Articles: Bubble warnings

Concentration warning in Nanjing Sample Tech (1708)
SFC, 9-Nov-2017
The top 20 holders have 94.7% of the H-shares.
Concentration warning in Kin Shing (1630)
SFC, 6-Nov-2017
20 holders have 96.31% of the stock.
Concentration warning in Nanfang Communication (1617)
SFC, 31-Oct-2017
The top 14 holders have 92.19%.
Concentration warning in Lisi (0526)
SFC, 18-Oct-2017
Concentration warning in Hengxing Gold (2303)
SFC, 11-Oct-2017
The top 20 holders have 98.1% of the company.
Concentration warning in ITP Holdings (8446)
SFC, 14-Sep-2017
Despite having a public offer tranche, by 2.5 months after listing, the top 16 holders had 94.76% of the company. The stock is now over 20x its IPO price. This nicely demonstrates that requiring a public offer (which HKEX has proposed) won't prevent bubbles.
Concentration warning in Haitian Energy (8261)
SFC, 4-Sep-2017
The top 20 holders have 93.64% of the company.
Concentration warning in Worldgate Global (8292)
SFC, 6-Jul-2017
20 holders have 93.95% of the shares.
Concentration warning in Da Sen (1580)
SFC, 23-Jun-2017
At 7-Jun-2017, 18 holders had 97.23% of the company.
Concentration warning in Yat Sing (3708)
SFC, 14-Jun-2017
This follows a complaint by Webb-site to the SFC on 14-Jan-2017 and a second one on 31-May-2017 when MSCI put it in their small-cap index. Now they should eject it. The top 21 holders have 90.06% of the company.
Concentration warning in Zheng Li (8283)
SFC, 8-Jun-2017
14 shareholders have 95.53% of the company.
Concentration warning in PFC Device (8231)
SFC, 10-May-2017
Concentration warning in UMP (0722)
SFC, 27-Apr-2017
Concentration warning in HM (8416)
SFC, 26-Apr-2017
The top 21 holders have 96.15% of the company.
Concentration warning in China Hengshi (1197)
SFC, 20-Apr-2017
The top 20 holders have 95.84% of the company. And yes, there was a public offer in this listing.
Concentration warning in Dadi Education (8417)
SFC, 30-Mar-2017
The top 16 shareholders have 98.63% of the company.
Concentration warning in Sing On (8352)
SFC, 28-Mar-2017
SFC directs suspension of GME (8188) on day 1
SEHK, 22-Feb-2017
We don't yet know the reason for the suspension, but the stock is up 543% on its placing price. However, if that is the only reason, then why hasn't the SFC suspended other bubbles like China Jicheng (1027), Luen Wong (8217), Tai Kam (8321), Fullshare (0607) and Zall (2098), to name just a few?
GME (8188) allotments and concentration warningCCASS allocations
Company announcement, 21-Feb-2017
Concentration warning in SingAsia (8293)
SFC, 14-Feb-2017
This is a GEM stock but it did have a public offer when it listed. The top 19 public shareholders now have 83.2% of the float.
Concentration warning in China Unienergy (1573)
SFC, 6-Feb-2017
Zhi Sheng (8370) allotments and concentration warningCCASS allocations
Company announcement, 19-Jan-2017
The top 25 placees have 99.70% of the placing.
Concentration warning in Tai Kam (8321)
SFC, 12-Jan-2017
MEIGU Technology (8349) allotments and concentration warningCCASS allocations
Company announcement, 12-Jan-2017
The top 10 placees have 97.46% of the placing.
LKS (8415) allotments and concentration warningCCASS allocations
Company announcement, 11-Jan-2017
HM (8416) allotments and concentration warningCCASS allocations
Company announcement, 10-Jan-2017
The top 25 placees have 94.07% of the placing.
Bar Pacific (8432) allotments and concentration warningCCASS allocations
Company announcement, 10-Jan-2017
The top 10 placees have 96.70% and the top 25 have 99.54% of the placing.
Concentration warning in IB Settlement (0147)
SFC, 9-Jan-2017
Miricor (8358) allotments and concentration warningCCASS allocations
Company announcement, 9-Jan-2017
The top 25 placees have 96.63% of the placing.
PF (8221) allotments and concentration warningCCASS allocations
Company announcement, 4-Jan-2017
The top 25 placees have 87.78% of the placing.
OOH (8091) allotments and concentration warningCCASS allocations
Company announcement, 4-Jan-2017
The top 25 placees have 99.06% of the placing. Ooh, ah....
Sing On (8352) allotments and concentration warningCCASS allocations
Company announcement, 14-Dec-2016
K W Nelson (8411) allotments and concentration warning
Company announcement, 7-Dec-2016
The top 25 placees have 95.48% of the placing.
