Yorkey Optical International (Cayman) Ltd. 精熙國際(開曼)有限公司

MMT fines H&H (1112) and its Chairman HK$1.6m each for late disclosure of inside information
SFC, 25-Jun-2019
For the 3rd time, the MMT gets it wrong by penalising shareholders for the wrong-doing done to them. This follows Yorkey (2788) in Feb-2017 and Fujikon (0927) in Apr-2019. In each case, the company's failure to disclose was entirely due to the negligence of the directors involved and they should have paid all the fines and expenses. Both the Fujikon and H&H cases were settlements agreed with the SFC, so the SFC has allowed directors to shift part of the burden of their wrong-doing onto shareholders by using company funds. This has to stop.
HKICPA bans former FC of Yorkey (2788) for 1 year, orders costs
HKICPA, 7-May-2019
MMT sanctions Yorkey Optical (2788), its CEO and Financial Controller for late disclosure of Inside InformationSFO s307Z
SFC, 28-Feb-2017
The CEO and company are each fined HK$1m. Ironically then, shareholders are paying for not being told about Inside Information. The HK Treasury gets HK$2m, but 115 investors who overpaid by HK$1.53m during a 13-week period get nothing. The SFC could claim for them under SFO s213, but has not. It appears investors in small-caps are on their own, and must make their own claims under SFO s307Z.
SFC takes Yorkey (2788), its CEO and FC to MMT for late disclosure of inside info
SFC, 6-Apr-2016
Notably the action is not against the other directors. The implication is that they didn't know the business was deteriorating, because they were not provided with the monthly management accounts. In our view, that omission in itself is poor governance.
Yorkey (2788): minority shareholders veto connected transactions
Company announcement, 18-Jun-2015
It wasn't Waterloo or LegCo, but the Battle of Yorkey was a victory for investors despite a ballot stuffed with uninstructed TDRs and the so-called Employees' Trust. Now we hope the board's minds will be focussed on restructuring the balance sheet and paying out the surplus cash. At the meeting, management once again claimed great plans to invest in business expansion - but this was not disclosed in the annual report and no such steps have been taken since the 2006 listing.
Porky Yorkey, Round 2
Webb-site urges shareholders of Yorkey (2788) to vote against connected transactions with the largest shareholder and urges the board to distribute the surplus cash, which has grown fatter since our previous campaign in 2013. We also warn Citibank not to stuff the ballot with a discretionary proxy appointed by management as they did at the 2014 AGM. (1-Jun-2015)
Yorkey (2788) corrects M&A: directors can be removed by ordinary not special resolutionRevised M&A
Company announcement, 15-Sep-2014
This follows a complaint filed with SEHK on 8-Sep-2014. Webb-site founder David Webb holds more than 6% of Yorkey.
Veto Lerado (1225) sale until they pay up
We call on Lerado shareholders to veto the sale of its core business unless and until the board increased the proposed special dividend from $0.30 to at least HK$1 per share. We would rather hold a stake in a real business than get trapped in another shell trading at a discount to its net cash. Management only owns 33%, so they had better listen to investors and revise the plan. David Webb holds just under 8%, and we need your support. (1-Sep-2014)
Yorkey (2788) minutes of AGM held 11-Jun-2014
Company, 31-Jul-2014
Citibank's response on vote-stuffing
Citibank has responded in a most disappointing way to yesterday's article, in essence shrugging its corporate shoulders and claiming to be just following instructions. That is not an excuse in the money-laundering arena, and it won't wash in the corporate governance arena either. (19-Jun-2014)
Webb on CNBC re Citibank, Yorkey and vote-stuffing
CNBC, 19-Jun-2014
Citibank vote-stuffing in HK AGMs
Webb-site has discovered that Citibank has been tilting the outcome of shareholder meetings in HK by giving blank proxies to management-nominated voters on behalf of Taiwan Depositary Receipts for which it has no voting instructions. We call on Citibank to stop this outrageous practice and on the HKMA and SFC to ensure that the HK branch does so. (18-Jun-2014)
Yorkey (2788) AGM recording
Note: in this AGM, David Webb incorrectly stated that the threshold to requisition a general meeting is 25%; in fact Yorkey's articles have a threshold of 10%. He again called for the board to make a special distribution of the surplus cash, failing which he would take steps to try to change the board to one which would do the job. (11-Jun-2014)
Porky Yorkey (2788) EGM recording
The CFO told the meeting that all of the shares in the Employees Trust had by now been fully vested in 200 employees, but after 7 years, not one of them has left the company or withdrawn their shares from the trust and sold them. Incredible. Do the employees even know that they have these rights, or is this just a back-door way to cement a sub-controlling shareholding with extra votes? (7-Jun-2013)
Porky Yorkey (2788) AGM recording
Only 3 out of 7 directors attended: Alan Chiang Hsiang-tai (INED, acting chairman of meeting), Iris Wu Shu-ping (NED, also director of 27.4% shareholder Asia Optical) and Nagai Michio (CEO, non-shareholder). Also present were Ng Chi Ching (CFO, non-director). The EGM on connected transactions followed this. (7-Jun-2013)
Porky Yorkey
We call on fellow independent shareholders of Yorkey (2788.HK, 9188.TT) to vote against the connected transactions and demand a distribution of HK$0.81 per share. The stock trades at $0.65, a 39% discount to its cash and a 55% discount to its NAV. (25-May-2013)

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