News
QT v Director of Immigration
HK Court of Appeal, 25-Sep-2017
In a landmark decision, the Court unanimously grants the appeal by a person in a same-sex British civil partnership, ruling that the policy indirectly discriminates against gay couples in a civil partnership or marriage recognised overseas, because it grants a benefit (a dependent visa) only to spouses as defined by HK law, of the opposite sex, for which they cannot qualify. There is no rational connection between the legitimate aim of immigration control and the means adopted. Our take: this very thorough and well-reasoned ruling will impact other policies which adopt heterosexual marriage as a criterion for benefits. The Government may try to go to the Court of Final Appeal, but they are unlikely to succeed in overturning this.
HK Court of Appeal, 25-Sep-2017
In a landmark decision, the Court unanimously grants the appeal by a person in a same-sex British civil partnership, ruling that the policy indirectly discriminates against gay couples in a civil partnership or marriage recognised overseas, because it grants a benefit (a dependent visa) only to spouses as defined by HK law, of the opposite sex, for which they cannot qualify. There is no rational connection between the legitimate aim of immigration control and the means adopted. Our take: this very thorough and well-reasoned ruling will impact other policies which adopt heterosexual marriage as a criterion for benefits. The Government may try to go to the Court of Final Appeal, but they are unlikely to succeed in overturning this.
ETrade HK convicted for marketing unlicensed US brokerage services in HK
SFC, 21-Sep-2017
This went on for over 4 years through newspapers, magazines, on the MTR, TV, radio and online - why did the SFC take so long to act?
SFC, 21-Sep-2017
This went on for over 4 years through newspapers, magazines, on the MTR, TV, radio and online - why did the SFC take so long to act?
Listing Committee censures Mr Cong Hui Sheng, ex-ED of Chengdu Putian (1202)
SEHK, 21-Sep-2017
Over a year after he stepped down from the board, the Listing Department of HKEX tried to contact him by letter and phone and received no response. Directors are required to update their contact details for 3 years after ceasing to be a director.
SEHK, 21-Sep-2017
Over a year after he stepped down from the board, the Listing Department of HKEX tried to contact him by letter and phone and received no response. Directors are required to update their contact details for 3 years after ceasing to be a director.
Mason (0273) discloses more on Harris Fraser deal
| Archived web site of CPU
Company announcement, 19-Sep-2017
Mason states that the Vendor (Halena Ng Yuen Yee) "graduated from Central Pacific University in USA in 1999 with a degree of Master of Business Administration". Webb-site notes that CPU was incorporated in Hawaii in 1999, dissolved in about 2002, and was never accredited by an agency recognized by the US Secretary of Education. In other words, it was a degree mill.
Company announcement, 19-Sep-2017
Mason states that the Vendor (Halena Ng Yuen Yee) "graduated from Central Pacific University in USA in 1999 with a degree of Master of Business Administration". Webb-site notes that CPU was incorporated in Hawaii in 1999, dissolved in about 2002, and was never accredited by an agency recognized by the US Secretary of Education. In other words, it was a degree mill.
Ex-committee chairman of public housing estate charged over unauthorised support for DC election candidate
ICAC, 15-Sep-2017
ICAC, 15-Sep-2017
Statement on the conclusions on HK Listing Regulation
Webb-site.com, 15-Sep-2017
HK loses on two levels from today's climbdown by the SFC.
Webb-site.com, 15-Sep-2017
HK loses on two levels from today's climbdown by the SFC.
Concentration warning in ITP Holdings (8446)
SFC, 14-Sep-2017
Despite having a public offer tranche, by 2.5 months after listing, the top 16 holders had 94.76% of the company. The stock is now over 20x its IPO price. This nicely demonstrates that requiring a public offer (which HKEX has proposed) won't prevent bubbles.
SFC, 14-Sep-2017
Despite having a public offer tranche, by 2.5 months after listing, the top 16 holders had 94.76% of the company. The stock is now over 20x its IPO price. This nicely demonstrates that requiring a public offer (which HKEX has proposed) won't prevent bubbles.
China Soft Power (0139) restructures deal to buy 1 Lincoln Road for HK$330m
Company announcement, 7-Sep-2017
Now it is buying the BVI company that owns the property, rather than the HK co that agreed to buy the BVI co. No stamp duty will be payable. Buying the property directly would have cost a prohibitive 30% in stamp duty. The owner of the vendor is not disclosed.
