News

Sanction of Xinyuan Property Management (1895) and 4 directors
SEHK, 5-Dec-2022
The Exchange is having trouble keeping up with this company: the directors involved in these transactions to prop up the controlling shareholder have left the board, but another announcement on 15-Nov-2022 revealed yet more problems - a bunch of time deposits pledged to support bank loans to the controlling shareholder, and the stock, which was only listed in Oct-2019, is suspended again.
Sanction of REXLot (ex-0555) and 5 directors
SEHK, 5-Dec-2022
CNY210m of "earnest money" and HK$1.7bn of "deposits for potential acquisitions", the latter arranged by Victor Chan How Chung, were purportedly unrecoverable because new PRC regulations "rendered internet lottery unlawful".
Sanction of 7 current/ex-directors of Christine (1210)
SEHK, 1-Dec-2022
For propping up a company owned by the then Chairman's sister with a de facto loan.
Statement by CE John Lee on requesting interpretation of NSL from NPCSC
HK Government, 28-Nov-2022
You might think that having a leading human rights lawyer of his choice would add legitimacy to the goal of locking up Jimmy Lai for life. You'd be wrong. Predictably, within hours of the Court of [Semi-] Final Appeal's dismissal of the SJ's appeal against the admission of overseas counsel, the CE asks for an "interpretation" by the NPCSC. This will be rather awkward for the courts below, having unanimously upheld that it is "clearly in the public interest to admit an overseas specialist as eminent as Mr Owen so that the court will have the best assistance to tackle the formidable task at hand."
Re admission of Timothy Wynn Owen KC to defend Jimmy Lai Chee Ying in NSL case
HK Court of Final Appeal, 28-Nov-2022
Application for leave to appeal is dismissed. The court writes: "in relation to ad hoc admissions, where national security considerations properly arise, such considerations are plainly of the highest importance to be taken into account. In the present case, however, the SJ has fundamentally changed his case only at the stage of seeking leave to appeal to this Court, raising undefined and unsubstantiated issues said to involve national security which were not mentioned or explored in the Courts below."
Suspected syndicate leader charged in connection with ramp-and dump schemes
SFC, 24-Nov-2022
Mr Tam, whose SFC licence was revoked in 2003 for rat-trading and other malpractices, featured in our article "Bubbles and troubles in Hong Kong" in Sep-2015, which featured several listed companies in what became our "Enigma Network" of 2017. The current charges relate to alleged activity in shares of 2 listed companies in 2018-2019.
Court orders HK Wan Kiu Investment Co Ltd and its connected entities to compensate clients
SFC, 23-Nov-2022
No childish jokes please. The case against Wan Kiu and its owner-cum-director, Mrs Sham, reaches its climax. The SFC found that she created sham documents and account statements to conceal unauthorised sales of client securities, and then "misappropriated" the proceeds partly to Sham & Partners Ltd, owned by her son Christopher.
Censure of China Bright Culture (1859) and Mr Liu Mu; criticism of Mr Xia Rui
SEHK, 21-Nov-2022
For diverting most of the IPO proceeds into a promissory note arranged by AMTD Global Markets Ltd, which was a Joint Global Coordinator of the IPO. The note was issued by L.R. Capital Property Investment Ltd, which was "affiliated" with AMTD, although the Exchange doesn't say how.
Re admission of Timothy Wynn Owen KC to defend Jimmy Lai Chee Ying in NSL case
HK Court of Appeal, 21-Nov-2022
Leave to appeal to the CFA is refused. Now on his 4th Senior Counsel, the SJ is represented by former SJ Rimsky Yuen. Biting the cherry again, he claims 2 new points (which should've been raised in the first instance): (1) that overseas counsel might leak State Secrets and are not subject to local discipline - but the NSL has global effect, and England & Wales Barristers are subject to global regulation under their Bar Standards Handbook; and (2) that there should be a presumption against overseas counsel in NSL cases. The court writes "Contrary to Mr Yuen’s submission that he seeks to establish matters of principle, we consider this an unprincipled approach and goes against the grain of guiding principles for the exercise of judicial discretion. It is an untenable proposition".
Duncan Chui Tak Keung declared bankrupt
HK Court of First Instance, 17-Nov-2022
Hao Wen (8019): certain regulatory authorities attended an HK office on 9-Nov
Company announcement, 15-Nov-2022
The uncertain authorities would be the ICAC and SFC, based on their announcements of 10-Nov.
