News
China Longyuan Power (0916): we appointed the wrong auditor
Company announcement, 18-May-2018
Following a Webb-site complaint to HKEX, it emerges that instead of appointing Ernst & Young Hua Ming LLP (of mainland China) at last year's AGM, they meant to appoint Ernst & Young (HK), which signed the 2017 audit report. We have also filed complaints with the HKICPA and Financial Reporting Council, because a HK firm shouldn’t sign an audit report when it hasn't been appointed. The two firms are legally separate.
Company announcement, 18-May-2018
Following a Webb-site complaint to HKEX, it emerges that instead of appointing Ernst & Young Hua Ming LLP (of mainland China) at last year's AGM, they meant to appoint Ernst & Young (HK), which signed the 2017 audit report. We have also filed complaints with the HKICPA and Financial Reporting Council, because a HK firm shouldn’t sign an audit report when it hasn't been appointed. The two firms are legally separate.
Shareholders veto General Issue Mandate at Techtronic (0669)
Company announcement, 18-May-2018
In a rare victory, outside shareholders overcome management's support for their own mandate. Although the basic issue mandate was restricted to 5% for cash placings at a 5% discount, the opposition was likely due to the seeking of an extension of the mandate to cover repurchased shares, giving management the ability to allot up to 15% in total. Outsiders also almost unseated INED Christopher Langley, who was re-elected by 53%:47%. He's been an INED for 17 years and clearly doesn't have a mandate from independent shareholders.
Company announcement, 18-May-2018
In a rare victory, outside shareholders overcome management's support for their own mandate. Although the basic issue mandate was restricted to 5% for cash placings at a 5% discount, the opposition was likely due to the seeking of an extension of the mandate to cover repurchased shares, giving management the ability to allot up to 15% in total. Outsiders also almost unseated INED Christopher Langley, who was re-elected by 53%:47%. He's been an INED for 17 years and clearly doesn't have a mandate from independent shareholders.
DAB wants public money to help private property owners to maintain their buildings.
| HAD Building Management
RTHK, 18-May-2018
Why should property owners get a hand-out? Those who own property should maintain it. If they have no cash, they can either sell it and rent somewhere else, or get a mortgage or (if elderly) a reverse mortgage. If they lack an Owners' Corporation for the building, the Home Affairs Department will help them set one up.
RTHK, 18-May-2018
Why should property owners get a hand-out? Those who own property should maintain it. If they have no cash, they can either sell it and rent somewhere else, or get a mortgage or (if elderly) a reverse mortgage. If they lack an Owners' Corporation for the building, the Home Affairs Department will help them set one up.
Universe (1046), Enigma Network member, shuts down its brokerage following the "June Incident"
Company announcement, 17-May-2018
Company announcement, 17-May-2018
SFC fines Citigroup HK$57m for Real Gold (0246) sponsor failures
SFC, 17-May-2018
Well that took a while. Over 9 years after the IPO, and with the stock about to celebrate its 7th anniversary of being suspended, a settlement is reached with the sponsor. Not one that will help investors though - there does not appear to be any admission of liability by Citgroup to investors and even if there were, HK has no class action system.
SFC, 17-May-2018
Well that took a while. Over 9 years after the IPO, and with the stock about to celebrate its 7th anniversary of being suspended, a settlement is reached with the sponsor. Not one that will help investors though - there does not appear to be any admission of liability by Citgroup to investors and even if there were, HK has no class action system.
HKICPA fines HLB Hodgson Impey Cheng & 2 partners HK$1m +HK$3m costs
HKICPA, 16-May-2018
This relates to the 2003-2005 compliance audits of Tiffit Securities (HK) Ltd, which collapsed in 2006 after misappropriation of assets.
HKICPA, 16-May-2018
This relates to the 2003-2005 compliance audits of Tiffit Securities (HK) Ltd, which collapsed in 2006 after misappropriation of assets.
