News

The HK budget supercomputer hallucination
Webb-site.com, 2-Mar-2024
According to Paul Chan's budget speech, at undisclosed taxpayer expense, HK is supposed to produce a machine 3 times more powerful than the world's current fastest, within 2 years, and without using the best chips which were banned by the USA from export to HK following imposition of the National Security Law on HK.
PECS Register monthly update
HK Government, 29-Feb-2024
What senior civil servants have been doing since they left office.
SFC suspends dealings in the shares of LET Group (1383) and subsidiary Summit Ascent (0102)
SFC, 14-Feb-2024
Summit Ascent has sold its Russian casino for US$116m without obtaining shareholders' approval and maybe leaving it unsuitable for listing. All the directors except controlling shareholder Andrew Lo Kai Bong quit in protest. In our view, the SFC should now petition the court to order distribution of the sale proceeds and winding up of both companies, otherwise public shareholders are left stranded. This group was previously run by Macau kingpin Alvin Chau Cheok Wa, who was jailed there for 18 years in Jan-2023.
Federal Court orders Brite Advisors wound up on just and equitable grounds
Australian Securities & Investments Commission, 7-Feb-2024
Global advisory group accused of fund misappropriation
Money Management Australia, 7-Feb-2024
SFC obtains court order to disqualify Mr Chan Wai Shing, ex-CFO of Fuguiniao (ex-1819) for 2 yearsJudgment
SFC, 6-Feb-2024
Huge amounts of the group's money was pledged to support loans to the controlling shareholder in undisclosed connected transactions, resulting in forfeiture of CNY1.788bn. The stock was suspended on 1-Sep-2016 with a market value for the H-shares of HK$4.72bn and delisted in in Nov-2019.
SFC bans Lam Ching Chiu and Wong Siu Fung for 5 yearsReasons for sentence
SFC, 6-Feb-2024
This follows their conviction for corruption in Aug-2022. They received suspended jail terms on 8-Sep-2022 after the judge criticised the ICAC and Department of Justice for the long delay in bringing the prosecution. They were first arrested in Sep-2016 but not charged until Aug-2021.
SFC fines PICC Asset Management (Hong Kong) Co Ltd HK$2.8m for fund management failuresStatement of Disciplinary Action
SFC, 5-Feb-2024
The firm, owned by PICC (1339) managed a fund which from May-2018 to Jan-2020 only held 1 to 3 stocks, including "Stock X". The manager was "S", who left on 8-Apr-2020. We note that the only licensee who ceased on that date was Mr Shum Wai Nap, who is now licensed to Tianda Asset Management Ltd.
PECS Register monthly update
HK Government, 31-Jan-2024
Or, what ex-senior HK civil servants have been doing since they left office.
HK's Rates reforms: damage to property values, needless complexity and misdirected handouts
Webb-site.com, 30-Jan-2024
It's not too late for the Government to return to fiscal sanity with a simple Rates system rather than practice the populist politics of petty envy.
Breaking: HK Government withholds Task Force report, citing threat to financial markets stability
Webb-site.com, 29-Jan-2024
We asked for the report. They refused. Now we're really wondering what's in it.
Suspected core syndicate member charged in ramp-and dump case
SFC, 29-Jan-2024
Which Mr Lau Ka Wing is this? We have no idea. The SFC doesn't even give his age and we have at least 8 such persons in Webb-site Who's Who. They might be upset that the SFC has used their name.
HKSAR v Chow Hang Tung
HK Court of Final Appeal, 25-Jan-2024