Concentration warning in Excel Development (1372)
SFC, 5-Dec-2016
Zall (2098) coughs up details of financial assets at 30-Jun-2016
Company announcement, 14-Nov-2016
This follows a complaint by Webb-site to HKEX on 28-Oct-2016. Zall held, as we suspected, 4.3% of Fullshare (607). Fullshare, as we already knew, holds over 8% of Zall. Both stocks are huge bubbles, in our view. The SFC issued a concentration warning in Zall in mid-2014, but has not issued one in Fullshare.
Zheng Li (8283) allotments and concentration warning
Company announcement, 7-Nov-2016
The top 10 placees have 91.0% of the placing and the top 25 have 97.8%. 74 placees got 1 or 2 board lots, or 0.41% of the placing in total. The remaining 31 placees have 1.8% of the placing.
Concentration warning in Manfield Chemical (1561)
SFC, 31-Oct-2016
Tai Kam (8321) allotments and concentration warning
Company announcement, 27-Oct-2016
The top 25 placees have 98% of the placing.
Concentration warning in Natural Beauty (0157)
SFC, 25-Oct-2016
The top 20 shareholders hold 94.94%.
SFC warns market on CIFG (0412)
Following Webb-site's bubble warning on 26-Sep-2016, the SFC has conducted an ownership investigation. (13-Oct-2016)
Concentration warning in Gold-Finance (1462)
SFC, 4-Oct-2016
Comment: net tangible assets at 31-Mar-2016 were $0.635/share, and EPS was $0.0481, so at today's closing price of $12.56, the stock is at 19.8x NTA and the P/E ratio is 261.
Hiding behind the cornerstones
Webb-site reveals that investors who took 31% of a bank IPO had secretly laid off their risk by issuing derivatives to a mainland property developer from the same city, via two HK-listed companies which incidentally are bubble stocks. When we complained, HKEX did not require disclosure of the bank’s identity, thereby preserving the secrecy behind the cornerstone investors which facilitate HKEX’s IPO business. Once again, the regulatory conflict of interest is exposed. (3-Oct-2016)
China Innovative Finance (0412) bubble
Hao Tian Development (0474) has confirmed our view by dumping 9.06% of CIFG at a 61.9% discount, still well above the net tangible asset value of $0.099. CIFG should trade below NTAV due to its appalling governance and membership of what we call the "Chung Nam Network". The purported profits of its leasing division are largely illusory and depend heavily on 1 customer in which CIFG has invested. HTD has also been allowed by HKEX to skirt the Listing Rules on corporate transactions. (26-Sep-2016)
Concentration warning in Great Water (8196)
SFC, 14-Sep-2016
Concentration warning in World-Link Logistics (8012)
SFC, 13-Sep-2016
CEEI (0986) sells China Jicheng (1027), buys Luen Wong (8217)
Company announcement, 18-Aug-2016
What it doesn't say: CEEI has breached Listing Rules by failing to obtain shareholders' approval in advance of Major Transactions and by failing to announce them for 4 weeks. Each stock is the subject of SFC concentration warnings. We calculate that the purchase of Luen Wong shares is at a P/B of 321 and a P/E of 861. CEEI says the deal is "fair and reasonable", "a good investment opportunity" and "an attractive investment which will provide satisfactory return".
Concentration warning in Season Pacific (8127)
SFC, 12-Aug-2016
The top 20 shareholders have 99.9% of the company at 1-Aug-2016.
MMT finds no insider dealing in Warderly shares
SFC, 5-Aug-2016
We don't disagree with the finding, but we annotate errors in the report regarding the outcome of an open offer. The MMT finds that when the duo sold shares in 2007, the information was no longer material, as the company was publicly known to be in difficulty and the stock was trading on its shell potential. Also, the alleged loss avoided becomes a profit avoided if the open offer had been taken up. Incidentally, Warderly is now known as Fullshare (0607) and in our view it is a bubble stock on 9x NAV, part of which is shares in another bubble stock, Zall (2098) which trades around 4x NAV.
Concentration warning in Feishang Non-metal (8331)
SFC, 3-Aug-2016
Concentration warning in Koradior (3709)
SFC, 27-Jun-2016
Concentration warning in On Real (8245)
SFC, 21-Jun-2016
Concentration warning in Goldenmars (3638)
SFC, 8-Jun-2016
This follows a Webb-site complaint to the SFC on 30-Apr-2016.
Concentration warning in Sundart (1568)
SFC, 8-Jun-2016
Concentration warning in Virscend Education (1565)
SFC, 16-May-2016
Concentration warning in Perfect Group (3326)
SFC, 3-May-2016
Concentration warning in Luen Wong (8217)
SFC, 28-Apr-2016
Expert Systems (8319) allotments and concentration warningCCASS allocations
Company announcement, 11-Apr-2016
Luen Wong (8217) allotments and concentration warningCCASS allocations
Company announcement, 11-Apr-2016
China Jicheng (1027) umbrella bubble to split again
Company circular, 8-Apr-2016
There will be 75 billion issued shares, just in case everyone on Earth wants 10 each. The stock at HK$1.20 trades at 42.7x book value and 720x last year's profit.
