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Putting the FRC in Farcical
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)

NPCSC poll results: not much optimism
The results of the Webb-site Opinion Poll on "NPCSC decision - pocket or not" show that the opponents of the NPCSC proposal don't want to get stuck with it, but they don't expect a veto will produce a better offer for 2022. Meanwhile the proponents recognise that the current offer is fake democracy, but they think it is worth taking in the hope of real democracy later. (10-Feb-2015)

Top stocks on the Southbound through train by value, 5-Feb-2015
Visit Webb-site Who's Who daily for updates. CCASS positions lag transactions by 2 days. (6-Feb-2015)

Beijing's 2020 vision for LegCo
In the past few days, it has become clear how Beijing plans to rig the 2020 LegCo elections to claim "universal suffrage" without losing control. This gives even less reason for legislators to approve Beijing's proposal for the 2017 Chief Executive election. (3-Feb-2015)

The architect and surveyor cartels
Webb-site finds written evidence of price-fixing and other anti-competitive practices at the HK Institute of Architects, HK Institute of Landscape Architects and HK Institute of Surveyors. But they do have 1 legislator and 30 seats in the CE's Election Committee, so when will C Y Leung activate the Competition Ordinance? (25-Jan-2015)

Yes Pope Frank, we can mock faiths
Pope Francis says its OK to punch someone who insults his mother, and we cannot make fun of faith. No, it's not. No insult justifies an assault, whether it's an insult against you, your mother or Muhammad, and whether it is a punch, a massacre or a state-sponsored flogging. Laws against blasphemy, insult and mockery have no place in an open society and incentivise intolerance of free speech. (17-Jan-2015)

Occupy school suspension order was invalid
We have investigated the Government's actions during the "Occupy" protests and find that it lacked the legal powers to order district-wide class suspensions, and was therefore acting outside the rule of law. (13-Jan-2015)

The bubbles in CNN
We warn investors of 3 bubbles amounting to HK$20.0bn (US$2.58bn) in the "Chung Nam Network" of listed companies, Heritage (0412), Rising Dev (1004) and Mascotte (0136) and look at a blatantly bad decision by the board of Hao Tian (0474), and an undisclosed Very Substantial Acquisition by that company. One of the bubbles is even a Russian doll "double bubble" - one owns the other. (8-Jan-2015)

Other news

HK Television Network Ltd v The Chief Executive in Council
HK Court of First Instance, 24-Apr-2015
A victory for common sense and free market competition. HKTV successfully challenges the Government's decision to reject its TV license application; the court holds that the "gradual and orderly approach" adopted by the CE contradicted the stated policy of having no cap on the number of licensees, and HKTV had a legitimate expectation that this policy would be followed. There is one error in para 25: A new CE was not elected in July 2012. That is when he took office.

Imperial Pacific (1076) "identifies" 2% of Saipan to be covered in solar panels from Hanergy (0566)
Company announcement, 20-Apr-2015
When two bubbles get together, perhaps you get fusion power too. They will still need alternative power generation when it's dark.

Pass the parcel: Willie (0273) buys basement of China United Centre from HEC Capital for HK$170m
Company announcement, 20-Apr-2015
Avoiding 8.5% double stamp duty, Willie is buying the BVI company which indirectly owns the property. It was previously owned by Dragonite (0329) until 21-Jan-2014, by Heritage (0412) until 4-May-2011 and by Z & Z International Ltd until 25-Apr-2008. Even earlier, it was owned by China United Holdings Ltd, the former incarnation of Willie, which bought the property in 1997 for HK$470m. So it has now come full circle. All are in the "Chung Nam Network"

Beijing Digital Telecom (6188): INED Leng Rongquan under investigation by CCDI
Company announcement, 19-Apr-2015
His pending resignation, announced on 25-Mar-2015, was "due to the change of job for career development" - that's one way of putting it..

Concentration warning in King Force Security (8315)
SFC, 13-Apr-2015
Placed at $0.385 last August, now trading at $9.00. What could possibly go wrong?

HK Institute of Biotechnology Ltd, financial statements, 30-Jun-2014
Company filing, 11-Apr-2015
Still receiving grants from "government agencies and third parties", sitting on free Government land (via CUHK) and in buildings paid for by gamblers via the HKJC, this body has piles of investments including listed stocks, cash and bonds, as well as a web site where you won't find these statements.

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, 25 April
From Webb-site Who's Who
Plantagenet, Edward II of Carnarvon 731
de Mortimer, Roger 728
Boyle, Richard 321
Brudenell, Robert (1760) 255
Chetwynd-Talbot, Charles 238
Brooks, Abigail Brown 207
Paget, Alexander Victor 176
Peter-Hoblyn, Charles Henry Harris 152
Colwell, Kent Galbraith 119
Munk, Anker Richard 119
Windsor, Victoria Alexandra Alice Mary 118
Soady, Mary Ann 114
Smith Presley, Gladys Love 103
Cowperthwaite, John James 100
Hughes-Hallett, Robert Vernon 97
Anson, Thomas Patrick John 76
Carstairs, Ronald 76
Wong, Senta Chung Tung 72
Wong, Peter Hong Yuen 71
Sutherland, Peter Denis 69
Shire, Talia 69
Qin, Xiao (1947) 68
Chu, Aloysius Fee Loong 68
Lau, Butt Farn 68
Dawnay, Valentine George 67
Harilela, David J (aka Harilela Devidas) 66
Li, Lihui 63
Li, Fred Wah Ming 60
Guinness, Timothy Roberts 59
Rufus Isaacs, Alexander Gerald 58
Tsui, Robin Chi Kit 33
Bowring, Simon Kai Yu 29

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