News

Jun Yang Financial (0397) coughs up details of investments
Company announcement, 25-May-2016
Following a complaint by Webb-site to SEHK, Jun Yang reveals that at 31-Dec-2015, it held 9.93% of Convoy (1019), 4.99% of Town Health (3886) and 3.57% of Tech Pro Technology (3823), a bubble stock we warned you about last year.
K&L Gates v various casinos and junket operators
HK Court of First Instance, 20-May-2016
The aftermath of Mr Aggarwal's massive theft from the law firm continues, as it seeks to recover funds which he transferred to casinos and junket operators.
US PCAOB sanctions AWC (CPA) Ltd, its New York affliate and 4 individuals
US Public Company Accounting Oversight Board, 19-May-2016
The shocking allegations, which are not denied in this settlement, involve the 2010-2012 audits of Kandi Technologies (Nasdaq: KNDI). Incidentally, AWC (CPA) Ltd changed its name last month to DCAW (CPA) Ltd after combining with Dominic K F Chan & Co. The settlement brings into question the continued role of Albert Wong Chi Wai, the engagement partner on the audits, as an INED of 5 HK-listed companies.
Goldenmars (3638): information on our Audit Committee Chairman
Company announcement, 19-May-2016
4 months after Webb-site Reports covered the sanctions against Mr Derek Wan Tak Shing by the US PCAOB and noted his position at Goldenmars, the company says that the information has "just been brought to the Company's attention" and Mr Wan says that the late disclosure was "caused by his genuine oversight".
Jessie Yung Mei Chun v Merrill Lynch (Asia Pacific) Ltd
HK Court of Appeal, 19-May-2016
"the Plaintiff repeatedly heaped one unmeritorious application upon another and in the process occasioned substantial waste of judicial resources which could have been more meaningfully utilised on other cases".
Hawker in court over bribery for storage of paraphernalia
ICAC, 18-May-2016
Storing noodle-making gear in a rubbish collection point is perhaps not the most hygienic approach to food hawking.
Ex-HSBC managers charged with bribery and fraud
ICAC, 18-May-2016
In February this year, both men pleaded guilty and were jailed for similar offences committed between April and October 2012. This appears to be another batch of allegations covering the period September to November 2012.
Four violin/cello teachers charged with accepting kickbacks
ICAC, 17-May-2016
Perhaps these lessons come with strings attached. This is the second case involving commissions from Chairman Instruments Trading Ltd. The previous case involved teachers at Tom Lee Music. This time, 1 teacher is at Jenny's Music Studio and the other 3 are private teachers.
Ex-technician of HK Disneyland jailed for bribes-for-merchandise scam
ICAC, 12-May-2016
Well that'll teach him not to take the Mickey out of their policy on staff discounts for merchandise.
Brexit: the Movie
YouTube, 12-May-2016
Well worth watching. Some of the conflicts of interest for those now lobbying to "stay" are exposed - particularly the funding that NGOs and arts groups receive from the EU, which ultimately is funded by the taxpayers of member states.
Haitian Hydropower (8261): would someone please come to our Fuzhou EGM?
Company announcement, 9-May-2016
This is a Cayman-domiciled company with no mainland listing, which held its EGM in Fuzhou, making it difficult for HK shareholders to attend. The quorum is 2 shareholders present in person or by proxy, so either 0 or 1 shareholder was present. They'll try again next week, same time, same place, when there is also an AGM.
China 33 Media (8087): will someone please attend our AGM in HK!
Company announcement, 6-May-2016
The meeting is adjourned to the same hotel in HK, same time next week after less than 2 shareholders were present. We warned readers about this company last year after it did a deep discount open offer.
SFC bans Yeung Chun Him, ex-HSBC, for a year
SFC, 6-May-2016
On his last day at HSBC, a Friday, he e-mailed client information to his personal e-mail account, which HSBC's email surveillance system detected. Dumb. The next Monday, he started at CCB Asia, and forwarded the e-mails to his account there. CCB Asia deleted the files on HSBC's request, and fired him on the Wednesday.
Savills appointed sole agent for public tender sale of 5/F 181 Queen's Road Central
Company media release, 4-May-2016
We note that this investment property is owned by Ming Fai (3828). If it fetches the indicative price of HK$300m then that is worth about $0.425 per share, which we hope would be distributed given the company's existing net cash position of about $0.37 per share. Webb-site founder David Webb holds over 9% of Ming Fai.