Hypebeast (8359) allotments and concentration warningCCASS allocations
Company announcement, 8-Apr-2016
Concentration warning in Vinco Financial (8340)
SFC, 6-Apr-2016
At 31-Dec-2015, the company had net tangible assets of HK$23.4m of which 92% was cash. It's market value tonight is HK$755.2m.
Super Strong (8262) allotments and concentration warningCCASS allocations
Company announcement, 29-Mar-2016
Ching Lee (8318) allotments and concentration warningCCASS allocations
Company announcement, 24-Mar-2016
Concentration warning in KPM (8027)
SFC, 29-Feb-2016
Concentration warning in Jujiang Construction (1459)
SFC, 4-Feb-2016
Comment: unlike the GEM, the Main Board Listing Rules do not require any statement of the distribution of placing shares at the time of listing. 90% of the issue was placed, probably in concentrated hands, but no disclosure was required before trading began on 16-Jan. The main board rules should adopt the GEM requirement, disclosing how many shares went to the largest, top 5, top 10 and so on.
Hanergy (0566) stake sale implies US$20bn in value wiped out
Bloomberg, 29-Dec-2015
Well that's a good end to the year. See our bubble warning of 31-Dec-2014. As the stock has been frozen for so long, perhaps they should rename it "Hanergy Thin Ice".
Concentration warning in Xiwang Special Steel (1266)Company announcement
SFC, 27-Nov-2015
The company also announces that its free float has dropped below 25% due to exercise of options by directors.
Concentration warning in Future Bright Mining (2212)
SFC, 4-Nov-2015
Concentration warning in China New City (1321)
SFC, 19-Oct-2015
CAID (0048) gains from umbrella bubble
Following a Webb-site complaint to regulators, CAID has revealed 3 holdings, including umbrella maker China Jicheng (1027), still trading at over 70x NAV. CAID expects the investments to contribute a positive return in the near future, but doesn't say why. Meanwhile Lerado (1225) hasn't said how it made similar gains. Is it also in the umbrella bubble? (10-Oct-2015)
Thelloy Dev (8122): allotments and concentration warningCCASS allocations
Company announcement, 8-Oct-2015
Placed at $0.325. The top 25 placees have 99.42% of the float.
KPa-BM (8141): allotments and concentration warningCCASS allocations
Company announcement, 7-Oct-2015
The top 25 placees have 97.6% of the float.
Ahsay Backup (8290): allotments and concentration warningCCASS allocations
Company announcement, 7-Oct-2015
The top 25 placees have 94.2% of the float.
Madison Wine (8057): allotments and concentration warningCCASS allocations
Company announcement, 7-Oct-2015
The top 25 placees have 94.6% of the float.
Season Pacific (8127): allotments and concentration warningCCASS allocations
Company announcement, 6-Oct-2015
The top 10 placees have 99.06% of the float.
On Real (8245): allotments and concentration warning
Company announcement, 29-Sep-2015
The top 25 placees have 94.18% of the float.
FDB (8248): allotments and concentration warning
Company announcement, 29-Sep-2015
The top 25 placees have 99.44% of the float, and the top 10 have 91.76%.
Webb on Shanghai market and PRC economy
CNBC, 27-Sep-2015
Bubbles and troubles in Hong Kong
Pour yourself a coffee and digest this long article as we investigate several ongoing abusive "open offers" and placings as well as show you who's been making out in multi-billion-dollar bubbles. We call on regulators and rule-makers to take action. (24-Sep-2015)
Lap Kei Engineering (8369) allotments and concentration warning
Company announcement, 24-Sep-2015
Concentration warning in Noble House (8246)
SFC, 28-Aug-2015
At today's closing price of $5.28, the company has a market value of $2266m, but its net assets at 30-Jun-2015 were $83.8m, so the loss-making firm trades at 27x NAV.
Pak Wing (8316): allotments and concentration warningCCASS allocations
Company announcement, 7-Aug-2015
The top 10 placees have 96.1% of the float.
Concentration warning in L & A (8195)
SFC, 24-Jun-2015
Pinestone Capital (8097) allotments and concentration warning
Company announcement, 11-Jun-2015
Concentration warning in Goldin Properties (0283)
SFC, 8-Jun-2015
14 holders have 95.16% of the stock.
Concentration warning in KSL (8170)
SFC, 26-May-2015
Goldin Properties (0283): we don't know why our bubble is bursting
Company announcement, 21-May-2015
The stock is down 45.7% at the lunchtime break today.