Company announcement, 7-Sep-2017
Now it is buying the BVI company that owns the property, rather than the HK co that agreed to buy the BVI co. No stamp duty will be payable. Buying the property directly would have cost a prohibitive 30% in stamp duty. The owner of the vendor is not disclosed.
SFC censures Chen Chi Te and Kenneth Lo Chin Ming
SFC, 7-Sep-2017
The 2 directors of Taiwan Cement Corp failed to disclose their share dealings during a privatisation offer period for TCC International (1136).
SFC, 7-Sep-2017
The 2 directors of Taiwan Cement Corp failed to disclose their share dealings during a privatisation offer period for TCC International (1136).
Trio in court for offering HK$600k bribes over small house projects
ICAC, 5-Sep-2017
They allegedly conspired to offer $60k per house for 10 village houses, to an unnamed Resident Representative of Lai Chi Shan Village in Tai Po, for not objecting to the development.
ICAC, 5-Sep-2017
They allegedly conspired to offer $60k per house for 10 village houses, to an unnamed Resident Representative of Lai Chi Shan Village in Tai Po, for not objecting to the development.
Concentration warning in Haitian Energy (8261)
SFC, 4-Sep-2017
The top 20 holders have 93.64% of the company.
SFC, 4-Sep-2017
The top 20 holders have 93.64% of the company.
2 ex-Chun Wo Construction supervisors jailed for accepting HK$160k in kickbacks
ICAC, 1-Sep-2017
Chun Wo is owned by Asia Allied Infrastructure (0711).
ICAC, 1-Sep-2017
Chun Wo is owned by Asia Allied Infrastructure (0711).
HKICPA fines Li Chun On HK$35k
HKICPA, 31-Aug-2017
The unnamed listed company of which he was Finance Director is Rosan Resources (0578).
HKICPA, 31-Aug-2017
The unnamed listed company of which he was Finance Director is Rosan Resources (0578).
SFC freezes certain brokerage accounts, suspects manipulation of GME (8188) on listing day
| CCASS movements
SFC, 30-Aug-2017
The Webb-site CCASS Analysis System shows the net movements of stock on T+2, with Yunata and Caitong showing the largest increase, and Pacific Foundation (the Lead Manager of the IPO) the largest decrease in positions.
SFC, 30-Aug-2017
The Webb-site CCASS Analysis System shows the net movements of stock on T+2, with Yunata and Caitong showing the largest increase, and Pacific Foundation (the Lead Manager of the IPO) the largest decrease in positions.
SFC bans Mr Yeung Wing Yee from market for 2 years
SFC, 30-Aug-2017
He bought over 30% of Union Asia Enterprise (8173) but failed to make a general offer.
SFC, 30-Aug-2017
He bought over 30% of Union Asia Enterprise (8173) but failed to make a general offer.
Freelance arborist gets 18 months for bribery over tree survey projects
ICAC, 29-Aug-2017
Lau Siu Yeung kicked back over HK$250k to Sum Yu Hin, an arborist of Earthasia (6128) in return for work on tree survey projects. Sum earlier pleaded guilty and got 14 months in Jul-2016.
ICAC, 29-Aug-2017
Lau Siu Yeung kicked back over HK$250k to Sum Yu Hin, an arborist of Earthasia (6128) in return for work on tree survey projects. Sum earlier pleaded guilty and got 14 months in Jul-2016.
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 28-Aug-2017
The person funding Allied Weli's appeal is revealed as one Lee Kuo Juy. That person is also a substantial shareholder of Inno-Tech (8202).
HK Court of Appeal, 28-Aug-2017
The person funding Allied Weli's appeal is revealed as one Lee Kuo Juy. That person is also a substantial shareholder of Inno-Tech (8202).
Company director in court for HK$13m invoice financing loans fraud
ICAC, 25-Aug-2017
Ng Tai Shing, director and shareholder of D. D. Industries Ltd, allegedly used fake invoices to 4 companies to get export finance from Standard Chartered Bank.
ICAC, 25-Aug-2017
Ng Tai Shing, director and shareholder of D. D. Industries Ltd, allegedly used fake invoices to 4 companies to get export finance from Standard Chartered Bank.