Our stories

SEHK tackles bonus issues, misses the obvious
The Stock Exchange, in a guidance letter tonight, says it will reject listing of bonus issues of 200% or more, because they tie up too much of the float between the ex-date and distribution date. They propose stock splits as an alternative, but they omit the faster and better way to reduce board lot value, which HKEx itself used in 2008. (27-Apr-2016)
HKEx cuts hit corporate governance of whole market
A circular slipped out by an HKEx subsidiary, HKSCC, will slash the effective voting window for general meetings, reducing the participation of institutional investors in important decisions such as acquisitions, connected transactions and dilutive share issues. We urge HKEx to rethink this deeply damaging move. (18-Apr-2016)
Ticket markets and Rugby Sevens finances
Put down your beer jug and take a look at two inter-related problems: the almost non-existent secondary market for event tickets in HK due to an anti-free-market law, and the finances of the Rugby Sevens, which is hoarding cash, underpaying for the HK Stadium, and expecting taxpayers to build another one for at least HK$33.5bn. (10-Apr-2016)
Submission on Electronic Road Pricing
Speak out! Put market forces to work on the roads. Read our response and then tell the Government whether you agree or not. Consultation ends this Friday, 18-Mar-2016. (12-Mar-2016)
One registration, two companies
Webb-site reveals how a UK company registered in HK and then swapped names with another one, which illegally kept the HK registration. That company is now a subsidiary of UK-listed Cobham plc. (7-Mar-2016)
Preventing cash shells
Webb-site proposes a new Listing Rule to prevent cash shells. The Cash Shell Test introduces equity discipline for existing companies and provides clarity for those proposing transactions and fund-raising. It should be welcomed by investors, regulators, issuers and their advisers. HKEx needs to build a proper sanitation system for this village rather than dig a new cesspit. (3-Mar-2016)
Lerado settlement could be worth $0.066 per share
Lerado has settled its dispute with the buyer of its core business, but fails to state what the positive impact will be on its income statement and net asset value. Webb-site estimates that it will add $255m of profit or $0.066 per share to NAV. (2-Mar-2016)
Tom Lee Music practices not fair play
We look behind an ICAC prosecution of music teachers and find bad practices at the tax-exempt Tom Lee Music Foundation, which requires its teachers to exclusively push products for Tom Lee Music Company. (28-Feb-2016)
E. Bon bonus beggars belief
A proposal to halve the price and double the board lot will also double the minimum bid-offer spread to 1.55%. No competent board could believe that this is in shareholder interests and will enhance liquidity. We call on the SFC and Stock Exchange to act. (19-Feb-2016)

Other news

Jun Yang Financial (0397) coughs up details of investments
Company announcement, 25-May-2016
Following a complaint by Webb-site to SEHK, Jun Yang reveals that at 31-Dec-2015, it held 9.93% of Convoy (1019), 4.99% of Town Health (3886) and 3.57% of Tech Pro Technology (3823), a bubble stock we warned you about last year.
K&L Gates v various casinos and junket operators
HK Court of First Instance, 20-May-2016
The aftermath of Mr Aggarwal's massive theft from the law firm continues, as it seeks to recover funds which he transferred to casinos and junket operators.
US PCAOB sanctions AWC (CPA) Ltd, its New York affliate and 4 individuals
US Public Company Accounting Oversight Board, 19-May-2016
The shocking allegations, which are not denied in this settlement, involve the 2010-2012 audits of Kandi Technologies (Nasdaq: KNDI). Incidentally, AWC (CPA) Ltd changed its name last month to DCAW (CPA) Ltd after combining with Dominic K F Chan & Co. The settlement brings into question the continued role of Albert Wong Chi Wai, the engagement partner on the audits, as an INED of 5 HK-listed companies.
Goldenmars (3638): information on our Audit Committee Chairman
Company announcement, 19-May-2016
4 months after Webb-site Reports covered the sanctions against Mr Derek Wan Tak Shing by the US PCAOB and noted his position at Goldenmars, the company says that the information has "just been brought to the Company's attention" and Mr Wan says that the late disclosure was "caused by his genuine oversight".
Jessie Yung Mei Chun v Merrill Lynch (Asia Pacific) Ltd
HK Court of Appeal, 19-May-2016
"the Plaintiff repeatedly heaped one unmeritorious application upon another and in the process occasioned substantial waste of judicial resources which could have been more meaningfully utilised on other cases".
Hawker in court over bribery for storage of paraphernalia
ICAC, 18-May-2016
Storing noodle-making gear in a rubbish collection point is perhaps not the most hygienic approach to food hawking.
Ex-HSBC managers charged with bribery and fraud
ICAC, 18-May-2016
In February this year, both men pleaded guilty and were jailed for similar offences committed between April and October 2012. This appears to be another batch of allegations covering the period September to November 2012.
Four violin/cello teachers charged with accepting kickbacks
ICAC, 17-May-2016
Perhaps these lessons come with strings attached. This is the second case involving commissions from Chairman Instruments Trading Ltd. The previous case involved teachers at Tom Lee Music. This time, 1 teacher is at Jenny's Music Studio and the other 3 are private teachers.
Ex-technician of HK Disneyland jailed for bribes-for-merchandise scam
ICAC, 12-May-2016
Well that'll teach him not to take the Mickey out of their policy on staff discounts for merchandise.
Previously on Webb-site.com
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