News

SFC bans Cheung Wing Hung for 18 months
SFC, 27-May-2024
Following his conviction and HK$6k fine for unlicensed investment services.
Pre-trial review fixed for false trading in shares of China All Access (ex-0633)Webb-site Total Return chart
SFC, 23-May-2024
Ms Wong Yuk Lan pleads not guilty to manipulating the stock between 29-31-Dec-2014. Looking at the past stock data in the Webb-site Database, we cannot see what all the fuss is about. As we've often said, nobody should expect the market to tell them what a stock is worth and which way the price will move.
Help maintain the Webb-site Database
Webb-site.com, 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.
Yip Chi Wing (ex-KGI Asia Ltd) and Tsoi Chiu Kwan (ex-South China Securities Ltd) jailed for 3 months for false trading
SFC, 17-May-2024
In shares of Times Universal (2310), then known as Forebase International Holdings Ltd, in 2015-2016.
3 people charged with assisting HK intelligence service and foreign interference under the National Security Act
UK Metropolitan Police, 13-May-2024
Yes, that's the UK NSA, not the PRC NSA imposed on HK. Bill Yuen Chung Biu is an ex-HK Police officer now working as "Office Manager" in the HK London Trade Office. Public data show that he joined the Police on 21-Aug-1978 aged 18, and progressed to Chief Inspector on 15-Nov-1990 and Superintendent on 3-Aug-1998. The other 2 defendants are UK company directors in the Webb-site Database.
Censure of Ms Zhu Ya Ying, ex-ED of Suchuang Gas (ex-1430)
SEHK, 9-May-2024
For hidden guarantees issued by the group.
SFC obtains interlocutory asset freezing order against Anita Maria Leung Fung YeeJudgment
SFC, 7-May-2024
Up to a value of HK$235m, which the SFC seeks to recover, alleging that she and late husband/ex-legislator Philip Wong Yu Hong used BVI companies and nominee shareholders to sell overvalued TV series licence rights to SMI Culture & Travel (ex-2366).
SFC v Anita Maria Leung Fung Yee
HK Court of First Instance, 6-May-2024
MPF intermediary and 4 clients charged with conspiracy over early MPF withdrawal
ICAC, 30-Apr-2024
Of course, this wouldn't be a thing if the savings scheme was not compulsory. MPF is Mandatory Payment of Fees to asset managers and removes workers' free choice over what to do with a substantial portion of discretionary income after living costs, in return for a lump sump (after fees) at 65 when the freedom resumes and they can pay off their debts or gamble. If an employer is willing to spend HK$21k per month on an employee, then currently $2k of that goes into the MPF and $19k goes to the employee, on which they and often their family must survive.
PECS Register monthly update
HK Government, 30-Apr-2024
Sanction of China Ecotourism (1371) and 7 directors
SEHK, 25-Apr-2024
13 bad loans to 9 borrowers led to impairment of HK$473m, and a HK$35m purported investment in a blockchain startup was also fully impaired after the owner disappeared. Some of that money found it way into the bank account of Sha Tao, the husband of Donna Chan Tan Na, ex-Chairman and CEO of the company. Chan Shing, the ex-husband of ED Lau Ting was also allegedly involved. A slap on the wrists from the Stock Exchange doesn't go far enough - why haven't there been criminal charges?
SFC helps HKEX in investigation of China Ecotourism (1371) over dubious loans and investment
SFC, 25-Apr-2024
