News

Ex-SFC manager, DoJ Senior Counsel and nurse charged with conspiracy to commit MIPO
ICAC, 29-Nov-2024
Then SFC manager Kenneth Leung Po Hin allegedly abused inside information on a pending Link REIT (0823) rights issue, and the other 2 bought and sold put options to benefit from the information. It's unclear why there isn't also a charge of insider dealing rather than just Misconduct in Public Office, but the SFC in a separate announcement says it is looking into potential violations under the Securities and Futures Ordinance.
Ex-Bank of China chairman Liu Liange gets suspended death sentence for briberyHall of Shame
Reuters, 26-Nov-2024
He thereby enters the Webb-site Hall of Shame, joining the bank's ex-President Wang Xuebing (jailed for 12 years in 2003) and ex-Vice Chairman Liu Jinbao (suspended death sentence, 2005). In our view, Xi Jinping's "Tigers and Flies" anti-corruption campaign, running since 2012, is doomed to fail so long as civil servants (including those in State-Owned Enterprsies) are underpaid.
Criticism of Tseng Ming Sung, NED of Tenfu (6868)
SEHK, 21-Nov-2024
At the same time as executing share buybacks for Tenfu, he was also buying shares for 2 substantial shareholders.
SFC suspends Wang Shian-tang, ex-Yuanta Securities, for 26 monthsStatement of Disciplinary Action
SFC, 20-Nov-2024
We note that he was formerly named Wang Yi Tang. He had an unauthorised profit-sharing agreement with a discretionary client, and an undisclosed investment account with another broker.
Concentration warning in Sprocomm Intelligence (1401)
SFC, 19-Nov-2024
At 7-Nov-2024, 28 holders have 86.24%, another 4.76% has been withdrawn from CCASS but is still registered in the name of its nominee, leaving 9.00% in other hands. As of 19-Nov-2024, 12.79% of the stock was in CCASS and the market cap was HK$12.46bn. Net tangible assets at 30-Jun-2024 were CNY362m.
Sanction of Hung Dun Ching, ex-NED of Christine (1210)
SEHK, 14-Nov-2024
For failing to do the required training after a previous sanction.
SFC takes ex-Chairman of Deng Yi Feng (0612) and 30 others to MMT, alleging manipulation of Smartac (ex-0395) sharesMMT Notice
SFC, 12-Nov-2024
The MMT Notice is dated 2-Sep, so it's taken over 2 months to publish. The details are so mind-numbing that we doubt that the Tribunal will be able to follow it. We wonder why the SFC even bothers with such cases, Nobody had to buy the stock, and everyone should have done their homework. There's no allegation of any false information about Smartac itself.
Craft Bamboo Holdings Ltd v Richard Paul Coleman & another
HK Court of First Instance, 5-Nov-2024
Mr Coleman has obtained a UK bankruptcy order on his own application. The HK court, which was holding HK$400k of security for costs from each side, orders payment out to the plaintiffs.
Private cello tutor Ho Ka-yeung admits fraud over purchase of musical instrument
ICAC, 4-Nov-2024
He fiddled the client, claiming his cost of purchase from Chairman Instruments Trading Ltd was HK$24,300 when in fact he paid $18,000.
PECS Register monthly update
