News

SFC directs suspension of GME (8188) on day 1
SEHK, 22-Feb-2017
We don't yet know the reason for the suspension, but the stock is up 543% on its placing price. However, if that is the only reason, then why hasn't the SFC suspended other bubbles like China Jicheng (1027), Luen Wong (8217), Tai Kam (8321), Fullshare (0607) and Zall (2098), to name just a few?
DBS Bank (Hong Kong) Ltd v Sit Pan Jit
HK Court of Final Appeal, 17-Feb-2017
Mr Sit's application for leave to appeal is dismissed.
Waterworks Inspector of WSD admits misconduct
ICAC, 16-Feb-2017
One proprietor, two quotes: on 14 occassions, Mr Luk obtained quotes from just one sole proprietor trading under two different company names, creating the illusion of choice.
Re Damien Kwok Hiu Chun
HK Court of First Instance, 16-Feb-2017
Mr Kwok applied to exclude from his bankruptcy estate the Long Service Payment he had received, which his employer had recovered from its MPF contributions. The application was dismissed, but he is now granted leave to appeal to the Court of Appeal.
Designing Hong Kong Ltd v Town Planning Board
HK Court of Appeal, 16-Feb-2017
DHK loses its appeal against the refusal of the court below to grant a protective costs order for its judicial review of the TPB's decision in relation to the military dock in Central. The only consolation is that the Court of Appeal did not award costs of the appeal against the applicant, unlike the court below.
Concentration warning in SingAsia (8293)
SFC, 14-Feb-2017
This is a GEM stock but it did have a public offer when it listed. The top 19 public shareholders now have 83.2% of the float.
Re Anxin-China (1149)
HK Court of First Instance, 9-Feb-2017
The winding-up petition is dismissed.
One INED, two names
Company announcement, 8-Feb-2017
Season Pacific (8127) says an INED has changed her forename, following Webb-site's complaint to HKEX that the INED formerly known as Claire Luk Yung Yung had joined another board, China Bio Cassava (8129) using a different name, Claire Luk Huen Ling.

Our stories

West Kowloon needs tender care
We urge the board of WKCDA, which was bypassed for months in the planning of the Palace Museum, to put the main architectural services contract out to tender, given that there is still no binding contract with Rocco Yim's company. Let him compete for the work, in line with HK's commitments to free and fair trade under WTO obligations. We estimate the contract size at HK$140m. (6-Feb-2017)
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)

Other news

SFC directs suspension of GME (8188) on day 1
SEHK, 22-Feb-2017
We don't yet know the reason for the suspension, but the stock is up 543% on its placing price. However, if that is the only reason, then why hasn't the SFC suspended other bubbles like China Jicheng (1027), Luen Wong (8217), Tai Kam (8321), Fullshare (0607) and Zall (2098), to name just a few?
DBS Bank (Hong Kong) Ltd v Sit Pan Jit
HK Court of Final Appeal, 17-Feb-2017
Mr Sit's application for leave to appeal is dismissed.
Waterworks Inspector of WSD admits misconduct
ICAC, 16-Feb-2017
One proprietor, two quotes: on 14 occassions, Mr Luk obtained quotes from just one sole proprietor trading under two different company names, creating the illusion of choice.
Re Damien Kwok Hiu Chun
HK Court of First Instance, 16-Feb-2017
Mr Kwok applied to exclude from his bankruptcy estate the Long Service Payment he had received, which his employer had recovered from its MPF contributions. The application was dismissed, but he is now granted leave to appeal to the Court of Appeal.
Designing Hong Kong Ltd v Town Planning Board
HK Court of Appeal, 16-Feb-2017
DHK loses its appeal against the refusal of the court below to grant a protective costs order for its judicial review of the TPB's decision in relation to the military dock in Central. The only consolation is that the Court of Appeal did not award costs of the appeal against the applicant, unlike the court below.
Concentration warning in SingAsia (8293)
SFC, 14-Feb-2017
This is a GEM stock but it did have a public offer when it listed. The top 19 public shareholders now have 83.2% of the float.
Previously on Webb-site.com
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