Concentration warning in Yan Tat (1480)
SFC, 14-May-2015
Concentration warning in Jicheng Umbrella (1027)
Company announcement, 14-May-2015
The surge in the stock price gives new meaning to "umbrella movement".
China Env Energy (0986) pays HK$113m for 1.73% of L & A (8195)
Company announcement, 12-May-2015
The average price per share was $1.62. At 31-Dec-2014, L & A had equity of $136.73m, or $0.034 per share. So the price is about 48x book value of the OEM cashmere clothing maker. In our view, China Env Energy has just invested in another bubble, following its investment in Suncorp (1063). The question is, why?
Concentration warning in BBI Life Sciences (1035)
SFC, 29-Apr-2015
Concentration warning in King Force Security (8315)
SFC, 13-Apr-2015
Placed at $0.385 last August, now trading at $9.00. What could possibly go wrong?
Concentration warning in Huazhang Technology (1673)
SFC, 8-Apr-2015
Concentration warning in Goldin Financial (0530)
SFC, 13-Mar-2015
This follows a complaint by Webb-site to the SFC on 26-Feb-2015. In our view, at HK$121bn, it is currently the second-biggest bubble in HK after the HK$275bn Hanergy (0566).
Concentration warning in Times Property (1233)Webb-site Who's Who: CCASS analysis
SFC, 12-Mar-2015
Webb-site Who's Who shows that 96.9% of the shares in the clearing system are held by 5 custody accounts.
Concentration warning in Yestar (2393)Interpol Red Notice for Samadikun Hartono
SFC, 11-Feb-2015
This follows a complaint filed by Webb-site with the SFC on 9-Dec-2014. Incidentally, the father of the 4 Hartono siblings is Samadikun Hartono, who is a fugitive from Indonesian justice with an Interpol Red Notice outstanding.
Concentration warning in Finsoft (8018)
SFC, 5-Feb-2015
This follows the warning in a Webb-site article on 31-Dec-2014.
The bubbles in CNN
We warn investors of 3 bubbles amounting to HK$20.0bn (US$2.58bn) in the "Chung Nam Network" of listed companies, Heritage (0412), Rising Dev (1004) and Mascotte (0136) and look at a blatantly bad decision by the board of Hao Tian (0474), and an undisclosed Very Substantial Acquisition by that company. One of the bubbles is even a Russian doll "double bubble" - one owns the other. (8-Jan-2015)
Imperial Pacific bubble
We look at the HK$24.8bn (US$3.2bn) bubble in Imperial Pacific (1076) surrounding a Macau junket operation and a casino project in Saipan. (8-Jan-2015)
Kuangchi the stratospheric stock
Our latest New Year bubble worth popping is Kuangchi (0439), HK's top-performing stock of 2014, valued at HK$32.03bn (US$4.13bn) or 16.1x NTAV. (2-Jan-2015)
Some bubbles for New Year
With the exchange shut for 2014, we take a close look at two bubbles and the other listed companies surrounding them. (31-Dec-2014)
Concentration warning in Loco HK (8162)CCASS changes since listing
SFC, 27-Nov-2014
Concentration warning in Sinogreen (1159)
SFC, 11-Nov-2014
Webb-site analysis: Sinogreen had net assets at 30-Jun-2014 of $24.1m and raised $164.4m from the issue of shares and convertible bonds to a Macau junket operator on 19-Sep-2014, with an issue and conversion price of $0.35. Upon full conversion, there will be 652,564,800 shares in issue, with a pro forma net asset value of $0.29 per share. The shares trade at $13.00, or about 45 times NAV.
Concentration warning in Rising Development (1004)
SFC, 29-Oct-2014
This follows a complaint by Webb-site to the SFC on 7-Oct-2014.
Concentration warning in Link Holdings (8237)
SFC, 28-Oct-2014
Concentration warning in GreaterChina Professional Services (8193)
SFC, 4-Aug-2014
Concentration warning in Imperial Pacific (1076)
SFC, 1-Aug-2014
Concentration warning in Runway Global (8309)
SFC, 21-Jul-2014
Concentration warning in Mingfa (0846)
SFC, 17-Jul-2014
Concentration warning in Pak Tak (2668)
SFC, 26-Jun-2014
Concentration warning in JC Group (8326)
SFC, 26-May-2014
Concentration warning in Zall Development (2098)
SFC, 22-May-2014
Concentration warning in Jin Cai (1250)
SFC, 24-Apr-2014
Concentration warning in Eagle Legend Asia (0936)
SFC, 22-Apr-2014
Concentration warning in JF Household (0776)
SFC, 25-Mar-2014
This follows a previous warning in 2009.
