New World (0017) farmland donation 'destroyed shareholder value', analysts say
South China Morning Post, 26-Sep-2019
New World (0017) to donate 3m sq ft of land
RTHK, 25-Sep-2019
There was no mention of a farmland giveaway in today's annual results. Having bought the land with shareholders' money, the directors should explain how giving it away enhances shareholder value. If it doesn't, that's a breach of fiduciary duty. What do they expect the company to gain in return? Is this just a kowtow to deter further government intervention, or to get permission to develop better land? Why not instead support abolition of corporate voting for the CE Election Committee and Legislative Council? No, that would be too much!
More leaked audio reveals HKU Councillor’s criticism of pro-democracy scholar.
HK Free Press, 30-Oct-2015
In her day job, Leonie Ki Man Fung is an Executive Director of New World Development Co Ltd (0017).
US$4.1bn claim against family moves to Singapore from US
Straits Times Singapore, 5-May-2015
New World China (0917) privatisation fails on headcount testDomiciles of HK-listed companies
Company announcement, 16-Jun-2014
Holders of 0.13% of the float, but a majority of voters, vetoed the scheme. This again illustrates the need for the Cayman Islands and Bermuda, where 75% of HK-listed companies are incorporated, to follow HK by scrapping the headcount test and enacting the 10% objection rule from the HK Takeover Code which allows one tenth of the independent shares to veto an offer. Still, the offer was at a 32.5% discount to NAV, so it's hard to feel sorry for New World Development.
New World TMT Ltd v Intellambda Systems, Inc.
US Court: Northern District, California, 14-Mar-2013
Birkenhead Properties and Investments Limited v Leung Fai
HK Court of First Instance, 22-Jun-2011
Q&A regarding Mr Leung Chin Man and New World
HK Legislative Council, 4-May-2011
Birkenhead Properties and Investments Limited v Leung Fai
HK Court of First Instance, 2-Feb-2011
An adverse possession case. The plaintiff is an associated company of New World Development Co Ltd (0017).
Jimmy Li v Simpson Thatcher & Bartlett
California Court of Appeals, 16-Nov-2010
Conduit controversy
After watching politicians and the Government thrashing around trying to understand the aborted transactions in a small private building in Conduit Road, it is time for Webb-site to intervene and seek truth from facts. We also call for free online access to the Land Registry to increase transparency. (12-Jul-2010)
Tycoons in mercy plea for internet predator
HK Standard, 10-Mar-2010
We note that the offender's firm, H.C. Watt & Co, is auditor of only 5 listed companies including New World Development and Melbourne Enterprises (both controlled by Cheng Yu Tung) and SJM Holdings and Shun Tak Holdings (both controlled by the family of Stanley Ho). The family of the late Henry Fok is or was an investor in STDM, the controlling shareholder of SJM. Letters of mitigation support for the offender were received from Cheng Yu Tung, Pansy Ho, Daisy Ho, Timothy Fok and Henry Fok.
HKSAR v Mok King Yu
HK Court of Appeal, 19-Feb-2010
Henry Cheng Kar Shun & Stewart Leung Chi Kin v LegCo select committee
HK Court of First Instance, 11-Dec-2009
Prediwave Corp v Simpson Thatcher & Bartlett LLP
California Court of Appeals, 2-Dec-2009
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)
Post-service Employment of Civil Servants
Watching the Leung Chin Man case, we discovered that the not-so-public register of approved employment of ex-senior civil servants is only available offline, and entries are "unpublished" as soon as people quit. This must be the only government in the world which tries to make official secrets out of public documents rather than vice versa. To improve transparency, we are now putting the register online, along with annual reports of the advisory committee from 1990 to 2003. (8-Oct-2009)
Henry Cheng Kar Shun & Stewart Leung Chi Kin v LegCo select committee
HK Court of First Instance, 24-Sep-2009
HKSAR v Russel Hui (former ED of URA) & Mok King Yu
HK Court of Appeal, 18-Sep-2009
Appeal dismissed.