Frederick Sum Mun Kid v Auto Italia Ltd & others
HK Court of First Instance, 16-May-2018
A dispute over the purchase of 2 Ferraris. Mr Sum "holds the prestigious status with Ferrari of a Very Very Important Person, (VVIP)".
HK Court of First Instance, 16-May-2018
A dispute over the purchase of 2 Ferraris. Mr Sum "holds the prestigious status with Ferrari of a Very Very Important Person, (VVIP)".
SFC takes Magic Holdings (delisted) and its directors to MMT
SFC, 15-May-2018
The SFC alleges that the respondents failed to promptly disclose Inside Information on the L'Oreal takeover talks after it began leaking to the market, causing a gradual escalation of the price. If the SFC succeeds, those who sold early without the benefit of that information may bring claims against the respondents for compensation. Meanwhile, we wonder whether the SFC will unmask anyone who dealt on the information.
SFC, 15-May-2018
The SFC alleges that the respondents failed to promptly disclose Inside Information on the L'Oreal takeover talks after it began leaking to the market, causing a gradual escalation of the price. If the SFC succeeds, those who sold early without the benefit of that information may bring claims against the respondents for compensation. Meanwhile, we wonder whether the SFC will unmask anyone who dealt on the information.
'Patriotic' HK scientists to get Beijing cash
RTHK, 15-May-2018
Comment: when a country filters its scientists for politics, it puts itself at a technological disadvantage. No wonder so many freedom-loving Chinese scientists stay overseas after leaving China for higher studies. Poiticisation of German academia under the Nazis and the purging of Jews drove many talented physicists to America, where they helped build the A-bomb.
RTHK, 15-May-2018
Comment: when a country filters its scientists for politics, it puts itself at a technological disadvantage. No wonder so many freedom-loving Chinese scientists stay overseas after leaving China for higher studies. Poiticisation of German academia under the Nazis and the purging of Jews drove many talented physicists to America, where they helped build the A-bomb.
Tang Yi v Edmond de Rothschild Asset Management
HK Court of First Instance, 15-May-2018
Mr Tang claims that he is owed performance fees under an oral agreement, which the defendants deny.
HK Court of First Instance, 15-May-2018
Mr Tang claims that he is owed performance fees under an oral agreement, which the defendants deny.
Chief Technical Officer and subcontractor of HK Highways Dept jailed for bribery
ICAC, 14-May-2018
The road to jail is paved with bad intentions.
ICAC, 14-May-2018
The road to jail is paved with bad intentions.
Why HK has no retail bond market
Webb-site.com, 13-May-2018
The HK Government's Pilot Bond Grant Scheme is needless corporate welfare and deflects from the real problem: by protecting bank profits from competition for funding and effectively excluding retail investors, the Government and HKMA are preventing a liquid, exchange-traded bond market from emerging. We explain what they need to do instead.
Webb-site.com, 13-May-2018
The HK Government's Pilot Bond Grant Scheme is needless corporate welfare and deflects from the real problem: by protecting bank profits from competition for funding and effectively excluding retail investors, the Government and HKMA are preventing a liquid, exchange-traded bond market from emerging. We explain what they need to do instead.
Ex-Synergis (2340) manager gets 6 months’ jail for accepting HK$200k bribes
ICAC, 11-May-2018
He was found to have disclosed a tender list for the HK$262m renovation of Garden Vista, Shatin.
ICAC, 11-May-2018
He was found to have disclosed a tender list for the HK$262m renovation of Garden Vista, Shatin.
CMBC Capital (1141) grants HK$430m margin loan facility to another Macrolink company owned by Fu Kwan
Company announcement, 10-May-2018
That's on top of a US$30m loan to another of Mr Fu's companies 2 days earlier, and existing loans to that company of US$70m. The margin loan is at 8.5% p.a.. CMBC Capital's total exposure to Mr Fu's companies is now HK$1,210m, or about 96% of its net tangible assets. CMBC Capital in our view is a bubble stock, with a market value of HK$24.3bn, or about 19 times its net tangible assets.
