Our stories
Chinese Africans in HK
New data obtained by Webb-site show that Gambia and Guinea-Bissau, two small African countries, now account for 75% of the mainland Chinese who have obtained residency in HK under the Capital Entrant Investment Scheme. The requirement for mainlanders, who account for 84% of the CIES, to obtain permanent residency somewhere else is farcical and should be scrapped. It is part of HK's value proposition to be the Monaco of China, and we should welcome them. (15-Apr-2012)
Pushing water uphill
The slow drip of the Water Supplies Department's e-billing system. (25-Mar-2012)
You can call me Dr Sir
We announce the winner of the inaugural Webb-site Award for Ridiculous Titles (WART), and follow a trail which leads to bogus honorary degrees for the dictators of Equatorial Guinea and Gambia. The latter has a special relationship with Hong Kong, one which may surprise you. (23-Mar-2012)
Stop Karrie's expensive wedding
We urge independent shareholders to vote against Karrie's proposed HK$43m acquisition of a wedding business and travel agency, loss-making startups with net liabilities of $6.6m. (20-Mar-2012)
Two houses, one rating
So it was her house and her basement? We dig deeper into York Road and explain why it matters. (20-Mar-2012)
Stop the BoCom placing: get a rights issue
We call on SEHK and SSE to stop the big 3 holders from voting to approve each other's subscriptions, which would create a dangerous precedent. Thankfully BoCom has no general mandate, so they also need a special resolution to approve the placing on which they must all abstain. We urge independent shareholders to block it and call for a rights issue instead, and we suggest a way around the primitive NAV rule. (16-Mar-2012)
HKEx preps for placing
Apart from seeking a steep pay hike, the HKEx board is seeking to double its mandate to issue shares for cash without a rights issue, at double the discount of last year's mandate. Couple that with the leaked bid for the London Metal Exchange, and you can see where this is going. We urge shareholders to protect their rights by voting down the general mandate. If HKEx proceeds with LME (and we query why), then a rights issue can fund it. (15-Mar-2012)
Decapitate the headcount
We make the case for abolition of the archaic and anarchic headcount rule in Schemes of Arrangement, which was brought into focus when we reported evidence of a vote-rigging scheme in the proposed PCCW privatisation in 2009. For once, the tycoons agree with us, but the Government seems afraid to take the lead. (12-Mar-2012)
Raking muck, Part 6
Concluding our hexalogy, we look at a recent deal by COMG (0254). Existing shareholders were diluted to 2.54% in an acquisition valued at HK$1242m for a business which would need capital of HK$3.6m. We estimate that the vendor has already cashed in about $1812m by selling convertible bonds and shares. We also look at what comes next for COMG, and some unfinished business for the authorities. (11-Mar-2012)
Raking muck, Part 5
In the penultimate episode, we look at a transaction in progress by Railsmedia (0745) and how it connects with CPEC (8041), COMG (0254) and 3 shells. We also introduce a 10th listed company to the story, Zhi Cheng (8130) which has such a track record of value destruction that it has consolidated its shares by 200,000 to 1 since 2007. (11-Mar-2012)
Apophis debunked
Angelo Paratico's article "Comet heading straight for earth - don't panic" (SCMP today) is alarmist, sensationalist and bad science. (11-Mar-2012)
Raking muck, Part 4
We take a deeper dive into the transactions of Inno-Tech (8202), and call on the SFC to investigate. We also call on the regulators either to scrap the requirement for "independent" financial advisers in listed company deals, or make it work by randomly assigning them through a jury pool system. The current system of opinion-shopping to IFAs of Last Resort is a waste of investors' money and provides false comfort. (7-Mar-2012)
Raking muck, Part 3
We now connect Joseph Lau to Executive Talent, and focus on a series of dubious transactions by Hycomm and the bubble in its stock while it did the coal mine hokey cokey, from which bubble Joseph Lau has profited hugely. We also look at the creation of Inno-Tech and the youngest infant mortality on GEM, Codebank. (5-Mar-2012)
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Other news
Ex-lands boss escapes jail on rental fraud rap.
Our article 9-Dec-2006
HK Standard, 17-May-2012 Another silly "rental fraud" case - if he had leased out the unit and rented an identical one, then he would have been paid the same amount by the Government but not committed any offence. See our article of 9-Dec-2006.
Estoril Court v Cheer Rich Enterprises Ltd
HK Lands Tribunal, 17-May-2012 A case which started with a swimming pool on the roof of Flat 44D, Block 2
A maid v Director of Immigration
HK Court of First Instance, 17-May-2012 A Filipina maid who worked in HK for 10 years pled guilty to having 3 cartons of cigarettes on which duty had not been paid. She said her employer told her to buy them. He paid her fine of HK$800. For this trivial offence, the Government refused her application to transfer employers and kicked her out of HK. The judge declined to interfere. So the question is, why doesn't the Government deport anyone who has ever been convicted of a littering or smoking offence ($1500) or 3 parking tickets ($960)? Is this a case of double standards?
ASMC (3355): shareholders veto general issue mandate
Company announcement, 16-May-2012 This is a Chinese company, so the mandate to dilute shareholders requires a special resolution (2/3 majority) unlike the laxer HK requirement (ordinary resolution, 50%). They only got 59.9%, so the proposal was vetoed. It looks like NXP B.V. (the private equity consortium) was the main vote against. They have 408,806,888 shares at the last disclosure.
G.A. Holdings (8126) appoints ED "Dr" Tan Cheng Kim with "solid educational qualification" from bogus university.
Our article of 24-May-2010.
Company announcement, 16-May-2012 Lincoln University, Inc was covered in our article of 24-May-2010, as was Asian Knowledge Management Association and its "college", ACKM.
Computer & Technologies (0046) withdraws proposal at AGM
Company announcement, 15-May-2012 This follows a complaint by Webb-site on 8-May-2012, that the resolution was improper because (i) it was not a binary (yes/no) resolution to set a specific maximum number of directors and (ii) because it was bundled with a proposal to authorise the board to set its own pay. We still don't know what maximum number of directors was set last year.
Agricultural Bank of China v Lau Yuet Wah & others
HK Court of First Instance, 15-May-2012 ABC tries to recover US$62m in an alleged letter-of-credit fraud. "Although neither the 1st nor the 2nd defendant was subject to criminal prosecution, it is the plaintiff’s case that this was not because the 1st and 2nd defendants are innocent. According to the plaintiff, CCB took the view that the criminal proceedings should take place in Mainland China whereas the relevant Mainland authorities decided not to prosecute on the ground of difficulties in securing witnesses and documents in Hong Kong."
Loudong General Nice (0988): CEO Mr Lau Yu assists ICAC with enquiries
Company announcement, 10-May-2012
FSA fines Martin Currie £3.5 million for failing to manage a conflict of interests between clients
UK Financial Services Authority, 10-May-2012 "Fund A" = Martin Currie China Hedge Fund LP. "Fund B"=The China Fund, Inc. "Company X"=Jackin International Holdings Ltd (now AMCO United Holding Ltd, HK:0630). Company Y=Ugent Holdings Ltd.
SEC charges Scotland-based firm for improperly boosting hedge fund client at expense of U.S. fund investors
US SEC, 10-May-2012 The SEC investigation "is continuing" - which perhaps means they are pursuing PM-1 (Chris Ruffle) and possibly PM-2 (Ke Shifeng) |
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