News
SEC obtains final judgment against Brite Advisors USA, Inc. for custody rule and disclosure violations
US SEC, 17-Jun-2025
US SEC, 17-Jun-2025
Activist investor David Webb awarded MBE for contributions to Hong Kong
South China Morning Post, 14-Jun-2025
South China Morning Post, 14-Jun-2025
Webb appointed MBE in UK honours list
| Gazette Notice
Webb-site.com, 14-Jun-2025
A statement from our Founder.
Webb-site.com, 14-Jun-2025
A statement from our Founder.
World Service Business Daily meets activist investor David Webb
| YouTube version 1-Jun
BBC, 13-Jun-2025
Today's radio broadcast is a follow-on to the excellent video on 1-Jun.
BBC, 13-Jun-2025
Today's radio broadcast is a follow-on to the excellent video on 1-Jun.
Censure/criticism of New Century Healthcare (1518) and 6 directors
SEHK, 11-Jun-2025
For racking up years of receivables from a connected person, which defaulted on payment.
SEHK, 11-Jun-2025
For racking up years of receivables from a connected person, which defaulted on payment.
SFC issues restriction notice to GA (Int'l) Capital Management Ltd and conducts search operation
SFC, 6-Jun-2025
We note that the only Responsible Officer, whose premises were searched, is Wong On Ying.
SFC, 6-Jun-2025
We note that the only Responsible Officer, whose premises were searched, is Wong On Ying.
SFC bans Wong Lai Suen, ex-MTF Securities Ltd, for 6 months
| Statement of Disciplinary Action
SFC, 4-Jun-2025
We note that the firm has since been renamed as AuVantage Consultancy Ltd.
SFC, 4-Jun-2025
We note that the firm has since been renamed as AuVantage Consultancy Ltd.
Court orders ex-Combest (ex-8190) senior execs to make HK$192m compensation to shareholders
| Judgment
SFC, 2-Jun-2025
Webb-site filed a detailed complaint on this to the SFC on 21-Dec-2017. Justice Harris asks why criminal charges were not brought, as the case "clearly bears the hallmarks of a fraud". The SFC replies that it referred the case to the Police Commercial Crime Bureau on 20-Jun-2019. Over $293m of losses were caused to Combest, so the respondents appear to have made a net profit and avoided criminal charges.
SFC, 2-Jun-2025
Webb-site filed a detailed complaint on this to the SFC on 21-Dec-2017. Justice Harris asks why criminal charges were not brought, as the case "clearly bears the hallmarks of a fraud". The SFC replies that it referred the case to the Police Commercial Crime Bureau on 20-Jun-2019. Over $293m of losses were caused to Combest, so the respondents appear to have made a net profit and avoided criminal charges.
HKSAR v Joseph Lam Chok
HK Court of First Instance, 2-Jun-2025
Mr Lam wins his appeal against a Magistrate's conviction for careless driving inside the Cheung Kong Centre car park. The doctrine of res ipsa loquitur has no application in criminal law - the fact that he hit a pillar doesn't prove carelessness in itself.
HK Court of First Instance, 2-Jun-2025
Mr Lam wins his appeal against a Magistrate's conviction for careless driving inside the Cheung Kong Centre car park. The doctrine of res ipsa loquitur has no application in criminal law - the fact that he hit a pillar doesn't prove carelessness in itself.
PECS Register monthly update
HK Government, 30-May-2025
Jobs for retired ex-senior HK civil servants
HK Government, 30-May-2025
Jobs for retired ex-senior HK civil servants
Sanction of 2 ex-directors of China Health Technology (1069)
SEHK, 28-May-2025
Regarding, amongst other things, undisclosed "loans" to the CEO's uncle, and the "sale" of a business with no money up front and no security for the payment. The buyer then defaulted.
SEHK, 28-May-2025
Regarding, amongst other things, undisclosed "loans" to the CEO's uncle, and the "sale" of a business with no money up front and no security for the payment. The buyer then defaulted.
