News
SFC directs continued suspension of Tianhe (1619)
Company announcement, 25-May-2017
It was first suspended at 1.01pm on 26-Mar-2015 at the company's request because it could not publish its 2014 results by the 31-Mar deadline.
Company announcement, 25-May-2017
It was first suspended at 1.01pm on 26-Mar-2015 at the company's request because it could not publish its 2014 results by the 31-Mar deadline.
ICAC arrests 21 for alleged corruption over false concrete tests
ICAC, 23-May-2017
We suppose charges will be pressed when they have something more concrete to try. The firm involved is Jacobs Engineering (NYSE:JEC), which was awarded outsourcing contracts in 2011 (renewed in 2014) to operate a Public Works Laboratory in Tai Po and in 2012 in Siu Ho Wan. The Tai Po facility was previously run by the Civil Engineering Department, while Siu Ho Wan lab, near the bridge, was a new one. They've also been working on the Express Rail Link to Shenzhen and the proposed "Agri-Park" in Kwu Tung South.
ICAC, 23-May-2017
We suppose charges will be pressed when they have something more concrete to try. The firm involved is Jacobs Engineering (NYSE:JEC), which was awarded outsourcing contracts in 2011 (renewed in 2014) to operate a Public Works Laboratory in Tai Po and in 2012 in Siu Ho Wan. The Tai Po facility was previously run by the Civil Engineering Department, while Siu Ho Wan lab, near the bridge, was a new one. They've also been working on the Express Rail Link to Shenzhen and the proposed "Agri-Park" in Kwu Tung South.
SFC suspends David Hui Lam Chiu, ex-Guoyuan Securities, for 6 months
SFC, 22-May-2017
He is now accredited to SSIF Securities Ltd and SSIF Asset Management Ltd.
SFC, 22-May-2017
He is now accredited to SSIF Securities Ltd and SSIF Asset Management Ltd.
Asia Energy Logistics (0351): SFC blocks placing
Company announcement, 19-May-2017
The SFC has objected to the listing of the placing shares - something that the Stock Exchange, the for-profit regulator owned by HKEX (0388), was apparently unwilling to do.
Company announcement, 19-May-2017
The SFC has objected to the listing of the placing shares - something that the Stock Exchange, the for-profit regulator owned by HKEX (0388), was apparently unwilling to do.
SFC bans Tsap Wai Ping for 2 years
SFC, 19-May-2017
This is his second ban. In 2008 he was fined HK$180k and banned for a year.
SFC, 19-May-2017
This is his second ban. In 2008 he was fined HK$180k and banned for a year.
Union Asia (8173) coughs up details of investments at 31-Mar-2017
Company announcement, 18-May-2017
This follows a complaint by Webb-site to SEHK 2 days ago that this information was missing from the annual report. The holdings include 4.71% of eForce (0943), 3.79% of Trillion Grand (8103) and 4.04% of Celebrate (8212). All 4 companies are in what we call the "Chung Nam Network".
Company announcement, 18-May-2017
This follows a complaint by Webb-site to SEHK 2 days ago that this information was missing from the annual report. The holdings include 4.71% of eForce (0943), 3.79% of Trillion Grand (8103) and 4.04% of Celebrate (8212). All 4 companies are in what we call the "Chung Nam Network".
Hanison (0896) may buy 20/F, 22/F of Kings Wing Plaza, Shatin
Company announcement, 17-May-2017
The vendors are not identified, but we'll tell you that 20/F is owned by Convoy (1019) which bought it for HK$107.4m in Jan-2015, and 22/F (top floor) is owned by Town Health (3886) which acquired Faithful Sun Ltd in 2016. Both vendors are in what we call the "Enigma Network". The price is about HK$10k per gross sq ft, and quite sensibly, Hanison is buying companies which own the properties to legally avoid 8.5% double stamp duty. The 21/F in the sandwich is owned by Ultimate Elite Investments Ltd, which is 60% owned by HKEI (1082) and 40% by Finsoft (8018), two other members of the Enigma Network.