Our stories
Statement on the conclusions on HK Listing Regulation
HK loses on two levels from today's climbdown by the SFC. (15-Sep-2017)
HK loses on two levels from today's climbdown by the SFC. (15-Sep-2017)
One Board, One Regulator
We respond to HKEX's 2nd attempt to introduce 2nd-class shares via a "New Board", rather than cleaning up its existing boards and transferring listing regulation to the statutory regulator which oversees takeovers, the SFC. Coupled with recent moves to embed the Communist Party in the constitutions of state-controlled enterprises, HK and China risk a toxic combination of no votes for government and no votes for capital, leading to an emerging tycoon-Communist Party oligarchy. We propose a better approach. (7-Aug-2017)
We respond to HKEX's 2nd attempt to introduce 2nd-class shares via a "New Board", rather than cleaning up its existing boards and transferring listing regulation to the statutory regulator which oversees takeovers, the SFC. Coupled with recent moves to embed the Communist Party in the constitutions of state-controlled enterprises, HK and China risk a toxic combination of no votes for government and no votes for capital, leading to an emerging tycoon-Communist Party oligarchy. We propose a better approach. (7-Aug-2017)
Rebuilding free markets in HK
These slides are from a presentation by David Webb today, on how HK's free markets have eroded during the 20 years since the Handover, and what HK can do to recover its dynamism. (16-Jun-2017)
These slides are from a presentation by David Webb today, on how HK's free markets have eroded during the 20 years since the Handover, and what HK can do to recover its dynamism. (16-Jun-2017)
AAC (2018) announcement seems familiar
AAC, in a rather desperate move, has announced a "strategic cooperation agreement" with CITIC Bank. Where have we seen that before? (9-Jun-2017)
AAC, in a rather desperate move, has announced a "strategic cooperation agreement" with CITIC Bank. Where have we seen that before? (9-Jun-2017)
The Enigma Network: 50 stocks not to own
Sometimes, all you need to tell a story is a picture. (15-May-2017)
Sometimes, all you need to tell a story is a picture. (15-May-2017)
Holdings in Fullshare (0607) via Shanghai Connect
Nice work by Glaucus Research today in a thorough analysis of the bubble in Fullshare, which also relates to a bubble in Zall (2098) because of their cross-holdings. Webb-site called these bubbles on 5-Aug-2016, and this chart suggests that accumulation of Fullshare by persons on the Southbound train may have propped it up. (25-Apr-2017)
Nice work by Glaucus Research today in a thorough analysis of the bubble in Fullshare, which also relates to a bubble in Zall (2098) because of their cross-holdings. Webb-site called these bubbles on 5-Aug-2016, and this chart suggests that accumulation of Fullshare by persons on the Southbound train may have propped it up. (25-Apr-2017)
Spilt milk: net CCASS changes after sell-off in China Huishan Dairy (6863)
Trades in Friday morning's collapse were settled yesterday, 28-Mar. We see that mainland investors via Shanghai Connect bought a net 77.6m shares (0.58%), raising their stake to 7.32%, while the biggest net reduction came from Guoyuan Securities Brokerage (HK), 216m shares (1.60%). It's a fair bet that there was a margin call, but we wait for Chairman Yang to reveal all. (29-Mar-2017)
Trades in Friday morning's collapse were settled yesterday, 28-Mar. We see that mainland investors via Shanghai Connect bought a net 77.6m shares (0.58%), raising their stake to 7.32%, while the biggest net reduction came from Guoyuan Securities Brokerage (HK), 216m shares (1.60%). It's a fair bet that there was a margin call, but we wait for Chairman Yang to reveal all. (29-Mar-2017)
Press statement from WKCDA
Poor transparency: you won't find this on the WKCDA web site, so it's going on ours. We've added a link from the statement to the Procurement Procedures. (22-Feb-2017)
Poor transparency: you won't find this on the WKCDA web site, so it's going on ours. We've added a link from the statement to the Procurement Procedures. (22-Feb-2017)
West Kowloon needs tender care
We urge the board of WKCDA, which was bypassed for months in the planning of the Palace Museum, to put the main architectural services contract out to tender, given that there is still no binding contract with Rocco Yim's company. Let him compete for the work, in line with HK's commitments to free and fair trade under WTO obligations. We estimate the contract size at HK$140m. (6-Feb-2017)
We urge the board of WKCDA, which was bypassed for months in the planning of the Palace Museum, to put the main architectural services contract out to tender, given that there is still no binding contract with Rocco Yim's company. Let him compete for the work, in line with HK's commitments to free and fair trade under WTO obligations. We estimate the contract size at HK$140m. (6-Feb-2017)
RIP Clare Hollingworth
She was born on the same day as the Republic of China and shipping tycoon Tung Chao Yung. She died today aged 105 years 3 months. (10-Jan-2017)
She was born on the same day as the Republic of China and shipping tycoon Tung Chao Yung. She died today aged 105 years 3 months. (10-Jan-2017)