Company announcement, 10-May-2018
That's on top of a US$30m loan to another of Mr Fu's companies 2 days earlier, and existing loans to that company of US$70m. The margin loan is at 8.5% p.a.. CMBC Capital's total exposure to Mr Fu's companies is now HK$1,210m, or about 96% of its net tangible assets. CMBC Capital in our view is a bubble stock, with a market value of HK$24.3bn, or about 19 times its net tangible assets.
CMBC Capital (1141) lends US$30m to MACRO-LINK International Investment Co., Ltd.
Company announcement, 7-May-2018
The borrower is ultimately controlled by Mr Fu Kwan, the unnamed guarantor. The borrower owns shares in an unnamed Cayman company listed in HK, which is probably either Dongyue Group (0189) of which it owns 29.2%, or New Silkroad Culturaltainment (0472) of which it owns 6.73%, but Mr Fu controls 61.83% of that company. This takes the total loans of the group to this borrower to US$100m.
Company announcement, 7-May-2018
The borrower is ultimately controlled by Mr Fu Kwan, the unnamed guarantor. The borrower owns shares in an unnamed Cayman company listed in HK, which is probably either Dongyue Group (0189) of which it owns 29.2%, or New Silkroad Culturaltainment (0472) of which it owns 6.73%, but Mr Fu controls 61.83% of that company. This takes the total loans of the group to this borrower to US$100m.
Judge orders confiscation of HK$111m from ex-warrants trader
ICAC, 7-May-2018
If Raymond Ng Chun To doesn't pay up, his jail sentence will triple from 4.5 to 13.5 years.
ICAC, 7-May-2018
If Raymond Ng Chun To doesn't pay up, his jail sentence will triple from 4.5 to 13.5 years.
Accountants fined HK$380k for bad audits of China Environmental Resources (1130)
HKICPA, 7-May-2018
By comparison, the total audit and other fees on this account for the 2 years, 2011 and 2012 were HK$2.099m.
HKICPA, 7-May-2018
By comparison, the total audit and other fees on this account for the 2 years, 2011 and 2012 were HK$2.099m.
General manager of pipeline company in court for HK$860k contract fraud
ICAC, 4-May-2018
In a project at Wise Mansion, Robinson Road.
ICAC, 4-May-2018
In a project at Wise Mansion, Robinson Road.
Listing Committee censures Zhang Jing Zhi…
| and Jiang An Ping, both ex-Sound Global (0967)
SEHK, 3-May-2018
Once again, HKEX is unable to reach former directors of a listed company to co-operate with an investigation. HKEX's regulatory function should be transferred to the SFC, which co-operates with the CSRC.
SEHK, 3-May-2018
Once again, HKEX is unable to reach former directors of a listed company to co-operate with an investigation. HKEX's regulatory function should be transferred to the SFC, which co-operates with the CSRC.
Imagi (0585) lends HK$100m to an unnamed money-lender
| 2nd announcement
Company announcement, 2-May-2018
The second announcement names it as HEC Finance 03 Limited. No surprise there - they are both in what we call the "Chung Nam Network". The borrower was incorporated in 2003 and was formerly known as "Sun Chung Nam Finance Limited"
Company announcement, 2-May-2018
The second announcement names it as HEC Finance 03 Limited. No surprise there - they are both in what we call the "Chung Nam Network". The borrower was incorporated in 2003 and was formerly known as "Sun Chung Nam Finance Limited"
Justice is blind, except for haircuts
Webb-site.com, 1-May-2018
The Court of Appeal rules that a prison order requiring men to have short hair and allowing women to choose is not discriminatory, because of societal norms for haircuts. We find substantial flaws in this reasoning. We also find that the UK rule which HK inherited was amended by 1999 to remove the discrimination, something that Long Hair's lawyers appear to have overlooked.
Webb-site.com, 1-May-2018
The Court of Appeal rules that a prison order requiring men to have short hair and allowing women to choose is not discriminatory, because of societal norms for haircuts. We find substantial flaws in this reasoning. We also find that the UK rule which HK inherited was amended by 1999 to remove the discrimination, something that Long Hair's lawyers appear to have overlooked.
