News

CIFG (1226) coughs up details of investments at 30-Sep-2016
Company announcement, 23-Jan-2017
This follows a complaint to HKEX by Webb-site on 26-Dec-2016 that CIFG had failed to disclose details of "significant investments" as required by paragraph 32(4) of Appendix 16 of the Listing Rules. We calculate that the holdings included 3.32% of WLS (8021), 3.90% of KPM (8027), 1.30% of GCPS (8193), 4.49% of AMCO (0630) and 4.86% of RCG (0802).
Zhi Sheng (8370) allotments and concentration warningCCASS allocations
Company announcement, 19-Jan-2017
The top 25 placees have 99.70% of the placing.
RIP Clare Hollingworth
Webb-site.com, 10-Jan-2017
She was born on the same day as the Republic of China and shipping tycoon Tung Chao Yung. She died today aged 105 years 3 months.
HM (8416) allotments and concentration warningCCASS allocations
Company announcement, 10-Jan-2017
The top 25 placees have 94.07% of the placing.
Bar Pacific (8432) allotments and concentration warningCCASS allocations
Company announcement, 10-Jan-2017
The top 10 placees have 96.70% and the top 25 have 99.54% of the placing.
SFC bans Choi Siu Ki, ex-Dah Sing Bank, for 9 months
SFC, 9-Jan-2017
No, you can't forge a client's signature, even if they have agreed to purchase the product.
Miricor (8358) allotments and concentration warningCCASS allocations
Company announcement, 9-Jan-2017
The top 25 placees have 96.63% of the placing.
SFC fines Chang Chyi of Core Pacific - Yamaichi HK$50k
SFC, 6-Jan-2017
No, clients cannot sell rights shares until the rights issue has become unconditional, even if settlement will be 2 days after that.
SFC bans Cheung Kwan Po, ex-Citibank, for 6 months
SFC, 5-Jan-2017
No, you can't cut-and-paste a client's signature onto a risk assessment form.
PF (8221) allotments and concentration warningCCASS allocations
Company announcement, 4-Jan-2017
The top 25 placees have 87.78% of the placing.
OOH (8091) allotments and concentration warningCCASS allocations
Company announcement, 4-Jan-2017
The top 25 placees have 99.06% of the placing. Ooh, ah....
SFC fines former Standard Chartered Investment Services Ltd HK$3m
SFC, 3-Jan-2017
For a total of 9 years in periods between 2000 and 2015, it didn't have the minimum of 2 key personnel with 5 years' experience managing retirement funds or public funds. Holders of Standard Chartered MPF products might have cause for complaint.
HKICPA bans So Kin Po for 5 years
HKICPA, 30-Dec-2016
He was convicted of defrauding the Government's Continuing Education Fund out of HK$10k by falsifying the start date of the HKICPA's Qualification Programme in order to qualify for the scheme.
HKICPA fines Stephen Lai Man Shing HK$25k
HKICPA, 30-Dec-2016
We note that Lai, aged 46, set up a UK company, Stephen M.S.Lai & Co. CPA Ltd, on 18-Sep-2015.

