Thursday 23rd October 2008

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NEW ARTICLE
Hopewell's unfair disclosure
There was good news from Hopewell this evening regarding a return of surplus capital to shareholders by special dividend - but there was unfair disclosure and probably insider dealing as a result of the invitation to the media conference, which was circulated during market hours containing price-sensitive information. (23-Oct-2008)

RECENTLY ON WEBB-SITE.COM
CITIC Pacific woes continue
We look further into the scandal enveloping CITIC Pacific, including a possibly false and misleading statement for which the Company and directors could be prosecuted, and also at the grant of an enormous share option over existing shares by PRC Government-owned CITIC HK to Mr Yung, which appears to have been prematurely cancelled in Jul-08. (22-Oct-2008)

CITIC Pacific's time bomb
Why did CITIC Pacific's board wait 6 weeks before telling investors that it had a huge exposure to exotic foreign exchange forward contracts? What does this say about the quality of its board, and the independent directors on its audit committee who, according to a separate statement by the Chairman, found time to complete an investigation of the incident even before the incident was announced? (20-Oct-2008)

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____________
David M Webb
Editor, Webb-site.com
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