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Sign the petition for C Y Leung to send a new report to the NPCSC

Our stories

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)

Webb-site CCASS Analysis shows HK through-train holdings and changes
The CCASS data shows total positions held by mainland investors on the through-train from Shanghai, which are all held through China Securities Depository & Clearing. Settlement dates are 2 days after trade dates. Click the column-headings to sort. Click "Changes" to see the daily movements. (23-Nov-2014)

Response from CMAB on behalf of CE to democracy petition.
2607 people have signed the petition so far, and this is all they get in response. (22-Nov-2014)

Submission to HKEx on Weighted Voting Rights
Webb-site calls on HKEx to keep 1-share-1-vote and not to introduce second-class shares or allow companies to install trapdoors in their articles of association. We also launch a petition - please sign it if you agree! (21-Nov-2014)

Shinhint (2728): Webb-site CCASS Analysis
Chim Pui Chung has sold the 27.99% bought last year from Chairman Jacky Cheung Wah Keung, while on 4-Nov-2014 Cheung sold 6.22%, cutting his stake below the Takeover threshold to 28.35%. Meanwhile, China Merchants Bank and 2 of its subsidiaries, as custodians, have acquired 26.34%, but nobody has disclosed an interest in these shares. The subsidiaries are CMB International Securities and Wing Lung Securities. It is statistically unlikely that these 3 are acting for mutually independent buyers. The SFC should investigate whether a concert party is underway. (13-Nov-2014)

Blowing the whistle on Sinoref (1020)
The latest deal deserves attention from the SFC's corporate misconduct team. We also find improbably high profit margins which have now collapsed, a big receivables problem, and two changes of board, the latest after a character from our 2012 "Raking Muck" series reappears. (12-Nov-2014)

Initial response from CE's office to democracy petition
It's not too late to add your voice - sign the petition now! (6-Nov-2014)

Templar's Old Take
From the 1992 archive... (5-Nov-2014)

Templar's Take
Renowned local cartoonist Templar begins a digital presence on Webb-site. (1-Nov-2014)

Other news

Thomas Kwok stays on BEA (0023) board for now
Company announcement, 22-Dec-2014
So did David Li Kwok Po in 2008 after he settled the Dow Jones insider dealing charges with the US SEC with a US$8.1m civil penalty.

HK Companies Registry finds new way to milk its monopoly
Company announcement, 19-Dec-2014
The CR has the monopoly on companies register information; last year it made a pre-tax profit of HK$347m on $606m of fees, including $70m of search fees, so it would still make a huge profit without charging to see the data. The principles of open data for public sector information require it to abolish the pay-wall and let the market innovate presentations and utilities for the data. Same goes for the Land Registry.

SHKP (0016): the son rises
Company announcement, 19-Dec-2014
As is traditional when an Asian tycoon is convicted, his son replaces him on the board of the listed company.

Court freezes bank accounts of suspected boiler rooms. ASIC warning
SFC, 19-Dec-2014
We note that Australian regulator ASIC has also warned about "Phoenix Creek Capital" which used a bank account in ICBC (Asia) held by SMD Partnership Ltd, one of the entities that the SFC warns about. ASIC also warns of a company called Drake Trading Ltd with an account at HSBC.

Rising Development (1004): Chairman sells 147.896m shares at $0.533? Correction announcement
Company announcement, 17-Dec-2014
Comment: that's 9.95% of the company, at a 91% discount to yesterday's closing price of $5.93. In our view, this stock is in a bubble. It will split 4:1 on 19-Dec-2014. At 26-Sep-2014 it was 6.27% owned by Freeman Corp Ltd, a partial subsidiary of Freeman Financial (0279). Yesterday's price values the holding at $553m. Update: we see that 147.9m shares have crossed the exchange at $5.33, not $0.533, and the stock was suspended at 13:02.

Ever-Long Finance Ltd v Rebecca Chan Pui Ching
HK District Court, 17-Dec-2014
The plaintiff is owned by Styland (0211). The defendant repaid a 2nd mortgage by borrowing from the plaintiff. A total of $217,100 in fees were charged, reducing the net loan to $712,900, so we calculate that the monthly repayments of $27,023 for 10 years would have resulted in an Annualised Percentage Rate on the net loan of 55.45%.

Chan Ping Che v Gunter Gao
HK Court of Appeal, 15-Dec-2014
The Court of Appeal grants a stay of the judgment below, allowing Mr Gao to defend the case of the $270m bounced cheques if he pays HK$30m into court within 14 days. "it seems to us that absent a stay, it would be open to the plaintiff to seek to enforce it and that this would have serious consequences for the defendant, including possible bankruptcy". Mr Gao is a member of the CPPCC National Committee and the HKSAR Election Committee.

Aviation Fuel Supply Co v Inland Revenue
HK Court of Final Appeal, 15-Dec-2014
The Inland Revenue loses its appeal.

Joseph Lau to buy property shell from Chinese Estates (0127), avoiding HK$669.8m Double Stamp Duty
Company announcement, 12-Dec-2014
The property is valued at HK$7.88bn, but he is buying the BVI company that owns it. This avoids 8.5% Double Stamp Duty, an interventionist Government tool which many can legally avoid, unless they need to buy bare property without a corporate wrapper.

Asia Energy Logistics (0351) plans toxic convertibles
Company announcement, 12-Dec-2014
The subscriber would convert at 80% of the lowest 3-day average in a 45-day window prior to its chosen conversion date, as long as the resulting conversion price exceeds $0.01. This type of convertible is also known as a "death spiral convertible" because the number of shares increases as the share price falls, and the expected dilution can cause it to fall further.

Next Media (0282): Jimmy Lai was led away by the Police in Admiralty
Company announcement, 11-Dec-2014
It would have been price-sensitive news if he had not been!

Previously on Webb-site.com
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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, 22 December
From Webb-site Who's Who
Somerset, Henry Charles 248
St Maur, Algernon Percy Banks 201
Moorsom, Lewis Henry 179
Hotung, Robert 152
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Chalker, Victoria Ilsa 118
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Stocken, Oliver Henry James 73
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Hon, Johnny Sei Hoe 43
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