News

SFC-ICAC operation leads to conviction of ex-senior executives of Convoy (ex-1019)ICAC announcement
SFC, 20-Sep-2021
At last, some convictions in the "Enigma Network" that we exposed in 2017. It's a start.
Ex-HSBC employee charged with conspiracy to accept bribes
ICAC, 8-Sep-2021
Allegedly, a friend controlled two borrowing companies that were held by nominees. Waty International Co Ltd was incorporated on 23-Jul-2005 and Mondex International Industries Ltd was incorporated on 22-Nov-2006. The loans were granted in 2012.
URA ready to build subsidised flats, but needs land to move faster, chairman saysL(CSFR)O
South China Morning Post, 6-Sep-2021
2 words, C.K.: "mission creep". URA's mission is in its name: Urban Renewal, not developing vacant land. Private sector can do that. Indeed, since 1999 with the Land (Compulsory Sale for Redevelopment) Ordinance, the private sector can do urban renewal too, and the URA has outlived its utility. Shut it down and let the market determine how much to pay to consolidate old buildings, buy out the minorities and redevelop.
Concentration warning in TL Natural Gas (8536)
SFC, 3-Sep-2021
The top 20 holders have 92.95%
Censure of Miguel Sun, ex-ED of Grand Peace (ex-8108)
SEHK, 2-Sep-2021
For failing to respond to an investigation.
SFC suspends Mr Cheung Man Chit, ex-Emperor, for 2 yearsStatement of Disciplinary Action
SFC, 30-Aug-2021
After Emperor Securities/ Futures, he moved on to Freeman Securities/ Commodities in 2017 and left them on 7-Jun-2021.
SFC and ICAC joint operation on listed company's suspicious money lending activitiesICAC statement
SFC, 13-Aug-2021
Media report that the company is Sunway (0058). This probably relates to a pile of 6 loans totalling about HK$130m made in 2016/17 and impaired in 2019. The 2019 accounts stated "The Group has noticed that 6 borrowers (and their guarantors, if any) failed to repay" and "the enforceability of the collaterals, if any, was quite difficult". Also in 2019, HK$100m of "earnest money" paid in 2017 for an aborted acquisition was fully impaired. We hope the ICAC/SFC will investigate that too. A current and a former ED and 3 others have been arrested.
Former HKEX IPO vetting chief pleads not guilty as trial begins
Bloomberg, 9-Aug-2021
The alleged corruption involves 12 listings, of which 2 were on the main board and 10 on the GEM, from 2015 to 2019.
Securities brokers charged with bribery for arranging clients to use trading programme
ICAC, 4-Aug-2021
The brokerage changed its name to "Nerico Brothers Limited" 2 years ago.
Listing Decision LD131-2021 decodedCircular
SEHK, 30-Jul-2021
From a circular dated 10-Sep-2020 we know that listco A is Liaoning Port (2880), Target Company = Yingkou Port (600317.SH), X = Liaoning Port Group, Y = China Merchants Group and the Provincial Government is Liaoning. Why not just name them?
Concentration warning in Jinhai (2225)
SFC, 29-Jul-2021
The top 20 holders had 95.14% as at 19-Jul-2021.
Observations on Next Digital (0282)
Webb-site.com, 28-Jul-2021
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.
Concentration warning in JLogo (8527)
SFC, 26-Jul-2021
The top 20 holders had 93.14% as at 14-Jul-2021.
CST (0985) buys more China Evergrande (3333) notes
Company announcement, 23-Jul-2021
This "presents an opportunity for the Group to have a stable return". Surely not stable, given that the bonds will either default or generate a huge gain if Evergrande survives and redeems at par.
CST (0985) sells 28 flats in Fortwest, Quarry Bay to Chu Chow Wai for HK$136.82m
Company announcement, 22-Jul-2021
Ms Chu is the wife of Cheung Chung Kiu. The flats are ultimately held by a BVI company which is being transferred, avoiding 15% Stamp Duty.
Censure of 2 ex-directors of Farnova (8153)
SEHK, 19-Jul-2021
For dealing in the shares during the pre-results blackout period, and for failing to cooperate with the investigation.
SFC censures BIT Mining Ltd (NYSE:BTCM) for breaches of the Takeovers Code
SFC, 19-Jul-2021
In relation to Loto Interactive Ltd (8198.HK), after BTCM handed control of itself to founder Vincent Law Man San by issuing super-voting preference shares to him for US$65k.

