News

Christopher Liang v Roger John Leader
HK Court of First Instance, 3-Jan-2022
Mr Leader is declared bankrupt for failing to fulfill a HK$1.02m put option over 40% of Quantum Human Capital Ltd.
Court convicts Wai Chun Holdings Group Ltd and director Lam Ching Kui of Disclosure of Interests Offences
SFC, 30-Dec-2021
He is also Chairman & CEO of Wai Chun Bio-Technology (0660) and Wai Chun Group (1013), which is probably why the SFC published this. They stopped announcing disclosure of interest offences on a regular basis over a decade ago.
Osman Bin Kitchell buys 28.53% of Blue River (0498) from Oshidori (0622) for HK$160mOshidori filing
Disclosure of interest, 30-Dec-2021
The price per share is $0.5079, a 435% premium to the closing price on 30-Dec-2021. As of 30-Dec-2021, the stock remains in the custody of Planetree Securities Ltd. Mr Kitchell is Chairman of Imagi (0585) which is 21.31% owned by Oshidori at its last filing.
Concentration warning in Landsea Green Life (1965)
SFC, 28-Dec-2021
The top 20 holders have 98.46%.
HKICPA fines Edmund Siu Chun Man, of Elite Partners CPA Ltd, HK$120k plus HK$150k costs
HKICPA, 21-Dec-2021
For bad audit work on the 2018 accounts of an unnamed HK-listed entity. This is Mr Siu's 3rd fine in 2021 alone, and his 4th since 2017.
Million Hope (1897) in 50:50 JV with Angelo Gordon partnership to buy 55 Nga Tsin Wai Rd, Kowloon, for HK$195m
Company announcement, 17-Dec-2021
MH fails to state that sister Hanison (0896) is also in a 50:50 JV with AG to develop neighbouring 57A. MH, in the business of curtain walls, was spun off in 2019 by Hanison, which stuffed it with cash to meet the HK$500m NAV listing requirement. A "clear deliniation of business" was promised. Now MH says the "one-off" property development is a better use of its "idle cash". Of course, if a company has idle cash then it should be distributed to shareholders. The site sits behind the Swatow Baptist Church (55A), which is adjacent to Hanison's site. At 50% ownership, the two projects are not subsidiaries, so they're outside the Listing Rules on connected transactions. Webb-site founder David Webb owns over 6% of MH.
Trio charged by ICAC with MIPO and deception over HK$4.2m HKPost contract
ICAC, 14-Dec-2021
For a web project to integrate its various online shopping platforms.
SFC bans Poon Chun Hing for lifeStatement of Disciplinary Action
SFC, 2-Dec-2021
On top of a previous 30-month ban that expired on 17-Jan-2021.
SFC bans Wang Yu Ching, ex-Bank of Singapore & Bank Julius Baer, for 10 yearsStatement of Disciplinary Action & Licence record
SFC, 1-Dec-2021
For faking her academic credentials, claiming in applications from 2012 to 2019 that she had earned a BA in Business Administration from California State University in 1994.
Concentration warning in Infinity Logistics and Transport Ventures (1442)
SFC, 30-Nov-2021
The top 25 holders have 94.06% as at 15-Nov-2021.
Concentration warning in Morimatsu (2155)
SFC, 29-Nov-2021
The top 18 holders have 93.43% as at 11-Nov-2021. Less than 5 months after the IPO, the stock price is 431% above the issue price.
SFC restricts 17 accounts at Emperor Securities and Get Nice Securities linked to suspected social media ramp-and-dump scamRestriction Notice
SFC, 26-Nov-2021
The Gazette Notice dated 1-Nov-2021 but published on 26-Nov-2021 reveals the stock is Chinlink (0997), which plunged 78% on 28-Oct-2021. The total restricted amount is HK$312.2m.
HKICPA fines Gabriel Chan Shek Chi & Ivan Yu Kwong Fat, of Cheng & Cheng Ltd, HK$100k & HK$50k respectively
HKICPA, 24-Nov-2021
Regarding the audit of an unnamed listed company for 2016.
3 accountants among 9 arrested by ICAC for alleged bribery over listing of Macao construction firmFRC announcement
ICAC, 22-Nov-2021
Webb-site Who's Who indicates that the firm is almost certainly Huarchi Global (2296), which shares a HK office with its auditor Wellink CPA Ltd and is chaired by Lou Cheok Meng. The Accountants' Report in the prospectus was signed by Opal Chan Yan Ting, MD of Wellink. The stock was suspended last Friday and looks like a bubble to us, on 8.6x NAV and a P/E of 109. Wong Yat Chung was CFO from 2018 until the end of 2020 when he was replaced by Chan Wai Lun. The listing was sponsored by Ample Capital Ltd. Wellink is currently the auditor of 3 other listed companies.
Joining the dots on the ICAC case against Chim Pui Chung and others
Webb-site.com, 21-Nov-2021
The ex-legislator is once again facing criminal charges, this time with his son and others. We examine the past connections between the defendants and the connection between an alleged co-conspirator and one of the subscribers of convertible notes, who has not been charged.
A solicitor v The Law Society of HK
HK Court of Appeal, 18-Nov-2021
The appellant solicitor, M, was sole practitioner of a firm which closed on 31-Dec-2013. From the Feb-2014 edition of "Hong Kong Lawyer", we note that Roderick Miller's firm, Miller Peart, closed on that date. He is now a consultant of Chan & Ho, who act for the appellant in this appeal. F, another solicitor, had acted for M in his successful appeal against an earlier decision of the Law Society to refuse to issue a practising certificate to him - so, looking at the judgment in HCMP 3269/2013, F must work for Oldham, Li & Nie.
Censure/criticism of China Huiyuan Juice (ex-1886) and directorsLoan announcement
SEHK, 17-Nov-2021
For humungous RMB4.28bn unauthorised and undocumented loans to a connected person of the Chairman.
Censure of Peter Luo Xi Zhi, ex-ED of China Fortune (0110)
SEHK, 16-Nov-2021
For failure to cooperate with an investigation.
Touyun Biotech (1332) discloses ownership of "Purchaser B" in its sale of Hope Capital LtdPrevious announcement
Company announcement, 12-Nov-2021
Cordoba Homes Ltd is 61.99% owned by "a private family trust with Mr. Eugene Chuang as the sole beneficiary" and 28.08% owned by China Evergrande (3333). The other 9.93% is owned by "an independent third party". Note: we've been tracking Cordoba for years as part of the "Chung Nam Network". Various listed companies have held stakes in Cordoba Homes, but this is the first time we've seen China Evergrande as a shareholder.
HKSAR v Cheung Kim Hung
HK Court of First Instance, 10-Nov-2021
Bail is denied.

