News
HKICPA fines Sunny Leung Kin Sun and his firm jointly HK$80k
HKICPA, 9-Nov-2018
In relation to defective work on the audit of Ting Wai Monastery Ltd.
HKICPA, 9-Nov-2018
In relation to defective work on the audit of Ting Wai Monastery Ltd.
HKICPA fines Mr Law Ka Lok & Latitude CPA Ltd jointly HK$40k
HKICPA, 6-Nov-2018
In a classic "the dog ate my homework" excuse, Latitude claimed that there had been unauthorised deletion and consequent permanent loss of audit documentation on the firm's computer server. So in essence, they were fined for not having backups.
HKICPA, 6-Nov-2018
In a classic "the dog ate my homework" excuse, Latitude claimed that there had been unauthorised deletion and consequent permanent loss of audit documentation on the firm's computer server. So in essence, they were fined for not having backups.
CFA dismisses appeal by solicitor and sisters in fraud case involving overseas listed securities
SFC, 31-Oct-2018
SFC, 31-Oct-2018
HKICPA bans Irene Chin Oi Lin for 3 years, fines her HK$30k
HKICPA, 31-Oct-2018
She failed to cooperate with a practice review and didn't show up for the disciplinary hearing either.
HKICPA, 31-Oct-2018
She failed to cooperate with a practice review and didn't show up for the disciplinary hearing either.
Freedom and the future of China
Webb-site.com, 30-Oct-2018
This is the text of a High Table dinner speech delivered by Webb-site founder David Webb to the students of Chi Sun College, University of Hong Kong, this evening. Hyperlinks have been added.
Webb-site.com, 30-Oct-2018
This is the text of a High Table dinner speech delivered by Webb-site founder David Webb to the students of Chi Sun College, University of Hong Kong, this evening. Hyperlinks have been added.
Concentration warning in Furniweb (8480)
SFC, 30-Oct-2018
The top 20 holders have 91.43% of the company.
SFC, 30-Oct-2018
The top 20 holders have 91.43% of the company.
A deeper dive into CMBC, CSPT and FWF
Webb-site.com, 21-Oct-2018
After raw-nerve responses from CMBC Capital (1141) and China Soft Power Technology (0139) to our Huarong-CMB network diagram, we zoom in on their network and also look at CMBC's exposure to the controller of 3 more listed companies.
Webb-site.com, 21-Oct-2018
After raw-nerve responses from CMBC Capital (1141) and China Soft Power Technology (0139) to our Huarong-CMB network diagram, we zoom in on their network and also look at CMBC's exposure to the controller of 3 more listed companies.
The Huarong-CMB network: 26 stocks not to own
Webb-site.com, 19-Oct-2018
In our first circuit diagram since the infamous Enigma Network, we examine the overlapping networks, bubbles and funding surrounding 26 HK-listed companies that your portfolio would probably do better without.
Webb-site.com, 19-Oct-2018
In our first circuit diagram since the infamous Enigma Network, we examine the overlapping networks, bubbles and funding surrounding 26 HK-listed companies that your portfolio would probably do better without.
Freeman (0279) renegotiates US$99m convertible held by 51% subsidiary of China Huarong (2799)
Company announcement, 18-Oct-2018
This comes 20 days after they renegotiated the other HK$429m CB held by Huarong Inv (2277) which is also a subsidairy of China Huarong. The conversion price of both is reduced from $0.425 to $0.065.
Company announcement, 18-Oct-2018
This comes 20 days after they renegotiated the other HK$429m CB held by Huarong Inv (2277) which is also a subsidairy of China Huarong. The conversion price of both is reduced from $0.425 to $0.065.
SFC launches report-a-crook form
SFC, 18-Oct-2018
Don't hold back! Good to see that new logo, too. Celebrating the 20th anniversary of Peregrine's collapse.
SFC, 18-Oct-2018
Don't hold back! Good to see that new logo, too. Celebrating the 20th anniversary of Peregrine's collapse.
Huarong and China Singyes Solar Technologies (0750)
Webb-site.com, 18-Oct-2018
CSST, now suspended pending disclosure of its financial position, has failed to disclose in its reports the interest of Huarong Int Fin (0993), which claims to have a 15.09% interest, including 8.04% purchased from an unknown vendor in Dec-2017 and security over a further 7.05% pledged to it, presumably to secure a put option that it claims to have been granted. By whom?
