Articles: Directors' sharedealings

Censure of 2 ex-directors of Farnova (8153)
SEHK, 19-Jul-2021
For dealing in the shares during the pre-results blackout period, and for failing to cooperate with the investigation.
Criticism of Yu Jian Qiu, Chairman of China Metal Resources Utilization (1636)
SEHK, 10-Jun-2021
For dealing during the results blackout period, which was extended because the 2019 results were initially unaudited. He is directed to attend 9 hours of training. He sold 261.008m shares in an off-market transaction on 31-Mar-2020 at $2.66. We note that in an off-market transaction on the same date, Steven Kwek Poh Song bought 280,312,902 shares (10.65%) via Quaestus Capital Pte Ltd (of which he owned 80%), also at $2.66 each.
Censure of Hu Guo An, ex-ED of Future Bright Mining (2212)
SEHK, 30-Dec-2019
For dealing during the blackout period before the 2017 results. He's also an ED of Silk Road Energy Services (8250).
GEM Listing Committee tells off William Guo Xia, Chairman of China Health (8225) for dealing during blackout periods
SEHK, 2-Dec-2019
Why stock-plunges happen so often in HK
We explain the 20-year history to a statutory loophole which keeps investors in the dark on share pledges. (24-Jan-2019)
Jiayuan (2768) Chairman should expect the SFC's call
After denying any knowledge of reasons for last Thursday's crash, Jiayuan now says that 3.73% of the Chairman's stake was dumped in a forced sale due to enforcement of share charges and/or margin financings. (23-Jan-2019)
Webb-site upgrades CCASS Analysis, spotlights share pledges
New features in the Webb-site CCASS Analysis System (WCAS) allow investors and regulators to see the largest daily CCASS movements across the market and the history of large moves in each stock and by each broker. Movements of large blocks into CCASS or between brokers without a corresponding transaction often indicate a pledging of shares for loans, which are not disclosed due to inadequate law and Listing Rules. (19-Dec-2017)
Current issues in HK-listed corporate governance
A presentation by David Webb at a conference in HK. (27-May-2011)
Red paint thrown at pair after firms go to court
HK Standard, 10-Dec-2010
Presentation by David Webb at a conference on Shareholder Rights
SDI breaches go dark at SFC
The SFC has quietly stopped disclosing details of successful prosecutions for failure to disclose shareholdings, including the name of the offender and the company involved. This is important information for investors, and we urge them to reinstate it. We also look at its questionable and inconsistent policy of redacting names from historic press releases. (6-Oct-2009)
Tycoons gain in Listing Committee shake-up
Well what did you expect after the blackout saga? The changes are not subtle, and further diminish the outlook for corporate governance reforms in the Listing Rules. We take you through the changes and the likely shape of the committee until 2012 and its leadership until 2015. (8-Jun-2009)
The HKICS blackout study
In a side-piece to our story on the Listing Committee, we look at the flaws in the study commissioned by the Institute of Chartered Secretaries after they opposed the backout extension, from none other than the brother of the Secretary for Financial Services, whose bureau lobbied to overturn the rule. (8-Jun-2009)
Presentation on insider blackout rule by David Webb
as featured in a luncheon debate at the Foreign Correspondents Club, HK (9-Apr-2009)
Listing Committee announces proposed modification of the "Black Out" period
HKEX, 12-Feb-2009
Sheltered by the immunity of the Legislative Council last week, Legislator for concrete Abraham Shek asked rhetorically whether the HKEx Head of Listings is working for David Webb. Well of course, he isn't, but we'll tell you whom Mr Shek is working for. Listed companies pay him as a director about 5 times what he earns as a legislator. (5-Jan-2009)
Extension of "black out" period
HKEX, 30-Dec-2008
"the Listing Committee has decided to defer implementation of the Rule, which has been properly approved by the Securities and Futures Commission after due process, until 1 April 2009. The Listing Committee will not be withdrawing the Rule. The Listing Committee strongly believes that the Rule is in the long-term interest of Hong Kong and in the interest of the investing public."
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
The insider blackout period supports the Listing Committee's proposal to rebase the blackout period on directors' dealings from the end of the financial period until results are published. Tell us what you think in our opinion poll. (24-Apr-2008)
Disclosure of Pledges
After recent one-day crashes in several stocks, there is renewed focus on the need to disclose share pledges. Some, including the CEO of HKEx, have suggested that this can be dealt with in the Listing Rules. But they are missing the point - HKEx has no jurisdiction over shareholders. There is a simple solution - remove the exemption of banks and brokers from the disclosure law. (7-Sep-2004)
Listing Rules Review Part 5: Rules Roundup
We're almost out of time on the Listing Rules consultation, which closes next Monday, so this final part of our review covers some of the remaining issues from the 176 page document. We look at notifiable transactions, directors' pay and share dealings, connected transactions, battles for control of the board, and the availability of basic corporate documents. (17-Apr-2002)

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