting the intelligence and feelings of the protesters by implying that they don't actually want democracy themselves. He should stop parroting the mainland Government and start representing the people of HK.

CITIC Tower v democracy protesters
HK Court of First Instance, 20-Oct-2014
At 31-Dec-2013, the owner was 40% owned by CITIC Ltd (0267) and 25% by its parent. It is or was also 25% owned by Robert Kuok's Kerry Group and 10% owned by DBS Bank.

Newsline interview with C Y Leung
Asia Television, 19-Oct-2014
Unfortunately the interviewer does not ask about the obvious step of returning the nomination threshold to 1/8 from 1/2, within the Basic Law, and allows the CE to suggest that the protesters insist on civic nomination, which the BL does not allow. A fair nomination threshold would resolve the issue.

Shenyin Wanguo (0218): HKICPA sanctioned INED Patrick Ng Wing Hang
Company announcement, 17-Oct-2014
We note that Mr Ng is also Chairman of this company's audit committee.

Far East Hotels (0037): HKICPA sanctioned INED Patrick Ng Wing Hang
Company announcement, 17-Oct-2014
We note that Mr Ng is also Chairman of this company's audit committee.




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Today's birthdays, 26 October
From Webb-site Who's Who
Age
Feilding, William (1697) 317
Sackville-West, George John 223
von Rothschild, Nathaniel Mayer Anselm 178
Yarde-Buller, John (1846) 168
Aldrich Rockefeller, Abigail Greene 140
Caldecott, Andrew 130
Williams, Emory Sr 103
Payne Dunham, Madelyn Lee 92
Stanley, Hugh Henry Montagu 88
Lin, Shui Long 83
Rodham Clinton, Hillary Diane 67
Clement-Jones, Timothy Francis 65
Lobo, Rogerio Arnaldo 65
Roosevelt, Laura Delano 55
Elwes, Ivan Simon Cary 52
Lai, Rachel 38

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Central (Victoria Harbour)