News

SFC bans Poon Chun Hing for lifeStatement of Disciplinary Action
SFC, 2-Dec-2021
On top of a previous 30-month ban that expired on 17-Jan-2021.
SFC bans Wang Yu Ching, ex-Bank of Singapore & Bank Julius Baer, for 10 yearsStatement of Disciplinary Action & Licence record
SFC, 1-Dec-2021
For faking her academic credentials, claiming in applications from 2012 to 2019 that she had earned a BA in Business Administration from California State University in 1994.
Concentration warning in Infinity Logistics and Transport Ventures (1442)
SFC, 30-Nov-2021
The top 25 holders have 94.06% as at 15-Nov-2021.
Concentration warning in Morimatsu (2155)
SFC, 29-Nov-2021
The top 18 holders have 93.43% as at 11-Nov-2021. Less than 5 months after the IPO, the stock price is 431% above the issue price.
SFC restricts 17 accounts at Emperor Securities and Get Nice Securities linked to suspected social media ramp-and-dump scamRestriction Notice
SFC, 26-Nov-2021
The Gazette Notice dated 1-Nov-2021 but published on 26-Nov-2021 reveals the stock is Chinlink (0997), which plunged 78% on 28-Oct-2021. The total restricted amount is HK$312.2m.
3 accountants among 9 arrested by ICAC for alleged bribery over listing of Macao construction firmFRC announcement
ICAC, 22-Nov-2021
Webb-site Who's Who indicates that the firm is almost certainly Huarchi Global (2296), which shares a HK office with its auditor Wellink CPA Ltd and is chaired by Lou Cheok Meng. The Accountants' Report in the prospectus was signed by Opal Chan Yan Ting, MD of Wellink. The stock was suspended last Friday and looks like a bubble to us, on 8.6x NAV and a P/E of 109. Wong Yat Chung was CFO from 2018 until the end of 2020 when he was replaced by Chan Wai Lun. The listing was sponsored by Ample Capital Ltd. Wellink is currently the auditor of 3 other listed companies.
Joining the dots on the ICAC case against Chim Pui Chung and others
Webb-site.com, 21-Nov-2021
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.
A solicitor v The Law Society of HK
HK Court of Appeal, 18-Nov-2021
The appellant solicitor, M, was sole practitioner of a firm which closed on 31-Dec-2013. From the Feb-2014 edition of "Hong Kong Lawyer", we note that Roderick Miller's firm, Miller Peart, closed on that date. He is now a consultant of Chan & Ho, who act for the appellant in this appeal. F, another solicitor, had acted for M in his successful appeal against an earlier decision of the Law Society to refuse to issue a practising certificate to him - so, looking at the judgment in HCMP 3269/2013, F must work for Oldham, Li & Nie.
Censure/criticism of China Huiyuan Juice (ex-1886) and directorsLoan announcement
SEHK, 17-Nov-2021
For humungous RMB4.28bn unauthorised and undocumented loans to a connected person of the Chairman.
Censure of Peter Luo Xi Zhi, ex-ED of China Fortune (0110)
SEHK, 16-Nov-2021
For failure to cooperate with an investigation.
Touyun Biotech (1332) discloses ownership of "Purchaser B" in its sale of Hope Capital LtdPrevious announcement
Company announcement, 12-Nov-2021
Cordoba Homes Ltd is 61.99% owned by "a private family trust with Mr. Eugene Chuang as the sole beneficiary" and 28.08% owned by China Evergrande (3333). The other 9.93% is owned by "an independent third party". Note: we've been tracking Cordoba for years as part of the "Chung Nam Network". Various listed companies have held stakes in Cordoba Homes, but this is the first time we've seen China Evergrande as a shareholder.
HKSAR v Cheung Kim Hung
HK Court of First Instance, 10-Nov-2021
Bail is denied.
Term of office of Judianna Wai Ling Barnes, Judge of the Court of First Instance, extended to 28-Oct-2022s11B(2) HCO
HK Gazette, 5-Nov-2021
This is pursuant to section 11B(2) of the High Court Ordinance, meaning that is the day before she turns 70.
Term of office of Esther Toh Lye Ping, Judge of the Court of First Instance, extended to 24-Oct-2022s11B(2) HCO
HK Gazette, 5-Nov-2021
This time it is pursuant to section 11B(2) of the High Court Ordinance, meaning that is the day before she turns 70. Her term was earlier extended by Chief Executive Carrie Lam.