Our stories

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)
COVID-19: were the lockdowns worth the socio-economic cost?Video replay
These are the slides from a "Webbinar" with David Webb hosted by Exeter College, Oxford University, this evening. As vaccines draw near, the debate on the global policy responses to the pandemic should begin. (4-Dec-2020)
Govt adopts part of our CICS proposal - now get it right
3 days after our article last Monday, the HK Govt began talking about a compensation scheme for virus-positive tests, to incentivise self-employed symptomatic people facing loss of income to come forward. But early reports suggest it will be too little and won't apply to close contacts, deterring people who are symptomatic if the close contact is a family member who will be deprived of income while in the quarantine camp. Get it right! (22-Nov-2020)

Other news

SFC-ICAC operation leads to conviction of ex-senior executives of Convoy (ex-1019)ICAC announcement
SFC, 20-Sep-2021
At last, some convictions in the "Enigma Network" that we exposed in 2017. It's a start.
Ex-HSBC employee charged with conspiracy to accept bribes
ICAC, 8-Sep-2021
Allegedly, a friend controlled two borrowing companies that were held by nominees. Waty International Co Ltd was incorporated on 23-Jul-2005 and Mondex International Industries Ltd was incorporated on 22-Nov-2006. The loans were granted in 2012.
URA ready to build subsidised flats, but needs land to move faster, chairman saysL(CSFR)O
South China Morning Post, 6-Sep-2021
2 words, C.K.: "mission creep". URA's mission is in its name: Urban Renewal, not developing vacant land. Private sector can do that. Indeed, since 1999 with the Land (Compulsory Sale for Redevelopment) Ordinance, the private sector can do urban renewal too, and the URA has outlived its utility. Shut it down and let the market determine how much to pay to consolidate old buildings, buy out the minorities and redevelop.
Concentration warning in TL Natural Gas (8536)
SFC, 3-Sep-2021
The top 20 holders have 92.95%
Censure of Miguel Sun, ex-ED of Grand Peace (ex-8108)
SEHK, 2-Sep-2021
For failing to respond to an investigation.
SFC suspends Mr Cheung Man Chit, ex-Emperor, for 2 yearsStatement of Disciplinary Action
SFC, 30-Aug-2021
After Emperor Securities/ Futures, he moved on to Freeman Securities/ Commodities in 2017 and left them on 7-Jun-2021.
SFC and ICAC joint operation on listed company's suspicious money lending activitiesICAC statement
SFC, 13-Aug-2021
Media report that the company is Sunway (0058). This probably relates to a pile of 6 loans totalling about HK$130m made in 2016/17 and impaired in 2019. The 2019 accounts stated "The Group has noticed that 6 borrowers (and their guarantors, if any) failed to repay" and "the enforceability of the collaterals, if any, was quite difficult". Also in 2019, HK$100m of "earnest money" paid in 2017 for an aborted acquisition was fully impaired. We hope the ICAC/SFC will investigate that too. A current and a former ED and 3 others have been arrested.
Former HKEX IPO vetting chief pleads not guilty as trial begins
Bloomberg, 9-Aug-2021
The alleged corruption involves 12 listings, of which 2 were on the main board and 10 on the GEM, from 2015 to 2019.
Securities brokers charged with bribery for arranging clients to use trading programme
ICAC, 4-Aug-2021
The brokerage changed its name to "Nerico Brothers Limited" 2 years ago.
Listing Decision LD131-2021 decodedCircular
SEHK, 30-Jul-2021
From a circular dated 10-Sep-2020 we know that listco A is Liaoning Port (2880), Target Company = Yingkou Port (600317.SH), X = Liaoning Port Group, Y = China Merchants Group and the Provincial Government is Liaoning. Why not just name them?
Previously on Webb-site.com
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