Friday 6th May 2011

Dear Reader,

NEW ARTICLE
Submission on First Registration Tax
Webb-site editor David Webb will attend the Bills Committee meeting at 2.30pm on 12-May-2011. This is our submission. (6-May-2011)

RECENTLY ON WEBB-SITE
Traffic Truths
The Government's budget proposal on private car First Registration Tax is based on a false premise, and will not achieve its stated objective of congestion reduction. Our research shows that despite higher ownership, private cars occupy less of the roadspace than they did in 2000. We call for a fundamental review of road transport policy and make proposals to achieve a reduction in congestion and road traffic pollution. (13-Apr-2011)

IN OTHER NEWS
Dragonite (0329) buys basement of China United Centre from Heritage (0412), does placing...
Company announcement, 6-May-2011
...through Chung nam Securities Ltd. Both listed companies are in what we call the "Chung Nam Network".

Forefront (0885) subscribes HK$108m for 4.79% of Hennabun
Company announcement, 6-May-2011
Forefront is in what we call the "Chung Nam Network". Hennabun owns Chung Nam Securities Ltd.

SFC fines HSBC Trinkaus Investment Management Ltd HK$3m
SFC, 4-May-2011
...and bans it for 2 years from dealing or advising on OTC structured notes (but presumably this ban does not apply to other subsidiaries of HSBC to which clients could be referred).

Q&A regarding Mr Leung Chin Man and New World
HK Legislative Council, 4-May-2011

Ausnutria Dairy (1717) makes "entrusted loans"
Company announcement, 3-May-2011
...which is a good reason not to trust Ausnutria Dairy with your money. Surplus cash should be returned to shareholders.

China Forestry: findings of Independent Board Committee
Company announcement, 29-Apr-2011

China Forestry: our key subsidiary had two sets of books
Company announcement, 29-Apr-2011
...and they say former management gave false bank records to auditor.

PECS Register monthly update
HK Government, 29-Apr-2011

Government plans 4 submarine cables from Shek Kwu Chau to Lantau
HK Gazette, 29-Apr-2011
So does this mean that they plan to sell the power from the incinerator to CLP?

Pass it on!
This free newsletter goes to over 20,000 practitioners, issuers, regulators and investors in Hong Kong's markets. If you enjoy Webb-site, then please invite a friend to find out what they are missing and subscribe! Visit our archives, and do your homework before you invest.

Remember that, apart from our occasional articles, you can follow our daily updates on HK events via RSS, Twitter, or Facebook.