Company announcement, 17-May-2017
The vendors are not identified, but we'll tell you that 20/F is owned by Convoy (1019) which bought it for HK$107.4m in Jan-2015, and 22/F (top floor) is owned by Town Health (3886) which acquired Faithful Sun Ltd in 2016. Both vendors are in what we call the "Enigma Network". The price is about HK$10k per gross sq ft, and quite sensibly, Hanison is buying companies which own the properties to legally avoid 8.5% double stamp duty. The 21/F in the sandwich is owned by Ultimate Elite Investments Ltd, which is 60% owned by HKEI (1082) and 40% by Finsoft (8018), two other members of the Enigma Network.
Company director Ru Kaishun gets 10 weeks for offering bribe to HSBC staff
ICAC, 16-May-2017
One country, two systems.
ICAC, 16-May-2017
One country, two systems.
The Enigma Network: 50 stocks not to own
Webb-site.com, 15-May-2017
Sometimes, all you need to tell a story is a picture.
Webb-site.com, 15-May-2017
Sometimes, all you need to tell a story is a picture.
HKSAR v Mark Richard Charlton Sutherland, HKSAR v Kishore Mohanlal Harjani
HK Court of Appeal, 15-May-2017
HK Court of Appeal, 15-May-2017
Trio in court for bribery and disclosing identity of persons under ICAC probe
ICAC, 12-May-2017
Leung Siu Lun, a former vice president of HSBC at its Mong Kok business centre, is accused of taking bribes for credit facilities, including 3 nights in Macau, 1 in Guangzhou, a TV games console, a cash gift and a coffee machine together worth HK$15k.
ICAC, 12-May-2017
Leung Siu Lun, a former vice president of HSBC at its Mong Kok business centre, is accused of taking bribes for credit facilities, including 3 nights in Macau, 1 in Guangzhou, a TV games console, a cash gift and a coffee machine together worth HK$15k.
Xinjiang Goldwind (2208) hits investors with taxable bonus shares
Company circular, 12-May-2017
Bonus shares are normally just a waste of paper and costs, but when an H-share issuer does one, by transferring retained profits to share capital, then it triggers a 10% witholding tax on par value. Yes, it's stupid, but China thinks that a bonus share is a benefit. So how do you withhold tax on a bonus share? Answer: you declare a cash dividend and deduct it from that. Goldwind will pay a dividend of CNY0.20, less 10% tax, less CNY0.03 for tax on the bonus shares. So in effect, there will be a 25% withholding tax on this dividend. Stupid.
Company circular, 12-May-2017
Bonus shares are normally just a waste of paper and costs, but when an H-share issuer does one, by transferring retained profits to share capital, then it triggers a 10% witholding tax on par value. Yes, it's stupid, but China thinks that a bonus share is a benefit. So how do you withhold tax on a bonus share? Answer: you declare a cash dividend and deduct it from that. Goldwind will pay a dividend of CNY0.20, less 10% tax, less CNY0.03 for tax on the bonus shares. So in effect, there will be a 25% withholding tax on this dividend. Stupid.
Takeovers Panel’s ruling on TVB (0511) whitewash waiver and disclosure of shareholding structure
SFC, 10-May-2017
SFC, 10-May-2017
SFC fines Promising Securities HK$3.5m
SFC, 10-May-2017
An unlicensed person was performing both sales and settlement, giving her the opportunity to misappropriate HK$8m of client assets. She was only licensed to deal for 6 months from 21-May-2009 to 22-Dec-2009. Webb-site Who's Who shows that person must be Chan Bun Yu. Promising "has taken steps to" return the misappropriated assets to all affected clients. No word on whether they have finished doing so, but it looks promising.
SFC, 10-May-2017
An unlicensed person was performing both sales and settlement, giving her the opportunity to misappropriate HK$8m of client assets. She was only licensed to deal for 6 months from 21-May-2009 to 22-Dec-2009. Webb-site Who's Who shows that person must be Chan Bun Yu. Promising "has taken steps to" return the misappropriated assets to all affected clients. No word on whether they have finished doing so, but it looks promising.
