News

Concentration warning in Pacific Millennium Packaging (1820)
SFC, 13-Apr-2021
The top 25 holders have 96.6%.
Concentration warning in Goldstone Investment (0901)
SFC, 13-Apr-2021
The top 22 holders have 90.49%.
Government misled LegCo over HKIDs
Webb-site.com, 12-Apr-2021
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).
Arrest warrant issued for Ms Zeng Lingxi
SFC, 1-Apr-2021
The alleged social media pump & dumper has put in some social distance and failed to appear in Court. The SFC has "credible information" that she left HK on 15-Nov-2020. According to an earlier announcement, she was not restricted from travelling but had to notify the SFC in advance of her travel plans.
SFC fines Black Marble Securities Ltd HK$1.8m for internal control failings and regulatory breachesStatement of Disciplinary Action
SFC, 31-Mar-2021
The firm is owned by Lerado Financial (1225), part of the Enigma Network.
Webb reappointed to Takeovers Panel for 2 more years
SFC, 31-Mar-2021
They must be optimistic! He was first appointed in 2001 and became a Deputy Chairman in 2013. He's the 3rd-longest serving current member of the Panel.
Concentration warning in GT Steel Construction (8402)
SFC, 29-Mar-2021
The top 20 holders have 93.74%.
Concentration warning in Maxicity (8216)
SFC, 29-Mar-2021
The top 20 holders have 91.91%, up from 82.58% at listing, which included a public offer. The stock of the slope works contractor has quintupled since then - so the question is whether the slope will collapse.
Golik (1118) has been "recently informed by Mr Lo", an INED, of his sanction by HKICPAResignation
Company announcement, 22-Mar-2021
This follows a complaint by Webb-site filed with SEHK on 18-Mar-2021 that Golik had failed to announce the sanction, presumably because he had not told them, over 5 months after it was handed down. Update, 26-Mar-2021: he's resigned.
Arts body 'may scrap funding for law-breakers'
RTHK, 17-Mar-2021
Better question: why are taxpayers paying artists, selected by the ADC, to produce works of art, thereby distorting the free market? Scrap the Arts Development Council, save over HK$226m per year of subventions, and let the market decide which arts are worth funding. Any time you insert a government body into the mix, you are bound to end up with these issues.
SFC fines Yardley Securities HK$5m for AML breachesStatement of Disciplinary Action
SFC, 17-Mar-2021
This involve 2 clients between Feb-May-2016, and transfers to and from 3rd parties in the "casino and gaming industry", using Yardley as a conduit.
HK's inbound quarantine laws: dangerous, irrational and unconstitutional
Webb-site.com, 16-Mar-2021
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.
SFC obtains DQs against ex-senior execs of Shandong Molong (0568) for faking accountsJudgment
SFC, 2-Mar-2021
Justice Linda Chan criticises the SFC for (1) producing 3 alternative sets of admitted facts on the gravity of the wrongdoing before deciding on the most serious one (knowingly causing the earnings inflation); (2) failing to advance any mitigating factors; and (3) producing 10 bundles of documents that were not needed.
SFC petitions to wind up Adamas Asset Management (HK) Ltd
SFC, 26-Feb-2021
The sole director, Paul Lincoln Heffner was reportedly found dead in his Tesla on 1-Jan-2021, with a bucket of burnt charcoal in the back seat. We note that the firm and its co-founder Barry Lau Wang Chi featured in articles we wrote about the Enigma Network. Mr Lau ceased to be a Responsible Officer of the firm on 30-Nov-2020.
The Budget and HK's Road to Serfdom
Webb-site.com, 26-Feb-2021
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.
HKSAR v Jimmy Lai Chee Ying
HK Court of First Instance, 23-Feb-2021
Bail refused.
SFC freezes accounts in suspected social media pump & dumpCCASS movements
SFC, 18-Feb-2021
They don't name the stock, but Webb-site can tell you it's probably Macau E&M (1408) which listed at $1.00 on 11-Sep-2020 and closed at $4.36 on 25-Nov-2020 before crashing 81.9% the next day. See the movements in our CCASS Analysis System.

