China Strategic bubble
We warn investors of a bubble in the stock of China Strategic, the 80% owner of the proposed buyer of Taiwan's Nan Shan Life Insurance, partly financed by a massive note issue convertible into 78bn shares at $0.10 each. We publish the placing list and analyse the names in the deal. Finally, we warn investors to avoid 7 companies in the "Chung Nam network", which has lost HK$6.2bn in 5 years. (13-Nov-2009)
Second Opinion
Time for a second visit to the surgery for Town Health, which we critcised last year. Now, with the shares down another 78%, they have made a placing with persons who the SFC is not satisfied are independent of the controlling shareholder, while the SEHK has approved the issue. This highlights the ongoing conflict between the SEHK, one of the World's only for-profit regulators, and the SFC, a conflict which is holding up the reform of the market. (20-Jun-2001)
Breach of Listing Rules
Company announcement, 22-Dec-2000

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