SFC directs suspension of China Huishan (6863)
SEHK, 8-May-2017
The stock was suspended at the company's request at 1pm on 24-Mar-2017. The SFC has now directed it to remain suspended.
SEHK, 8-May-2017
The stock was suspended at the company's request at 1pm on 24-Mar-2017. The SFC has now directed it to remain suspended.
SFC v C,D,E,F,G & China United Telecom Ltd
HK Court of First Instance, 4-May-2017
C = Lu Ruifeng; D = Tin Yin Kwan, wife of Yao Wen Pei; E=Clear Excel Ltd, F=Kayden Ltd, G=Yao Wen Pei, father of Charles Yiu Hoi Ying, then Finance Director of Asia Telemedia Ltd (0376). China United Telecom Ltd (BVI) fails in its application to lift an injunction freezing funds.
HK Court of First Instance, 4-May-2017
C = Lu Ruifeng; D = Tin Yin Kwan, wife of Yao Wen Pei; E=Clear Excel Ltd, F=Kayden Ltd, G=Yao Wen Pei, father of Charles Yiu Hoi Ying, then Finance Director of Asia Telemedia Ltd (0376). China United Telecom Ltd (BVI) fails in its application to lift an injunction freezing funds.
‘Baby sleep consultant’ row a rude awakening for city
South China Morning Post, 30-Apr-2017
The article neglects to mention that Ms Dalby pleaded guilty to credit card fraud in 2014 and received a 12 months jail sentence, suspended for 24 months. According to the Reasons for Sentence in DCCC 246/2014, she also had a shoplifting conviction in 2013. Associations in any profession always call for statutory licensing schemes as a way of creating a cartel and reducing competition. The Government should resist. Voluntary certification schemes are sufficient in this case.
South China Morning Post, 30-Apr-2017
The article neglects to mention that Ms Dalby pleaded guilty to credit card fraud in 2014 and received a 12 months jail sentence, suspended for 24 months. According to the Reasons for Sentence in DCCC 246/2014, she also had a shoplifting conviction in 2013. Associations in any profession always call for statutory licensing schemes as a way of creating a cartel and reducing competition. The Government should resist. Voluntary certification schemes are sufficient in this case.
3 months’ jail for accepting HK$15k illegal rebates to place seafood orders
ICAC, 28-Apr-2017
The operator of Daixija Japanese Buffet smelled something fishy in its sashimi section.
ICAC, 28-Apr-2017
The operator of Daixija Japanese Buffet smelled something fishy in its sashimi section.
Our stories
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)
SFC warns market on CIFG (0412)
Following Webb-site's bubble warning on 26-Sep-2016, the SFC has conducted an ownership investigation. (13-Oct-2016)
Following Webb-site's bubble warning on 26-Sep-2016, the SFC has conducted an ownership investigation. (13-Oct-2016)
Alleged hacked BOCI account explains Pa Shun Pharma (0574) surge
A Cyberport-based investment company alleges that an unauthorised person logged into its BOCI account and bought up 4.92% of PSP at an average 36% above the previous day's close, draining its account of about HK$37.7m. The SFC has today commenced a general cybersecurity review on brokers' systems after 16 incidents in the last 12 months involving over HK$100m. (13-Oct-2016)
A Cyberport-based investment company alleges that an unauthorised person logged into its BOCI account and bought up 4.92% of PSP at an average 36% above the previous day's close, draining its account of about HK$37.7m. The SFC has today commenced a general cybersecurity review on brokers' systems after 16 incidents in the last 12 months involving over HK$100m. (13-Oct-2016)
Pass the cyclotrons
Starting in the basement of St Teresa's Hospital, visiting the Science Park and analysing 12 years of transactions with some lucky disclosure on BVI owners, we follow the movements of 2 cyclotrons in and out of listed companies and show you where the money was made and lost. (11-Oct-2016)
Starting in the basement of St Teresa's Hospital, visiting the Science Park and analysing 12 years of transactions with some lucky disclosure on BVI owners, we follow the movements of 2 cyclotrons in and out of listed companies and show you where the money was made and lost. (11-Oct-2016)