Our stories
Why HK has no retail bond market
The HK Government's Pilot Bond Grant Scheme is needless corporate welfare and deflects from the real problem: by protecting bank profits from competition for funding and effectively excluding retail investors, the Government and HKMA are preventing a liquid, exchange-traded bond market from emerging. We explain what they need to do instead. (13-May-2018)
The HK Government's Pilot Bond Grant Scheme is needless corporate welfare and deflects from the real problem: by protecting bank profits from competition for funding and effectively excluding retail investors, the Government and HKMA are preventing a liquid, exchange-traded bond market from emerging. We explain what they need to do instead. (13-May-2018)
Justice is blind, except for haircuts
The Court of Appeal rules that a prison order requiring men to have short hair and allowing women to choose is not discriminatory, because of societal norms for haircuts. We find substantial flaws in this reasoning. We also find that the UK rule which HK inherited was amended by 1999 to remove the discrimination, something that Long Hair's lawyers appear to have overlooked. (1-May-2018)
The Court of Appeal rules that a prison order requiring men to have short hair and allowing women to choose is not discriminatory, because of societal norms for haircuts. We find substantial flaws in this reasoning. We also find that the UK rule which HK inherited was amended by 1999 to remove the discrimination, something that Long Hair's lawyers appear to have overlooked. (1-May-2018)
Carrie Lam's latest assault on free markets
The Government is threatening to broaden rather than repeal a restriction on the resale of event tickets in HK, a restriction which is probably unconstitutional anyway. This runs against the interests of event organisers and performers who benefit from the secondary market as we explain. It also runs against the broader public interest in consumer choice. Let the market function, and repeal section 6 of the POPE Ordinance. What next - a restriction on reselling wine or IPO shares for a profit? (17-Apr-2018)
The Government is threatening to broaden rather than repeal a restriction on the resale of event tickets in HK, a restriction which is probably unconstitutional anyway. This runs against the interests of event organisers and performers who benefit from the secondary market as we explain. It also runs against the broader public interest in consumer choice. Let the market function, and repeal section 6 of the POPE Ordinance. What next - a restriction on reselling wine or IPO shares for a profit? (17-Apr-2018)
Exclusive: HK Government to launch "Christian Bonds"
Webb-site has learned of secret plans to turn Hong Kong into a Christian Finance hub, and of course, they are launching it on Easter Sunday. (1-Apr-2018)
Webb-site has learned of secret plans to turn Hong Kong into a Christian Finance hub, and of course, they are launching it on Easter Sunday. (1-Apr-2018)
Solving the MPF-LSP offset problem, again
The HK Government fails to identify the obvious solution and instead pursues a doomed approach of perpetuating MPF plus LSP. That will either result in taxpayers fully funding a windfall to existing employees or the Government losing a judicial review for overriding the implied terms of existing employment contracts and violating employers' legitimate expectation of not having to pay twice. (30-Mar-2018)
The HK Government fails to identify the obvious solution and instead pursues a doomed approach of perpetuating MPF plus LSP. That will either result in taxpayers fully funding a windfall to existing employees or the Government losing a judicial review for overriding the implied terms of existing employment contracts and violating employers' legitimate expectation of not having to pay twice. (30-Mar-2018)
Respect, the national anthem and the Basic Law
By imposing the National Anthem Law on HK, the CPG seeks to command rather than earn respect. It will trigger another constitutional test of the freedoms promised in the Basic Law as soon as the first international HK soccer match after the law is passed kicks off. We also find a 1941 recording, 8 years before the song became an anthem, including a translation that Beijing would not regard as politically correct today. March on! (25-Mar-2018)
