News

PECS Register monthly update
HK Government, 30-Sep-2022
Planetree (0613) subsidiary lends HK$50m to money-lender
Company announcement, 26-Sep-2022
At last disclosure, the lender, Maxlord Enterprises Ltd, is 66.67% owned by Planetree and 33.33% by Blue River (0498). Planetree fails to disclose the owner(s) of the borrower, Freeman Opto Money Lending Corp. The 12-month loan bears interest at 6% p.a..
Disciplinary action against 4 current and former Directors of National Investments Fund (ex-1227)
SEHK, 26-Sep-2022
We warned investors about this stock many times over 17 years.
Blue River (0498) injects HK$44.5m for 25% of Quality World Investments Ltd (BVI)
Company announcement, 16-Sep-2022
The other 75% is owned by Future Master Investments Ltd, ultimately owned 82.19% by Karen Lo Ki Yan and 17.81% by Oshidori (0622). We note that on 18-Jul-2022, Blue River borrowed HK$75m from Imagi Lenders Ltd, which is a non-wholly owned subsidiary of Imagi (0585), which is 21% owned by Oshidori.
HKICPA bans Mr Wong Yip Ming for 4 months and fines him HK$50k
HKICPA, 7-Sep-2022
For professional misconduct.
SFC suspends Mr Tang Kai Shing, RO & MD of Rifa Futures Ltd, for 8 monthsStatement of Disciplinary Action
SFC, 5-Sep-2022
This follows the HK$9m fine against his firm in Jul-2022 for Anti-Money-Laundering breaches.
PECS Register monthly update
HK Government, 31-Aug-2022
6.5 years' jail for property agency director convicted of HK$15m fraud in confirmatory sale of 2 properties
ICAC, 31-Aug-2022
A number of court judgments previously reported by Webb-site shed further light on the case.
Carnival (0996): winding-up order
HK Court of First Instance, 29-Aug-2022
Webb-site warned investors about this company in 2016, calling it a bubble stock, with a market cap of HK$15.08bn. The judge notes that amongst the outstanding debts of CNY 7.6bn are offshore bonds issued to "immigration bondholders" to fulfil the requirements for immigration to HK under the Capital Investment Entrant Scheme, which was suspended on 15-Jan-2015.
HKMA fines Commerzbank AG HK$6m for AML breaches
HK Monetary Authority, 26-Aug-2022
Re GTI Holdings Ltd (ex-3344)
HK Court of First Instance, 19-Aug-2022
Justice Linda Chan criticises abuse "undertaken by the provisional liquidators", including Mr Osman Mohammed Arab and Mr Johnathan Lai Wing Lun of RSM Hong Kong.
SFC freezes broker client account linked to suspected insider dealingRestriction Notice
SFC, 17-Aug-2022
According to the Restriction Notice, the client of Bright Smart Securities is suspected of dealing on inside information obtained from a person connected to an unnamed listed corporation.
SFC commences MMT proceedings against hedge fund manager over alleged false tradingMMT Notice
SFC, 16-Aug-2022
Between the fund's account and his Mum's account, in 2 GEM stocks, in Aug-Sep 2014.
Censure of Ping An Securities (0231) and sanction of 2 ex-EDs
SEHK, 10-Aug-2022
Involving a bunch of defaulted unapproved, late-disclosed loans, and disposal of a firm with the unfortunate name of Super Harvest Asset Management Ltd (SHAM). Surely a red flag.
Sanction of 3 ex-directors of Inno-Tech (ex-8202)
Company announcement, 5-Aug-2022
Although these were more recent directors, Webb-site first warned investors about this company over 10 years ago.
Ex-manager of Cinergy Insurance Services Ltd admits referral fee fraud
ICAC, 4-Aug-2022
Anny Pang Wai Chun admitted that between Jul-2018 and Aug-2020, she falsely represented to Cinergy that her husband was the referrer of 18 policies taken out by 7 policyholders. As a result, Cinergy paid referral fees totalling over HK$19k to her husband
HKICPA fines Mr Ip Pui Sum HK$120k
HKICPA, 2-Aug-2022
For non-compliance with professional standards on the 2018 audit of an insurance broker. We note that Mr Ip is the Company Secretary of 8 HK-listed companies.
Chow Hang Tung v Secretary for JusticeMagistrates Ordinance s87A
HK Court of First Instance, 2-Aug-2022
Justice Alex Lee Wan Tang rules that Magistrate Peter Law Tak Chuen was wrong: s87A(2) of the Magistrates Ordinance means what it says. Reporting restrictions on commital proceedings must be lifted when the defendant applies for that.
Concentration warning in Yunkang (2325)
SFC, 1-Aug-2022
The top 20 holders have 97.50%.
SFC fines TC Capital International Ltd HK$3m and suspends RO Edward Wu Wen Guang for 7 monthsStatement of Disciplinary Action
SFC, 1-Aug-2022
For due dilgence failings in sponsoring the 2015 GEM listing of China Candy (ex-8182), which was suspended after 2 years and delisted in 2019. Candy crushed.
PECS Register monthly update
HK Government, 31-Jul-2022