Hiding behind the cornerstones
Webb-site reveals that investors who took 31% of a bank IPO had secretly laid off their risk by issuing derivatives to a mainland property developer from the same city, via two HK-listed companies which incidentally are bubble stocks. When we complained, HKEX did not require disclosure of the bank’s identity, thereby preserving the secrecy behind the cornerstone investors which facilitate HKEX’s IPO business. Once again, the regulatory conflict of interest is exposed. (3-Oct-2016)
Webb-site reveals that investors who took 31% of a bank IPO had secretly laid off their risk by issuing derivatives to a mainland property developer from the same city, via two HK-listed companies which incidentally are bubble stocks. When we complained, HKEX did not require disclosure of the bank’s identity, thereby preserving the secrecy behind the cornerstone investors which facilitate HKEX’s IPO business. Once again, the regulatory conflict of interest is exposed. (3-Oct-2016)
Other news
SFC directs continued suspension of Tianhe (1619)
Company announcement, 25-May-2017
It was first suspended at 1.01pm on 26-Mar-2015 at the company's request because it could not publish its 2014 results by the 31-Mar deadline.
Company announcement, 25-May-2017
It was first suspended at 1.01pm on 26-Mar-2015 at the company's request because it could not publish its 2014 results by the 31-Mar deadline.
ICAC arrests 21 for alleged corruption over false concrete tests
ICAC, 23-May-2017
We suppose charges will be pressed when they have something more concrete to try. The firm involved is Jacobs Engineering (NYSE:JEC), which was awarded outsourcing contracts in 2011 (renewed in 2014) to operate a Public Works Laboratory in Tai Po and in 2012 in Siu Ho Wan. The Tai Po facility was previously run by the Civil Engineering Department, while Siu Ho Wan lab, near the bridge, was a new one. They've also been working on the Express Rail Link to Shenzhen and the proposed "Agri-Park" in Kwu Tung South.
ICAC, 23-May-2017
We suppose charges will be pressed when they have something more concrete to try. The firm involved is Jacobs Engineering (NYSE:JEC), which was awarded outsourcing contracts in 2011 (renewed in 2014) to operate a Public Works Laboratory in Tai Po and in 2012 in Siu Ho Wan. The Tai Po facility was previously run by the Civil Engineering Department, while Siu Ho Wan lab, near the bridge, was a new one. They've also been working on the Express Rail Link to Shenzhen and the proposed "Agri-Park" in Kwu Tung South.
SFC suspends David Hui Lam Chiu, ex-Guoyuan Securities, for 6 months
SFC, 22-May-2017
He is now accredited to SSIF Securities Ltd and SSIF Asset Management Ltd.
SFC, 22-May-2017
He is now accredited to SSIF Securities Ltd and SSIF Asset Management Ltd.
Asia Energy Logistics (0351): SFC blocks placing
Company announcement, 19-May-2017
The SFC has objected to the listing of the placing shares - something that the Stock Exchange, the for-profit regulator owned by HKEX (0388), was apparently unwilling to do.
Company announcement, 19-May-2017
The SFC has objected to the listing of the placing shares - something that the Stock Exchange, the for-profit regulator owned by HKEX (0388), was apparently unwilling to do.
SFC bans Tsap Wai Ping for 2 years
SFC, 19-May-2017
This is his second ban. In 2008 he was fined HK$180k and banned for a year.
SFC, 19-May-2017
This is his second ban. In 2008 he was fined HK$180k and banned for a year.
Union Asia (8173) coughs up details of investments at 31-Mar-2017
Company announcement, 18-May-2017
This follows a complaint by Webb-site to SEHK 2 days ago that this information was missing from the annual report. The holdings include 4.71% of eForce (0943), 3.79% of Trillion Grand (8103) and 4.04% of Celebrate (8212). All 4 companies are in what we call the "Chung Nam Network".
