Sunday 7th August 2011

Dear Reader,

StockMax and competition for HKEx
We look at the implications of HSBC's proposed StockMax dark pool with retail investor participation. It's a wake-up call to the Government, SFC and HKEx that we need to move forward with allowing competition to innovate services both inside and outside HKEx. We propose measures to achieve this while preserving fair and orderly markets. (7-Aug-2011)

SFC seeks disqualification and HK$2.13bn compensation orders against former directors of EganaGoldpfeil (0048)
SFC, 1-Aug-2011
We'd be amazed if they ever collect a penny, even if the order is granted. The defendants can just go through personal bankruptcy while they are serving (part of) the disqualification time. This does not preclude the possibility of criminal charges for fraud or false accounting in the case.

One more voting member of Jockey Club charged over membership scam
ICAC, 1-Aug-2011

HLB Hodgson Impey Cheng & others v HKICPA
HK Court of Appeal, 1-Aug-2011

Peace Mark: cancellation of listing
Company announcement, 27-Jul-2011
Almost 3 years after the stock was suspended with a market value of HK$1.89bn, investors must be wondering whether any criminal charges will be brought in relation to the fraud suspected by the liquidators (see our article of 24-Dec-2008).

Ex-China Mobile Vice-chairman gets suspended death sentence | Hall of Shame
China Daily, 23-Jul-2011
He is thereby inducted into the Webb-site Hall of Shame.

Real Gold (0246) appoints unnamed "strategic advisor"
Company announcement, 22-Jul-2011
Well it's always nice to have a strategy - but isn't the board supposed to have one?

Brian Kan Ping Chee charged for alleged bribe-for-vote
ICAC, 22-Jul-2011
We thought he only offered carrots to horses!

Government to publish PECS register online
HK Government, 22-Jul-2011
Webb-site has been publishing the register of Post-service Employment of Civil Servants online since Oct-2009, obtaining it monthly from the Civil Service Bureau in the interests of transparency. Now the Government is going to do it for us - mission accomplished!

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