Our stories

Joining the dots on the ICAC case against Chim Pui Chung and others
The ex-legislator is once again facing criminal charges, this time with his son and others. We examine the past connections between the defendants and the connection between an alleged co-conspirator and one of the subscribers of convertible notes, who has not been charged. (21-Nov-2021)
Raising the Yorkey bar
What are we going to do about the proposed privatisation of Yorkey (2788)? (21-Oct-2021)
Observations on Next Digital (0282)
A Financial Inspector has not been appointed in HK since last century, before the SFC gained new powers under the SFO in 2003. Now, Financial Secretary Paul Chan, who will neither confirm nor deny plans to run for CE, is throwing this redundant tool at Next Digital. (28-Jul-2021)
30 years in Hong Kong
This seems like a suitable time for an update from our founder. (15-Jul-2021)
Carrie Lam, Broadcaster-in-Chief
Contradicting a 2018 statement to LegCo, the HK Govt is now in the TV distribution business, removing competition and exclusivity by buying the Tokyo Olympics with your tax dollars and sublicensing them for free, risking a thinning-out of coverage. What next? (11-May-2021)
SFC launches Govt welfare scheme for property tycoons
Well, not all tycoons, only larger ones. (10-May-2021)
The long-awaited Law Reform Commission report on an archives law
With RTHK, a Government Department, currently destroying its online archives, we asked the LRC why there has been no report 26 months after a consultation on an archives law closed. Here is their response. (6-May-2021)
How to end HK's border lockdown
HK's economic recovery depends on fully re-opening its borders, but it can't when so few have been vaccinated. With near-zero COVID, we must use other vaccination incentives. We propose a 4-pronged solution, including a VacciLottery and an inbound travel exemption. (27-Apr-2021)
Government misled LegCo over HKIDs
A quick Sunday search using a single popular name finds 8 pairs of matching masked HKIDs in the Companies Registry. There must be hundreds or thousands of other such pairs on other names - yet the Government claimed on Friday that it could only find 8 in the entire database. (Updated 13-Apr). (12-Apr-2021)
HK's inbound quarantine laws: dangerous, irrational and unconstitutional
We put our microscope on HK's inbound quarantine laws and find that the 21-day length of quarantine actually increases the risk to the community, Further, the ban on arrivals from 4 countries is irrational. Both fail to satisfy constitutional tests of proportionality. (16-Mar-2021)
The Budget and HK's Road to Serfdom
The so-called "Consumption Voucher" will probably become another cash handout, a total of HK$108bn over 2 years - but that's not the point. HK's budget has long since deviated from the Basic Law requirement to keep the budget in line with Gross Domestic Product over time, having expanded by over a quarter since the 1997 Handover. HK is becoming a tax-and-spend interventionist economy, departing from the free-market principles at the root of its success. (26-Feb-2021)
How the GameStop game will stop
…and who will benefit when it does. (28-Jan-2021)
Meter Madness
How HK's policies of pseudo-anonymity and deep under-pricing of metered parking have resulted in a half-baked not-very-smart upgrade to the system, launched yesterday. (19-Jan-2021)
The Main Board profit requirement - for whom?
Webb-site responds to the HKEX proposal which further raises the barriers to entry for smaller companies on its monopoly stockmarket and reduces investor choice. Help us out and add your voice! (14-Jan-2021)
ESS Revealed
As part of our push for open data, Webb-site tonight publishes the first detailed analysis of approved claims under the so-called "Employment Support Scheme", including league tables of the top 5,000 recipients and a search function for all recipients. (13-Dec-2020)