SFC obtains DQ orders of 2 to 9 years against ex-directors and senior executive of National Agricultural (ex-1236)
| Judgment
SFC, 27-May-2025
SFC, 27-May-2025
Hengrui Pharma (1276): allotment results and concentration warning
Company announcement, 22-May-2025
The H-shares are 3.40% of the company. The top 25 placees received 84.75% of these. 41.77% of the H-shares are locked up until 22-Nov-2025, leaving a free float of 130.75m H-shares or 1.98% of the company.
Company announcement, 22-May-2025
The H-shares are 3.40% of the company. The top 25 placees received 84.75% of these. 41.77% of the H-shares are locked up until 22-Nov-2025, leaving a free float of 130.75m H-shares or 1.98% of the company.
Mirxes (2629): allotment results and concentration warning
Company announcement, 22-May-2025
The top 25 holders have 87.95% of the company. The top 25 placees received 87.32% of the IPO shares. 90.11% of the stock is locked up, of which 6.98% until 23-Nov-2025 and the rest until 23-Feb-2026, leaving a free float of 27.33m shares.
Company announcement, 22-May-2025
The top 25 holders have 87.95% of the company. The top 25 placees received 87.32% of the IPO shares. 90.11% of the stock is locked up, of which 6.98% until 23-Nov-2025 and the rest until 23-Feb-2026, leaving a free float of 27.33m shares.
Anthony Chiang Sham Lam and his accounting firm suspended for 3 years and fined HK$500k
Accounting & Financial Reporting Council, 22-May-2025
Mr Chiang's firm audited private companies variously owned by him, his wife and his mother.
Accounting & Financial Reporting Council, 22-May-2025
Mr Chiang's firm audited private companies variously owned by him, his wife and his mother.
SFC bans Ho Hin Hang, ex-RO of Lion Futures Ltd, for 5 months
| Statement of Disciplinary Action
SFC, 21-May-2025
SFC, 21-May-2025
SFC issues restriction notice to broker Bloomyears Ltd
| Restriction Notice
SFC, 21-May-2025
The Restriction Notice, published in the Gazette on 30-May-2025, reveals suspected window-dressing of accounts with bounced cheques and possible dissipation of client assets.
SFC, 21-May-2025
The Restriction Notice, published in the Gazette on 30-May-2025, reveals suspected window-dressing of accounts with bounced cheques and possible dissipation of client assets.
CATL (3750): allotment results and concentration warning
Company announcement, 19-May-2025
After exercise of the over-allotment option, there are 155.915m H-shares (3.42% of the company) of which 77.455m are locked up until 19-Nov-2025, leaving a real free float of 78.460m shares. The top 25 H-share holders have 69.65% of the H-shares.
Company announcement, 19-May-2025
After exercise of the over-allotment option, there are 155.915m H-shares (3.42% of the company) of which 77.455m are locked up until 19-Nov-2025, leaving a real free float of 78.460m shares. The top 25 H-share holders have 69.65% of the H-shares.
SFC revokes licence of Samuel Mui Chok Wah, RO of KCG Securities Asia, bans him for 2 years
SFC, 19-May-2025
He last year pleaded guilty to stealing a wallet left on an ATM machine and received a sentence of 2 months in jail suspended for 3 years. We note that in the past, he's been an INED of 2 listed companies and the CFO or Company Secretary of several others.
SFC, 19-May-2025
He last year pleaded guilty to stealing a wallet left on an ATM machine and received a sentence of 2 months in jail suspended for 3 years. We note that in the past, he's been an INED of 2 listed companies and the CFO or Company Secretary of several others.
PKY v CHM
HK District Court, 16-May-2025
CHM is clearly Chan Heung Ming, who founded Kwai Bon Transportation Ltd, which listed on GEM in Apr-2020 as Asia-express Logistics (8620) after he passed the controlling shareholding to his son for free or nominal payment, because CHM (he says) had a criminal record. This transfer was after the divorce, for which he was to pay HK$17m in 72 monthly instalments. He now says he can't pay the remaining 28 instalments. The judge rejects this. We note from the prospectus that CHM received a $15m dividend in Dec-2016, after the divorce and before the transfer to his son.
