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)

Licence applicant convicted of providing false information to the SFC
SFC, 25-May-2023
Mr Sze Chun Wai pleaded guilty and was fined HK$8k plus investigation costs. He failed to disclose that he was prohibited by "a regulatory body" from employment in "an industry" following a disciplinary action in April 2016.

Censure of CT Vision S.L. (0994)
SEHK, 23-May-2023
For undisclosed connected transactions and financial assistance to ex-director Jim Kan Hou Sek.

Duo charged with money laundering for allegedly conspiring with dummy insurance agent to handle HK$270k commissions
ICAC, 19-May-2023
Another alleged "handling agent" scam. It seems that life insurers will pay out extra commissions if their agent can name a third party handling agent who introduced the business, rather than just diverting part of the commission from the primary agent to the handling agent. This is an obvious incentive to create dummy handling agents.

Intermediary charged by ICAC for bribing Bank of East Asia manager over account opening
ICAC, 18-May-2023

Ramp-and-dump suspect arrested for breaches of court bail conditions
SFC, 18-May-2023

Ex-property agent jailed for 16 months and HK$1m ordered confiscated for HK$4.9m mortgage loan fraud
ICAC, 16-May-2023
In a sort of "time plus cash" deal, Mr Chiu Ka Wai can either pay HK$1.07m of "illicit gains" (presumably, rental income) or do an extra 25 months in jail. So the price of freedom is about HK$42.8k/month, minus costs of housing and food. His "serious" crime was to rent out a property bought with mortgage insurance on condition of self-occupancy. The insurer, HKMC, is ultimately owned by the Government. There is no allegation that the lender, HSBC and the insurer were not paid, presumably assisted by the rental income. Meanwhile, of course, Mr Chiu had to live somewhere else.

Webb on "Backchat" re the HK$2 fare scheme and other subsidies | Transport Dept expenditure
RTHK, 15-May-2023

Court orders confiscation of HK$63m crime proceeds from convicted warrants trader Mr Ha But Yee | Judgment
ICAC, 11-May-2023
In a cash-or-time offer, Mr Ha can either pay HK$63m or do 10 more years in jail. The judgment makes clear that he has this amount in realisable assets, less than the HK$125.7m proceeds of crime. The ICAC is wrong on one point: Ma Sin Chi wasn't a director of Deutsche Bank AG (the top-level German company), he was an SFC-licensed Responsible Officer of a HK subsidiary, Deutsche Securities Asia Ltd.

Ex-OCBC Wing Hang Bank manager Amy Chow Bik Sum jailed for 4 weeks for bribing colleague for referring mortgage loan clients to financial intermediary
ICAC, 5-May-2023

Ex-Bank of East Asia manager admits bribery over account opening
ICAC, 4-May-2023

Disciplinary action against 4 ex-directors of Arta TechFin (0279)
SEHK, 4-May-2023
The money-lending business via Hansom Finance Ltd was "seriously mismanaged" with loans of HK$2.28bn in 9 months from Jul-2017 to Apr-2018, of which 93% were disbursed to third-party nominees (sometimes, the same nominee) and $1.9bn went sour. We wonder why the police are not involved.

SFC commences MMT proceedings against former bank employee over alleged insider dealing | SFC Notice to MMT
SFC, 3-May-2023
Approaching the 6-year limit on civil action, the SFC at last launches an MMT case (rather than a criminal prosecution by DoJ) for alleged insider dealing. This relates to a restriction notice against a client account at Interactive Brokers on 1-Mar-2018, the client now revealed to be Ms Ip Yee Man, spouse of Mr Wu Kam Shing, who worked at China CITIC Bank, lender to the offeror for the privatisation of Bloomage BioTech (ex-0963). Incidentally, the SFC notice to the MMT is dated 31-Mar, over a month ago.

SFC obtains court order to freeze assets of suspected insider dealers of I.T (ex-0999) shares
SFC, 2-May-2023
Ms Tsang Ching Yi is suspected to have tipped off Barry Kwok Sze Lok about the impending privatisation of I.T in 2021, learned from her work at an unnamed investment bank, netting a profit of HK$4.1m. We note that a person of her name was briefly licensed at Morgan Stanley Asia Ltd in 2005 and may have continued to work there. That firm was the Financial Adviser to the offeror in the privatisation.

Ex-AXA insurance agent jailed for 11 months over HK$1.5m commissions fraud
ICAC, 28-Apr-2023

PECS Register monthly update
HK Government, 28-Apr-2023

SFC bans Peter Law Chi Kin, ex-Convoy (now OnePlatform) for 10 years and fines him HK$535,500 | Statement of Disciplinary Action
SFC, 26-Apr-2023
For his involvement in a boiler-room operation on an unnamed GEM stock, which we can tell you was TEM Holdings Ltd (ex-8346). He is now revealed as the "X" in the earlier sanctions against his former colleague Wong Kwun Shing, who was banned forever on 1-Mar-2023. The SFC refers to "certain unknown manipulators" but does not appear to be certain about who they are. The statement says that Law "neither knew nor had direct contact with the manipulators". It is unclear whether that is his claim, or an established fact.

SFC issues restriction notices to 10 brokers to freeze client accounts linked to a suspected social media ramp-and-dump scam
SFC, 25-Apr-2023

2 additional alleged syndicate members charged in pump-and-dump case
SFC, 21-Apr-2023

Another ex-AXA insurance agent charged with alleged HK$1.5m commissions fraud
ICAC, 20-Apr-2023
We infer an incentive to invent clients, pay the first premium on their behalf, and claim the commission. The "policies eventually lapsed after subsequent premiums were not paid". Are buyers in general aware that all of their initial premiums are soaked up by commissions?

Censure of Tianjin Real Estate Co Ltd
SEHK, 20-Apr-2023
For failing to properly respond to queries about its onshore bond defaults. The firm had a HK-listed 3-year bond which it subsequently failed to redeem at maturity on 29-Sep-2020.