Other news

Christopher Liang v Roger John Leader
HK Court of First Instance, 3-Jan-2022
Mr Leader is declared bankrupt for failing to fulfill a HK$1.02m put option over 40% of Quantum Human Capital Ltd.
Court convicts Wai Chun Holdings Group Ltd and director Lam Ching Kui of Disclosure of Interests Offences
SFC, 30-Dec-2021
He is also Chairman & CEO of Wai Chun Bio-Technology (0660) and Wai Chun Group (1013), which is probably why the SFC published this. They stopped announcing disclosure of interest offences on a regular basis over a decade ago.
Osman Bin Kitchell buys 28.53% of Blue River (0498) from Oshidori (0622) for HK$160mOshidori filing
Disclosure of interest, 30-Dec-2021
The price per share is $0.5079, a 435% premium to the closing price on 30-Dec-2021. As of 30-Dec-2021, the stock remains in the custody of Planetree Securities Ltd. Mr Kitchell is Chairman of Imagi (0585) which is 21.31% owned by Oshidori at its last filing.
Concentration warning in Landsea Green Life (1965)
SFC, 28-Dec-2021
The top 20 holders have 98.46%.
HKICPA fines Edmund Siu Chun Man, of Elite Partners CPA Ltd, HK$120k plus HK$150k costs
HKICPA, 21-Dec-2021
For bad audit work on the 2018 accounts of an unnamed HK-listed entity. This is Mr Siu's 3rd fine in 2021 alone, and his 4th since 2017.
Million Hope (1897) in 50:50 JV with Angelo Gordon partnership to buy 55 Nga Tsin Wai Rd, Kowloon, for HK$195m
Company announcement, 17-Dec-2021
MH fails to state that sister Hanison (0896) is also in a 50:50 JV with AG to develop neighbouring 57A. MH, in the business of curtain walls, was spun off in 2019 by Hanison, which stuffed it with cash to meet the HK$500m NAV listing requirement. A "clear deliniation of business" was promised. Now MH says the "one-off" property development is a better use of its "idle cash". Of course, if a company has idle cash then it should be distributed to shareholders. The site sits behind the Swatow Baptist Church (55A), which is adjacent to Hanison's site. At 50% ownership, the two projects are not subsidiaries, so they're outside the Listing Rules on connected transactions. Webb-site founder David Webb owns over 6% of MH.
Trio charged by ICAC with MIPO and deception over HK$4.2m HKPost contract
ICAC, 14-Dec-2021
For a web project to integrate its various online shopping platforms.
SFC bans Poon Chun Hing for lifeStatement of Disciplinary Action
SFC, 2-Dec-2021
On top of a previous 30-month ban that expired on 17-Jan-2021.
SFC bans Wang Yu Ching, ex-Bank of Singapore & Bank Julius Baer, for 10 yearsStatement of Disciplinary Action & Licence record
SFC, 1-Dec-2021
For faking her academic credentials, claiming in applications from 2012 to 2019 that she had earned a BA in Business Administration from California State University in 1994.
Concentration warning in Infinity Logistics and Transport Ventures (1442)
SFC, 30-Nov-2021
The top 25 holders have 94.06% as at 15-Nov-2021.
Concentration warning in Morimatsu (2155)
SFC, 29-Nov-2021
The top 18 holders have 93.43% as at 11-Nov-2021. Less than 5 months after the IPO, the stock price is 431% above the issue price.
SFC restricts 17 accounts at Emperor Securities and Get Nice Securities linked to suspected social media ramp-and-dump scamRestriction Notice
SFC, 26-Nov-2021
The Gazette Notice dated 1-Nov-2021 but published on 26-Nov-2021 reveals the stock is Chinlink (0997), which plunged 78% on 28-Oct-2021. The total restricted amount is HK$312.2m.
HKICPA fines Gabriel Chan Shek Chi & Ivan Yu Kwong Fat, of Cheng & Cheng Ltd, HK$100k & HK$50k respectively
HKICPA, 24-Nov-2021
Regarding the audit of an unnamed listed company for 2016.
Previously on Webb-site.com
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