HKICPA fines Dickson Chan Chi Kwong and Sam Sum Chun Ho of JH CPA Alliance Ltd HK$75k and HK$60k respectivelyMegalogic 2016 annual report
HKICPA, 3-Nov-2021
For bad audit work on the 2016 annual report of an unnamed listed company. From the Webb-site Who's Who database of clients and year-ends, this can only be GSN Corporations Ltd (8242), then known as Megalogic Technology Holdings Ltd. We note that Mr Chan is an INED of eBroker (8039) and Sanbase (8501). Mr Sum is an INED and Audit Committee Chairman of Future Data (8229).
Touyun Biotech (1332) subsidiary sells Hope Capital Ltd to Imagi (0585), Oshidori (0622), Cordoba Homes (30% each) and David Ki (10%) for HK$160mImagi announcement
Company announcement, 1-Nov-2021
The vendor is 61.01% owned by Touyun Biotech, 27.29% owned by Blue River (0498) and 11.71% by David Ki. Oshidori owns 28.53% of Blue River and 21.31% of Imagi. The target owns Hope Securities Ltd. The ownership of Cordoba Homes Ltd is not disclosed. Mr Ki previously sold Hope Capital Ltd to the vendor in a share-swap transaction which completed on 10-Dec-2020, less than a year ago. All the listed companies and Cordoba are in what we call the "Chung Nam Network", members of which frequently deal with each other.
SFC fines Fulbright Securities HK$3.3m and suspends its RO Eric Liu Chi Ming for 6 monthsStatement of Disciplinary Action
SFC, 1-Nov-2021
For internal control failures relating to a share placing in an unnamed listed company. We can tell you it was probably the IPO of Eggriculture Foods (8609) based on the CCASS positions before the first day of trading, although Fulbright wasn't named as an agent. That's the second fine for Fulbright in under a year, the previous being for failing to detect illegal short-selling.
Touyun Biotech (1332) subsidiary sells 90.1% of Genius Spring Ltd to Planetree (0613) for HK$40mPlanetree announcement
Company announcement, 29-Oct-2021
The vendor is 61.01% owned by Touyun Biotech, 27.29% owned by Blue River (0498) and 11.71% by David Ki. The owner of the other 9.9% of Genius Spring is not disclosed, but our records show it was 9.9% owned by Imagination Holding Ltd as at 5-Dec-2016. This is another transaction in what we call the "Chung Nam Network".
Imagi (0585) buys 51% of Supreme China Securities Ltd for HK$27m
Company announcement, 28-Oct-2021
The vendor, which retains 49% of the target, is 50% owned by Terence Hui Wai Yung (who is or was brother-in-law of Peter Yau Chung Hong, according to a 2012 MMT report), 33% by Hang Tai Yue (8081), and 17% by Ms Chan Chiu Mui. Hang Tai Yue, a member of the 2017 "Enigma Network", has not previously disclosed its holding in the vendor. Imagi is a member of what we call the "Chung Nam Network", so the two networks overlap.
SFC bans Lau Tin Yau, ex-UOB Kay Hian and Standard Chartered Bank, for life
SFC, 26-Oct-2021
This follows his earlier court conviction and fine on 3-Sep-2020 for failing to tell the SFC about other investigations against him by a then-unnamed body which now turns out to be the HKMA, which began investigating on 5-Dec-2018 following Lau's conviction under the Prevention of Bribery Ordinance in May 2018, for which he was ordered to do 200 hours of community service.
Lerado (1225) makes HK$10m 2-month unsecured loan to Chan Man Fung
Company announcement, 22-Oct-2021
The borrower is the co-chairman and ED of an unnamed GEM-listed company. We'll tell you it's P.B. Group (8331). Mr Chan and his co-chairman Pui Wai Lun each own 50% of P.B. Asia Holdings Ltd, which is currently underwriting a HK$27.8m rights issue by PBG. The placing agent for any unsubscribed rights is CIS Securities Asset Management Ltd (CISSAM). Mark Mak Kwong Yiu, ex-Chairman & CEO of Lerado and ex-CEO of Convoy Global Holdings Ltd, has or had an indirect stake in CISSAM. He was jailed a week ago for conspiracy to defraud CGH in its bond placements which benefited CISSAM.
Raising the Yorkey bar
Webb-site.com, 21-Oct-2021
What are we going to do about the proposed privatisation of Yorkey (2788)?