Our stories

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)
The geo-politics of HK's clunky contact-tracing app
We look at the deceptively-named "LeaveHomeSafe" app, and why it failed to adopt the automated technology worked out by Google and Apple for exposure notifications and instead resorted to a home-brewed QR-scanning system that few will use. The answer may lie in politics. (19-Nov-2020)
Discover COVID cases with behavioural economics, not force of law
The HK Government has again displayed its authoritarian streak by introducing a mandatory testing law. Instead, citizens and their close contacts should be compensated for as long as they are compulsorily isolated after one of them tests positive. For the self-employed, this would remove a deterrent to seeing a doctor when sick, and thereby also reduce the spread of other diseases. (16-Nov-2020)
Independent shareholders veto Tongda Hong Tai (2363) Whitewash Waiver
The largest shareholder wanted to underwrite a 1:1 open offer of new shares, potentially obtaining majority control without making a General Offer. Howel Thomas and his Wykeham Capital Asia Value Fund made sure that didn't happen, using the 75% approval requirement introduced in 2018. (16-Nov-2020)
KPMG supports one Country, three singing accountants
But are they tenors? Harmonising in the annual report of Shenwan Hongyuan (6806). Also, HK is "overseas" from PRC - so not part of it then? (12-Nov-2020)
image
A New Ray of light on an Enigma Network case
A decision quietly posted on the SFAT website reveals that Zhou Ling, ex-Chairman of New Ray Medicine (6108) is suspected by the SFC to have committed "misconduct and obtained secret profits from certain transactions" by NRM. Earlier gazetted Restriction Notices on a client at 2 brokers now make sense - the SFC has reduced disclosure in that area so much as to make the publication meaningless. (26-Oct-2020)
A special message from our Founder
Unfortunately, there are going to be some changes around here. (8-Jun-2020)

Other news

Concentration warning in Pacific Millennium Packaging (1820)
SFC, 13-Apr-2021
The top 25 holders have 96.6%.
Concentration warning in Goldstone Investment (0901)
SFC, 13-Apr-2021
The top 22 holders have 90.49%.
Arrest warrant issued for Ms Zeng Lingxi
SFC, 1-Apr-2021
The alleged social media pump & dumper has put in some social distance and failed to appear in Court. The SFC has "credible information" that she left HK on 15-Nov-2020. According to an earlier announcement, she was not restricted from travelling but had to notify the SFC in advance of her travel plans.
SFC fines Black Marble Securities Ltd HK$1.8m for internal control failings and regulatory breachesStatement of Disciplinary Action
SFC, 31-Mar-2021
The firm is owned by Lerado Financial (1225), part of the Enigma Network.
Webb reappointed to Takeovers Panel for 2 more years
SFC, 31-Mar-2021
They must be optimistic! He was first appointed in 2001 and became a Deputy Chairman in 2013. He's the 3rd-longest serving current member of the Panel.
Concentration warning in GT Steel Construction (8402)
SFC, 29-Mar-2021
The top 20 holders have 93.74%.
Concentration warning in Maxicity (8216)
SFC, 29-Mar-2021
The top 20 holders have 91.91%, up from 82.58% at listing, which included a public offer. The stock of the slope works contractor has quintupled since then - so the question is whether the slope will collapse.
Golik (1118) has been "recently informed by Mr Lo", an INED, of his sanction by HKICPAResignation
Company announcement, 22-Mar-2021
This follows a complaint by Webb-site filed with SEHK on 18-Mar-2021 that Golik had failed to announce the sanction, presumably because he had not told them, over 5 months after it was handed down. Update, 26-Mar-2021: he's resigned.
Arts body 'may scrap funding for law-breakers'
RTHK, 17-Mar-2021
Better question: why are taxpayers paying artists, selected by the ADC, to produce works of art, thereby distorting the free market? Scrap the Arts Development Council, save over HK$226m per year of subventions, and let the market decide which arts are worth funding. Any time you insert a government body into the mix, you are bound to end up with these issues.
SFC fines Yardley Securities HK$5m for AML breachesStatement of Disciplinary Action
SFC, 17-Mar-2021
This involve 2 clients between Feb-May-2016, and transfers to and from 3rd parties in the "casino and gaming industry", using Yardley as a conduit.
Previously on Webb-site.com
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