1539 candidates in under 4 minutes
Today, a few people are choosing even fewer people who will select HK's new Chief Executive. Our compilation shows the details of all 1539 candidates for 1034 seats, including 300 uncontested. Last time, the electorate of the 637 densest seats (lowest electors per seat) was 4,363. There is healthy competition in the largest electorates, including Education and Health Services, but the most they can hope for is to tip the balance if 2 establishment candidates run for the job and Beijing doesn't pick a winner and direct its agents from the small circles accordingly. (11-Dec-2016)
Today, a few people are choosing even fewer people who will select HK's new Chief Executive. Our compilation shows the details of all 1539 candidates for 1034 seats, including 300 uncontested. Last time, the electorate of the 637 densest seats (lowest electors per seat) was 4,363. There is healthy competition in the largest electorates, including Education and Health Services, but the most they can hope for is to tip the balance if 2 establishment candidates run for the job and Beijing doesn't pick a winner and direct its agents from the small circles accordingly. (11-Dec-2016)
Shenzhen Connect southbound tracking
The Webb-site CCASS Analysis System shows the daily net change in the aggregate stock balances held by mainland investors via Shenzhen Connect. Movements correspond to trades 2 days earlier. (8-Dec-2016)
The Webb-site CCASS Analysis System shows the daily net change in the aggregate stock balances held by mainland investors via Shenzhen Connect. Movements correspond to trades 2 days earlier. (8-Dec-2016)
Andrew Left and the right to be wrong
We take a close look at the Market Misconduct Tribunal's report on Mr Left's erroneous criticism of China Evergrande (3333), and what that says about free speech amongst participants in the HK market. (23-Oct-2016)
We take a close look at the Market Misconduct Tribunal's report on Mr Left's erroneous criticism of China Evergrande (3333), and what that says about free speech amongst participants in the HK market. (23-Oct-2016)
Open letter to the board of Ming Fai (3828) from David Webb
Webb-site founder David Webb owns almost 10% of Ming Fai and calls for a special dividend of at least $0.352 per share to reduce net cash to not more than HK$300m (34% of net assets) after the sale of the investment property, which we support. Ming Fai has a strong core business, but if the current board, which holds 33% of Ming Fai, doesn't do the right thing then we will nominate directors who will. (19-Oct-2016)
Webb-site founder David Webb owns almost 10% of Ming Fai and calls for a special dividend of at least $0.352 per share to reduce net cash to not more than HK$300m (34% of net assets) after the sale of the investment property, which we support. Ming Fai has a strong core business, but if the current board, which holds 33% of Ming Fai, doesn't do the right thing then we will nominate directors who will. (19-Oct-2016)
LegCo - who's got religion?
There were 19 oath-taking Christians in last week's LegCo swearing in, 7 non-religious oaths, and 44 affirmations. So who believes in a higher power than Beijing? (16-Oct-2016)
There were 19 oath-taking Christians in last week's LegCo swearing in, 7 non-religious oaths, and 44 affirmations. So who believes in a higher power than Beijing? (16-Oct-2016)
Other news
QT v Director of Immigration
HK Court of Appeal, 25-Sep-2017
In a landmark decision, the Court unanimously grants the appeal by a person in a same-sex British civil partnership, ruling that the policy indirectly discriminates against gay couples in a civil partnership or marriage recognised overseas, because it grants a benefit (a dependent visa) only to spouses as defined by HK law, of the opposite sex, for which they cannot qualify. There is no rational connection between the legitimate aim of immigration control and the means adopted. Our take: this very thorough and well-reasoned ruling will impact other policies which adopt heterosexual marriage as a criterion for benefits. The Government may try to go to the Court of Final Appeal, but they are unlikely to succeed in overturning this.
HK Court of Appeal, 25-Sep-2017
In a landmark decision, the Court unanimously grants the appeal by a person in a same-sex British civil partnership, ruling that the policy indirectly discriminates against gay couples in a civil partnership or marriage recognised overseas, because it grants a benefit (a dependent visa) only to spouses as defined by HK law, of the opposite sex, for which they cannot qualify. There is no rational connection between the legitimate aim of immigration control and the means adopted. Our take: this very thorough and well-reasoned ruling will impact other policies which adopt heterosexual marriage as a criterion for benefits. The Government may try to go to the Court of Final Appeal, but they are unlikely to succeed in overturning this.
ETrade HK convicted for marketing unlicensed US brokerage services in HK
SFC, 21-Sep-2017
This went on for over 4 years through newspapers, magazines, on the MTR, TV, radio and online - why did the SFC take so long to act?