Oshidori (0622) buys 100m (4.27%) of H-shares of Shengjing Bank (2066), increasing stake to 12.52% for HK$700m
Company announcement, 20-Oct-2021
As this was a (huge) on-market purchase, Oshidori states that it doesn't know who sold the stock. This follows the partial sale by China Evergrande (3333) on 28-Sep-2021 of domestic shares of the bank to a local government entity, and Oshidori's exit from Evergrande Vehicle (0708) on 30-Sep-2021. Oshidori calls the "opportunity to co-invest with Shengyang Government" in the bank a "silver lining". The H-share class is 26.61% of the bank's shares, so Oshidori's increased equity stake is 3.33%.
SFAT affirms SFC decision to fine Yi Shun Da Capital Ltd for sponsor due diligence failuresSFAT Decision
SFC, 19-Oct-2021
Relating to the aborted IPO of Imperial Sierra Group Holdings Ltd, in the track record of which, circular payments were supected. The proposed fine was reduced from HK$14m to $4.5m by the SFC and to $3m by the SFAT after considering the firm's financial position. The take-away from this is perhaps don't leave more capital inside your firm than is required by regulations, and pay out profits regularly.

Our stories

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)
The Budget and HK's Road to Serfdom
The so-called "Consumption Voucher" will probably become another cash handout, a total of HK$108bn over 2 years - but that's not the point. HK's budget has long since deviated from the Basic Law requirement to keep the budget in line with Gross Domestic Product over time, having expanded by over a quarter since the 1997 Handover. HK is becoming a tax-and-spend interventionist economy, departing from the free-market principles at the root of its success. (26-Feb-2021)
How the GameStop game will stop
…and who will benefit when it does. (28-Jan-2021)
Meter Madness
How HK's policies of pseudo-anonymity and deep under-pricing of metered parking have resulted in a half-baked not-very-smart upgrade to the system, launched yesterday. (19-Jan-2021)
The Main Board profit requirement - for whom?
Webb-site responds to the HKEX proposal which further raises the barriers to entry for smaller companies on its monopoly stockmarket and reduces investor choice. Help us out and add your voice! (14-Jan-2021)
ESS Revealed
As part of our push for open data, Webb-site tonight publishes the first detailed analysis of approved claims under the so-called "Employment Support Scheme", including league tables of the top 5,000 recipients and a search function for all recipients. (13-Dec-2020)

Other news

SFC bans Poon Chun Hing for lifeStatement of Disciplinary Action
SFC, 2-Dec-2021
On top of a previous 30-month ban that expired on 17-Jan-2021.
SFC bans Wang Yu Ching, ex-Bank of Singapore & Bank Julius Baer, for 10 yearsStatement of Disciplinary Action & Licence record
SFC, 1-Dec-2021
For faking her academic credentials, claiming in applications from 2012 to 2019 that she had earned a BA in Business Administration from California State University in 1994.
Concentration warning in Infinity Logistics and Transport Ventures (1442)
SFC, 30-Nov-2021
The top 25 holders have 94.06% as at 15-Nov-2021.
Concentration warning in Morimatsu (2155)
SFC, 29-Nov-2021
The top 18 holders have 93.43% as at 11-Nov-2021. Less than 5 months after the IPO, the stock price is 431% above the issue price.
SFC restricts 17 accounts at Emperor Securities and Get Nice Securities linked to suspected social media ramp-and-dump scamRestriction Notice
SFC, 26-Nov-2021
The Gazette Notice dated 1-Nov-2021 but published on 26-Nov-2021 reveals the stock is Chinlink (0997), which plunged 78% on 28-Oct-2021. The total restricted amount is HK$312.2m.
3 accountants among 9 arrested by ICAC for alleged bribery over listing of Macao construction firmFRC announcement
ICAC, 22-Nov-2021
Webb-site Who's Who indicates that the firm is almost certainly Huarchi Global (2296), which shares a HK office with its auditor Wellink CPA Ltd and is chaired by Lou Cheok Meng. The Accountants' Report in the prospectus was signed by Opal Chan Yan Ting, MD of Wellink. The stock was suspended last Friday and looks like a bubble to us, on 8.6x NAV and a P/E of 109. Wong Yat Chung was CFO from 2018 until the end of 2020 when he was replaced by Chan Wai Lun. The listing was sponsored by Ample Capital Ltd. Wellink is currently the auditor of 3 other listed companies.