By imposing the National Anthem Law on HK, the CPG seeks to command rather than earn respect. It will trigger another constitutional test of the freedoms promised in the Basic Law as soon as the first international HK soccer match after the law is passed kicks off. We also find a 1941 recording, 8 years before the song became an anthem, including a translation that Beijing would not regard as politically correct today. March on! (25-Mar-2018)
Facebook, Big Brother and China
The political and media furore over external use of Facebook data misses the point. Facebook, Google and other internet giants know far more about their users than any app developer ever will. Facebook offers its own political ad-targeting service based on its analysis of users' data, just part of its over US$40bn of annual monetisation of users through advertising. It's a price that users appear willing to pay for the services, but in authoritarian states like China, with it's pending "Social Credit System" that poses a far bigger threat to society. (23-Mar-2018)
The political and media furore over external use of Facebook data misses the point. Facebook, Google and other internet giants know far more about their users than any app developer ever will. Facebook offers its own political ad-targeting service based on its analysis of users' data, just part of its over US$40bn of annual monetisation of users through advertising. It's a price that users appear willing to pay for the services, but in authoritarian states like China, with it's pending "Social Credit System" that poses a far bigger threat to society. (23-Mar-2018)
Hong Kong's not-so-free economy
The US-based Heritage Foundation has, as always, ranked HK as the freest economy in the World. For once, the Government doesn't accuse foreign forces of interfering in HK's internal affairs. But this rosy view is not held by those who take the time to study the domestic economy. Here are a few things that Heritage may have overlooked. (4-Feb-2018)
The US-based Heritage Foundation has, as always, ranked HK as the freest economy in the World. For once, the Government doesn't accuse foreign forces of interfering in HK's internal affairs. But this rosy view is not held by those who take the time to study the domestic economy. Here are a few things that Heritage may have overlooked. (4-Feb-2018)
Kingston (1031): things you should know
Even after today's plunge, Kingston is trading at 13.2x net tangible assets of $0.508 per share, 70.8x trailing earnings, and is heavily dependent on low-cost loans from its majority shareholder. Don't bet on that continuing. We also look at the extent of its margin lending to controlling shareholders of large numbers of other listed companies. (30-Jan-2018)
Even after today's plunge, Kingston is trading at 13.2x net tangible assets of $0.508 per share, 70.8x trailing earnings, and is heavily dependent on low-cost loans from its majority shareholder. Don't bet on that continuing. We also look at the extent of its margin lending to controlling shareholders of large numbers of other listed companies. (30-Jan-2018)
Your stocks, your way
We're launching new features for registered users. Build your own stock list, use a dashboard to find information on the stocks, and see CCASS movements, total returns and directors' dealings for your stocks in one page. And yes, it's all free! We also encourage users to give something back to the community by anonymously contributing your Governance Ratings of companies and Trust Ratings of people. (24-Jan-2018)
We're launching new features for registered users. Build your own stock list, use a dashboard to find information on the stocks, and see CCASS movements, total returns and directors' dealings for your stocks in one page. And yes, it's all free! We also encourage users to give something back to the community by anonymously contributing your Governance Ratings of companies and Trust Ratings of people. (24-Jan-2018)
Total returns on the worst 5 HSI stocks you could've bought on 30-Oct-2007
With the HSI possibly soon to close at a daily record nominal high (ex-dividends), here's a look at the total return (including reinvestment of dividends) on the worst 5 then-index members you could have bought on 30-Oct-2007, the previous daily high. Esprit (0330) was the market darling of its time - rather like Tencent (0700) is today. Esprit has since returned -95.48% up to 12-Jan-2018. (15-Jan-2018)
With the HSI possibly soon to close at a daily record nominal high (ex-dividends), here's a look at the total return (including reinvestment of dividends) on the worst 5 then-index members you could have bought on 30-Oct-2007, the previous daily high. Esprit (0330) was the market darling of its time - rather like Tencent (0700) is today. Esprit has since returned -95.48% up to 12-Jan-2018. (15-Jan-2018)