SFC, 21-Sep-2017
This went on for over 4 years through newspapers, magazines, on the MTR, TV, radio and online - why did the SFC take so long to act?
Listing Committee censures Mr Cong Hui Sheng, ex-ED of Chengdu Putian (1202)
SEHK, 21-Sep-2017
Over a year after he stepped down from the board, the Listing Department of HKEX tried to contact him by letter and phone and received no response. Directors are required to update their contact details for 3 years after ceasing to be a director.
SEHK, 21-Sep-2017
Over a year after he stepped down from the board, the Listing Department of HKEX tried to contact him by letter and phone and received no response. Directors are required to update their contact details for 3 years after ceasing to be a director.
Mason (0273) discloses more on Harris Fraser deal
| Archived web site of CPU
Company announcement, 19-Sep-2017
Mason states that the Vendor (Halena Ng Yuen Yee) "graduated from Central Pacific University in USA in 1999 with a degree of Master of Business Administration". Webb-site notes that CPU was incorporated in Hawaii in 1999, dissolved in about 2002, and was never accredited by an agency recognized by the US Secretary of Education. In other words, it was a degree mill.
Company announcement, 19-Sep-2017
Mason states that the Vendor (Halena Ng Yuen Yee) "graduated from Central Pacific University in USA in 1999 with a degree of Master of Business Administration". Webb-site notes that CPU was incorporated in Hawaii in 1999, dissolved in about 2002, and was never accredited by an agency recognized by the US Secretary of Education. In other words, it was a degree mill.
Ex-committee chairman of public housing estate charged over unauthorised support for DC election candidate
ICAC, 15-Sep-2017
ICAC, 15-Sep-2017
Concentration warning in ITP Holdings (8446)
SFC, 14-Sep-2017
Despite having a public offer tranche, by 2.5 months after listing, the top 16 holders had 94.76% of the company. The stock is now over 20x its IPO price. This nicely demonstrates that requiring a public offer (which HKEX has proposed) won't prevent bubbles.
SFC, 14-Sep-2017
Despite having a public offer tranche, by 2.5 months after listing, the top 16 holders had 94.76% of the company. The stock is now over 20x its IPO price. This nicely demonstrates that requiring a public offer (which HKEX has proposed) won't prevent bubbles.
China Soft Power (0139) restructures deal to buy 1 Lincoln Road for HK$330m
Company announcement, 7-Sep-2017
Now it is buying the BVI company that owns the property, rather than the HK co that agreed to buy the BVI co. No stamp duty will be payable. Buying the property directly would have cost a prohibitive 30% in stamp duty. The owner of the vendor is not disclosed.
Company announcement, 7-Sep-2017
Now it is buying the BVI company that owns the property, rather than the HK co that agreed to buy the BVI co. No stamp duty will be payable. Buying the property directly would have cost a prohibitive 30% in stamp duty. The owner of the vendor is not disclosed.
SFC censures Chen Chi Te and Kenneth Lo Chin Ming
SFC, 7-Sep-2017
The 2 directors of Taiwan Cement Corp failed to disclose their share dealings during a privatisation offer period for TCC International (1136).
SFC, 7-Sep-2017
The 2 directors of Taiwan Cement Corp failed to disclose their share dealings during a privatisation offer period for TCC International (1136).
Trio in court for offering HK$600k bribes over small house projects
ICAC, 5-Sep-2017
They allegedly conspired to offer $60k per house for 10 village houses, to an unnamed Resident Representative of Lai Chi Shan Village in Tai Po, for not objecting to the development.
ICAC, 5-Sep-2017
They allegedly conspired to offer $60k per house for 10 village houses, to an unnamed Resident Representative of Lai Chi Shan Village in Tai Po, for not objecting to the development.
Concentration warning in Haitian Energy (8261)
SFC, 4-Sep-2017
The top 20 holders have 93.64% of the company.
SFC, 4-Sep-2017
The top 20 holders have 93.64% of the company.
2 ex-Chun Wo Construction supervisors jailed for accepting HK$160k in kickbacks
ICAC, 1-Sep-2017
Chun Wo is owned by Asia Allied Infrastructure (0711).
ICAC, 1-Sep-2017
Chun Wo is owned by Asia Allied Infrastructure (0711).
Previously on Webb-site.com
Check out our full list of articles in the archive, since our launch in 1998.
Check out our full list of articles in the archive, since our launch in 1998.
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