A solicitor v The Law Society of HK
HK Court of Appeal, 18-Nov-2021
The appellant solicitor, M, was sole practitioner of a firm which closed on 31-Dec-2013. From the Feb-2014 edition of "Hong Kong Lawyer", we note that Roderick Miller's firm, Miller Peart, closed on that date. He is now a consultant of Chan & Ho, who act for the appellant in this appeal. F, another solicitor, had acted for M in his successful appeal against an earlier decision of the Law Society to refuse to issue a practising certificate to him - so, looking at the judgment in HCMP 3269/2013, F must work for Oldham, Li & Nie.
Censure/criticism of China Huiyuan Juice (ex-1886) and directorsLoan announcement
SEHK, 17-Nov-2021
For humungous RMB4.28bn unauthorised and undocumented loans to a connected person of the Chairman.
Censure of Peter Luo Xi Zhi, ex-ED of China Fortune (0110)
SEHK, 16-Nov-2021
For failure to cooperate with an investigation.
Touyun Biotech (1332) discloses ownership of "Purchaser B" in its sale of Hope Capital LtdPrevious announcement
Company announcement, 12-Nov-2021
Cordoba Homes Ltd is 61.99% owned by "a private family trust with Mr. Eugene Chuang as the sole beneficiary" and 28.08% owned by China Evergrande (3333). The other 9.93% is owned by "an independent third party". Note: we've been tracking Cordoba for years as part of the "Chung Nam Network". Various listed companies have held stakes in Cordoba Homes, but this is the first time we've seen China Evergrande as a shareholder.
HKSAR v Cheung Kim Hung
HK Court of First Instance, 10-Nov-2021
Bail is denied.
Term of office of Judianna Wai Ling Barnes, Judge of the Court of First Instance, extended to 28-Oct-2022s11B(2) HCO
HK Gazette, 5-Nov-2021
This is pursuant to section 11B(2) of the High Court Ordinance, meaning that is the day before she turns 70.
Term of office of Esther Toh Lye Ping, Judge of the Court of First Instance, extended to 24-Oct-2022s11B(2) HCO
HK Gazette, 5-Nov-2021
This time it is pursuant to section 11B(2) of the High Court Ordinance, meaning that is the day before she turns 70. Her term was earlier extended by Chief Executive Carrie Lam.
HKICPA fines Dickson Chan Chi Kwong and Sam Sum Chun Ho of JH CPA Alliance Ltd HK$75k and HK$60k respectivelyMegalogic 2016 annual report
HKICPA, 3-Nov-2021
For bad audit work on the 2016 annual report of an unnamed listed company. From the Webb-site Who's Who database of clients and year-ends, this can only be GSN Corporations Ltd (8242), then known as Megalogic Technology Holdings Ltd. We note that Mr Chan is an INED of eBroker (8039) and Sanbase (8501). Mr Sum is an INED and Audit Committee Chairman of Future Data (8229).
Touyun Biotech (1332) subsidiary sells Hope Capital Ltd to Imagi (0585), Oshidori (0622), Cordoba Homes (30% each) and David Ki (10%) for HK$160mImagi announcement
Company announcement, 1-Nov-2021
The vendor is 61.01% owned by Touyun Biotech, 27.29% owned by Blue River (0498) and 11.71% by David Ki. Oshidori owns 28.53% of Blue River and 21.31% of Imagi. The target owns Hope Securities Ltd. The ownership of Cordoba Homes Ltd is not disclosed. Mr Ki previously sold Hope Capital Ltd to the vendor in a share-swap transaction which completed on 10-Dec-2020, less than a year ago. All the listed companies and Cordoba are in what we call the "Chung Nam Network", members of which frequently deal with each other.
SFC fines Fulbright Securities HK$3.3m and suspends its RO Eric Liu Chi Ming for 6 monthsStatement of Disciplinary Action
SFC, 1-Nov-2021
For internal control failures relating to a share placing in an unnamed listed company. We can tell you it was probably the IPO of Eggriculture Foods (8609) based on the CCASS positions before the first day of trading, although Fulbright wasn't named as an agent. That's the second fine for Fulbright in under a year, the previous being for failing to detect illegal short-selling.
Touyun Biotech (1332) subsidiary sells 90.1% of Genius Spring Ltd to Planetree (0613) for HK$40mPlanetree announcement
Company announcement, 29-Oct-2021
The vendor is 61.01% owned by Touyun Biotech, 27.29% owned by Blue River (0498) and 11.71% by David Ki. The owner of the other 9.9% of Genius Spring is not disclosed, but our records show it was 9.9% owned by Imagination Holding Ltd as at 5-Dec-2016. This is another transaction in what we call the "Chung Nam Network".
Previously on Webb-site.com
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