Webb-site Reports
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Challenges for China and implications for Hong Kong
Slides from a presentation by David Webb to the Oxford University Hong Kong Society annual dinner last night. (22-Aug-2015)

One Country, Two Typhoons
Look at this weather map. What a perfect metaphor for the markets. (9-Jul-2015)

Webb to defend HK media freedom in landmark appeal
In a public hearing on 13-Jul-2015, Webb-site's founder, editor and publisher will appeal against an Enforcement Notice issued by the Privacy Commissioner which, if upheld, would have wide-ranging implications for freedom of speech and publication in HK and access to media archives of HK-based publishers. (4-Jul-2015)

Bonus hogwash
The Stock Exchange and SFC continue to allow companies to make false and misleading statements about "bonus" issues of shares - we take a look at the latest example. (11-Jun-2015)

Porky Yorkey, Round 2
Webb-site urges shareholders of Yorkey (2788) to vote against connected transactions with the largest shareholder and urges the board to distribute the surplus cash, which has grown fatter since our previous campaign in 2013. We also warn Citibank not to stuff the ballot with a discretionary proxy appointed by management as they did at the 2014 AGM. (1-Jun-2015)

Hanergy (0566): a complaint
Webb-site publishes a complaint we filed with SEHK and the SFC on 9-May-2015. (28-May-2015)

Principles of Responsible Regulation
Webb-site calls on the SFC, Government and HKEx to get serious about facilitating investor stewardship. Principles of Responsible Ownership are only useful if regulators address the deficiencies in Hong Kong's governance framework for listed companies. We call on readers to make a submission and support our proposed Principles of Responsible Regulation. (26-May-2015)

Putting the FRC in Farcical (updated 22-May-2015)
In a shocking failure to recognise a basic and obvious accounting and auditing error, HK's Financial Reporting Council rejected our complaint. The listed company involved has now admitted the error. We call on the FRC's Process Review Panel to investigate how it deals with complaints. (16-Apr-2015)

Southbound net settlements on 9-Apr for trades on 2-Apr
Bookmark this page and check it daily - enter any date you like in the "to" box. Settlements are normally 2 working days after transactions. (10-Apr-2015)

Lee Kuan Yew arrives in Liverpool, 1946
Singapore was then a British colony, but the entry records record him as both a citizen of China and British. Also on the same ship were future leading figures in HK. (30-Mar-2015)

Government cites Webb-site board stats without attribution
The Government has cited statistics from Webb-site Who's Who without attribution, instead attributing them to SEHK. You're welcome. (25-Mar-2015)

China Money Recycling
A graphic from this week's judgment on China Metal Recycling (0773) seems strangely familiar. (14-Mar-2015)

Other news

Concentration warning in Noble House (8246)
SFC, 28-Aug-2015
At today's closing price of $5.28, the company has a market value of $2266m, but its net assets at 30-Jun-2015 were $83.8m, so the loss-making firm trades at 27x NAV.

4 in court for alleged illegal use of computers to get school interview questions
ICAC, 28-Aug-2015
This is another stretch of the Crimes Ordinance using the offence of "obtaining access to a computer with a view to dishonest gain for herself or another". The ICAC says that the teachers' smartphones are computers, but presumably the claim is that the teachers used them to take pictures of the question sheets before they were returned. If they had instead used a digital camera, or even an analogue film camera, then the offence would not apply. Another reason to amend the ordinance.

Last batch of defendants sentenced for sick leave fraud
ICAC, 25-Aug-2015
Mr Cheung Siu Fai wins the frequent-liar prize for obtaining the largest number of false sick leave certificates from the Chinese Medicine Practitioner Chan Tung, with 193 of them.

Webb on "All About Money"
RTHK, 22-Aug-2015
Video segment starts at 13:23. Clips in English with Cantonese narration and subtitles.

Concentration warning in Evergrande Health (0708)
Company announcement, 21-Aug-2015
We would add that the NAV per share at 31-Dec-2014 was $0.528 (or $0.0528 after the forthcoming 10:1 split). At the closing price on 21-Aug-2015 of $16.08, the stock is valued at 30.5x NAV.

No body, no motive but securities firm director given life sentence for murdering hostess mistress
South China Morning Post, 19-Aug-2015
Ivan Chan Man Sum was an INED of Lisi Group (0526) from 14-Jun-2006 until 1-Jan-2013, 15 months after his mistress disappeared. Lisi was known as Magician Industries until 2010.

Allan (0684): AGM poll results
Company announcement, 19-Aug-2015
We voted against Prof Lo Chung Mau as INED, because he didn't attend the AGM, nor has he done so for many years. Webb-site editor David Webb holds over 11% of this company. In HK, INEDs serve at the pleasure of controlling shareholders.

HKSAR v Carson Yeung Ka Sing
HK Court of Final Appeal, 14-Aug-2015
Mr Yeung gets bail pending his final appeal to be heard from 31-May to 2-Jun-2016, on matters of "great and general importance", including the question of whether it is necessary for the prosection to prove, as an element of the offence of money laundering, that the proceeds were in fact proceeds of an indictable offence. The outcome of the appeal could mark a turning point, because until now prosecutors have relied on defendants simply having "reasonable grounds to believe" that money is dirty without proving that it is, and numerous convictions have been based on that.

Awesome Chinese missiles
People's Daily, 12-Aug-2015
Have you ever noticed that democracies don't parade their missiles in the capital on national day? Imagine that in the Mall in Washington DC on 4th July. Fireworks yes, missile displays no. OK, so the UK has trooping the colour - but that is about brass bands and men in funny hats.

China Galaxy Securities (6881) cuts final dividend after going ex
Company announcement, 7-Aug-2015
More than 3 months after completing a share placement on 5-May-2015, and after going ex-dividend on 2-Jul-2015, CGS now says that the dividend will be cut by 21% from CNY 0.16 to CNY 0.126447 per share (pre-tax) in order to divide the same amount of profit over a larger share base. This is wrong-headed. Investors who sold on or after the ex-date but before this announcement will be worse off because of it. They also persist with the inane mainland habit of declaring dividends "per 10 shares" rather than per share.

HKSAR v Rafael Hui Si Yan & others
HK Court of Appeal, 5-Aug-2015
Justice Michael Lunn sets out the timetable for the size and filing of written submissions in the appeals.

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, 29 August
From Webb-site Who's Who
Cavendish, Harriet Elizabeth 230
Dobie, Andrew (1808) 207
Holmes, Oliver Wendell Sr 206
Bowen, Charles Synge Christopher 184
Bosman, Charles Henri Maurice 176
Sutherland-Leveson-Gower, George Granville (1888) 127
Manners, Diana Olivia Winifred Maud 123
Wyndham, Guy Richard Charles 119
Soady, Frank William 111
Attenborough, Richard Samuel 92
de Rothschild, Evelyn Robert Adrian 84
Leung, Norman Nai Pang 75
Child-Villiers, George Henry 67
Thunell, Lars Henrik 67
Jardine Paterson, Margaret "Peggy" 64
Lau, Chuk Kin 63
Ng, Stephen Tin Hoi 63
Jackson, Michael Joseph 57
Yamauchi, Shinji 57
Wolfram, Stephen 56
Shriver, Timothy Perry 56
Webb, David Michael 50
Dugdale, Nathaniel Francis Stratford 19
Bond, Isabella 8

Today's air pollution
Hedley Index

Central (Victoria Harbour)