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)
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)
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)
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)
China Money Recycling
A graphic from this week's judgment on China Metal Recycling (0773) seems strangely familiar. (14-Mar-2015)
Concentration warning in Noble House (8246)
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
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.
Webb on "All About Money"
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.
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.
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 18-Aug-2015
- Chuang, Eugene Yue Chien 莊友堅
- Guglielmucci, Massimo
- Hui, Quincy Kwong Hei 許廣熙
- Liao, Cindy Miao Ling 廖苗玲
- Liu, Andrew (fka Liu Yiu Sing) 廖駿倫 (fka 廖堯城)
- Pak, William Eui Won
- Pridjian, John
- Tong, So Yuet 唐素月
- Wan, Ming Sun 尹明山
- Zwaanstra, John
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.
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Today's birthdays, 29 August
From Webb-site Who's Who
|Cavendish, Harriet Elizabeth
|Dobie, Andrew (1808)
|Holmes, Oliver Wendell Sr
|Bowen, Charles Synge Christopher
|Bosman, Charles Henri Maurice
|Sutherland-Leveson-Gower, George Granville (1888)
|Manners, Diana Olivia Winifred Maud
|Wyndham, Guy Richard Charles
|Soady, Frank William
|Attenborough, Richard Samuel
|de Rothschild, Evelyn Robert Adrian
|Leung, Norman Nai Pang
|Child-Villiers, George Henry
|Thunell, Lars Henrik
|Jardine Paterson, Margaret "Peggy"
|Lau, Chuk Kin
|Ng, Stephen Tin Hoi
|Jackson, Michael Joseph
|Shriver, Timothy Perry
|Webb, David Michael
|Dugdale, Nathaniel Francis Stratford