Webb-site.com, 18-Oct-2018
CSST, now suspended pending disclosure of its financial position, has failed to disclose in its reports the interest of Huarong Int Fin (0993), which claims to have a 15.09% interest, including 8.04% purchased from an unknown vendor in Dec-2017 and security over a further 7.05% pledged to it, presumably to secure a put option that it claims to have been granted. By whom?
Lai Xiaomin, ex-Chairman of Huarong (2799) expelled from Party (in Chinese only)
CCP Central Commission for Discipline Inspection, 15-Oct-2018
Next comes the formality of prosecution.
CCP Central Commission for Discipline Inspection, 15-Oct-2018
Next comes the formality of prosecution.
Small house, big issue
| Fixing the Small House Policy
South China Morning Post, 14-Oct-2018
David Dodwell mentions the proposals we published in Sep-2014 in "Fixing the Small House Policy". We propose a reverse tender to extinguish a quota of claims of village men descended on the male line from 1898 (and their unborn male descendants or sons under 18 years old). We now call this the Buyout of Indigenous Rights To Houses (BIRTH) scheme. At the same time, the policy should be amended so that all new land leases for village houses can only be transferred to other indigenous men, and cannot be upgraded and flipped into the open market.
South China Morning Post, 14-Oct-2018
David Dodwell mentions the proposals we published in Sep-2014 in "Fixing the Small House Policy". We propose a reverse tender to extinguish a quota of claims of village men descended on the male line from 1898 (and their unborn male descendants or sons under 18 years old). We now call this the Buyout of Indigenous Rights To Houses (BIRTH) scheme. At the same time, the policy should be amended so that all new land leases for village houses can only be transferred to other indigenous men, and cannot be upgraded and flipped into the open market.
CFA allows SFC's appeal against MMT decision on insider dealing in Asia Telemedia Ltd
SFC, 12-Oct-2018
By a 4:1 majority, the Court of Final Appeal overturns the Court of Appeal's ruling which upheld the MMT decision. That's a victory for common sense - the defence that the insiders were selling to take advantage of a bubble holds no water when, if the company's financial difficulties had been known, its stock price would have been lower. By that test, they were "using" the Inside Information.
SFC, 12-Oct-2018
By a 4:1 majority, the Court of Final Appeal overturns the Court of Appeal's ruling which upheld the MMT decision. That's a victory for common sense - the defence that the insiders were selling to take advantage of a bubble holds no water when, if the company's financial difficulties had been known, its stock price would have been lower. By that test, they were "using" the Inside Information.
Defeated LegCo candidate Leticia Lee See Yin charged with engaging in corrupt conduct over donations
ICAC, 10-Oct-2018
ICAC, 10-Oct-2018
HK Settlers Housing Corp financial statements, 31-Mar-2017
Company filing, 10-Oct-2018
The company is limited by guarantee with 7 members. All the 7 directors are associated either with Henderson Land (0012) or Bank of East Asia (0023), which is also its banker and manager of HK$484m of securities. The audit report is qualified because the firm fails to revalue its investment properties, which are held at $1. It owns the Tai Hang Sai Estate in Shek Kip Mei, and in today's policy address, that is up for redevelopment. The land was granted in 1961 at a concessionary premium and the 1600+ flats are leased at below-market rates.
Company filing, 10-Oct-2018
The company is limited by guarantee with 7 members. All the 7 directors are associated either with Henderson Land (0012) or Bank of East Asia (0023), which is also its banker and manager of HK$484m of securities. The audit report is qualified because the firm fails to revalue its investment properties, which are held at $1. It owns the Tai Hang Sai Estate in Shek Kip Mei, and in today's policy address, that is up for redevelopment. The land was granted in 1961 at a concessionary premium and the 1600+ flats are leased at below-market rates.
Peak Tramways Co Ltd gets Peak Tram operating rights until 31-Dec-2035
HK Government, 10-Oct-2018
The firm is owned by HK & Shanghai Hotels (0045). There does not appear to have been any tender for the contract. This extension is granted less than 3 years after the last 10-year extension was granted on 2-Dec-2015, just 29 days before expiry. The company will now build a "temperature-controlled queuing and waiting area" for 1300 passengers at the lower terminus, and increase the capacity from 120 to 210 passengers per trip.