Company announcement, 18-May-2017
This follows a complaint by Webb-site to SEHK 2 days ago that this information was missing from the annual report. The holdings include 4.71% of eForce (0943), 3.79% of Trillion Grand (8103) and 4.04% of Celebrate (8212). All 4 companies are in what we call the "Chung Nam Network".
Hanison (0896) may buy 20/F, 22/F of Kings Wing Plaza, Shatin
Company announcement, 17-May-2017
The vendors are not identified, but we'll tell you that 20/F is owned by Convoy (1019) which bought it for HK$107.4m in Jan-2015, and 22/F (top floor) is owned by Town Health (3886) which acquired Faithful Sun Ltd in 2016. Both vendors are in what we call the "Enigma Network". The price is about HK$10k per gross sq ft, and quite sensibly, Hanison is buying companies which own the properties to legally avoid 8.5% double stamp duty. The 21/F in the sandwich is owned by Ultimate Elite Investments Ltd, which is 60% owned by HKEI (1082) and 40% by Finsoft (8018), two other members of the Enigma Network.
Company announcement, 17-May-2017
The vendors are not identified, but we'll tell you that 20/F is owned by Convoy (1019) which bought it for HK$107.4m in Jan-2015, and 22/F (top floor) is owned by Town Health (3886) which acquired Faithful Sun Ltd in 2016. Both vendors are in what we call the "Enigma Network". The price is about HK$10k per gross sq ft, and quite sensibly, Hanison is buying companies which own the properties to legally avoid 8.5% double stamp duty. The 21/F in the sandwich is owned by Ultimate Elite Investments Ltd, which is 60% owned by HKEI (1082) and 40% by Finsoft (8018), two other members of the Enigma Network.
Company director Ru Kaishun gets 10 weeks for offering bribe to HSBC staff
ICAC, 16-May-2017
One country, two systems.
ICAC, 16-May-2017
One country, two systems.
HKSAR v Mark Richard Charlton Sutherland, HKSAR v Kishore Mohanlal Harjani
HK Court of Appeal, 15-May-2017
HK Court of Appeal, 15-May-2017
Trio in court for bribery and disclosing identity of persons under ICAC probe
ICAC, 12-May-2017
Leung Siu Lun, a former vice president of HSBC at its Mong Kok business centre, is accused of taking bribes for credit facilities, including 3 nights in Macau, 1 in Guangzhou, a TV games console, a cash gift and a coffee machine together worth HK$15k.
ICAC, 12-May-2017
Leung Siu Lun, a former vice president of HSBC at its Mong Kok business centre, is accused of taking bribes for credit facilities, including 3 nights in Macau, 1 in Guangzhou, a TV games console, a cash gift and a coffee machine together worth HK$15k.
Xinjiang Goldwind (2208) hits investors with taxable bonus shares
Company circular, 12-May-2017
Bonus shares are normally just a waste of paper and costs, but when an H-share issuer does one, by transferring retained profits to share capital, then it triggers a 10% witholding tax on par value. Yes, it's stupid, but China thinks that a bonus share is a benefit. So how do you withhold tax on a bonus share? Answer: you declare a cash dividend and deduct it from that. Goldwind will pay a dividend of CNY0.20, less 10% tax, less CNY0.03 for tax on the bonus shares. So in effect, there will be a 25% withholding tax on this dividend. Stupid.
Company circular, 12-May-2017
Bonus shares are normally just a waste of paper and costs, but when an H-share issuer does one, by transferring retained profits to share capital, then it triggers a 10% witholding tax on par value. Yes, it's stupid, but China thinks that a bonus share is a benefit. So how do you withhold tax on a bonus share? Answer: you declare a cash dividend and deduct it from that. Goldwind will pay a dividend of CNY0.20, less 10% tax, less CNY0.03 for tax on the bonus shares. So in effect, there will be a 25% withholding tax on this dividend. Stupid.
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