HK District Court, 16-May-2025
CHM is clearly Chan Heung Ming, who founded Kwai Bon Transportation Ltd, which listed on GEM in Apr-2020 as Asia-express Logistics (8620) after he passed the controlling shareholding to his son for free or nominal payment, because CHM (he says) had a criminal record. This transfer was after the divorce, for which he was to pay HK$17m in 72 monthly instalments. He now says he can't pay the remaining 28 instalments. The judge rejects this. We note from the prospectus that CHM received a $15m dividend in Dec-2016, after the divorce and before the transfer to his son.
CFI dismisses appeal by Lai Ka Yi against conviction and sentence for unlicensed activity
SFC, 15-May-2025
SFC, 15-May-2025
Activist investor David Webb hopes HK statutory body will carry on his work
South China Morning Post, 12-May-2025
South China Morning Post, 12-May-2025
Our stories
The Webb-site Repository
As promised, you can now download the Webb-site datasets and take our work forward. (1-May-2025)
As promised, you can now download the Webb-site datasets and take our work forward. (1-May-2025)
Trump's tariff own-goal
He apparently has no idea how much this will hurt US consumers and how little it will affect the trade deficit. Asian manufacturers and their investors can, to a large extent, sleep easy tonight. (3-Apr-2025)
He apparently has no idea how much this will hurt US consumers and how little it will affect the trade deficit. Asian manufacturers and their investors can, to a large extent, sleep easy tonight. (3-Apr-2025)
The coming end of Webb-site
Unfortunately, there are going to be some more changes around here. Our founder explains why. Updated 17-Mar-2025: thanks for all the good wishes and stand by for a data and software dump. (12-Feb-2025)
Unfortunately, there are going to be some more changes around here. Our founder explains why. Updated 17-Mar-2025: thanks for all the good wishes and stand by for a data and software dump. (12-Feb-2025)
On 18-Nov-2024, JPMorgan completed oustourcing its HK custodian business to HSBC, as shown in Webb-site CCASS Analysis
| HSBC custody at 2024-11-18
(20-Nov-2024)
(20-Nov-2024)
Knock it off, Judiciary: HK courts don't use gavels
The HK Judiciary persists in promoting an object never used in courtrooms as a symbol of law and juridical work. Why not promote something else not found in courts, like a rocket? (19-Oct-2024)
The HK Judiciary persists in promoting an object never used in courtrooms as a symbol of law and juridical work. Why not promote something else not found in courts, like a rocket? (19-Oct-2024)
IKEA removes smart-home products from HK, citing National Security Law
Not entirely consistent with the Government's goal to make Hong Kong a Smart City by investing hundreds of HK$ billions into "Innovation and Technology". (12-Sep-2024)
Not entirely consistent with the Government's goal to make Hong Kong a Smart City by investing hundreds of HK$ billions into "Innovation and Technology". (12-Sep-2024)
Meaningless board games at HKEX, and how the UK FCA has just made an awful mistake
We review the proposals for a 6-seat and 9-year limit on so-called INEDs, along with other changes that do nothing to address HK's corporate governance deficit. Meanwhile, a slow-motion disaster is underway in the UK as it scraps fundamental investor rights. (28-Jul-2024)
We review the proposals for a 6-seat and 9-year limit on so-called INEDs, along with other changes that do nothing to address HK's corporate governance deficit. Meanwhile, a slow-motion disaster is underway in the UK as it scraps fundamental investor rights. (28-Jul-2024)
Help maintain the Webb-site Database
We are commencing the transition of the Webb-site Database to a crowd-sourced model. Whether it survives our Founder's doom depends on whether you, the users, are willing to volunteer your time, in a "Webbipedia" crowd-sourcing of corporate data. So please get involved, and you may get a free lunch at the end of the year. (19-May-2024)