HK Government, 10-Oct-2018
The firm is owned by HK & Shanghai Hotels (0045). There does not appear to have been any tender for the contract. This extension is granted less than 3 years after the last 10-year extension was granted on 2-Dec-2015, just 29 days before expiry. The company will now build a "temperature-controlled queuing and waiting area" for 1300 passengers at the lower terminus, and increase the capacity from 120 to 210 passengers per trip.
Mainland man jailed for 4 months for offering HK$100k bribe to DBS Bank HK staff
ICAC, 8-Oct-2018
One country, two systems.
ICAC, 8-Oct-2018
One country, two systems.
The Princeton economist and a plot in Sheung Wan
Webb-site.com, 8-Oct-2018
A tiny plot of prime HK land left behind in a company dissolved in 1972 is now a potential windfall in a redevelopment of its surroundings. For 54 years, Professor Gregory Chow never knew he had a stake in it.
Webb-site.com, 8-Oct-2018
A tiny plot of prime HK land left behind in a company dissolved in 1972 is now a potential windfall in a redevelopment of its surroundings. For 54 years, Professor Gregory Chow never knew he had a stake in it.
China First Capital (1269) and a questionable joint venture
Webb-site.com, 7-Oct-2018
Webb-site finds serious problems with CFC's statements about a GBP60m UK start-up joint venture with a BVI company, the owner of which is not disclosed, which has only partly paid for its share of the JV.
Webb-site.com, 7-Oct-2018
Webb-site finds serious problems with CFC's statements about a GBP60m UK start-up joint venture with a BVI company, the owner of which is not disclosed, which has only partly paid for its share of the JV.
Our stories
Freedom and the future of China
This is the text of a High Table dinner speech delivered by Webb-site founder David Webb to the students of Chi Sun College, University of Hong Kong, this evening. Hyperlinks have been added. (30-Oct-2018)
This is the text of a High Table dinner speech delivered by Webb-site founder David Webb to the students of Chi Sun College, University of Hong Kong, this evening. Hyperlinks have been added. (30-Oct-2018)
A deeper dive into CMBC, CSPT and FWF
After raw-nerve responses from CMBC Capital (1141) and China Soft Power Technology (0139) to our Huarong-CMB network diagram, we zoom in on their network and also look at CMBC's exposure to the controller of 3 more listed companies. (21-Oct-2018)
After raw-nerve responses from CMBC Capital (1141) and China Soft Power Technology (0139) to our Huarong-CMB network diagram, we zoom in on their network and also look at CMBC's exposure to the controller of 3 more listed companies. (21-Oct-2018)
The Huarong-CMB network: 26 stocks not to own
In our first circuit diagram since the infamous Enigma Network, we examine the overlapping networks, bubbles and funding surrounding 26 HK-listed companies that your portfolio would probably do better without. (19-Oct-2018)
In our first circuit diagram since the infamous Enigma Network, we examine the overlapping networks, bubbles and funding surrounding 26 HK-listed companies that your portfolio would probably do better without. (19-Oct-2018)
Huarong and China Singyes Solar Technologies (0750)
CSST, now suspended pending disclosure of its financial position, has failed to disclose in its reports the interest of Huarong Int Fin (0993), which claims to have a 15.09% interest, including 8.04% purchased from an unknown vendor in Dec-2017 and security over a further 7.05% pledged to it, presumably to secure a put option that it claims to have been granted. By whom? (18-Oct-2018)
CSST, now suspended pending disclosure of its financial position, has failed to disclose in its reports the interest of Huarong Int Fin (0993), which claims to have a 15.09% interest, including 8.04% purchased from an unknown vendor in Dec-2017 and security over a further 7.05% pledged to it, presumably to secure a put option that it claims to have been granted. By whom? (18-Oct-2018)
The Princeton economist and a plot in Sheung Wan
A tiny plot of prime HK land left behind in a company dissolved in 1972 is now a potential windfall in a redevelopment of its surroundings. For 54 years, Professor Gregory Chow never knew he had a stake in it. (8-Oct-2018)
A tiny plot of prime HK land left behind in a company dissolved in 1972 is now a potential windfall in a redevelopment of its surroundings. For 54 years, Professor Gregory Chow never knew he had a stake in it. (8-Oct-2018)
