Tuesday 17th December 2013
Dear Reader,
It's been a while, hasn't it? Check out our new Webb-site Total Return graphing system, which now shows the adjusted volume of shares traded and is more touch-friendly for those viewing on tablets, so you can pinch and zoom your way through the graph. Have yourselves a Merry Solstice.
NEW ARTICLES
Not classy
The new Dragonair First Class: Cathay Pacific Business Class passengers have
seen it all before... (17-Dec-2013)
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)
IN OTHER NEWS
Qunxing Paper (3868): SFC searches premises, court freezes assets
Company announcement, 15-Dec-2013
SFC
orders Du Jun to pay HK$23.9m to some investors
SFC, 12-Dec-2013
This is the first
restoration order for insider dealing. We question the fairness of the
allocation though. 297 sellers whose orders just happened to be matched with
his, during an 11-week period in which he bought 26.7m shares, will get about
$0.90 per share - even though some of them may have been net buyers during the
period. The whole market was unaware of the good news, and anyone who sold
shares during that period, when volume was 1844m shares, but not to Mr Du, gets
nothing. That turns the payout into a lottery with about a 1 in 69 chance of
success.
HKICPA
reprimands Wallen Wu for quoting a fee on his web site
HKICPA, 2-Dec-2013
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
RTHK, 29-Nov-2013
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 The show discusses whether they should be withdrawn.
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