Tuesday 30th October 2012
Dear Reader,
NEW ARTICLES
Some-Buyer's
Stamp Duty
We examine HK's proposed discriminatory stamp
duty on companies and non-permanent residents who buy residential property, its
questionable constitutionality, its negative impacts on social harmony and the
redevelopment market, and the proposed SSD 2.0. (30-Oct-2012)
RECENTLY ON WEBB-SITE
Parker
Randall's HK track record
We reveal the
censored names in yesterday's HKICPA announcement, and look at the awful losses
experienced by investors in the HK-listed audit clients of Parker Randall CF
(H.K.) CPA Ltd. (27-Oct-2012)
Cashing
up at Next Media
If Next Media (0282) completes the sale of
its Taiwan units, it will have a profitable HK business and net cash of about
HK$4.4bn with no use for it. Rather than drag shareholders into a new business
as City Telecom (1137) has done, we expect Next to do the right thing and
distribute the proceeds in a special dividend. The potential payout is $1.79 per
share, and majority shareholder Jimmy Lai will get 74% of that to use as he
pleases. (26-Oct-2012)
Air
China's balance sheet worries
We look at the highly-geared
balance sheet of Air China, the bizarre and unfinished mini-subscription by its
parent launched 6 months ago, and the likely need for a much larger equity
financing if it is going to run on free-market principles, which in turn has
implications for Cathay Pacific's 20% stake. (24-Oct-2012)
IN OTHER NEWS
Government re-appoints MTRC chairman, extending term to 12.5 years
HK Government, 29-Oct-2012
Whatever
happened to the 6-year rule for Government appointments? Before becoming
Chairman in 2003, Mr Ch'ien was an "independent" director since 1998, elected by
Government as majority shareholder. Then there is Allan Zeman Chairing Ocean
Park (now in an 11-year term), and Anthony Wu Chairing the Hospital Authority
(now in a 9-year term, and having been on the board since 1999).
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.
Copyright notice