China First Capital (1269) and a questionable joint venture
Webb-site finds serious problems with CFC's statements about a GBP60m UK start-up joint venture with a BVI company, the owner of which is not disclosed, which has only partly paid for its share of the JV. (7-Oct-2018)
Webb-site finds serious problems with CFC's statements about a GBP60m UK start-up joint venture with a BVI company, the owner of which is not disclosed, which has only partly paid for its share of the JV. (7-Oct-2018)
Huarong and the Chung Nam Network
Webb-site can reveal another SFC investigation underway involving dealings in Pak Wing (8316). The manipulation of this GEM bubble reveals another connection between China Huarong (2799) and what we call the "Chung Nam Network". The more we scrutinise Huarong, the worse it looks. Will the State end up bailing out the bailer? (3-Oct-2018)
Webb-site can reveal another SFC investigation underway involving dealings in Pak Wing (8316). The manipulation of this GEM bubble reveals another connection between China Huarong (2799) and what we call the "Chung Nam Network". The more we scrutinise Huarong, the worse it looks. Will the State end up bailing out the bailer? (3-Oct-2018)
Breaking: SFC freezes up to HK$10.17bn of assets in 3 brokers
Webb-site has deduced that these are assets of Mr Yang Zhihui, missing Chairman and majority shareholder of Landing (0582), and that he is reasonably suspected of fraud causing losses of HK$10.17bn to China Huarong (2799), the ex-Chairman of which is under a corruption investigation in China. We also turn the spotlight on China Goldjoy (1282) which was an enthusiastic buyer of Landing at prices far higher than its Chairman paid beforehand. (1-Oct-2018)
Webb-site has deduced that these are assets of Mr Yang Zhihui, missing Chairman and majority shareholder of Landing (0582), and that he is reasonably suspected of fraud causing losses of HK$10.17bn to China Huarong (2799), the ex-Chairman of which is under a corruption investigation in China. We also turn the spotlight on China Goldjoy (1282) which was an enthusiastic buyer of Landing at prices far higher than its Chairman paid beforehand. (1-Oct-2018)
HKEX: shoot patients to prevent illness
HKEX's proposal to suspend and then delist companies with disclaimed audits works against investor interests in several ways while doing nothing to address the root causes of corporate illness. In a partial revival of the 2002 Penny Stocks proposals, the self-interest of HKEX in ditching unprofitable business cannot be ignored. We again call for the regulatory function to be transferred to the SFC and HKEX's monopoly to be abolished. Only when there is competition can they pick and choose their customers. HKEX fails to name the 43 firms that would have been suspended on their 2017 audits. Answers by Tuesday morning, please! (30-Sep-2018)
HKEX's proposal to suspend and then delist companies with disclaimed audits works against investor interests in several ways while doing nothing to address the root causes of corporate illness. In a partial revival of the 2002 Penny Stocks proposals, the self-interest of HKEX in ditching unprofitable business cannot be ignored. We again call for the regulatory function to be transferred to the SFC and HKEX's monopoly to be abolished. Only when there is competition can they pick and choose their customers. HKEX fails to name the 43 firms that would have been suspended on their 2017 audits. Answers by Tuesday morning, please! (30-Sep-2018)
Concerns grow for endangered species at Fanling
The natural habitat of the lesser-spotted Hong Kong golfer is at risk. (26-Sep-2018)
The natural habitat of the lesser-spotted Hong Kong golfer is at risk. (26-Sep-2018)
Who showed up? A simple change to the Listing Rules
Announcements of AGM/EGM outcomes should include directors' attendance. We shouldn't have to wait for the next annual report to find out who showed up. (9-Sep-2018)
Announcements of AGM/EGM outcomes should include directors' attendance. We shouldn't have to wait for the next annual report to find out who showed up. (9-Sep-2018)
Revealed: the USA has the longest land lease in China
Breaking through false search results at the HK Land Registry, Webb-site finds that the USA in 1960 was granted a unique option to purchase the freehold of its HK Consulate site. In 1999, Tung Chee Hwa's government agreed to convert this to a 999-year lease and remove the restriction on sale for only HK$44m, granting the USA a potential windfall and the longest leasehold land in China. (6-Aug-2018)