Concentration warning in China Ludao Technology (2023)
SFC, 17-Mar-2014
Concentration warning in Yunbo Digital Synergy (8050)
SFC, 7-Mar-2014
The company had net tangible assets of HK$125.6m at 30-Sep-2013. Tonight the market cap is HK$5154m, or about 41 times NTA.
Concentration warning in Gamma Logistics (8310)
SFC, 16-Jan-2014
Major (8209) allotments and concentration warningCCASS allocations
Company announcement, 9-Jan-2014
U Banquet (8107) allotments and concentration warning
Company announcement, 9-Dec-2013
The top 25 placees have 91.49% of the placing.
Concentration warning in Synertone (1613)
SFC, 17-Oct-2013
Concentration warning in International Entertainment (1009)
SFC, 16-Oct-2013
Concentration warning in PPS (8201)
SFC, 7-Oct-2013
Concentration warning in Rising Development (1004)
SFC, 21-Aug-2013
Concentration warning in Juda (1329)
SFC, 17-Jun-2013
Concentration warning in Reorient (0376)
SFC, 27-May-2013
This follows a request filed by Webb-site with the SFC on 18-Apr-2013.
Concentration warning in New Island Printing (0377)
SFC, 3-Jan-2013
Concentration warning in Shunfeng Photovoltaic (1165)
SFC, 13-Dec-2012
Concentration warning in Haitian Hydro (8261)
SFC, 28-Nov-2012
Concentration warning in Fornton (1152)
SFC, 9-Oct-2012
Concentration warning in Jiangnan (1366)
SFC, 19-Sep-2012
Concentration warning in Chaoyue (0147)
SFC, 12-Sep-2012
Concentration warning in Newton Resources (1231)
SFC, 11-Sep-2012
Concentration warning in Grand Concord (0844)
SFC, 4-Sep-2012
This follows a request by Webb-site to the SFC late on Fri-10-Aug-2012 for an investigation of ownership concentration. The snapshot date is the next trading day, 13-Aug-2012.
Concentration warning in Dongwu Cement (0695)
SFC, 28-Aug-2012
Concentration warning in Victory Group (1139)
SFC, 25-Jul-2012
Concentration warning in Focus Media (8112)
SFC, 24-Jul-2012
Concentration warning in Newtree (1323)
SFC, 9-Jul-2012
Concentration warning in China Assurance Finance (8090)
SFC, 7-May-2012
Concentration warning in Chinlink (0997)
SFC, 21-Mar-2012
Concentration warning in Chanceton (8020)
SFC, 1-Mar-2012
Don't take a chance on it!
Concentration warning in Jin Bao Bao (1239)
SFC, 14-Dec-2011
Concentration warning in Zall Development (2098)
SFC, 18-Oct-2011
This follows a complaint by Webb-site to the SFC on 3-Oct-2011.
Concentration warning in Gayety (8179)
SFC, 14-Sep-2011
Concentration warning in Tanrich (812)
SFC, 26-May-2011
This follows a complaint made to the SFC by Webb-site on 4-May-2011.
Concentration warning in Hengli Properties (0169)
SFC, 17-Feb-2011
Concentration warning in New Island Printing (0377)
SFC, 6-Jan-2011
Concentration warning in PacMOS Tech (1010)
SFC, 26-Nov-2010
Concentration warning in Asia Commercial (0104)
SFC, 26-Oct-2010
We note that the Webb-site CCASS Analysis system shows that the top 10 accounts hold 94% of the stock in CCASS.
Concentration warning in HyComm Wireless (0499)
SFC, 27-Sep-2010
Concentration warning in Yeebo (0259)
SFC, 17-Sep-2010
Concentration warning in Sonavox (8226)
SFC, 30-Jul-2010
Manipulation mania
What are markets really for? Does the law on market manipulation, and its enforcement, create unreasonable expectations from investors about the information in market prices, volumes and order queues? We say it does. It is time for the Government and SFC to review their approach and reset public expectations. We also look at shill bidding in auctions. (12-Jul-2010)
Concentration warning in Rainbow Brothers (0033)
SFC, 5-May-2010
Concentration warning in UURG (8192)
SFC, 26-Apr-2010
This follows our article of 25-Sep-09 which contained a bubble warning.
Imagi rights v shares gap
With Imagi's stock down 67.4% in 3 days since our bubble warning, the rights began trading this morning, at a huge discount to the share price, raising obvious questions of whether the market in either counter is false. If you own the shares and believe in the current valuation (which we don't) then why aren't you selling your shares and buying the rights to get free cash? (21-Apr-2010)
Imagi bubble
We issue a bubble warning on Imagi (0585), up 616% in 4 days on turnover of 185% of the company. The confusing timetable, with a 10:1 consolidation yet to come, has likely contributed to more chaos than we have seen since Asian Citrus. The market price implies a valuation of 33.2 times book value, or a premium of HK$17.3bn (US$2.23bn). We think a discount would be more appropriate, for the characters involved. (14-Apr-2010)
Concentration warning in Great China (0141)
SFC, 10-Mar-2010
Larvotto - do you know the boatyard?