Comment: the toothless Exchange cannot fine or jail, it only handles breaches of Listing Rules. The SFC helped trace funds, but why isn't it taking civil action under SFO, or criminal prosecution via the Department of Justice, if needed?
SFC freezes accounts at 2 brokers of ex-director of delisted companyRestriction Notices
SFC, 25-Apr-2024
It suspects a fraudulent scheme to misappropriate US$154m under the guise of securities and spot FX trading, between June 2020 and September 2021. The unnamed company is almost certainly Target Insurance (ex-6161) which imploded after depositing US$154m with Nerico Brothers Ltd. Ex-Chairman Mr Ng Yu was earlier alleged by the bust insurer to be the "central figure in the fraudulent scheme".
Planetree (0613): breach of Listing Rules: undisclosed loans to South Shore (ex-0577) and Charles Chan Kwok Keung
Company announcement, 24-Apr-2024
Mr Chan paid interest at 18% p.a. quarterly (19.25% APR) for the loans totalling HK$26m granted to him in June 2021.
SFC starts MMT proceedings over suspected insider dealing in Asiasec Properties (0271)MMT Notice
SFC, 23-Apr-2024
Company secretary Cynthia Chen Si Ying allegedly dealt in the shares via her relatives before the takeover by Tian An China (0028). Also, a driver employed by Tian An parent Allied Group Ltd (0373) and his wife allegedly dealt. Interestingly, to discuss the takeover, Tian An Chairman Lee Seng Hui (referred to by the driver as the "eldest young master") took a trip to Beijing with middle-man Kin Chan of Argyle Street. Whom did they see there? Finally we note that the MMT notice was dated 29-Feb but it has taken 54 days for the SFC to announce this.
SFC statement on New Sparkle Roll (0970) announcementCompany announcement
SFC, 22-Apr-2024
NSR says it received a confidential document "suspectedly leaked out by a serving individual" of the SFC. The SFC says that "a particular individual" is no longer employed by the SFC. The company has obtained a Bermudan court order for appointment of provisional liquidators.
Danny Wong Kui Shing declared bankrupt
HK Court of First Instance, 19-Apr-2024
SFC obtains court orders against ex-director and CFO of Changgang Dunxin Enterprise (ex-2229)Judgment
SFC, 8-Apr-2024
He is ordered to pay HK$163m "misappropriated" by the ex-Chairman, plus interest and costs, and disqualified from directorships for 10 years. We doubt that he will ever pay though, as he didn't attend the hearing and is probably not in HK. The SFC has been unable to serve its petition in the Mainland against 3 other directors including the ex-Chairman.
PECS Register monthly update
HK Government, 28-Mar-2024
The latest career moves of former senior HK civil servants.
SFC v Chen Ruomao, ex-director and CFO of Changgang Dunxin Enterprise (ex-2229)
HK Court of First Instance, 28-Mar-2024
The SFC has been pursuing 3 other directors but has been unable to serve the petition on them in Mainland China.
SFC commences MMT proceedings against Ding Yi Feng former chairman over suspected market manipulationNotice to MMT
SFC, 27-Mar-2024
Rather strangely, the SFC's notice to the MMT was dated 16-Aug-2023 but has only now been uploaded to the MMT website (the PDF was created on 26-Mar-2024) and announced by the SFC. Why the delay?
3 ex-AXA insurance agents jailed for 12-35 months for HK$2.7m fraud and money-laundering
ICAC, 25-Mar-2024
Another case involving commission payments to a fictional downline insurance agent, who then kicked the payments back up the line, in the pyramid-selling scheme that is the HK life insurance industry.

