CCB Asia's abuse of HKID numbers
Time to start embarrassing service providers into stopping the abuse of HKID numbers as authenticators or passwords. We start with China Construction Bank (Asia) Corp Ltd. (26-Nov-2013)
The hole in Bitcoin (updated)
We've yet to see a grounding in the technology and economics of Bitcoin that a layperson can grasp, so this is our explanation of what all the fuss is about, and why you are looking at one big, US$2.6bn, 275 megawatt bubble that will likely go to zero. Even if it succeeds in becoming an accepted transaction currency, there is a second flaw that will destroy its original purpose. (4-Nov-2013)
Alibaba's Joe Tsai finally breaks the company's silence to explain why we don't know a good thing when we see it. All hail the Emperor's new clothes! (27-Sep-2013)
We had a dream too!
Following the hallucinations in HKEx non-elected director and CEO Charles Li Xiao Jia's blog yesterday, Webb-site had a dream last night! (26-Sep-2013)
Ajisen (0538) has a new COO with a criminal record for corruption. But on the plus side, he is a graduate of prestigous US university CalTech - or is he? That's not what the court was told. (24-Sep-2013)
Alibaba's spotlight on HK regulation
10 years after the Expert Group report, Alibaba's requests spotlight the unresolved conflict of interests of HKEx between profit and regulation, creating an opportunity for Government to put this back on the agenda. They should now follow through, strip HKEx of its regulatory role, create a Listings and Takeovers Authority under the SFC, and remove the special provisions of HKEx's own constitution which make it a Government-controlled company. (18-Sep-2013)
Women and the size of HK boards
Webb-site has completed a database on HK-listed boards since 1990. We begin a series of analyses on board composition, starting with the number and proportion of women on boards, and the size of boards in response to changing rules on the number and proportion of "independent" directors. (13-Sep-2013)
Webb-site opens airport slot data
HK needs a full debate about how we optimally allocate scarce resources, whether it is radio spectrum for mobile phones and broadcasting, or in this case, for takeoff and landing slots at HK's airport. To facilitate that debate, Webb-site is today decrypting the Civil Aviation Department's slot data and calling for it to be added to the Data.One government portal in a machine-readable format. (9-Sep-2013)
Unicom's premature release
The SFC should investigate how China Unicom (0762) let its results out early. Companies should not disclose their results or other price-sensitive information to third parties (whether governmental or newswires) under embargo, as the potential for mistakes and abuse is simply too great. (8-Aug-2013)
K C Chan is satisfied - are you?
The Minister says they have achieved their goal, whatever that is. Apparently freezing up the market is a Good Thing. 15% Buyer's Stamp Duty and 8.5% Double Stamp Duty are still not law and will not be payable if the law is not passed. We urge readers to write to the LegCo bills committees to demand that they veto the proposals. (28-Jun-2013)
Second submission to LegCo on DSD
This morning's session with public delegations, in which a junior civil servant was fielded, leaves a number of fundamental policy questions to be answered by the principal officials. Here they are. (13-Jun-2013)
Avoiding double stamp duty
A HK$1.6bn deal announced yesterday neatly demonstrates how the proposed Double Stamp Duty will drive higher-end transactions into the corporate transfer market, while freezing up the low end with prohibitive taxation. We'll be speaking against DSD in LegCo tomorrow. (12-Jun-2013)
Scrap the public float rule
Investors in SCMP (0583) are in the deep freeze again, and other companies have indulged in artificial schemes to comply with the 25% public float rule. The rule should be scrapped, because as we explain, it has no real purpose, and because the only way to enforce it is to victimize minority shareholders by suspending their shares. The rule does not serve investor interests. (11-Jun-2013)
HKICPA reprimands Wallen Wu for quoting a fee on his web site
Who knew that the HKICPA has a rule prohibiting the advertising of fees? Surely that is an anti-competitive rule. This accountant is now in trouble for breaking it, for quoting a fee on his home page for incorporating a company, something that other service providers do all the time. Bizarrely, HKICPA draws a distinction between a homepage and other pages of a web site, claiming that the home page is "analagous to a newspaper advertisement" while other pages are not. All web pages require active requests, of course.
Webb on 'Backchat" re the proposed stamp duties
The proposed laws on Buyer's Stamp Duty, higher rate and longer period of Seller's Stamp Duty, and Double Stamp Duty are still in LegCo Bills Committees. The show discusses whether they should be withdrawn.
China Fortune (8116): placing terminated
Company announcement, 21-Nov-2013
The company fails to state that there was only 1 condition, not conditions, namely the Listing Committee granting listing of the shares. It is unusual not to obtain this, and the company should explain why.
Property chief dines with giants
HK Standard, 21-Nov-2013
Of course, Mr Chan knows a thing or two about innovations in corporate governance, having been a director of Enron.
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