We probe the history of the SHKP/Kerry/Paliburg Larvotto, a luxury industrial-cum-residential project overlooking a typhoon shelter but behind boatyards and sawmills, which are noisy enough for the Environmental Protection Department to object to the Town Planning Board's approval, as minutes reveal. "Non-openable windows" were cited as a mitigating measure. Yours for just HK$25k/psf - can you see the bubble? (3-Mar-2010)
Concentration warning in AcrossAsia (8061)
SFC, 10-Feb-2010
Concentration warning in Bloomage BioTec (0963)
SFC, 8-Feb-2010
This follows a request by Webb-site.com to the SFC on 18-Jan-10 for an ownership investigation.
Concentration warning in G-Vision (0657)
SFC, 8-Feb-2010
Concentration warning in Vitar (0195)
SFC, 3-Feb-2010
This follows a request by Webb-site.com to the SFC on 22-Jan-10 for an ownership investigation.
Concentration warning in Fong's Industries (0641)
SFC, 12-Jan-2010
This follows a complaint by Webb-site.com to the SFC on 1-Dec-09 about likely concentration of the stock.
Concentration warning in Emperor Entertainment Group (8078)
SFC, 11-Jan-2010
Concentration warning in Thinsoft (8096)
SFC, 23-Dec-2009
We told you so - see our article of 11-Dec-09. Now why doesn't the SFC have a screening system that notices these things before we do?
Thinsoft's thin ice
There's a bubble in Thinsoft (8096), suspended with a market value of HK$1,604m and net assets of $33m. Over 95% of the company is in the custody of 2 brokers. We also discuss the archaic practice of parallel trading, which was to have been abolished in 2008. HKEx appears to have given up on that. (11-Dec-2009)
Concentration warning in Honbridge (8137)
SFC, 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)
Concentration warning in Asian Capital Resources (8025)
SFC, 23-Oct-2009
Concentration warning in iOne (982), controlled by Wilson Pong Wai San
SFC, 13-Oct-2009
This follows a request by Webb-site.com to the SFC on 4-Sep-09 for a concentration investigation.
Concentration warning in Chaoyue (0147)
SFC, 7-Oct-2009
Concentration warning in Goldin Financial Holdings (0530)
SFC, 5-Oct-2009
Concentration warning in JF Household Furnishings
SFC, 28-Sep-2009
The UURG to Purge
We look at the history of UURG (8192), currently controlled by battle-of-wills feng shui man Tony Chan Chun Chuen, and warn investors about the bubble surrounding the stock, which is trading at 191 times diluted NAV. (25-Sep-2009)
Concentration warning in CT Holdings
SFC, 31-Aug-2009
Concentration warning in ABC Communications
SFC, 19-Aug-2009
Concentration warning in MayerSFC announcement
Company announcement, 30-Jul-2009
Concentration warning on Fast Systems Technology
SFC, 16-Jul-2009
Concentration warning in Sam Woo (2322)
SFC, 9-Jul-2009
Byford bubble
Investors should beware of a bubble in Byford (8272), which boasts two celebrity shareholders - New World Development's Cheng Yu Tung and Angela Leong, a wife of casino tycoon Stanley Ho. Both apparently paid 186x net asset value for the shares. (1-Jun-2009)
Concentration warning
Company announcement, 12-Aug-2008
Concentration warning
Company announcement, 10-Apr-2008
Concentration warning
Company announcement, 5-Mar-2008
Concentration warning
Company announcement, 29-Nov-2007
Concentration warning
Company announcement, 9-Nov-2007
Concentration warning
Company announcement, 1-Nov-2007
Concentration warning
Company announcement, 8-Oct-2007
Incredibubble!