Our stories

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)
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)
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)
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)
Hong Kong Island, major vehicle exporter?
Transport Department data suggest that HK Island exported a net 1.25m vehicles in 2022, more than are on the roads in the SAR, and the Island is on track to beat that in 2023. Take a look at the data and tell us why! (9-Dec-2023)
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)

Other news

SFC bans Cheung Wing Hung for 18 months
SFC, 27-May-2024
Following his conviction and HK$6k fine for unlicensed investment services.
Pre-trial review fixed for false trading in shares of China All Access (ex-0633)Webb-site Total Return chart
SFC, 23-May-2024
Ms Wong Yuk Lan pleads not guilty to manipulating the stock between 29-31-Dec-2014. Looking at the past stock data in the Webb-site Database, we cannot see what all the fuss is about. As we've often said, nobody should expect the market to tell them what a stock is worth and which way the price will move.
Yip Chi Wing (ex-KGI Asia Ltd) and Tsoi Chiu Kwan (ex-South China Securities Ltd) jailed for 3 months for false trading
SFC, 17-May-2024
In shares of Times Universal (2310), then known as Forebase International Holdings Ltd, in 2015-2016.
3 people charged with assisting HK intelligence service and foreign interference under the National Security Act
UK Metropolitan Police, 13-May-2024
Yes, that's the UK NSA, not the PRC NSA imposed on HK. Bill Yuen Chung Biu is an ex-HK Police officer now working as "Office Manager" in the HK London Trade Office. Public data show that he joined the Police on 21-Aug-1978 aged 18, and progressed to Chief Inspector on 15-Nov-1990 and Superintendent on 3-Aug-1998. The other 2 defendants are UK company directors in the Webb-site Database.
Censure of Ms Zhu Ya Ying, ex-ED of Suchuang Gas (ex-1430)
SEHK, 9-May-2024
For hidden guarantees issued by the group.
SFC obtains interlocutory asset freezing order against Anita Maria Leung Fung YeeJudgment
SFC, 7-May-2024
Up to a value of HK$235m, which the SFC seeks to recover, alleging that she and late husband/ex-legislator Philip Wong Yu Hong used BVI companies and nominee shareholders to sell overvalued TV series licence rights to SMI Culture & Travel (ex-2366).
SFC v Anita Maria Leung Fung Yee
HK Court of First Instance, 6-May-2024
MPF intermediary and 4 clients charged with conspiracy over early MPF withdrawal
ICAC, 30-Apr-2024
Of course, this wouldn't be a thing if the savings scheme was not compulsory. MPF is Mandatory Payment of Fees to asset managers and removes workers' free choice over what to do with a substantial portion of discretionary income after living costs, in return for a lump sump (after fees) at 65 when the freedom resumes and they can pay off their debts or gamble. If an employer is willing to spend HK$21k per month on an employee, then currently $2k of that goes into the MPF and $19k goes to the employee, on which they and often their family must survive.
PECS Register monthly update
HK Government, 30-Apr-2024
Sanction of China Ecotourism (1371) and 7 directors
SEHK, 25-Apr-2024
13 bad loans to 9 borrowers led to impairment of HK$473m, and a HK$35m purported investment in a blockchain startup was also fully impaired after the owner disappeared. Some of that money found it way into the bank account of Sha Tao, the husband of Donna Chan Tan Na, ex-Chairman and CEO of the company. Chan Shing, the ex-husband of ED Lau Ting was also allegedly involved. A slap on the wrists from the Stock Exchange doesn't go far enough - why haven't there been criminal charges?
SFC helps HKEX in investigation of China Ecotourism (1371) over dubious loans and investment
SFC, 25-Apr-2024
Comment: the toothless Exchange cannot fine or jail, it only handles breaches of Listing Rules. The SFC helped trace funds, but why isn't it taking civil action under SFO, or criminal prosecution via the Department of Justice, if needed?
SFC freezes accounts at 2 brokers of ex-director of delisted companyRestriction Notices
SFC, 25-Apr-2024
It suspects a fraudulent scheme to misappropriate US$154m under the guise of securities and spot FX trading, between June 2020 and September 2021. The unnamed company is almost certainly Target Insurance (ex-6161) which imploded after depositing US$154m with Nerico Brothers Ltd. Ex-Chairman Mr Ng Yu was earlier alleged by the bust insurer to be the "central figure in the fraudulent scheme".
Planetree (0613): breach of Listing Rules: undisclosed loans to South Shore (ex-0577) and Charles Chan Kwok Keung
Company announcement, 24-Apr-2024
Mr Chan paid interest at 18% p.a. quarterly (19.25% APR) for the loans totalling HK$26m granted to him in June 2021.
SFC starts MMT proceedings over suspected insider dealing in Asiasec Properties (0271)MMT Notice
SFC, 23-Apr-2024
Company secretary Cynthia Chen Si Ying allegedly dealt in the shares via her relatives before the takeover by Tian An China (0028). Also, a driver employed by Tian An parent Allied Group Ltd (0373) and his wife allegedly dealt. Interestingly, to discuss the takeover, Tian An Chairman Lee Seng Hui (referred to by the driver as the "eldest young master") took a trip to Beijing with middle-man Kin Chan of Argyle Street. Whom did they see there? Finally we note that the MMT notice was dated 29-Feb but it has taken 54 days for the SFC to announce this.
SFC statement on New Sparkle Roll (0970) announcementCompany announcement
SFC, 22-Apr-2024
NSR says it received a confidential document "suspectedly leaked out by a serving individual" of the SFC. The SFC says that "a particular individual" is no longer employed by the SFC. The company has obtained a Bermudan court order for appointment of provisional liquidators.
Danny Wong Kui Shing declared bankrupt
HK Court of First Instance, 19-Apr-2024
Previously on Webb-site.com
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