We are commencing the transition of the Webb-site Database to a crowd-sourced model. Whether it survives our Founder's doom depends on whether you, the users, are willing to volunteer your time, in a "Webbipedia" crowd-sourcing of corporate data. So please get involved, and you may get a free lunch at the end of the year. (19-May-2024)
The HK budget supercomputer hallucination
According to Paul Chan's budget speech, at undisclosed taxpayer expense, HK is supposed to produce a machine 3 times more powerful than the world's current fastest, within 2 years, and without using the best chips which were banned by the USA from export to HK following imposition of the National Security Law on HK. (2-Mar-2024)
According to Paul Chan's budget speech, at undisclosed taxpayer expense, HK is supposed to produce a machine 3 times more powerful than the world's current fastest, within 2 years, and without using the best chips which were banned by the USA from export to HK following imposition of the National Security Law on HK. (2-Mar-2024)
HK's Rates reforms: damage to property values, needless complexity and misdirected handouts
It's not too late for the Government to return to fiscal sanity with a simple Rates system rather than practice the populist politics of petty envy. (30-Jan-2024)
It's not too late for the Government to return to fiscal sanity with a simple Rates system rather than practice the populist politics of petty envy. (30-Jan-2024)
Breaking: HK Government withholds Task Force report, citing threat to financial markets stability
We asked for the report. They refused. Now we're really wondering what's in it. (29-Jan-2024)
We asked for the report. They refused. Now we're really wondering what's in it. (29-Jan-2024)
Other news
SEC obtains final judgment against Brite Advisors USA, Inc. for custody rule and disclosure violations
US SEC, 17-Jun-2025
US SEC, 17-Jun-2025
Activist investor David Webb awarded MBE for contributions to Hong Kong
South China Morning Post, 14-Jun-2025
South China Morning Post, 14-Jun-2025
World Service Business Daily meets activist investor David Webb
| YouTube version 1-Jun
BBC, 13-Jun-2025
Today's radio broadcast is a follow-on to the excellent video on 1-Jun.
BBC, 13-Jun-2025
Today's radio broadcast is a follow-on to the excellent video on 1-Jun.
Censure/criticism of New Century Healthcare (1518) and 6 directors
SEHK, 11-Jun-2025
For racking up years of receivables from a connected person, which defaulted on payment.
SEHK, 11-Jun-2025
For racking up years of receivables from a connected person, which defaulted on payment.
SFC issues restriction notice to GA (Int'l) Capital Management Ltd and conducts search operation
SFC, 6-Jun-2025
We note that the only Responsible Officer, whose premises were searched, is Wong On Ying.
SFC, 6-Jun-2025
We note that the only Responsible Officer, whose premises were searched, is Wong On Ying.
SFC bans Wong Lai Suen, ex-MTF Securities Ltd, for 6 months
| Statement of Disciplinary Action
SFC, 4-Jun-2025
We note that the firm has since been renamed as AuVantage Consultancy Ltd.
SFC, 4-Jun-2025
We note that the firm has since been renamed as AuVantage Consultancy Ltd.
Court orders ex-Combest (ex-8190) senior execs to make HK$192m compensation to shareholders
| Judgment
SFC, 2-Jun-2025
Webb-site filed a detailed complaint on this to the SFC on 21-Dec-2017. Justice Harris asks why criminal charges were not brought, as the case "clearly bears the hallmarks of a fraud". The SFC replies that it referred the case to the Police Commercial Crime Bureau on 20-Jun-2019. Over $293m of losses were caused to Combest, so the respondents appear to have made a net profit and avoided criminal charges.
SFC, 2-Jun-2025
Webb-site filed a detailed complaint on this to the SFC on 21-Dec-2017. Justice Harris asks why criminal charges were not brought, as the case "clearly bears the hallmarks of a fraud". The SFC replies that it referred the case to the Police Commercial Crime Bureau on 20-Jun-2019. Over $293m of losses were caused to Combest, so the respondents appear to have made a net profit and avoided criminal charges.