The wrong way to pay civil servants
A new ICAC case reminds us that the Government and public sector get bad value for taxpayers and lose good people by paying time-limited benefits that are based on irrelevant factors rather than the value of their services. Scrap all the benefits schemes and pay people what they are worth. At the same time, remove the housing loophole from salaries tax, raise personal allowances and bring down the tax rate to compensate. (13-Jan-2018)
A new ICAC case reminds us that the Government and public sector get bad value for taxpayers and lose good people by paying time-limited benefits that are based on irrelevant factors rather than the value of their services. Scrap all the benefits schemes and pay people what they are worth. At the same time, remove the housing loophole from salaries tax, raise personal allowances and bring down the tax rate to compensate. (13-Jan-2018)
Webb-site Who's Who covers HK solicitors
After a lot of coding over Christmas pudding and more than a dash of brandy butter, we are pleased to launch a new section of our database, monitoring HK lawyers. Now you can answer questions such as: Which are the biggest law firms? Who is the longest-practising solicitor? Who moved jobs this month? How many were admitted in other jurisdictions before or after HK? How many HK solicitors work for the SFC? (12-Jan-2018)
After a lot of coding over Christmas pudding and more than a dash of brandy butter, we are pleased to launch a new section of our database, monitoring HK lawyers. Now you can answer questions such as: Which are the biggest law firms? Who is the longest-practising solicitor? Who moved jobs this month? How many were admitted in other jurisdictions before or after HK? How many HK solicitors work for the SFC? (12-Jan-2018)
Belts and Burqas
Shortly before Christmas, the HK Financial Secretary announced the birth of the first Belt and Road bond in HK, the latest in a line of financial gimmicks designed to avoid meaningful regulatory reforms. (10-Jan-2018)
Shortly before Christmas, the HK Financial Secretary announced the birth of the first Belt and Road bond in HK, the latest in a line of financial gimmicks designed to avoid meaningful regulatory reforms. (10-Jan-2018)
China Parenting (8361) controllers move 51.6% from CSL Securities to Emperor Securities
CSL Securities is owned by Convoy (1019). Both Convoy and China Parenting are in the "Enigma Network". Non-executive Chairman Ms Li Juan owns 39.9% while CEO Mr Cheng Li owns 11.7%. The two are declared to be acting in concert. (4-Jan-2018)
CSL Securities is owned by Convoy (1019). Both Convoy and China Parenting are in the "Enigma Network". Non-executive Chairman Ms Li Juan owns 39.9% while CEO Mr Cheng Li owns 11.7%. The two are declared to be acting in concert. (4-Jan-2018)
Other news
China Longyuan Power (0916): we appointed the wrong auditor
Company announcement, 18-May-2018
Following a Webb-site complaint to HKEX, it emerges that instead of appointing Ernst & Young Hua Ming LLP (of mainland China) at last year's AGM, they meant to appoint Ernst & Young (HK), which signed the 2017 audit report. We have also filed complaints with the HKICPA and Financial Reporting Council, because a HK firm shouldn’t sign an audit report when it hasn't been appointed. The two firms are legally separate.
Company announcement, 18-May-2018
Following a Webb-site complaint to HKEX, it emerges that instead of appointing Ernst & Young Hua Ming LLP (of mainland China) at last year's AGM, they meant to appoint Ernst & Young (HK), which signed the 2017 audit report. We have also filed complaints with the HKICPA and Financial Reporting Council, because a HK firm shouldn’t sign an audit report when it hasn't been appointed. The two firms are legally separate.
Shareholders veto General Issue Mandate at Techtronic (0669)
Company announcement, 18-May-2018
In a rare victory, outside shareholders overcome management's support for their own mandate. Although the basic issue mandate was restricted to 5% for cash placings at a 5% discount, the opposition was likely due to the seeking of an extension of the mandate to cover repurchased shares, giving management the ability to allot up to 15% in total. Outsiders also almost unseated INED Christopher Langley, who was re-elected by 53%:47%. He's been an INED for 17 years and clearly doesn't have a mandate from independent shareholders.