CBK (8428): a regulatory authority attended the head office in HK on 9-Nov
Company announcement, 11-Nov-2022
This was probably the SFC or ICAC, given the large joint raid they announced yesterday.
Wan Cheng Metal Packaging (8291): a regulatory authority attended the head office on 9-Nov
Company announcement, 10-Nov-2022
This was probably the SFC or ICAC, given the large joint raid they announced on 10-Nov.
Re admission of Timothy Wynn Owen KC to defend Jimmy Lai Chee Ying in NSL case
HK Court of Appeal, 9-Nov-2022
Dismissing the appeal of the Secretary for Justice against admission, the Court writes: "It is of vital importance in the early days of the NSL that our jurisprudence should be developed on solid foundations to reflect adherence to the rule of law in accordance with internationally adopted judicial standards. It would clearly be in the public interest to have the contribution of eminent jurists in developing our jurisprudence in the NSL" and "Public perception of fairness in the trial is of vital importance to the administration of justice"
Ex-salesperson of finance company jailed for conspiracy to defraud involving HK$600k referral fees
ICAC, 3-Nov-2022
We note that the firm is now named QL Credit Gain Finance Co Ltd, and is 100%-owned by China Financial Services (0605) which is appealing a delisting order after huge losses from undisclosed loan guarantees.
PECS Register monthly update
HK Government, 31-Oct-2022
SFC bans Tang Shiyi, ex-China Galaxy International Securities, for 10 monthsStatement of Disciplinary Action
SFC, 31-Oct-2022
For operating 2 external brokerage accounts without telling her employer.
SFC criticises Gold Dragon Worldwide Asset Management Ltd for breaches of Takeovers Code
SFC, 28-Oct-2022
For failing to disclose dealings in Shanghai Dongzheng Automotive (2718) during an offer period when it managed a fund owning more than 5% of the stock.
Blue River (0498) buys property vehicle from Ms Fung Yuk Sing
Company announcement, 27-Oct-2022
Our records indicate that on 29-Mar-2019, Ms Fung was one of 3 people granted share options by Oshidori (0622), as she was then "within the Group".
Danny Fung Kwong Shing, ex-Fulbright Securities, jailed for 2.5 months for securities fraud
SFC, 27-Oct-2022
He pleaded guilty and has been bailed pending appeal, having been remanded in custody after conviction on 13-Oct.
Court convicts Wong King Hoi of obstruction of SFC's search of his home
SFC, 27-Oct-2022
Relating to suspected market manipulation of shares of an unnamed HK-listed company. We don't know which, but we note that until 15-Apr-2021, Mr Wong was an ED of HK Education (1082), a company in what we called the "Enigma Network".
Ma Zhonghong jumps bail in ICAC case involving Chim Pui Chung and sonJoining the dots
ICAC, 25-Oct-2022
We explained the background to this case in our article of 21-Nov-2021.

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

Sanction of Xinyuan Property Management (1895) and 4 directors
SEHK, 5-Dec-2022
The Exchange is having trouble keeping up with this company: the directors involved in these transactions to prop up the controlling shareholder have left the board, but another announcement on 15-Nov-2022 revealed yet more problems - a bunch of time deposits pledged to support bank loans to the controlling shareholder, and the stock, which was only listed in Oct-2019, is suspended again.
Sanction of REXLot (ex-0555) and 5 directors
SEHK, 5-Dec-2022
CNY210m of "earnest money" and HK$1.7bn of "deposits for potential acquisitions", the latter arranged by Victor Chan How Chung, were purportedly unrecoverable because new PRC regulations "rendered internet lottery unlawful".
Sanction of 7 current/ex-directors of Christine (1210)
SEHK, 1-Dec-2022
For propping up a company owned by the then Chairman's sister with a de facto loan.
Statement by CE John Lee on requesting interpretation of NSL from NPCSC
HK Government, 28-Nov-2022
You might think that having a leading human rights lawyer of his choice would add legitimacy to the goal of locking up Jimmy Lai for life. You'd be wrong. Predictably, within hours of the Court of [Semi-] Final Appeal's dismissal of the SJ's appeal against the admission of overseas counsel, the CE asks for an "interpretation" by the NPCSC. This will be rather awkward for the courts below, having unanimously upheld that it is "clearly in the public interest to admit an overseas specialist as eminent as Mr Owen so that the court will have the best assistance to tackle the formidable task at hand."