What else can you call a US$3.2tn market which has gained 358% in 20 months and trades on a historic P/E of over 60, which is probably closer to 80-100 if you take out stock-market and real-estate revaluations from "E". We look at the bubble, the impact on HK, the thru-train, the calls in HK for an A-H arbitrage mechanism, and how the bursting may affect the socio-political system. The absence of a free media is itself contributing to the bubble. (16-Sep-2007)
Concentration warning
Company announcement, 28-Aug-2007
Concentration warning
Company announcement, 22-Aug-2007
Concentration warning in Sam Woo (2322)
Company announcement, 14-Aug-2007
Concentration warning
Company announcement, 27-Jul-2007
Concentration warning
Company announcement, 17-Jul-2007
Bubble warning: CFII (1227)
Webb-site.com warns investors to avoid China Financial Industry Investment Fund Ltd (1227), a closed-end investment company trading at over 28 times its net asset value. We also find a surprising addition to the ranks of its independent directors. (13-Jul-2007)
Concentration warning
Company announcement, 12-Jul-2007
Concentration warning
Company announcement, 27-Jun-2007
Concentration warning
Company announcement, 21-Jun-2007
Concentration warning
Company announcement, 20-Jun-2007
Concentration warning
Company announcement, 12-Jun-2007
Concentration warning
Company announcement, 8-Jun-2007
Concentration warning
Company announcement, 1-Jun-2007
Concentration warning
Company announcement, 29-May-2007
Concentration warning
Company announcement, 29-May-2007
Concentration warning
Company announcement, 23-May-2007
Concentration warning
Company announcement, 18-May-2007
Concentration warning
Company announcement, 14-May-2007
Concentration warning
Company announcement, 1-Mar-2007
Concentration warning
Company announcement, 1-Mar-2007
Concentration warning in City Chiu Chow (0657)
Company announcement, 30-Jan-2007
Concentration warning
Company announcement, 19-Jan-2007
Concentration warning
Company announcement, 15-Dec-2006
Concentration warning
Company announcement, 30-Nov-2006
Concentration warning
Company announcement, 13-Oct-2006
Kanstar (8011): concentration warning
Company announcement, 13-Oct-2006
Concentration warning
Company announcement, 15-Sep-2006
Concentration warning
Company announcement, 5-Sep-2006
Concentration warning
Company announcement, 29-Aug-2006
Concentration warning
Company announcement, 28-Aug-2006
Concentration warning
Company announcement, 18-Jul-2006
B&B and Aptus
We issue a Webb-site.com "bubble rap" warning on Aptus (8212) and its parent B&B (8156). Aptus claims to have a deal with an arm of CNPC, parent of PetroChina, which apparently needs tiny GEM companies to help finance its mainland oilfields, while B&B, a honey trader, has bought a ticket in the mainland lottery which we expect will give you a worse return than the Mark Six if you buy the stock. We also take a close look at the financial engineering behind all this. (22-May-2006)
Stir-Fried Lobster
We issue a bubble warning on Hon Po Group (Lobster King) (0228), and dig into the background to its apparent transformation into the next big thing, coal mining in Inner Mongolia. (19-Apr-2006)
Concentration warning
Company announcement, 19-Apr-2006
Concentration warning
Company announcement, 10-Apr-2006
Bubble Rap: Kanstar
We renew our bubble warning on Kanstar Environmental Paper Products (8011), which is trading on a price/book ratio of 23.5 and barely made a profit last year. (24-Mar-2006)
Concentration warning
Company announcement, 15-Mar-2006
Concentration warning
Company announcement, 26-Jan-2006
Concentration warning
Company announcement, 13-Dec-2005
Concentration warning
Company announcement, 6-Sep-2005
Concentration warning
Company announcement, 22-Aug-2005
Concentration warning
Company announcement, 17-Aug-2005
Concentration warning
Company announcement, 10-Aug-2005
Concentration warning
Company announcement, 7-Jul-2005
Concentration warning
Company announcement, 31-May-2005
Concentration warning
Company announcement, 30-May-2005
Concentration warning
Company announcement, 20-May-2005
Seapower and Galileo Bubbles
Webb-site.com issues two bubble warnings - a billion-dollar bubble at Seapower Resources (0269) and another, smaller one at Galileo Capital (8029), which unlike its namesake, defies gravity. (9-May-2005)
Kamboat and CITIC 21CN bubbles
We issue a bubble warning on stocks of Chinese restaurant and bakery firm Kamboat (0318) and mainland SMS/IVRS play CITIC21CN (0241). (23-Mar-2005)
Concentration warning and breach of Listing Rules 8.08 and 13.32(1)
Company announcement, 18-Mar-2005
Concentration warning
Company announcement, 17-Jan-2005
Allotment results and concentration warning
Company announcement, 5-Jan-2005
Concentration warning
Company announcement, 16-Dec-2004
Concentration warning
Company announcement, 20-Oct-2004
Concentration warning
Company announcement, 18-Oct-2004
Concentration warning, IPO was placed by Watterson Asia Ltd with relatives of then Finance Director
Company announcement, 22-Sep-2004
Concentration warning
Company announcement, 27-Aug-2004
Kanstar Won't Star
We issue a bubble warning on Kanstar - a company run by the son of convicted former legislator Chim Pui Chung, which is trading at 29 times net assets and has yet to make an annual profit. We also take a look at Chim's comeback campaign and his other listed investments. (10-Aug-2004)