Company announcement, 18-May-2018
In a rare victory, outside shareholders overcome management's support for their own mandate. Although the basic issue mandate was restricted to 5% for cash placings at a 5% discount, the opposition was likely due to the seeking of an extension of the mandate to cover repurchased shares, giving management the ability to allot up to 15% in total. Outsiders also almost unseated INED Christopher Langley, who was re-elected by 53%:47%. He's been an INED for 17 years and clearly doesn't have a mandate from independent shareholders.
DAB wants public money to help private property owners to maintain their buildings.
| HAD Building Management
RTHK, 18-May-2018
Why should property owners get a hand-out? Those who own property should maintain it. If they have no cash, they can either sell it and rent somewhere else, or get a mortgage or (if elderly) a reverse mortgage. If they lack an Owners' Corporation for the building, the Home Affairs Department will help them set one up.
RTHK, 18-May-2018
Why should property owners get a hand-out? Those who own property should maintain it. If they have no cash, they can either sell it and rent somewhere else, or get a mortgage or (if elderly) a reverse mortgage. If they lack an Owners' Corporation for the building, the Home Affairs Department will help them set one up.
Universe (1046), Enigma Network member, shuts down its brokerage following the "June Incident"
Company announcement, 17-May-2018
Company announcement, 17-May-2018
SFC fines Citigroup HK$57m for Real Gold (0246) sponsor failures
SFC, 17-May-2018
Well that took a while. Over 9 years after the IPO, and with the stock about to celebrate its 7th anniversary of being suspended, a settlement is reached with the sponsor. Not one that will help investors though - there does not appear to be any admission of liability by Citgroup to investors and even if there were, HK has no class action system.
SFC, 17-May-2018
Well that took a while. Over 9 years after the IPO, and with the stock about to celebrate its 7th anniversary of being suspended, a settlement is reached with the sponsor. Not one that will help investors though - there does not appear to be any admission of liability by Citgroup to investors and even if there were, HK has no class action system.
HKICPA fines HLB Hodgson Impey Cheng & 2 partners HK$1m +HK$3m costs
HKICPA, 16-May-2018
This relates to the 2003-2005 compliance audits of Tiffit Securities (HK) Ltd, which collapsed in 2006 after misappropriation of assets.
HKICPA, 16-May-2018
This relates to the 2003-2005 compliance audits of Tiffit Securities (HK) Ltd, which collapsed in 2006 after misappropriation of assets.
Frederick Sum Mun Kid v Auto Italia Ltd & others
HK Court of First Instance, 16-May-2018
A dispute over the purchase of 2 Ferraris. Mr Sum "holds the prestigious status with Ferrari of a Very Very Important Person, (VVIP)".
HK Court of First Instance, 16-May-2018
A dispute over the purchase of 2 Ferraris. Mr Sum "holds the prestigious status with Ferrari of a Very Very Important Person, (VVIP)".
SFC takes Magic Holdings (delisted) and its directors to MMT
SFC, 15-May-2018
The SFC alleges that the respondents failed to promptly disclose Inside Information on the L'Oreal takeover talks after it began leaking to the market, causing a gradual escalation of the price. If the SFC succeeds, those who sold early without the benefit of that information may bring claims against the respondents for compensation. Meanwhile, we wonder whether the SFC will unmask anyone who dealt on the information.
SFC, 15-May-2018
The SFC alleges that the respondents failed to promptly disclose Inside Information on the L'Oreal takeover talks after it began leaking to the market, causing a gradual escalation of the price. If the SFC succeeds, those who sold early without the benefit of that information may bring claims against the respondents for compensation. Meanwhile, we wonder whether the SFC will unmask anyone who dealt on the information.
'Patriotic' HK scientists to get Beijing cash
RTHK, 15-May-2018
Comment: when a country filters its scientists for politics, it puts itself at a technological disadvantage. No wonder so many freedom-loving Chinese scientists stay overseas after leaving China for higher studies. Poiticisation of German academia under the Nazis and the purging of Jews drove many talented physicists to America, where they helped build the A-bomb.
