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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)

E. Quat's degrees don't equate
Legislator "Dr" Elizabeth Quat has not one but three "degrees", including her doctorate, from a defunct degree mill once run out of a bungalow in Hilo, Hawaii. We also look into the characters behind it. (11-Apr-2014)

Wrong turn for REITs
Webb-site urges the SFC not to pollute the Real Estate Investment Trust market by allowing them to speculate in securities with unitholders' money. Surplus cash should be paid out to investors so that they can invest it themselves. That's what investors do. (2-Apr-2014)

Other news

SFC gives go-ahead for REITs to punt stocks
SFC, 22-Jul-2014
It appears that Webb-site's submission on 2-Apr-2014, more than 3 months ago, was too late to be mentioned in the list of responses. It is very disappointing that the SFC has moved to allow REITs to start behaving the way many regular property companies do, punting stocks with their spare cash, and possibly buying stocks in the same developers that created them.

Freeman (0279) proposes a bonus issue, calls it a dividend
Company announcement, 17-Jul-2014
What a sham: the board purports to recognise "the continued support of the Shareholders" by sending them all another piece of paper, in effect splitting the stock 2 for 1, which the board believes "could be an effective means to help narrow the valuation gap". Only a replacement of the board could achieve that. The stock has lost over 98% of its value in 5 years on a total return basis.

Re Yusehou Environmental (1191)
HK Court of First Instance, 16-Jul-2014
The petitioner in these winding-up proceedings is convicted fraudster Kelly Cheng Kit Yin, former Deputy Chairman and Finance Director.




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, 25 July
From Webb-site Who's Who
Age
Stewart, James I 620
Percy, Henry (1421) 593
Preston, Elizabeth 399
Sassoon, Albert Abdullah David 196
McGinley, William Vincent 122
Arlidge, Ernest Francis 110
Barrow, Margaret 105
Cairncross, John 101
Kennedy, Joseph Patrick Jr 99
Tsoi, David Tai Wai 67
Wallop, Quenton Gerard Carew 60
Windsor, Nicholas Charles Edward Jonathan 44
Chow, Han Kin 42
Wong, Pauline Chi Mann 39
Wong, Ho Chuen (1975) 39
Supporter of the Hong Kong Philharmonic Orchestra

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