News

China's HNA Group, squeezed on cash, looks to turn corner
Reuters, 18-Jan-2018
Chairman Chen Feng "said he wasn't involved in any decision making for any transactions" - good to know. Who is, then?
Man convicted of theft in 1976 cleared after Googling his arresting officer
Guardian, 18-Jan-2018
A good demonstration that the European Court of Justice's "right to be forgotten" is wrong. Mr Simmons found that 5 years after his wrongful 1975 conviction, the arresting officer was jailed for similar offences. The bent cop died in jail in 1982, but had he survived, he could have required Google to take down all references to his conviction and Mr Simmons would never have been exonerated.
Total returns on the worst 5 HSI stocks you could've bought on 30-Oct-2007
Webb-site.com, 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.
The wrong way to pay civil servants
Webb-site.com, 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.
Webb-site Who's Who covers HK solicitors
Webb-site.com, 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?
Belts and Burqas
Webb-site.com, 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.
Ex-head of private banking at Standard Chartered China charged with accepting HK$150k bribe from insurance headAppointment
ICAC, 9-Jan-2018
According to his LinkedIn profile, Ryan Gwee Yuan Kerr left Standard Chartered in Nov-2011. A Standard Chartered press release from 17-Jan-2011 announcing his appointment as Head of Private Banking, China, stated that he had then been with the bank for over 10 years. The ICAC does not name the "chairman cum major shareholder of an insurance company" who allegedly bribed Mr Gwee.
SFC fines Mr Wu Hon Cheung HK$50k
SFC, 9-Jan-2018
Mr Wu failed to record voice instructions on a recorder, and failed to record order details in a manual trade blotter. He has since moved on from Sun Hung Kai Securities to China Industrial Securities.
4 admit using bogus quotations for HK$470k inspection and repair works
ICAC, 4-Jan-2018
Under the Building Management Ordinance, a contract for more than $200k requires 5 quotes. After awarding a contract to a single bidder, the Chairlady of the incorporated owners then commissioned 4 fake backdated quotations to satisfy this requirement, and produced false meeting minutes to cover it.
China Parenting (8361) controllers move 51.6% from CSL Securities to Emperor Securities
Webb-site.com, 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.
CSPT (0139) swaps 1 Lincoln Road for shares in FWF (0572)Future World announcement
Company announcement, 29-Dec-2017
FWF owns 9.21% of CSPT, just below the 10% threshold at which this would be a connected transaction. CSPT owns 8.48% of FWF which will increase to 21.46% on completion. Both are in what we call the "Chung Nam Network". The deal involves the transfer of the BVI company that owns the house, thereby avoiding a prohibitive 30% stamp duty on the $400m property.
Concentration warning in KNK (8039)
SFC, 29-Dec-2017
The top 20 holders have 98.26% of the stock.
Kantone (1059) chairman of meeting adjourns AGM, no reason given
Company announcement, 28-Dec-2017
The Stock Exchange should require Kantone to announce the reason(s).
Webb on the Government's under-priced metered parking
South China Morning Post, 28-Dec-2017
HK's Government competes unfairly with commercial parking by charging $8/hr for on-street parking when the private sector nearby charges $30. Proposals to increase that to $4 or $5 per 15 minutes won't make much difference, even if they overcome vested interests in LegCo. Meanwhile criminal gangs corner the meters and rake off the difference as "valet parking".
Hanison (0896) and Starion II Cayman Ltd sell Success Centre, 26-38 Ta Chuen Ping St, Kwai Chung for HK$1038m
Company announcement, 27-Dec-2017
Hanison owns 50% of the BVI target, which owns the industrial property with 240,485 gsf, so the price is HK$4,316/gsf. The ownership of the buyer is not disclosed. The ownership of the 50% JV Partner is not disclosed.

