Sino Splendid Holdings Limited 中國華泰瑞銀控股有限公司
Blowing the whistle on Sinoref (1020)
The latest deal deserves attention from the SFC's corporate misconduct team. We also find improbably high profit margins which have now collapsed, a big receivables problem, and two changes of board, the latest after a character from our 2012 "Raking Muck" series reappears. (12-Nov-2014)
The latest deal deserves attention from the SFC's corporate misconduct team. We also find improbably high profit margins which have now collapsed, a big receivables problem, and two changes of board, the latest after a character from our 2012 "Raking Muck" series reappears. (12-Nov-2014)
No Exceptions?
Two months ago the SEHK and SFC introduced standardised waivers of the GEM listing rules. Despite its denials of preferential treatment, the Exchange has still not levelled the playing field by tightening the waivers on share options and lock-ups granted to Tom.com and Hongkong.com. Indeed, the wording on Tom.com's option limit has been relaxed further. Now the Exchange proposes a similar amendment to the option limits on the main board. Dilution city here we come. (14-May-2000)
Two months ago the SEHK and SFC introduced standardised waivers of the GEM listing rules. Despite its denials of preferential treatment, the Exchange has still not levelled the playing field by tightening the waivers on share options and lock-ups granted to Tom.com and Hongkong.com. Indeed, the wording on Tom.com's option limit has been relaxed further. Now the Exchange proposes a similar amendment to the option limits on the main board. Dilution city here we come. (14-May-2000)
GEM Waivers Reviewed
Following our recent criticisms of the confetti of waivers granted by GEM, the SFC and SEHK have hammered out a compromise which relaxes some rules but contains some encouraging news and a minor victory for minority shareholder protection. However, the new proposals are being effected before public consultation, and by the time this is over too many horses will have bolted. The whole affair underlines the need to transfer the listing division to the SFC and let the Exchange focus on exchanging. (12-Mar-2000)
Following our recent criticisms of the confetti of waivers granted by GEM, the SFC and SEHK have hammered out a compromise which relaxes some rules but contains some encouraging news and a minor victory for minority shareholder protection. However, the new proposals are being effected before public consultation, and by the time this is over too many horses will have bolted. The whole affair underlines the need to transfer the listing division to the SFC and let the Exchange focus on exchanging. (12-Mar-2000)
Options-R-Us
Reacting defensively to our previous article and others that followed, the SEHK issued a statement claiming that no preferential waivers have been granted to anyone. Their announcement contained a number of misleading statements which cannot go unanswered. We also look at how a good governance framework would improve investor returns and lower the cost of capital to Hong Kong issuers. (7-Mar-2000)
Reacting defensively to our previous article and others that followed, the SEHK issued a statement claiming that no preferential waivers have been granted to anyone. Their announcement contained a number of misleading statements which cannot go unanswered. We also look at how a good governance framework would improve investor returns and lower the cost of capital to Hong Kong issuers. (7-Mar-2000)
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