Ms Chow's conviction for inciting others to take part in an unauthorised assembly on the 32nd anniversary of what the court calls the "4 June Incident" is reinstated. In essence, as nobody applied for (and succeeded) in a judicial review of the decision of the Appeal Board on Public Meetings and Processions to block the vigil for those who died in and around Tiananmen Square, it was not open to the defendant to subsequently argue that the Police failed to find a safe way to allow the it under COVID regulations.
Ex-Dah Chong Hong salesman charged with fraud of goods worth HK$12m
ICAC, 23-Jan-2024
We note that DCH is a 100% subsidiary of CITIC (0267). Mr Mak Ka Wing is alleged to have placed fictitious orders for groceries and then sold them privately.
PECS Register monthly update
HK Government, 29-Dec-2023
Or, what ex-senior HK civil servants have been doing since they left office.
Planetree (0613) buys back 16.47% of Green River Associates Ltd from Mr Au-Yeung Kai Wah for HK$80m
Company announcement, 28-Dec-2023
As of 7-Dec-2022, the shares were held by a 100% subsidiary of CST (0985). So Mr Au-Yeung must have acquired them since then. That's the second asset in a week that Planetree has bought back which was previously owned by CST, following the $50m purchase of 5.32% of Planetree Securities Ltd from Kenneth Chan Chak Kai a week earlier. CST was privatised on 5-Dec-2023. One of 3 unnamed other holders of GRA is probably Touyun (1332) which held 13 shares (5.10%) at 30-Jun-2023.
Ex-StanChart bank manager duo admit defrauding investors of JPY400m
ICAC, 21-Dec-2023
We note that co-defendant Catherine Kum Kit Ching, who earlier pleaded not guilty, is also a director of a UK company, African Development Funding Group Ltd, since 2020.
Planetree (0613) buys back 5.32% of Planetree Securities Ltd for HK$50m
Company announcement, 21-Dec-2023
The vendor, Polymate Investments Ltd, is now owned by Kenneth Chan Chak Kai. However, when the stake was issued for $50m in June 2022, Polymate was owned by CST (0985), so Mr Chan must have acquired it since then. The stake was 8.482% when issued, but has since been diluted to 5.32%. CST was privatised on 5-Dec-2023.
MMT sanctions Mayer (1116) and its former senior management for late disclosure of inside informationMMT Report
SFC, 21-Dec-2023
Once again the MMT has, wrongly in our view, fined a listed company for the failures of its directors, thereby punishing the shareholders from whom information was withheld. The MMT writes that the company's "culpability was its failure to have in place policies and guidelines" - but that is, of course, a failure of the directors to put those in place.
Sanction of Mr Qian Zuming, ex-ED of Brilliance China Automotive (1114)
SEHK, 19-Dec-2023
For failing to respond to an investigation.
SFC fines Central Wealth Securities Investment Ltd HK$1m for breaching Financial Resources RulesStatement of Disciplinary Action
SFC, 18-Dec-2023
The broker is a 100% subsidiary of Central Weath Group (0139), which has featured in Webb-site Reports many times.
Federal Court appoints receivers to Brite Advisors
Australian Securities & Investments Commission, 15-Dec-2023
Janco (8035) trio charged as ICAC probe reveals HK$820k payment fraud
ICAC, 14-Dec-2023
We note that the ex-"group senior advisor" of Janco, David Leung Tze Hang, was a director of 4 listed companies from 1993 to 2002, including as Chairman of freight-forwarder AWT World Transport (later known as 401 Holdings Ltd) which was delisted in 2005. He was declared bankrupt on 27-Jul-2004. This kind of senior advice is priceless.

