News

Insurance agent charged over HK$30m commission scam
ICAC, 22-Jun-2022
It always amazes us how much commission is paid up-front in this industry. Ms Lo Yin Wa was working for another, unnamed firm, and allegedly procured 6 "dummy agents" to receive commissions from Sun Life, into bank accounts she controlled. 208 "high commission rate" products were involved, and the policies lapsed after subsequent premiums were not paid.
Imagi (0585): CST (0985) to inject HK$55m for 6.28% of Imagi Fin Group Ltd
Company announcement, 20-Jun-2022
The target is a 100% subsidiary of Imagi.
Sanction on 5 ex-Directors of Amber Hill (0033)
SEHK, 16-Jun-2022
For failing to co-operate with an investigation - which seems to be the default behaviour for ex-directors.
Concentration warning in Huijing (9968)
SFC, 16-Jun-2022
The top 15 holders have 94.78%.
HKICPA fines Jimmy Siu, Yip Kai Yin and Elite Partners CPA Ltd HK$500k jointly
HKICPA, 15-Jun-2022
For bad work on the 2017 audit of L & A (now Legendary Group, 8195). This is the 7th fine for Elite since 2015, the 6th for Mr Yip since 2013, and the 3rd for Mr Siu since 2020.
At last, the Webb-site HKSAR Accounts Explorer
Webb-site.com, 14-Jun-2022
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.
Concentration warning in CAA Resources (2112)
SFC, 10-Jun-2022
The top 20 holders have 92.45%.
Ex-Senior Regional Manager of Prudential HK charged over commission fraud
ICAC, 7-Jun-2022
We note that Christina Yiu Po Nga (presumably the same person) was an Observer of the Independent Police Complaints Council until 1-Apr-2021.
Planetree (0613): CST (0985) to inject HK$50m for 8.482% of Planetree Securities Ltd
Company announcement, 6-Jun-2022
Prior to this, the brokerage is a 100% subsidiary of Planetree.
Fong Tak Ching and Zhonghui Anda CPA Ltd fined HK$35k and HK$50k
HKICPA, 6-Jun-2022
For bad work on the 2017 audit of Fresh Express Delivery (1175).
2 ex-senior executives of construction companies jailed for 4 years in HK$75.3m L/C scam
ICAC, 4-Jun-2022
Including an ex-senior executive of a subsidiary of China Railway Construction (1186).
Concentration warning in Unity Enterprise (2195)
SFC, 2-Jun-2022
The top 20 holders have 93.20%
Planetree (0613) part-subsidiary Maxlord Enterprises Ltd lends HK$75m at 4% p.a. to Oshidori (0622) money-lending subsidiary
Company announcement, 31-May-2022
Maxlord is owned 2/3 by Planetree and 1/3 by Blue River (0498). This facility follows an earlier 12-month HK$100m facility on 6-Jan-2022 at the HSBC prime rate. Planetree is 66.87% owned by Future Capital Group Ltd, which was 100% owned by Karen Lo Ki Yan until 17-Feb-2022, when Oshidori agreed to invest HK$750m for a 17.81% stake.
PECS Register monthly update
HK Government, 31-May-2022
Tradelink (0536): we've been punting surplus cash in the markets and oops
Company announcement, 20-May-2022
Companies should distribute surplus capital to investors, not play the markets themselves.
HKICPA fines Francis Cheng Hong Cheung, Gabriel Chan Shek Chi and Cheng & Cheng Ltd
HKICPA, 20-May-2022
For bad work on the 2014 audit of Sinofortune Financial (8123). This is the 4th fine in 3 years for the firm and the 2nd in a year for Mr Chan.
SFC bans Ho Pak Hay, ex-KGI, foreverStatement of Disciplinary Action
SFC, 19-May-2022
For taking money from 3 clients and gambling it away on horses and soccer rather than investing it, then issuing dud cheques to one of them.
Winding up of Nerico Brothers Ltd
HK Court of First Instance, 19-May-2022
The petitioner, Target Insurance Co Ltd, is owed over US$154m (HK$1203m). The petitioner is owned by Target Insurance (Holdings) Ltd (6161), the shares of which have been suspended from trading since 5-Jan-2022. The amount represents about 188% of the group's net assets at 30-Jun-2021. Nerico says it has been trying to recover the money from "Four Dimensions Global Strategy Fund".
Lam Siu Hung, ex-INED of Longrun Tea (ex-2898) reprimanded for unprofessional behaviour
HKICPA, 18-May-2022
This is a follow-on action from his Stock Exchange censure.
Censure/criticism of Prosper One (1470) and 9 directorsAnnouncement, 23-Jul-2019
SEHK, 18-May-2022
We note that INED Michael Lee Chun Keung is a HK Legislator and Vice Chairperson of the Liberal Party, while former INED Michael Chan Yee Ping is still an INED of 4 other companies which should consider whether to retain him.
Criticism of 2 EDs of CIL (0479)
SEHK, 17-May-2022
For internal control deficiencies in the group's money-lending business, for which they were responsible.
Cheng Po Yuen, Yam Wai Man & Zenith CPA Ltd fined, and Cheng banned for 6 months
HKICPA, 16-May-2022
For bad audit work on Huarong International Financial (then known as Simesen International, 0993) in 2014 and 2015. This is the 3rd sanction in 4 years for both Zenith and Mr Cheng.
Tianyun (6836): PwC quits as auditor at board's request after problems with bank confirmations and possible "unauthorised transactions"Elite Partners adviserhips
Company announcement, 16-May-2022
They are replaced by Elite Partners CPA Ltd, whose track record of HKICPA disciplinary sanctions and returns to shareholders of clients after their appointment speaks for itself.