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

PECS Register monthly update
HK Government, 30-Sep-2022
Planetree (0613) subsidiary lends HK$50m to money-lender
Company announcement, 26-Sep-2022
At last disclosure, the lender, Maxlord Enterprises Ltd, is 66.67% owned by Planetree and 33.33% by Blue River (0498). Planetree fails to disclose the owner(s) of the borrower, Freeman Opto Money Lending Corp. The 12-month loan bears interest at 6% p.a..
Disciplinary action against 4 current and former Directors of National Investments Fund (ex-1227)
SEHK, 26-Sep-2022
We warned investors about this stock many times over 17 years.
Blue River (0498) injects HK$44.5m for 25% of Quality World Investments Ltd (BVI)
Company announcement, 16-Sep-2022
The other 75% is owned by Future Master Investments Ltd, ultimately owned 82.19% by Karen Lo Ki Yan and 17.81% by Oshidori (0622). We note that on 18-Jul-2022, Blue River borrowed HK$75m from Imagi Lenders Ltd, which is a non-wholly owned subsidiary of Imagi (0585), which is 21% owned by Oshidori.
HKICPA bans Mr Wong Yip Ming for 4 months and fines him HK$50k
HKICPA, 7-Sep-2022
For professional misconduct.
SFC suspends Mr Tang Kai Shing, RO & MD of Rifa Futures Ltd, for 8 monthsStatement of Disciplinary Action
SFC, 5-Sep-2022
This follows the HK$9m fine against his firm in Jul-2022 for Anti-Money-Laundering breaches.
PECS Register monthly update
HK Government, 31-Aug-2022
6.5 years' jail for property agency director convicted of HK$15m fraud in confirmatory sale of 2 properties
ICAC, 31-Aug-2022
A number of court judgments previously reported by Webb-site shed further light on the case.
Carnival (0996): winding-up order
HK Court of First Instance, 29-Aug-2022
Webb-site warned investors about this company in 2016, calling it a bubble stock, with a market cap of HK$15.08bn. The judge notes that amongst the outstanding debts of CNY 7.6bn are offshore bonds issued to "immigration bondholders" to fulfil the requirements for immigration to HK under the Capital Investment Entrant Scheme, which was suspended on 15-Jan-2015.
HKMA fines Commerzbank AG HK$6m for AML breaches
HK Monetary Authority, 26-Aug-2022
Re GTI Holdings Ltd (ex-3344)
HK Court of First Instance, 19-Aug-2022
Justice Linda Chan criticises abuse "undertaken by the provisional liquidators", including Mr Osman Mohammed Arab and Mr Johnathan Lai Wing Lun of RSM Hong Kong.
SFC freezes broker client account linked to suspected insider dealingRestriction Notice
SFC, 17-Aug-2022
According to the Restriction Notice, the client of Bright Smart Securities is suspected of dealing on inside information obtained from a person connected to an unnamed listed corporation.
SFC commences MMT proceedings against hedge fund manager over alleged false tradingMMT Notice
SFC, 16-Aug-2022
Between the fund's account and his Mum's account, in 2 GEM stocks, in Aug-Sep 2014.
Previously on Webb-site.com
Check out our full list of articles in the archive, since our launch in 1998.

Sign up for our free newsletter

Recommend Webb-site to a friend

Copyright & disclaimer, Privacy policy

Back to top