RTHK, 15-May-2018
Comment: when a country filters its scientists for politics, it puts itself at a technological disadvantage. No wonder so many freedom-loving Chinese scientists stay overseas after leaving China for higher studies. Poiticisation of German academia under the Nazis and the purging of Jews drove many talented physicists to America, where they helped build the A-bomb.
Tang Yi v Edmond de Rothschild Asset Management
HK Court of First Instance, 15-May-2018
Mr Tang claims that he is owed performance fees under an oral agreement, which the defendants deny.
HK Court of First Instance, 15-May-2018
Mr Tang claims that he is owed performance fees under an oral agreement, which the defendants deny.
Chief Technical Officer and subcontractor of HK Highways Dept jailed for bribery
ICAC, 14-May-2018
The road to jail is paved with bad intentions.
ICAC, 14-May-2018
The road to jail is paved with bad intentions.
Ex-Synergis (2340) manager gets 6 months’ jail for accepting HK$200k bribes
ICAC, 11-May-2018
He was found to have disclosed a tender list for the HK$262m renovation of Garden Vista, Shatin.
ICAC, 11-May-2018
He was found to have disclosed a tender list for the HK$262m renovation of Garden Vista, Shatin.
CMBC Capital (1141) grants HK$430m margin loan facility to another Macrolink company owned by Fu Kwan
Company announcement, 10-May-2018
That's on top of a US$30m loan to another of Mr Fu's companies 2 days earlier, and existing loans to that company of US$70m. The margin loan is at 8.5% p.a.. CMBC Capital's total exposure to Mr Fu's companies is now HK$1,210m, or about 96% of its net tangible assets. CMBC Capital in our view is a bubble stock, with a market value of HK$24.3bn, or about 19 times its net tangible assets.
Company announcement, 10-May-2018
That's on top of a US$30m loan to another of Mr Fu's companies 2 days earlier, and existing loans to that company of US$70m. The margin loan is at 8.5% p.a.. CMBC Capital's total exposure to Mr Fu's companies is now HK$1,210m, or about 96% of its net tangible assets. CMBC Capital in our view is a bubble stock, with a market value of HK$24.3bn, or about 19 times its net tangible assets.
CMBC Capital (1141) lends US$30m to MACRO-LINK International Investment Co., Ltd.
Company announcement, 7-May-2018
The borrower is ultimately controlled by Mr Fu Kwan, the unnamed guarantor. The borrower owns shares in an unnamed Cayman company listed in HK, which is probably either Dongyue Group (0189) of which it owns 29.2%, or New Silkroad Culturaltainment (0472) of which it owns 6.73%, but Mr Fu controls 61.83% of that company. This takes the total loans of the group to this borrower to US$100m.
Company announcement, 7-May-2018
The borrower is ultimately controlled by Mr Fu Kwan, the unnamed guarantor. The borrower owns shares in an unnamed Cayman company listed in HK, which is probably either Dongyue Group (0189) of which it owns 29.2%, or New Silkroad Culturaltainment (0472) of which it owns 6.73%, but Mr Fu controls 61.83% of that company. This takes the total loans of the group to this borrower to US$100m.
Judge orders confiscation of HK$111m from ex-warrants trader
ICAC, 7-May-2018
If Raymond Ng Chun To doesn't pay up, his jail sentence will triple from 4.5 to 13.5 years.
ICAC, 7-May-2018
If Raymond Ng Chun To doesn't pay up, his jail sentence will triple from 4.5 to 13.5 years.
Accountants fined HK$380k for bad audits of China Environmental Resources (1130)
HKICPA, 7-May-2018
By comparison, the total audit and other fees on this account for the 2 years, 2011 and 2012 were HK$2.099m.
HKICPA, 7-May-2018
By comparison, the total audit and other fees on this account for the 2 years, 2011 and 2012 were HK$2.099m.
General manager of pipeline company in court for HK$860k contract fraud
ICAC, 4-May-2018
In a project at Wise Mansion, Robinson Road.
ICAC, 4-May-2018
In a project at Wise Mansion, Robinson Road.
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