Concentration warning
Company announcement, 29-Jul-2004
Investigation result in respect of concentration of public float
Company announcement, 23-Jul-2004
Allotment results and concentration warning
Company announcement, 7-Jun-2004
Allotment results and concentration warning
Company announcement, 27-Apr-2004
Concentration warning
Company announcement, 19-Apr-2004
Concentration warning
Company announcement, 8-Apr-2004
Concentration warning
Company announcement, 6-Apr-2004
Concentration warning
Company announcement, 19-Feb-2004
Allotment results and concentration warning
Company announcement, 14-Jan-2004
Allotment results and concentration warning
Company announcement, 7-Jan-2004
Concentration warning
Company announcement, 4-Sep-2003
Concentration warning
Company announcement, 25-Aug-2003
Concentration warning
Company announcement, 20-Aug-2003
Concentration warning
Company announcement, 8-Aug-2003
Concentration warning
Company announcement, 22-Jul-2003
Allotment results and concentration warning
Company announcement, 26-Jun-2003
Concentration warning
Company announcement, 13-May-2003
Concentration warning
Company announcement, 28-Mar-2003
Concentration warning
Company announcement, 28-Mar-2003
Allotment results and concentration warning
Company announcement, 12-Mar-2003
Allotment results and concentration warning
Company announcement, 21-Feb-2003
Concentration warning
Company announcement, 12-Dec-2002
Allotment results and concentration warning
Company announcement, 27-Nov-2002
Allotment results and concentration warning
Company announcement, 11-Nov-2002
Allotment results & concentration warning
Company announcement, 7-Nov-2002
Allotment results & concentration warning
Company announcement, 6-Nov-2002
Concentration warning & SFC investigation
Company announcement, 1-Aug-2002
Allotment results and concentration warning
Company announcement, 9-Jul-2002
Guo Xin Toxin
In a follow-up to our story on the Interchina bubble, we tell you about Guo Xin Holdings, which is controlled by the same man after he bailed it out of difficulties. Guo Xin is trading in a bubble of 7x net assets, and Mr Zhang has already dumped stock and got his money back and $129m cash on top, while holding shares and warrants currently priced at $491m. You have been warned. (29-May-2002)
MSCI Boils the Interchina Bubble
Oh dear - it seems like the index compilers in Geneva don't read Webb-site.com - they have just put Interchina Holdings into the MSCI Small-cap Index, despite the clear warning from SFC investigations and our previous article that the stock has been cornered and ramped. Now this property stock is trading at over 7.5x net tangible assets instead of the discount to NTA it deserves. (16-May-2002)
Allotment results and concentration warning
Company announcement, 15-May-2002
Concentration warning
Company announcement, 10-Apr-2002
Concentration warning
Company announcement, 22-Mar-2002
Concentration warning
Company announcement, 1-Mar-2002
Concentration Warning
Company announcement, 1-Feb-2002
Concentration warning
Company announcement, 16-Jan-2002
Concentration warning
Company announcement, 7-Jan-2002
Concentration warning
Company announcement, 3-Jan-2002
Concentration warning
Company announcement, 17-Dec-2001
Interchina Bubble
Pop quiz: what's the largest stock in the Hang Seng Small-cap Index? It's mainland property investor Interchina Holdings Ltd - at HK$7.11bn (US$912m). But not for long, we think. At 16.4x net asset value, this stock shows classic signs of being manipulated, and the SFC has investigated twice - you have been warned. (23-Oct-2001)
Allotment results and concentration warning
Company announcement, 23-Oct-2001
Concentration warning
Company announcement, 14-Sep-2001
Concentration warning
Company announcement, 20-Aug-2001
Concentration warning
Company announcement, 6-Aug-2001
Concentration warning
Company announcement, 6-Aug-2001
Concentration warning
Company announcement, 26-May-2001
Concentration warning
Company announcement, 17-May-2001
Allotment results and concentration warning
Company announcement, 4-Apr-2001
Allotment results and concentration warning
Company announcement, 27-Feb-2001
Concentration warning
Company announcement, 19-Jan-2001
Allotment results and concentration warning
Company announcement, 7-Sep-2000
Concentration warning
Company announcement, 18-Aug-2000
Allotment results and concentration warning
Company announcement, 15-Aug-2000
Allotment results and concentration warning
Company announcement, 31-Jul-2000
Allotment results and concentration warning
Company announcement, 27-Jul-2000
Concentration warning
Company announcement, 24-Jul-2000
Concentration warning
Company announcement, 20-Jul-2000
Concentration warning and SFC investigation into trading in shares
Company announcement, 18-Apr-2000
End of The Equity Spiral
We look in detail at last week's announcement of the proposed acquisition by Pacific Century CyberWorks of Cable & Wireless HKT. The issue of inflated shares in the deal will raise our valuation per share, but PCCW is now so big that the equity spiral is over, and there's a gap of US$44bn of hope or hype in the price. Read our detailed evaluation and discover the key "crossover" point between the two offers. (5-Mar-2000)
Result of SFC investigation and concentration warning
Company announcement, 26-Oct-1998

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