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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)

Minsheng tax grab, HKEx conflicts
Minsheng Bank (1988) just grabbed RMB115.6m from H-share holders and paid it to the Government with no good reason. We explain why bonus share issues by PRC issuers are not just silly but damaging to shareholder value. We also look at the conflict of interest for HKEx, which recently signed a strategic MoU with Minsheng and is pursuing relationships with other banks while acting as their listing regulator. The SFC should now take over regulation of these listings, but has declined to do so. (30-Jun-2014)

The right to remember
In the wake of ECJ's Google v Spain ruling, we publish a letter from the UK Information Commissioner regarding the sanctity of newspaper archives, and then look at the unintended and dangerous consequences of the ECJ's ruling. You really don't have a right to make other people forget, and you do have a right to remember. (20-Jun-2014)

Citibank's response on vote-stuffing
Citibank has responded in a most disappointing way to yesterday's article, in essence shrugging its corporate shoulders and claiming to be just following instructions. That is not an excuse in the money-laundering arena, and it won't wash in the corporate governance arena either. (19-Jun-2014)

Citibank vote-stuffing in HK AGMs
Webb-site has discovered that Citibank has been tilting the outcome of shareholder meetings in HK by giving blank proxies to management-nominated voters on behalf of Taiwan Depositary Receipts for which it has no voting instructions. We call on Citibank to stop this outrageous practice and on the HKMA and SFC to ensure that the HK branch does so. (18-Jun-2014)

Yorkey (2788) AGM recording
Note: in this AGM, David Webb incorrectly stated that the threshold to requisition a general meeting is 25%; in fact Yorkey's articles have a threshold of 10%. He again called for the board to make a special distribution of the surplus cash, failing which he would take steps to try to change the board to one which would do the job. (11-Jun-2014)

Short positions now on Webb-site Who's Who
Behold, a new feature, as we show weekly aggregate short positions as a percentage of outstanding shares. (29-Apr-2014)

SCMP's scoop of nothing on China Resources
This morning's front-page article in SCMP shows a distinct lack of investigative journalism. (26-Apr-2014)

Song Lin disappears from ICAC site
Oh dear - the Chairman of the ICAC's Hong Kong Ethics Development Advisory Committee is now under investigation for alleged corruption - and the ICAC has wasted no time in removing him from its web site - but Webb-site has copies. (19-Apr-2014)

Ombudsman discloses more information
Following pressure from Webb-site, the Ombudsman has today published a summary of the submissions received during its investigations on Access to Information and keeping public archives. The submissions show strong support for legislation. Meanwhile, the wheels at the Law Reform Commission are slowly turning and covering similar ground. (17-Apr-2014)

Give public access to ALPs
We need your help! The SFC is proposing to ban retail investors from accessing Alternative Liquidity Providers, which could provide faster and better execution than just placing the order with SEHK. Webb-site urges the SFC to give the public the same options that institutional investors enjoy. They almost did with HSBC's ill-fated Stockmax. We also urge the Government to abolish SEHK's statutory monopoly and allow competition to drive down fees and innovate. (15-Apr-2014)

Jump for joy - MPF is taking more
A careful analysis of a poster we received in the mail leads us to only one conclusion... (15-Apr-2014)

Other news

The ruling: LME is an organ of the UK Government, and was not engaging in "commercial" activity
US Court: Southern District, New York, 25-Aug-2014
The judge grants sovereign immunity and says: "Whether the LME manipulated its load-out rules to make more money is irrelevant to whether it was a 'commercial' activity as defined".

Nine in court for alleged HK$437.5k student loan fraud
ICAC, 22-Aug-2014
Sloppy work by the ICAC's PR department. They fail to define SFAA (it's the Student Financial Assistance Agency of the HK Government) and they fail to say what the NTL scheme is. It is the Non-means-tested Loan scheme, which in any case should be defined as "NML" or "NMTL".

US action against StanChart (2888)
HK Monetary Authority, 20-Aug-2014
Regarding the suspension of USD clearing for "high-risk" retail business clients, the HKMA has no "significant supervisory concerns" and has "required SCBHK to take appropriate actions regarding the affected customers and to minimize possible disruptions to their day to day operations".

StanChart (2888) US$300m penalty and suspension of business for "HK high-risk retail business clients"
NY State Department of Financial Services, 19-Aug-2014
The criteria for what is a "high-risk client" are not disclosed but are agreed between SCB and its monitor. Presumably SCB will carry on offering non-USD clearing services to these clients? The HKMA says it has no "significant supervisory concerns".

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, 2 September
From Webb-site Who's Who
de Clare, Gilbert (1243) 771
Stanhope, Leicester Fitzgerald Charles 230
Kennedy, Thomas 222
Constable-Maxwell-Stuart, Edmund Joseph 156
Cheung, Chi Hang (1898) 116
Ryan, Iris Elizabeth 105
Fang, Shao Chow (d) 104
Tsoi, Ching Chi 92
Bennett Kennedy, Virginia Joan 78
Brothers, Robert John Francis 73
Chua, Paul 73
Cautherley, George William Hunter 72
Gil Diaz, Jose Francisco 71
Duggins, Robert Eldon 71
Murphy, Derek James Murtagh 68
Kong, Kenneth Siu Chee 68
Chen, Philip Nan Lok 59
Giaroli, Vittorio 59
Taylor, Kevin 53
Ting, Melanie 46
Kong, Liz Hei Man 45
Saing, Minn 38

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