Our stories

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)
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)
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)
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)
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)
Mr Chen Qishi deposits 18.75% of Xiangxing (8157) with 2 brokersFirst deposit
The pre-IPO investor bought his shares in Sep-2015 and Jul-2016 at an average HK$0.037 per share. He deposited 13.75% with Chaoshang Securities on 22-Dec and 5.00% with BOCI Securities on 14-Dec. His 6-month lockup expires on 7-Jan-2018. (26-Dec-2017)
Movements in Heng Tai Consumables (0197)
43.82% was moved yesterday from custody of CSL Securities Ltd (a subsidiary of the troubled Convoy (1019)), to Fosun Hani Securities Ltd. The shares exactly match the total held by Lam Kwok Hing, his wife Joecy Lee Choi Lin (totalling 15.28%) and Stephen Chan Cheuk Yu (28.99%). (22-Dec-2017)
Chuan (1420) Chairman Alan Lim moves 47.39% from UOB Kay Hian to Pacific Foundation Securities
The stock was listed on 8-Jun-2016. At the time, Mr Lim held 67.23%. He disposed of 16.23% off-market on 23-Jan-2017. (21-Dec-2017)

Other news

China's HNA Group, squeezed on cash, looks to turn corner
Reuters, 18-Jan-2018
Chairman Chen Feng "said he wasn't involved in any decision making for any transactions" - good to know. Who is, then?
Man convicted of theft in 1976 cleared after Googling his arresting officer
Guardian, 18-Jan-2018
A good demonstration that the European Court of Justice's "right to be forgotten" is wrong. Mr Simmons found that 5 years after his wrongful 1975 conviction, the arresting officer was jailed for similar offences. The bent cop died in jail in 1982, but had he survived, he could have required Google to take down all references to his conviction and Mr Simmons would never have been exonerated.
Ex-head of private banking at Standard Chartered China charged with accepting HK$150k bribe from insurance headAppointment
ICAC, 9-Jan-2018
According to his LinkedIn profile, Ryan Gwee Yuan Kerr left Standard Chartered in Nov-2011. A Standard Chartered press release from 17-Jan-2011 announcing his appointment as Head of Private Banking, China, stated that he had then been with the bank for over 10 years. The ICAC does not name the "chairman cum major shareholder of an insurance company" who allegedly bribed Mr Gwee.
SFC fines Mr Wu Hon Cheung HK$50k
SFC, 9-Jan-2018
Mr Wu failed to record voice instructions on a recorder, and failed to record order details in a manual trade blotter. He has since moved on from Sun Hung Kai Securities to China Industrial Securities.
4 admit using bogus quotations for HK$470k inspection and repair works
ICAC, 4-Jan-2018
Under the Building Management Ordinance, a contract for more than $200k requires 5 quotes. After awarding a contract to a single bidder, the Chairlady of the incorporated owners then commissioned 4 fake backdated quotations to satisfy this requirement, and produced false meeting minutes to cover it.
CSPT (0139) swaps 1 Lincoln Road for shares in FWF (0572)Future World announcement
Company announcement, 29-Dec-2017
FWF owns 9.21% of CSPT, just below the 10% threshold at which this would be a connected transaction. CSPT owns 8.48% of FWF which will increase to 21.46% on completion. Both are in what we call the "Chung Nam Network". The deal involves the transfer of the BVI company that owns the house, thereby avoiding a prohibitive 30% stamp duty on the $400m property.
Concentration warning in KNK (8039)
SFC, 29-Dec-2017
The top 20 holders have 98.26% of the stock.
Kantone (1059) chairman of meeting adjourns AGM, no reason given
Company announcement, 28-Dec-2017
The Stock Exchange should require Kantone to announce the reason(s).
Webb on the Government's under-priced metered parking
South China Morning Post, 28-Dec-2017
HK's Government competes unfairly with commercial parking by charging $8/hr for on-street parking when the private sector nearby charges $30. Proposals to increase that to $4 or $5 per 15 minutes won't make much difference, even if they overcome vested interests in LegCo. Meanwhile criminal gangs corner the meters and rake off the difference as "valet parking".
Previously on Webb-site.com
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