Breaking through false search results at the HK Land Registry, Webb-site finds that the USA in 1960 was granted a unique option to purchase the freehold of its HK Consulate site. In 1999, Tung Chee Hwa's government agreed to convert this to a 999-year lease and remove the restriction on sale for only HK$44m, granting the USA a potential windfall and the longest leasehold land in China. (6-Aug-2018)
HK Government invasion of the housing market
HK Chief Executive Carrie Lam has ended her first year with a new set of interventions, building on the crumbling foundations of her predecessors. It's time for a major policy rethink. A government's role is to ensure that people have a home, not that they own one. And the government doesn't need to own homes either. (2-Jul-2018)
HK Chief Executive Carrie Lam has ended her first year with a new set of interventions, building on the crumbling foundations of her predecessors. It's time for a major policy rethink. A government's role is to ensure that people have a home, not that they own one. And the government doesn't need to own homes either. (2-Jul-2018)
Short positions in Samsonite (1910)
The latest aggregate short positions show a sharp increase of 16.62m shares in the week to 18-May followed by a decrease of 11.91m shares in the week to 25-May. The critical report by Soren Aandahl's Blue Orca Capital was published on 24-May. (1-Jun-2018)
The latest aggregate short positions show a sharp increase of 16.62m shares in the week to 18-May followed by a decrease of 11.91m shares in the week to 25-May. The critical report by Soren Aandahl's Blue Orca Capital was published on 24-May. (1-Jun-2018)
Other news
HKICPA fines Sunny Leung Kin Sun and his firm jointly HK$80k
HKICPA, 9-Nov-2018
In relation to defective work on the audit of Ting Wai Monastery Ltd.
HKICPA, 9-Nov-2018
In relation to defective work on the audit of Ting Wai Monastery Ltd.
HKICPA fines Mr Law Ka Lok & Latitude CPA Ltd jointly HK$40k
HKICPA, 6-Nov-2018
In a classic "the dog ate my homework" excuse, Latitude claimed that there had been unauthorised deletion and consequent permanent loss of audit documentation on the firm's computer server. So in essence, they were fined for not having backups.
HKICPA, 6-Nov-2018
In a classic "the dog ate my homework" excuse, Latitude claimed that there had been unauthorised deletion and consequent permanent loss of audit documentation on the firm's computer server. So in essence, they were fined for not having backups.
CFA dismisses appeal by solicitor and sisters in fraud case involving overseas listed securities
SFC, 31-Oct-2018
SFC, 31-Oct-2018
HKICPA bans Irene Chin Oi Lin for 3 years, fines her HK$30k
HKICPA, 31-Oct-2018
She failed to cooperate with a practice review and didn't show up for the disciplinary hearing either.
HKICPA, 31-Oct-2018
She failed to cooperate with a practice review and didn't show up for the disciplinary hearing either.
Concentration warning in Furniweb (8480)
SFC, 30-Oct-2018
The top 20 holders have 91.43% of the company.
SFC, 30-Oct-2018
The top 20 holders have 91.43% of the company.
Freeman (0279) renegotiates US$99m convertible held by 51% subsidiary of China Huarong (2799)
Company announcement, 18-Oct-2018
This comes 20 days after they renegotiated the other HK$429m CB held by Huarong Inv (2277) which is also a subsidairy of China Huarong. The conversion price of both is reduced from $0.425 to $0.065.
Company announcement, 18-Oct-2018
This comes 20 days after they renegotiated the other HK$429m CB held by Huarong Inv (2277) which is also a subsidairy of China Huarong. The conversion price of both is reduced from $0.425 to $0.065.
SFC launches report-a-crook form
SFC, 18-Oct-2018
Don't hold back! Good to see that new logo, too. Celebrating the 20th anniversary of Peregrine's collapse.
SFC, 18-Oct-2018
Don't hold back! Good to see that new logo, too. Celebrating the 20th anniversary of Peregrine's collapse.
Lai Xiaomin, ex-Chairman of Huarong (2799) expelled from Party (in Chinese only)
CCP Central Commission for Discipline Inspection, 15-Oct-2018
Next comes the formality of prosecution.
CCP Central Commission for Discipline Inspection, 15-Oct-2018
Next comes the formality of prosecution.