HK Government, 31-Oct-2024
The post-retirement jobs of senior HK civil servants.
First immediate jail sentence for convicted unlicensed activity with a compensation order
SFC, 30-Oct-2024
Ms Lai Ka Yi has been granted bail pending appeal against her conviction and 2-week sentence.
Tsang Chung Yu, ex-INED of Metaverse Yunji (ex-8287) and 11 others charged with alleged 66m share options fraudICAC announcement
SFC, 25-Oct-2024
We note that the 5-year options were granted on 8-Sep-2022, in the midst of a court battle for control of the board, exhausting the 10% limit in one go. All 10 recipients chose to exercise the options that day, with shares issued on 9-Sep-2022 and deposited with the same broker in CCASS. Only 2 purported directors, including Mr Tsang, signed the attendance sheet of the board meeting to grant the options. The other was ED Mr Cheng Kwan Yu, who is not charged. All 10 grantees are charged, along with a Chan Wai Lung, whose alleged role is not yet known. Helpfully, the ICAC routinely gives the ages of defendants. The SFC fails to do so, making it harder to identify them.
Sanction of 2 ex-directors of Suchuang Gas (ex-1430)
SEHK, 22-Oct-2024
For failing to cooperate with an investigation. They are now about 72 and 76 years old, so being unsuitable for future HK-listed directorships probably doesn't weigh highly.
Knock it off, Judiciary: HK courts don't use gavels
Webb-site.com, 19-Oct-2024
The HK Judiciary persists in promoting an object never used in courtrooms as a symbol of law and juridical work. Why not promote something else not found in courts, like a rocket?
SFC suspends Amit Kishan Singh for 7 monthsStatement of Disciplinary Action
SFC, 18-Oct-2024
He took a client with him to Bank Julius Baer from Bank J. Safra Sarasin, but faked the meeting log - he conducted account opening by phone rather than in a face-to-face meeting. He has since moved on to Carret Private Capital.
Trio charged with bribery and fraud over referral of bank clients' mortgage loan applications
ICAC, 17-Oct-2024
If the name seems familiar, ex-OCBC Bank employee Amy Chow Bik Sum was jailed for 4 weeks in 2023 after admitting a similar offence. This time she is charged with 2 others including an ex-ICBC (Asia) employee.
Censure of 4 ex-directors of China General Education (2175)
SEHK, 17-Oct-2024
For horrendous diversion of IPO proceeds in 2021 to shore up demand for the shares, basically send the money around in a loop. The Chairman and his son resigned as directors on 27-May-2024, but they still have majority control of the company.
Speeches by CE John Lee and FS Paul Chan at SFC's 35th anniversary event on 3-OctFS speech
HK Government, 17-Oct-2024
The CE's office initially declined to send us his speech, calling it a "closed-door event", but relented after we cited the Code on Access to Information. So we hereby publish it. After all, the SFC is a statutory body that is supposed to promote transparency.
Concentration warning in GHW (9933)
SFC, 15-Oct-2024
The top 20 holders have 97.83% at 27-Sep-2014.

