Tuesday 29th March 2011

Dear Reader,

HKEx adopts VAMPIRE mandate
Webb-site is pleased to note that HKEx, seeking its first general mandate in 7 years, is now complying with VAMPIRE limits of 5% issued for cash and a maximum 5% discount. Having set an example, SEHK should now amend the Listing Rules and bring the market up to international best practice. HKEx has also unbundled amendments to the Articles of Association, and is not repeating last year's fiasco. (29-Mar-2011)

Response to SEHK on Corporate Governance Consultation
Webb-site publishes a detailed response to the Exchange's consultation on the corporate governance rules and code, including recommendations for fundamental reform and the results of the opinion poll on INEDs. (25-Mar-2011)

Ping An: not the whole picture
We look behind last night's shock placing by Ping An Insurance to tycoon Cheng Yu Tung, and call for a full explanation from the issuer. (15-Mar-2011)

Retail trader Mr Liang Lin acquitted of market manipulation
SFC, 28-Mar-2011
Cardlink is now named Phoenitron (8066). We note that total volume in the stock that day was 6.455m shares and turnover was $6.825m, an average price of $1.057, which was 45.0% above the previous close. The stock reached a high that day of $1.10 and closed the day at $0.65. Perhaps the more salient question is whether or not this kind of arrangement amounts to a fraud on the Immigration Department.

Bauhinia Foundation's Lawrence Lee gets 7th year on Hospital Authority board
HK Gazette, 25-Mar-2011
That's beyond the 6-year rule, and keeps all 4 Bauhinia Foundation directors on the Hospital Authority board.

Junefield (0758) repeatedly lends money to "independent third party"
Company announcement, 23-Mar-2011
The ITP is a seller of coal, charcoal, building materials, plaster and iron ore. Junefield is in the manufacture and sale of construction materials, trading of coal, and other things, but it is not a bank. Is it lending to a customer or supplier? We should be told.

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