News

PECS Register monthly update
HK Government, 30-Nov-2023
AFRC fully supports the 2023 District Council Ordinary Election
Accounting & Financial Reporting Council, 25-Nov-2023
Comment: it's sad to see HK's accounting regulator being abused in this way. The DC election is way beyond their statutory functions and has nothing to do with accounting regulation. Chairman Kelvin Wong should know better.
MPFA urges MPF industry to vote in the District Council ElectionStatutory functions
MPF Schemes Authority, 24-Nov-2023
Comment: disappointing that the MPFA is being abused in this way. Its statutory functions are defined by law. Regulating retirement schemes has nothing to do with promoting elections. It is perhaps a sign of desperation that the Government is leaning on statutory bodies to do this, but the MPFA board should know better.
SFC commences legal proceedings against First Credit Finance (8215), its former directors and de facto director Roy Cho Kwai Chee
SFC, 22-Nov-2023
FCF is a member of our 2017 Enigma Network. The SFC alleges that in 2016, Roy Cho Kwai Chee was a de facto director and also a recipient of new shares in a placing and, with his brother Kevin Cho Kwai Yee, took up unsubscribed shares in a massive 9:1 rights issue. We note that the placing agent was Jun Yang Securities, owned by network member Jun Yang Financial (0397), now known as Minerva Group. The rights issue underwriter was Astrum Capital Management Ltd.
SFC fines Lion Futures Ltd HK$2.8m for regulatory breachesStatement of Disciplinary Action
SFC, 22-Nov-2023
By our count, this is the 7th brokerage involving a "Customer-Supplied System" from Hengxin Software, which allowed a single account to trade for multiple sub-accounts of mainland customers who did not have accounts with the broker.
Concentration warning in MTT (2350)
SFC, 17-Nov-2023
The top 22 holders have 90.41%.
SFC obtains court orders against John Tse On Kin, ex-Chairman of Kong Sun (0295) and China Sandi (0910)Judgment
SFC, 15-Nov-2023
For hiding behind a nominee in a share placement of each company. In both cases the placing agent was Kingston Securities. Webb-site Who's Who shows that from 1994 to 2017, Mr Tse was a director of 11 HK-listed companies, the stocks of which returned a compound average annual loss of 29.87% during his tenure.
Estate agencies' price-fixing case sent to Competition Tribunal
HK Competition Commission, 14-Nov-2023
Midland (1200) and subsidiary HK Property Services, allegedly colluded with Centaline and its subsidiary Ricacorp to set a minimum net commission that buyers of first-hand homes would pay. Centaline/Ricacorp gave evidence and will not face action from CompComm, but could theoretically be sued by customers in a "follow-on" action, except that there has never been a follow-on action under this law because HK does not have a class-action system, so access to justice it is prohibitively expensive. The Govt appointed a committee to study that problem 11 years ago, including the current Chairman of CompComm, Samuel Chan Ka Yan. He told Webb-site recently that they haven't met in years.
Businesswoman absconded for 7 years gets 11 months' jail for offering bribe to a vice president of HSBC
ICAC, 13-Nov-2023
One country, two systems. Her co-accused, Pan Shancheng, is presumably still a fugitive.
Former head of China CITIC Bank sentenced to death with reprieveHall of Shame
Xinhua, 10-Nov-2023
As a former director of a HK-listed company, he is thereby inducted into the Webb-site Hall of Shame, where he joins numerous other former chiefs of mainland banks.
Sanction of Mr Huang Sheng Lan, ex-NED of China Fortune Inv (ex-8116)
SEHK, 9-Nov-2023
For failing to complete the 20 hours of director-training that was required after a previous sanction. He was once Deputy Governor of China Everbright Bank. He was an INED of China Ecotourism (1371) until last month when he resigned "to pursue his personal retirement plan".
Court sets trial date for employing a fraudulent scheme in securities transactions in illegal short selling case
SFC, 7-Nov-2023
Christine Yeung Tak Sum will be tried in the Magistracy for alleged illegal short selling with intent to defraud "with other people unknown".
ICAC visits Magnus Concordia (1172)
Company announcement, 31-Oct-2023
They are investigating "certain transactions of our Company which were handled by the past management and directors of the Company from 2018 to 2020."
Sanction of China Fortune (0110) and 8 directors
SEHK, 31-Oct-2023
For numerous undisclosed connected transactions.
PECS Register monthly update
HK Government, 31-Oct-2023
David Subotic & others v SFC
HK Court of Final Appeal, 30-Oct-2023
The appellants lose their final appeal on whether they can be served with a writ outside HK, in relation to alleged market manipulation of Ching Lee (3728) in 2016, when it was still on the GEM. Presumably the substantive case can now proceed.
Webb-site bubble warning: Qi-House (8395)
Webb-site.com, 29-Oct-2023
Personal assistant to listed company's chairman convicted of insider dealing
SFC, 26-Oct-2023
Mr Wong Pak Wai is sentenced to 240 hours of community service and fined HK$25k after pleading guilty. He made a gain of HK$19,080 from insider dealing in the shares of Elec & Eltek (ex-1151) on its privatisation by Kingboard (0148).
Sanction of Ms Zhang Xian, ex-ED of China Tian Yuan Healthcare (0557)
SEHK, 26-Oct-2023
For failing to respond to an investigation.
BB v KO
HK Court of First Instance, 20-Oct-2023
This is Bartlit Beck LLP v Kazuo Okada. The law firm, pursuing its fees from a US arbitration award, obtains an order for receivers to be appointed over Mr Okada's shares in Okada Fine Art Ltd (HK), which owns artworks in the Okada Museum of Art in Hakone, Japan. The artwork was purportedly valued at HK$2.7bn in 2014.