HKSAR v Joseph Lam Chok
HK Court of First Instance, 2-Jun-2025
Mr Lam wins his appeal against a Magistrate's conviction for careless driving inside the Cheung Kong Centre car park. The doctrine of res ipsa loquitur has no application in criminal law - the fact that he hit a pillar doesn't prove carelessness in itself.
HK Court of First Instance, 2-Jun-2025
Mr Lam wins his appeal against a Magistrate's conviction for careless driving inside the Cheung Kong Centre car park. The doctrine of res ipsa loquitur has no application in criminal law - the fact that he hit a pillar doesn't prove carelessness in itself.
PECS Register monthly update
HK Government, 30-May-2025
Jobs for retired ex-senior HK civil servants
HK Government, 30-May-2025
Jobs for retired ex-senior HK civil servants
Sanction of 2 ex-directors of China Health Technology (1069)
SEHK, 28-May-2025
Regarding, amongst other things, undisclosed "loans" to the CEO's uncle, and the "sale" of a business with no money up front and no security for the payment. The buyer then defaulted.
SEHK, 28-May-2025
Regarding, amongst other things, undisclosed "loans" to the CEO's uncle, and the "sale" of a business with no money up front and no security for the payment. The buyer then defaulted.
SFC obtains DQ orders of 2 to 9 years against ex-directors and senior executive of National Agricultural (ex-1236)
| Judgment
SFC, 27-May-2025
SFC, 27-May-2025
Hengrui Pharma (1276): allotment results and concentration warning
Company announcement, 22-May-2025
The H-shares are 3.40% of the company. The top 25 placees received 84.75% of these. 41.77% of the H-shares are locked up until 22-Nov-2025, leaving a free float of 130.75m H-shares or 1.98% of the company.
Company announcement, 22-May-2025
The H-shares are 3.40% of the company. The top 25 placees received 84.75% of these. 41.77% of the H-shares are locked up until 22-Nov-2025, leaving a free float of 130.75m H-shares or 1.98% of the company.
Mirxes (2629): allotment results and concentration warning
Company announcement, 22-May-2025
The top 25 holders have 87.95% of the company. The top 25 placees received 87.32% of the IPO shares. 90.11% of the stock is locked up, of which 6.98% until 23-Nov-2025 and the rest until 23-Feb-2026, leaving a free float of 27.33m shares.
Company announcement, 22-May-2025
The top 25 holders have 87.95% of the company. The top 25 placees received 87.32% of the IPO shares. 90.11% of the stock is locked up, of which 6.98% until 23-Nov-2025 and the rest until 23-Feb-2026, leaving a free float of 27.33m shares.
Anthony Chiang Sham Lam and his accounting firm suspended for 3 years and fined HK$500k
Accounting & Financial Reporting Council, 22-May-2025
Mr Chiang's firm audited private companies variously owned by him, his wife and his mother.
Accounting & Financial Reporting Council, 22-May-2025
Mr Chiang's firm audited private companies variously owned by him, his wife and his mother.
SFC bans Ho Hin Hang, ex-RO of Lion Futures Ltd, for 5 months
| Statement of Disciplinary Action
SFC, 21-May-2025
SFC, 21-May-2025
SFC issues restriction notice to broker Bloomyears Ltd
| Restriction Notice
SFC, 21-May-2025
The Restriction Notice, published in the Gazette on 30-May-2025, reveals suspected window-dressing of accounts with bounced cheques and possible dissipation of client assets.
SFC, 21-May-2025
The Restriction Notice, published in the Gazette on 30-May-2025, reveals suspected window-dressing of accounts with bounced cheques and possible dissipation of client assets.
Previously on Webb-site.com
Check out our full list of articles in the archive, since our launch in 1998.
Check out our full list of articles in the archive, since our launch in 1998.
Webb-chips: current disclosed holdings
Today's big birthdays, 18 June
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