Our stories

The HK budget supercomputer hallucination
According to Paul Chan's budget speech, at undisclosed taxpayer expense, HK is supposed to produce a machine 3 times more powerful than the world's current fastest, within 2 years, and without using the best chips which were banned by the USA from export to HK following imposition of the National Security Law on HK. (2-Mar-2024)
HK's Rates reforms: damage to property values, needless complexity and misdirected handouts
It's not too late for the Government to return to fiscal sanity with a simple Rates system rather than practice the populist politics of petty envy. (30-Jan-2024)
Breaking: HK Government withholds Task Force report, citing threat to financial markets stability
We asked for the report. They refused. Now we're really wondering what's in it. (29-Jan-2024)
Hong Kong Island, major vehicle exporter?
Transport Department data suggest that HK Island exported a net 1.25m vehicles in 2022, more than are on the roads in the SAR, and the Island is on track to beat that in 2023. Take a look at the data and tell us why! (9-Dec-2023)
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)

Other news

PECS Register monthly update
HK Government, 29-Feb-2024
What senior civil servants have been doing since they left office.
SFC suspends dealings in the shares of LET Group (1383) and subsidiary Summit Ascent (0102)
SFC, 14-Feb-2024
Summit Ascent has sold its Russian casino for US$116m without obtaining shareholders' approval and maybe leaving it unsuitable for listing. All the directors except controlling shareholder Andrew Lo Kai Bong quit in protest. In our view, the SFC should now petition the court to order distribution of the sale proceeds and winding up of both companies, otherwise public shareholders are left stranded. This group was previously run by Macau kingpin Alvin Chau Cheok Wa, who was jailed there for 18 years in Jan-2023.
Federal Court orders Brite Advisors wound up on just and equitable grounds
Australian Securities & Investments Commission, 7-Feb-2024
Global advisory group accused of fund misappropriation
Money Management Australia, 7-Feb-2024
SFC obtains court order to disqualify Mr Chan Wai Shing, ex-CFO of Fuguiniao (ex-1819) for 2 yearsJudgment
SFC, 6-Feb-2024
Huge amounts of the group's money was pledged to support loans to the controlling shareholder in undisclosed connected transactions, resulting in forfeiture of CNY1.788bn. The stock was suspended on 1-Sep-2016 with a market value for the H-shares of HK$4.72bn and delisted in in Nov-2019.
SFC bans Lam Ching Chiu and Wong Siu Fung for 5 yearsReasons for sentence
SFC, 6-Feb-2024
This follows their conviction for corruption in Aug-2022. They received suspended jail terms on 8-Sep-2022 after the judge criticised the ICAC and Department of Justice for the long delay in bringing the prosecution. They were first arrested in Sep-2016 but not charged until Aug-2021.
SFC fines PICC Asset Management (Hong Kong) Co Ltd HK$2.8m for fund management failuresStatement of Disciplinary Action
SFC, 5-Feb-2024
The firm, owned by PICC (1339) managed a fund which from May-2018 to Jan-2020 only held 1 to 3 stocks, including "Stock X". The manager was "S", who left on 8-Apr-2020. We note that the only licensee who ceased on that date was Mr Shum Wai Nap, who is now licensed to Tianda Asset Management Ltd.
PECS Register monthly update
HK Government, 31-Jan-2024
Or, what ex-senior HK civil servants have been doing since they left office.
Suspected core syndicate member charged in ramp-and dump case
SFC, 29-Jan-2024
Which Mr Lau Ka Wing is this? We have no idea. The SFC doesn't even give his age and we have at least 8 such persons in Webb-site Who's Who. They might be upset that the SFC has used their name.
HKSAR v Chow Hang Tung
HK Court of Final Appeal, 25-Jan-2024
Ms Chow's conviction for inciting others to take part in an unauthorised assembly on the 32nd anniversary of what the court calls the "4 June Incident" is reinstated. In essence, as nobody applied for (and succeeded) in a judicial review of the decision of the Appeal Board on Public Meetings and Processions to block the vigil for those who died in and around Tiananmen Square, it was not open to the defendant to subsequently argue that the Police failed to find a safe way to allow the it under COVID regulations.
Ex-Dah Chong Hong salesman charged with fraud of goods worth HK$12m
ICAC, 23-Jan-2024
We note that DCH is a 100% subsidiary of CITIC (0267). Mr Mak Ka Wing is alleged to have placed fictitious orders for groceries and then sold them privately.
PECS Register monthly update
HK Government, 29-Dec-2023
Or, what ex-senior HK civil servants have been doing since they left office.
Planetree (0613) buys back 16.47% of Green River Associates Ltd from Mr Au-Yeung Kai Wah for HK$80m
Company announcement, 28-Dec-2023
As of 7-Dec-2022, the shares were held by a 100% subsidiary of CST (0985). So Mr Au-Yeung must have acquired them since then. That's the second asset in a week that Planetree has bought back which was previously owned by CST, following the $50m purchase of 5.32% of Planetree Securities Ltd from Kenneth Chan Chak Kai a week earlier. CST was privatised on 5-Dec-2023. One of 3 unnamed other holders of GRA is probably Touyun (1332) which held 13 shares (5.10%) at 30-Jun-2023.
Ex-StanChart bank manager duo admit defrauding investors of JPY400m
ICAC, 21-Dec-2023
We note that co-defendant Catherine Kum Kit Ching, who earlier pleaded not guilty, is also a director of a UK company, African Development Funding Group Ltd, since 2020.
Planetree (0613) buys back 5.32% of Planetree Securities Ltd for HK$50m
Company announcement, 21-Dec-2023
The vendor, Polymate Investments Ltd, is now owned by Kenneth Chan Chak Kai. However, when the stake was issued for $50m in June 2022, Polymate was owned by CST (0985), so Mr Chan must have acquired it since then. The stake was 8.482% when issued, but has since been diluted to 5.32%. CST was privatised on 5-Dec-2023.
Previously on Webb-site.com
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