Our stories

Knock it off, Judiciary: HK courts don't use gavels
The HK Judiciary persists in promoting an object never used in courtrooms as a symbol of law and juridical work. Why not promote something else not found in courts, like a rocket? (19-Oct-2024)
IKEA removes smart-home products from HK, citing National Security Law
Not entirely consistent with the Government's goal to make Hong Kong a Smart City by investing hundreds of HK$ billions into "Innovation and Technology". (12-Sep-2024)
Putting Police in the Policy Address
A new name would set the right tone. (18-Aug-2024)
Meaningless board games at HKEX, and how the UK FCA has just made an awful mistake
We review the proposals for a 6-seat and 9-year limit on so-called INEDs, along with other changes that do nothing to address HK's corporate governance deficit. Meanwhile, a slow-motion disaster is underway in the UK as it scraps fundamental investor rights. (28-Jul-2024)
Help maintain the Webb-site Database
We are commencing the transition of the Webb-site Database to a crowd-sourced model. Whether it survives our Founder's doom depends on whether you, the users, are willing to volunteer your time, in a "Webbipedia" crowd-sourcing of corporate data. So please get involved, and you may get a free lunch at the end of the year. (19-May-2024)
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)

Other news

Ex-SFC manager, DoJ Senior Counsel and nurse charged with conspiracy to commit MIPO
ICAC, 29-Nov-2024
Then SFC manager Kenneth Leung Po Hin allegedly abused inside information on a pending Link REIT (0823) rights issue, and the other 2 bought and sold put options to benefit from the information. It's unclear why there isn't also a charge of insider dealing rather than just Misconduct in Public Office, but the SFC in a separate announcement says it is looking into potential violations under the Securities and Futures Ordinance.
Ex-Bank of China chairman Liu Liange gets suspended death sentence for briberyHall of Shame
Reuters, 26-Nov-2024
He thereby enters the Webb-site Hall of Shame, joining the bank's ex-President Wang Xuebing (jailed for 12 years in 2003) and ex-Vice Chairman Liu Jinbao (suspended death sentence, 2005). In our view, Xi Jinping's "Tigers and Flies" anti-corruption campaign, running since 2012, is doomed to fail so long as civil servants (including those in State-Owned Enterprsies) are underpaid.
Criticism of Tseng Ming Sung, NED of Tenfu (6868)
SEHK, 21-Nov-2024
At the same time as executing share buybacks for Tenfu, he was also buying shares for 2 substantial shareholders.
SFC suspends Wang Shian-tang, ex-Yuanta Securities, for 26 monthsStatement of Disciplinary Action
SFC, 20-Nov-2024
We note that he was formerly named Wang Yi Tang. He had an unauthorised profit-sharing agreement with a discretionary client, and an undisclosed investment account with another broker.
Concentration warning in Sprocomm Intelligence (1401)
SFC, 19-Nov-2024
At 7-Nov-2024, 28 holders have 86.24%, another 4.76% has been withdrawn from CCASS but is still registered in the name of its nominee, leaving 9.00% in other hands. As of 19-Nov-2024, 12.79% of the stock was in CCASS and the market cap was HK$12.46bn. Net tangible assets at 30-Jun-2024 were CNY362m.
Sanction of Hung Dun Ching, ex-NED of Christine (1210)
SEHK, 14-Nov-2024
For failing to do the required training after a previous sanction.
SFC takes ex-Chairman of Deng Yi Feng (0612) and 30 others to MMT, alleging manipulation of Smartac (ex-0395) sharesMMT Notice
SFC, 12-Nov-2024
The MMT Notice is dated 2-Sep, so it's taken over 2 months to publish. The details are so mind-numbing that we doubt that the Tribunal will be able to follow it. We wonder why the SFC even bothers with such cases, Nobody had to buy the stock, and everyone should have done their homework. There's no allegation of any false information about Smartac itself.
Craft Bamboo Holdings Ltd v Richard Paul Coleman & another
HK Court of First Instance, 5-Nov-2024
Mr Coleman has obtained a UK bankruptcy order on his own application. The HK court, which was holding HK$400k of security for costs from each side, orders payment out to the plaintiffs.
Private cello tutor Ho Ka-yeung admits fraud over purchase of musical instrument
ICAC, 4-Nov-2024
He fiddled the client, claiming his cost of purchase from Chairman Instruments Trading Ltd was HK$24,300 when in fact he paid $18,000.
PECS Register monthly update
HK Government, 31-Oct-2024
The post-retirement jobs of senior HK civil servants.
First immediate jail sentence for convicted unlicensed activity with a compensation order
SFC, 30-Oct-2024
Ms Lai Ka Yi has been granted bail pending appeal against her conviction and 2-week sentence.
Tsang Chung Yu, ex-INED of Metaverse Yunji (ex-8287) and 11 others charged with alleged 66m share options fraudICAC announcement
SFC, 25-Oct-2024
We note that the 5-year options were granted on 8-Sep-2022, in the midst of a court battle for control of the board, exhausting the 10% limit in one go. All 10 recipients chose to exercise the options that day, with shares issued on 9-Sep-2022 and deposited with the same broker in CCASS. Only 2 purported directors, including Mr Tsang, signed the attendance sheet of the board meeting to grant the options. The other was ED Mr Cheng Kwan Yu, who is not charged. All 10 grantees are charged, along with a Chan Wai Lung, whose alleged role is not yet known. Helpfully, the ICAC routinely gives the ages of defendants. The SFC fails to do so, making it harder to identify them.
Previously on Webb-site.com
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