Our stories

At last, the Webb-site HKSAR Accounts Explorer
In honour of the 25th anniversary of the SAR, a new tool to deep-dive into its financial history. This may be our last major project, but we hope you will agree that it was worth the time. (14-Jun-2022)
HK is running out of time to re-join the World
As our Editor sits in the air-lock waiting to re-enter HK, he looks at the now-unconstitutional quarantine regulations and the harm they are doing to HK. (5-May-2022)
A manifesto for Hong Kong
If you're going to be Chief Executive and you don't have a manifesto or any policy expertise beyond Security, Webb-site is here to help! (13-Apr-2022)
Employment Support Scheme: the final outcome
After information requests by Webb-site, we reveal that HK's largest ever corporate handout went over-budget by about HK$10bn to a final tally of HK$90.5bn (US$11.6bn) plus costs. We produce a final list of approved claims. (13-Feb-2022)
Yorkey (2788): a successful outcome
Webb-site recommends shareholders to vote in favour of the increased offer, as founder David Webb has undertaken to do. Here's the background to our decision. (20-Jan-2022)
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)

Other news

PECS Register monthly update
HK Government, 30-Nov-2023
AFRC fully supports the 2023 District Council Ordinary Election
Accounting & Financial Reporting Council, 25-Nov-2023
Comment: it's sad to see HK's accounting regulator being abused in this way. The DC election is way beyond their statutory functions and has nothing to do with accounting regulation. Chairman Kelvin Wong should know better.
MPFA urges MPF industry to vote in the District Council ElectionStatutory functions
MPF Schemes Authority, 24-Nov-2023
Comment: disappointing that the MPFA is being abused in this way. Its statutory functions are defined by law. Regulating retirement schemes has nothing to do with promoting elections. It is perhaps a sign of desperation that the Government is leaning on statutory bodies to do this, but the MPFA board should know better.
SFC commences legal proceedings against First Credit Finance (8215), its former directors and de facto director Roy Cho Kwai Chee
SFC, 22-Nov-2023
FCF is a member of our 2017 Enigma Network. The SFC alleges that in 2016, Roy Cho Kwai Chee was a de facto director and also a recipient of new shares in a placing and, with his brother Kevin Cho Kwai Yee, took up unsubscribed shares in a massive 9:1 rights issue. We note that the placing agent was Jun Yang Securities, owned by network member Jun Yang Financial (0397), now known as Minerva Group. The rights issue underwriter was Astrum Capital Management Ltd.
SFC fines Lion Futures Ltd HK$2.8m for regulatory breachesStatement of Disciplinary Action
SFC, 22-Nov-2023
By our count, this is the 7th brokerage involving a "Customer-Supplied System" from Hengxin Software, which allowed a single account to trade for multiple sub-accounts of mainland customers who did not have accounts with the broker.
Concentration warning in MTT (2350)
SFC, 17-Nov-2023
The top 22 holders have 90.41%.
SFC obtains court orders against John Tse On Kin, ex-Chairman of Kong Sun (0295) and China Sandi (0910)Judgment
SFC, 15-Nov-2023
For hiding behind a nominee in a share placement of each company. In both cases the placing agent was Kingston Securities. Webb-site Who's Who shows that from 1994 to 2017, Mr Tse was a director of 11 HK-listed companies, the stocks of which returned a compound average annual loss of 29.87% during his tenure.
Estate agencies' price-fixing case sent to Competition Tribunal
HK Competition Commission, 14-Nov-2023
Midland (1200) and subsidiary HK Property Services, allegedly colluded with Centaline and its subsidiary Ricacorp to set a minimum net commission that buyers of first-hand homes would pay. Centaline/Ricacorp gave evidence and will not face action from CompComm, but could theoretically be sued by customers in a "follow-on" action, except that there has never been a follow-on action under this law because HK does not have a class-action system, so access to justice it is prohibitively expensive. The Govt appointed a committee to study that problem 11 years ago, including the current Chairman of CompComm, Samuel Chan Ka Yan. He told Webb-site recently that they haven't met in years.
Businesswoman absconded for 7 years gets 11 months' jail for offering bribe to a vice president of HSBC
ICAC, 13-Nov-2023
One country, two systems. Her co-accused, Pan Shancheng, is presumably still a fugitive.
Former head of China CITIC Bank sentenced to death with reprieveHall of Shame
Xinhua, 10-Nov-2023
As a former director of a HK-listed company, he is thereby inducted into the Webb-site Hall of Shame, where he joins numerous other former chiefs of mainland banks.
Sanction of Mr Huang Sheng Lan, ex-NED of China Fortune Inv (ex-8116)
SEHK, 9-Nov-2023
For failing to complete the 20 hours of director-training that was required after a previous sanction. He was once Deputy Governor of China Everbright Bank. He was an INED of China Ecotourism (1371) until last month when he resigned "to pursue his personal retirement plan".
Court sets trial date for employing a fraudulent scheme in securities transactions in illegal short selling case
SFC, 7-Nov-2023
Christine Yeung Tak Sum will be tried in the Magistracy for alleged illegal short selling with intent to defraud "with other people unknown".
ICAC visits Magnus Concordia (1172)
Company announcement, 31-Oct-2023
They are investigating "certain transactions of our Company which were handled by the past management and directors of the Company from 2018 to 2020."
Sanction of China Fortune (0110) and 8 directors
SEHK, 31-Oct-2023
For numerous undisclosed connected transactions.
Previously on Webb-site.com
Check out our full list of articles in the archive, since our launch in 1998.

Sign up for our free newsletter

Recommend Webb-site to a friend

Copyright & disclaimer, Privacy policy

Back to top