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)
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)

Other news

Insurance agent charged over HK$30m commission scam
ICAC, 22-Jun-2022
It always amazes us how much commission is paid up-front in this industry. Ms Lo Yin Wa was working for another, unnamed firm, and allegedly procured 6 "dummy agents" to receive commissions from Sun Life, into bank accounts she controlled. 208 "high commission rate" products were involved, and the policies lapsed after subsequent premiums were not paid.
Imagi (0585): CST (0985) to inject HK$55m for 6.28% of Imagi Fin Group Ltd
Company announcement, 20-Jun-2022
The target is a 100% subsidiary of Imagi.
Sanction on 5 ex-Directors of Amber Hill (0033)
SEHK, 16-Jun-2022
For failing to co-operate with an investigation - which seems to be the default behaviour for ex-directors.
Concentration warning in Huijing (9968)
SFC, 16-Jun-2022
The top 15 holders have 94.78%.
HKICPA fines Jimmy Siu, Yip Kai Yin and Elite Partners CPA Ltd HK$500k jointly
HKICPA, 15-Jun-2022
For bad work on the 2017 audit of L & A (now Legendary Group, 8195). This is the 7th fine for Elite since 2015, the 6th for Mr Yip since 2013, and the 3rd for Mr Siu since 2020.
Concentration warning in CAA Resources (2112)
SFC, 10-Jun-2022
The top 20 holders have 92.45%.
Ex-Senior Regional Manager of Prudential HK charged over commission fraud
ICAC, 7-Jun-2022
We note that Christina Yiu Po Nga (presumably the same person) was an Observer of the Independent Police Complaints Council until 1-Apr-2021.
Planetree (0613): CST (0985) to inject HK$50m for 8.482% of Planetree Securities Ltd
Company announcement, 6-Jun-2022
Prior to this, the brokerage is a 100% subsidiary of Planetree.
Fong Tak Ching and Zhonghui Anda CPA Ltd fined HK$35k and HK$50k
HKICPA, 6-Jun-2022
For bad work on the 2017 audit of Fresh Express Delivery (1175).
2 ex-senior executives of construction companies jailed for 4 years in HK$75.3m L/C scam
ICAC, 4-Jun-2022
Including an ex-senior executive of a subsidiary of China Railway Construction (1186).
Concentration warning in Unity Enterprise (2195)
SFC, 2-Jun-2022
The top 20 holders have 93.20%
Planetree (0613) part-subsidiary Maxlord Enterprises Ltd lends HK$75m at 4% p.a. to Oshidori (0622) money-lending subsidiary
Company announcement, 31-May-2022
Maxlord is owned 2/3 by Planetree and 1/3 by Blue River (0498). This facility follows an earlier 12-month HK$100m facility on 6-Jan-2022 at the HSBC prime rate. Planetree is 66.87% owned by Future Capital Group Ltd, which was 100% owned by Karen Lo Ki Yan until 17-Feb-2022, when Oshidori agreed to invest HK$750m for a 17.81% stake.
PECS Register monthly update
HK Government, 31-May-2022
Tradelink (0536): we've been punting surplus cash in the markets and oops
Company announcement, 20-May-2022
Companies should distribute surplus capital to investors, not play the markets themselves.
Previously on Webb-site.com
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