Henry Cheng Kar Shun & Stewart Leung Chi Kin v LegCo select committee
HK Court of First Instance, 6-Aug-2009
Russel Hui, a former Executive Director of URA, jailed for bribery and fraud
ICAC, 3-Feb-2009
HKSAR v Russel Hui (former ED of URA) & Mok King Yu: reasons for sentence
HK District Court, 3-Feb-2009
Russel Hui, a former Executive Director of URA, guilty of bribery and fraud
ICAC, 15-Jan-2009
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
Censure of Company for breach of Listing Agreement
SEHK, 24-Jul-2008
Compulsory sale of Villa Splendor, 9-12 Chun Fai Terrace
HK Lands Tribunal, 26-Feb-2007
Reveals that a company called Luck Dragon Development Ltd has a set of approved building plans with plot ratio 9, higher than the Outline Zoning Plan limit of 5 subsequently imposed. The auction reserve price was based on 5, and sure enough, there was only 1 bid and the developer subsequently built at 9x plot ratio.
NWD (0017): wins case against Tony Qu Jianping & Prediwave
Company announcement, 2-Jan-2007
Note: Webb-site urged shareholders to reject the privatisation of New World TMT Ltd last February, because of the possible recovery in this case, for which nothing was offered by NWD. We have now been proven right, and this is possibly the biggest windfall in the history of privatisations by controlling shareholders. Update: the eventual recovery by 30-Jun-2008 was HK$2025.1m, or $2.13 per TMT share, of which 79% was by 30-Jun-2007 . NWTMT was privatised at $0.75.
Prediwave Corp and Modern Office Technology Ltd v New World TMT Ltd
HK Court of Appeal, 17-Oct-2006
Breach of Listing Rules: late disclosure of large exposure to 4 customers under Practice Note 19
Company announcement, 6-Oct-2006
Note: estimates that the 4 unnamed customers were groups of which the following are the parents: (1) Cheung Kong (Holdings) Ltd and Hutchison Whampoa Ltd; (2) PCCW Ltd; (3) New World Development Co Ltd; and (4) Kerry Properties Ltd.
Prediwave Corp and Modern Office Technology Ltd v New World TMT Ltd
HK Court of First Instance, 18-Aug-2006
Company and certain directors v SEHK
HK Court of Final Appeal, 6-Apr-2006
Reject the bid for NWTMT
We start the year with a recommendation to reject the $0.75 privatisation offer for NWTMT. The uncertainty over the PrediWave case, where the claim is worth $5.70 per share, is too great, and investors should wait for its resolution. Even a 10% recovery would increase NAV by 76%. The vote is on 13-Jan-06, so vote NOW. (3-Jan-2006)
Yeung Sai Hong & Yeung Kwok Sang sell 70% of China Step Ltd to NWD for HK$614m
Company announcement, 30-Sep-2005
China Step assembled the units of Villa Splendor, 9-12 Chun Fai Terrace, for redevelopment. 9 of the 12 floors were acquired by China Step in Jan-Apr 2005 for $146.5m, 2 of the others are under contract for purchase. With 11/12, a compulsory sale auction was triggered and NWD was the only bidder, for $508.9m.
Company and certain directors v SEHK
HK Court of Appeal, 27-May-2005
A Chinese deal gone awry
New York Times, 13-May-2005
Developers face critical shortage
In a startling development which is likely to have far-reaching implications for real estate development in Hong Kong, has learned that the developer cartel has run out of a key commodity, without which, projects may no longer be marketable. (25-Feb-2005)
New World TMT (301) sues Tony Qu Jianping & PrediWave
Company announcement, 28-May-2004
Company and certain directors v SEHK
HK Court of First Instance, 3-May-2004
EGM results
Company web site, 2-Dec-2003
AGM results
Company web site, 2-Dec-2003
New World Dev EGM voting advice
Last month, NWD did a surprise HK$1.23bn placing of new shares under the general mandate, and since then, $2.04bn has been wiped off the market value. We urge you to vote against the new issue mandate which does not comply with the Vampire recommendations and would allow HLD to do another dilutive placing. (21-Nov-2003)
New World Dev AGM voting advice
A defective proxy form doesn't permit voting on the separate resolutions to elect individual directors - a clear breach of the Listing Agreement. We urge the Stock Exchange to intervene, and meanwhile, investors should vote against the 5-in-1 resolution, because of cross-directorships. We also vote against the re-appointment of joint auditors - which either involves duplication of costs or each is relying on the other's audit work. (21-Nov-2003)
SFC reprimands Ting Chuk Kwan, a research analyst, for selective disclosure of price sensitive information
SFC, 17-Jun-2003
Wooden Lammas
What's the connection between self-described "business broker" L.P. Lammas and internet sounding "not-com" I-Wood International, the Fujian furniture maker? We show you how to craft a GEM listing from a handful of transactions. Lammas stock has been on the rampage in Hong Kong, but you may want to stand well clear. (19-Feb-2001)

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