Our stories

RIP Clare Hollingworth
She was born on the same day as the Republic of China and shipping tycoon Tung Chao Yung. She died today aged 105 years 3 months. (10-Jan-2017)
1539 candidates in under 4 minutes
Today, a few people are choosing even fewer people who will select HK's new Chief Executive. Our compilation shows the details of all 1539 candidates for 1034 seats, including 300 uncontested. Last time, the electorate of the 637 densest seats (lowest electors per seat) was 4,363. There is healthy competition in the largest electorates, including Education and Health Services, but the most they can hope for is to tip the balance if 2 establishment candidates run for the job and Beijing doesn't pick a winner and direct its agents from the small circles accordingly. (11-Dec-2016)
Shenzhen Connect southbound tracking
The Webb-site CCASS Analysis System shows the daily net change in the aggregate stock balances held by mainland investors via Shenzhen Connect. Movements correspond to trades 2 days earlier. (8-Dec-2016)
Andrew Left and the right to be wrong
We take a close look at the Market Misconduct Tribunal's report on Mr Left's erroneous criticism of China Evergrande (3333), and what that says about free speech amongst participants in the HK market. (23-Oct-2016)
Open letter to the board of Ming Fai (3828) from David Webb
Webb-site founder David Webb owns almost 10% of Ming Fai and calls for a special dividend of at least $0.352 per share to reduce net cash to not more than HK$300m (34% of net assets) after the sale of the investment property, which we support. Ming Fai has a strong core business, but if the current board, which holds 33% of Ming Fai, doesn't do the right thing then we will nominate directors who will. (19-Oct-2016)
SFC warns market on CIFG (0412)
Following Webb-site's bubble warning on 26-Sep-2016, the SFC has conducted an ownership investigation. (13-Oct-2016)
Alleged hacked BOCI account explains Pa Shun Pharma (0574) surge
A Cyberport-based investment company alleges that an unauthorised person logged into its BOCI account and bought up 4.92% of PSP at an average 36% above the previous day's close, draining its account of about HK$37.7m. The SFC has today commenced a general cybersecurity review on brokers' systems after 16 incidents in the last 12 months involving over HK$100m. (13-Oct-2016)
Hiding behind the cornerstones
Webb-site reveals that investors who took 31% of a bank IPO had secretly laid off their risk by issuing derivatives to a mainland property developer from the same city, via two HK-listed companies which incidentally are bubble stocks. When we complained, HKEX did not require disclosure of the bank’s identity, thereby preserving the secrecy behind the cornerstone investors which facilitate HKEX’s IPO business. Once again, the regulatory conflict of interest is exposed. (3-Oct-2016)
China Innovative Finance (0412) bubble
Hao Tian Development (0474) has confirmed our view by dumping 9.06% of CIFG at a 61.9% discount, still well above the net tangible asset value of $0.099. CIFG should trade below NTAV due to its appalling governance and membership of what we call the "Chung Nam Network". The purported profits of its leasing division are largely illusory and depend heavily on 1 customer in which CIFG has invested. HTD has also been allowed by HKEX to skirt the Listing Rules on corporate transactions. (26-Sep-2016)
Submission to SFC-HKEX consultation on listing regulation
These are our views on SFC-HKEX proposals to reform regulation of listings and listed companies. If you are an investor who cares about the future of HK's markets, please submit your support. The proposals are better than the status quo, but a political compromise on the 2003 Expert Group recommendation to transfer regulation to the SFC, and that should be Plan B. (6-Sep-2016)
A sordid electoral affair
The HK Government, via its Electoral Affairs Commission, has tarnished HK's reputation for free and fair geographic elections for half of its Legislative Council, just to exclude a few candidates who were previously on the political fringe. There is nothing inconsistent between pledging to uphold the constitution and seeking to change it, and the Government now risks the courts overturning the election results. We also explain the fragmentation caused by HK's version of the party list system which has now reached epic proportions. (17-Aug-2016)

Other news

CIFG (1226) coughs up details of investments at 30-Sep-2016
Company announcement, 23-Jan-2017
This follows a complaint to HKEX by Webb-site on 26-Dec-2016 that CIFG had failed to disclose details of "significant investments" as required by paragraph 32(4) of Appendix 16 of the Listing Rules. We calculate that the holdings included 3.32% of WLS (8021), 3.90% of KPM (8027), 1.30% of GCPS (8193), 4.49% of AMCO (0630) and 4.86% of RCG (0802).
Zhi Sheng (8370) allotments and concentration warningCCASS allocations
Company announcement, 19-Jan-2017
The top 25 placees have 99.70% of the placing.
HM (8416) allotments and concentration warningCCASS allocations
Company announcement, 10-Jan-2017
The top 25 placees have 94.07% of the placing.
Bar Pacific (8432) allotments and concentration warningCCASS allocations
Company announcement, 10-Jan-2017
The top 10 placees have 96.70% and the top 25 have 99.54% of the placing.
SFC bans Choi Siu Ki, ex-Dah Sing Bank, for 9 months
SFC, 9-Jan-2017
No, you can't forge a client's signature, even if they have agreed to purchase the product.
Miricor (8358) allotments and concentration warningCCASS allocations
Company announcement, 9-Jan-2017
The top 25 placees have 96.63% of the placing.
Previously on Webb-site.com
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