Re admission of Timothy Wynn Owen KC to defend Jimmy Lai Chee Ying in NSL case
HK Court of Final Appeal, 28-Nov-2022
Application for leave to appeal is dismissed. The court writes: "in relation to ad hoc admissions, where national security considerations properly arise, such considerations are plainly of the highest importance to be taken into account. In the present case, however, the SJ has fundamentally changed his case only at the stage of seeking leave to appeal to this Court, raising undefined and unsubstantiated issues said to involve national security which were not mentioned or explored in the Courts below."
Suspected syndicate leader charged in connection with ramp-and dump schemes
SFC, 24-Nov-2022
Mr Tam, whose SFC licence was revoked in 2003 for rat-trading and other malpractices, featured in our article "Bubbles and troubles in Hong Kong" in Sep-2015, which featured several listed companies in what became our "Enigma Network" of 2017. The current charges relate to alleged activity in shares of 2 listed companies in 2018-2019.
Court orders HK Wan Kiu Investment Co Ltd and its connected entities to compensate clients
SFC, 23-Nov-2022
No childish jokes please. The case against Wan Kiu and its owner-cum-director, Mrs Sham, reaches its climax. The SFC found that she created sham documents and account statements to conceal unauthorised sales of client securities, and then "misappropriated" the proceeds partly to Sham & Partners Ltd, owned by her son Christopher.
Censure of China Bright Culture (1859) and Mr Liu Mu; criticism of Mr Xia Rui
SEHK, 21-Nov-2022
For diverting most of the IPO proceeds into a promissory note arranged by AMTD Global Markets Ltd, which was a Joint Global Coordinator of the IPO. The note was issued by L.R. Capital Property Investment Ltd, which was "affiliated" with AMTD, although the Exchange doesn't say how.
Re admission of Timothy Wynn Owen KC to defend Jimmy Lai Chee Ying in NSL case
HK Court of Appeal, 21-Nov-2022
Leave to appeal to the CFA is refused. Now on his 4th Senior Counsel, the SJ is represented by former SJ Rimsky Yuen. Biting the cherry again, he claims 2 new points (which should've been raised in the first instance): (1) that overseas counsel might leak State Secrets and are not subject to local discipline - but the NSL has global effect, and England & Wales Barristers are subject to global regulation under their Bar Standards Handbook; and (2) that there should be a presumption against overseas counsel in NSL cases. The court writes "Contrary to Mr Yuen’s submission that he seeks to establish matters of principle, we consider this an unprincipled approach and goes against the grain of guiding principles for the exercise of judicial discretion. It is an untenable proposition".
Duncan Chui Tak Keung declared bankrupt
HK Court of First Instance, 17-Nov-2022
Hao Wen (8019): certain regulatory authorities attended an HK office on 9-Nov
Company announcement, 15-Nov-2022
The uncertain authorities would be the ICAC and SFC, based on their announcements of 10-Nov.
CBK (8428): a regulatory authority attended the head office in HK on 9-Nov
Company announcement, 11-Nov-2022
This was probably the SFC or ICAC, given the large joint raid they announced yesterday.
Wan Cheng Metal Packaging (8291): a regulatory authority attended the head office on 9-Nov
Company announcement, 10-Nov-2022
This was probably the SFC or ICAC, given the large joint raid they announced on 10-Nov.
Re admission of Timothy Wynn Owen KC to defend Jimmy Lai Chee Ying in NSL case
HK Court of Appeal, 9-Nov-2022
Dismissing the appeal of the Secretary for Justice against admission, the Court writes: "It is of vital importance in the early days of the NSL that our jurisprudence should be developed on solid foundations to reflect adherence to the rule of law in accordance with internationally adopted judicial standards. It would clearly be in the public interest to have the contribution of eminent jurists in developing our jurisprudence in the NSL" and "Public perception of fairness in the trial is of vital importance to the administration of justice"
Ex-salesperson of finance company jailed for conspiracy to defraud involving HK$600k referral fees
ICAC, 3-Nov-2022
We note that the firm is now named QL Credit Gain Finance Co Ltd, and is 100%-owned by China Financial Services (0605) which is appealing a delisting order after huge losses from undisclosed loan guarantees.
Previously on Webb-site.com
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