Small house, big issue
| Fixing the Small House Policy
South China Morning Post, 14-Oct-2018
David Dodwell mentions the proposals we published in Sep-2014 in "Fixing the Small House Policy". We propose a reverse tender to extinguish a quota of claims of village men descended on the male line from 1898 (and their unborn male descendants or sons under 18 years old). We now call this the Buyout of Indigenous Rights To Houses (BIRTH) scheme. At the same time, the policy should be amended so that all new land leases for village houses can only be transferred to other indigenous men, and cannot be upgraded and flipped into the open market.
South China Morning Post, 14-Oct-2018
David Dodwell mentions the proposals we published in Sep-2014 in "Fixing the Small House Policy". We propose a reverse tender to extinguish a quota of claims of village men descended on the male line from 1898 (and their unborn male descendants or sons under 18 years old). We now call this the Buyout of Indigenous Rights To Houses (BIRTH) scheme. At the same time, the policy should be amended so that all new land leases for village houses can only be transferred to other indigenous men, and cannot be upgraded and flipped into the open market.
CFA allows SFC's appeal against MMT decision on insider dealing in Asia Telemedia Ltd
SFC, 12-Oct-2018
By a 4:1 majority, the Court of Final Appeal overturns the Court of Appeal's ruling which upheld the MMT decision. That's a victory for common sense - the defence that the insiders were selling to take advantage of a bubble holds no water when, if the company's financial difficulties had been known, its stock price would have been lower. By that test, they were "using" the Inside Information.
SFC, 12-Oct-2018
By a 4:1 majority, the Court of Final Appeal overturns the Court of Appeal's ruling which upheld the MMT decision. That's a victory for common sense - the defence that the insiders were selling to take advantage of a bubble holds no water when, if the company's financial difficulties had been known, its stock price would have been lower. By that test, they were "using" the Inside Information.
Defeated LegCo candidate Leticia Lee See Yin charged with engaging in corrupt conduct over donations
ICAC, 10-Oct-2018
ICAC, 10-Oct-2018
HK Settlers Housing Corp financial statements, 31-Mar-2017
Company filing, 10-Oct-2018
The company is limited by guarantee with 7 members. All the 7 directors are associated either with Henderson Land (0012) or Bank of East Asia (0023), which is also its banker and manager of HK$484m of securities. The audit report is qualified because the firm fails to revalue its investment properties, which are held at $1. It owns the Tai Hang Sai Estate in Shek Kip Mei, and in today's policy address, that is up for redevelopment. The land was granted in 1961 at a concessionary premium and the 1600+ flats are leased at below-market rates.
Company filing, 10-Oct-2018
The company is limited by guarantee with 7 members. All the 7 directors are associated either with Henderson Land (0012) or Bank of East Asia (0023), which is also its banker and manager of HK$484m of securities. The audit report is qualified because the firm fails to revalue its investment properties, which are held at $1. It owns the Tai Hang Sai Estate in Shek Kip Mei, and in today's policy address, that is up for redevelopment. The land was granted in 1961 at a concessionary premium and the 1600+ flats are leased at below-market rates.
Peak Tramways Co Ltd gets Peak Tram operating rights until 31-Dec-2035
HK Government, 10-Oct-2018
The firm is owned by HK & Shanghai Hotels (0045). There does not appear to have been any tender for the contract. This extension is granted less than 3 years after the last 10-year extension was granted on 2-Dec-2015, just 29 days before expiry. The company will now build a "temperature-controlled queuing and waiting area" for 1300 passengers at the lower terminus, and increase the capacity from 120 to 210 passengers per trip.
HK Government, 10-Oct-2018
The firm is owned by HK & Shanghai Hotels (0045). There does not appear to have been any tender for the contract. This extension is granted less than 3 years after the last 10-year extension was granted on 2-Dec-2015, just 29 days before expiry. The company will now build a "temperature-controlled queuing and waiting area" for 1300 passengers at the lower terminus, and increase the capacity from 120 to 210 passengers per trip.
Mainland man jailed for 4 months for offering HK$100k bribe to DBS Bank HK staff
ICAC, 8-Oct-2018
One country, two systems.
ICAC, 8-Oct-2018
One country, two systems.
Previously on Webb-site.com
Check out our full list of articles in the archive, since our launch in 1998.
Check out our full list of articles in the archive, since our launch in 1998.
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