The Webb-site Repository
As promised, you can now download the Webb-site datasets and take our work forward. (1-May-2025)

Trump's tariff own-goal
He apparently has no idea how much this will hurt US consumers and how little it will affect the trade deficit. Asian manufacturers and their investors can, to a large extent, sleep easy tonight. (3-Apr-2025)

The coming end of Webb-site
Unfortunately, there are going to be some more changes around here. Our founder explains why. Updated 17-Mar-2025: thanks for all the good wishes and stand by for a data and software dump. (12-Feb-2025)

On 18-Nov-2024, JPMorgan completed oustourcing its HK custodian business to HSBC, as shown in Webb-site CCASS Analysis | HSBC custody at 2024-11-18
 (20-Nov-2024)

Knock it off, Judiciary: HK courts don't use gavels
The HK Judiciary persists in promoting an object never used in courtrooms as a symbol of law and juridical work. Why not promote something else not found in courts, like a rocket? (19-Oct-2024)

IKEA removes smart-home products from HK, citing National Security Law
Not entirely consistent with the Government's goal to make Hong Kong a Smart City by investing hundreds of HK$ billions into "Innovation and Technology". (12-Sep-2024)

Putting Police in the Policy Address
A new name would set the right tone. (18-Aug-2024)

Meaningless board games at HKEX, and how the UK FCA has just made an awful mistake
We review the proposals for a 6-seat and 9-year limit on so-called INEDs, along with other changes that do nothing to address HK's corporate governance deficit. Meanwhile, a slow-motion disaster is underway in the UK as it scraps fundamental investor rights. (28-Jul-2024)

An open letter to the Board of Time Watch (2033)
 (5-Jun-2024)

Another open letter to the Board of Allan (0684)
 (4-Jun-2024)

Help maintain the Webb-site Database
We are commencing the transition of the Webb-site Database to a crowd-sourced model. Whether it survives our Founder's doom depends on whether you, the users, are willing to volunteer your time, in a "Webbipedia" crowd-sourcing of corporate data. So please get involved, and you may get a free lunch at the end of the year. (19-May-2024)

The HK budget supercomputer hallucination
According to Paul Chan's budget speech, at undisclosed taxpayer expense, HK is supposed to produce a machine 3 times more powerful than the world's current fastest, within 2 years, and without using the best chips which were banned by the USA from export to HK following imposition of the National Security Law on HK. (2-Mar-2024)

HK's Rates reforms: damage to property values, needless complexity and misdirected handouts
It's not too late for the Government to return to fiscal sanity with a simple Rates system rather than practice the populist politics of petty envy. (30-Jan-2024)

Breaking: HK Government withholds Task Force report, citing threat to financial markets stability
We asked for the report. They refused. Now we're really wondering what's in it. (29-Jan-2024)

Hong Kong Island, major vehicle exporter?
Transport Department data suggest that HK Island exported a net 1.25m vehicles in 2022, more than are on the roads in the SAR, and the Island is on track to beat that in 2023. Take a look at the data and tell us why! (9-Dec-2023)

Court orders ex-Combest (ex-8190) senior execs to make HK$192m compensation to shareholders | Judgment
SFC, 2-Jun-2025
Webb-site filed a detailed complaint on this to the SFC on 21-Dec-2017. Justice Harris asks why criminal charges were not brought, as the case "clearly bears the hallmarks of a fraud". The SFC replies that it referred the case to the Police Commercial Crime Bureau on 20-Jun-2019. Over $293m of losses were caused to Combest, so the respondents appear to have made a net profit and avoided criminal charges.

HKSAR v Joseph Lam Chok
HK Court of First Instance, 2-Jun-2025
Mr Lam wins his appeal against a Magistrate's conviction for careless driving inside the Cheung Kong Centre car park. The doctrine of res ipsa loquitur has no application in criminal law - the fact that he hit a pillar doesn't prove carelessness in itself.

PECS Register monthly update
HK Government, 30-May-2025
Jobs for retired ex-senior HK civil servants

Sanction of 2 ex-directors of China Health Technology (1069)
SEHK, 28-May-2025
Regarding, amongst other things, undisclosed "loans" to the CEO's uncle, and the "sale" of a business with no money up front and no security for the payment. The buyer then defaulted.

SFC obtains DQ orders of 2 to 9 years against ex-directors and senior executive of National Agricultural (ex-1236) | Judgment
SFC, 27-May-2025

Hong Kong says goodbye to a capitalist crusader (paywall)
Economist, 22-May-2025

Hengrui Pharma (1276): allotment results and concentration warning
Company announcement, 22-May-2025
The H-shares are 3.40% of the company. The top 25 placees received 84.75% of these. 41.77% of the H-shares are locked up until 22-Nov-2025, leaving a free float of 130.75m H-shares or 1.98% of the company.

Mirxes (2629): allotment results and concentration warning
Company announcement, 22-May-2025
The top 25 holders have 87.95% of the company. The top 25 placees received 87.32% of the IPO shares. 90.11% of the stock is locked up, of which 6.98% until 23-Nov-2025 and the rest until 23-Feb-2026, leaving a free float of 27.33m shares.

Anthony Chiang Sham Lam and his accounting firm suspended for 3 years and fined HK$500k
Accounting & Financial Reporting Council, 22-May-2025
Mr Chiang's firm audited private companies variously owned by him, his wife and his mother.

SFC bans Ho Hin Hang, ex-RO of Lion Futures Ltd, for 5 months | Statement of Disciplinary Action
SFC, 21-May-2025

SFC issues restriction notice to broker Bloomyears Ltd | Restriction Notice
SFC, 21-May-2025
The Restriction Notice, published in the Gazette on 30-May-2025, reveals suspected window-dressing of accounts with bounced cheques and possible dissipation of client assets.

CATL (3750): allotment results and concentration warning
Company announcement, 19-May-2025
After exercise of the over-allotment option, there are 155.915m H-shares (3.42% of the company) of which 77.455m are locked up until 19-Nov-2025, leaving a real free float of 78.460m shares. The top 25 H-share holders have 69.65% of the H-shares.

SFC revokes licence of Samuel Mui Chok Wah, RO of KCG Securities Asia, bans him for 2 years
SFC, 19-May-2025
He last year pleaded guilty to stealing a wallet left on an ATM machine and received a sentence of 2 months in jail suspended for 3 years. We note that in the past, he's been an INED of 2 listed companies and the CFO or Company Secretary of several others.

PKY v CHM
HK District Court, 16-May-2025
CHM is clearly Chan Heung Ming, who founded Kwai Bon Transportation Ltd, which listed on GEM in Apr-2020 as Asia-express Logistics (8620) after he passed the controlling shareholding to his son for free or nominal payment, because CHM (he says) had a criminal record. This transfer was after the divorce, for which he was to pay HK$17m in 72 monthly instalments. He now says he can't pay the remaining 28 instalments. The judge rejects this. We note from the prospectus that CHM received a $15m dividend in Dec-2016, after the divorce and before the transfer to his son.

CFI dismisses appeal by Lai Ka Yi against conviction and sentence for unlicensed activity
SFC, 15-May-2025

Brothers-in-law convicted of false trading in Pa Shun (0574) after guilty plea
SFC, 15-May-2025

Concentration warning in Ocean One (8476)
SFC, 14-May-2025
20 holders have 92.22% at 29-Apr-2025.

David Webb says emotional goodbye after 27 years
HK Economic Journal, 13-May-2025

HK's best known activist investor addresses a packed house
Bloomberg, 13-May-2025

Activist investor David Webb hopes HK statutory body will carry on his work
South China Morning Post, 12-May-2025