Thursday 24th April 2014

Dear Reader,

Time for some action!

Open letter to the Board of C&T (0046) from investor David M Webb

Song Lin disappears from ICAC site
Oh dear - the Chairman of the ICAC's Hong Kong Ethics Development Advisory Committee is now under investigation for alleged corruption - and the ICAC has wasted no time in removing him from its web site - but Webb-site has copies. (19-Apr-2014)

Ombudsman discloses more information
Following pressure from Webb-site, the Ombudsman has today published a summary of the submissions received during its investigations on Access to Information and keeping public archives. The submissions show strong support for legislation. Meanwhile, the wheels at the Law Reform Commission are slowly turning and covering similar ground. (17-Apr-2014)

Give public access to ALPs
We need your help! The SFC is proposing to ban retail investors from accessing Alternative Liquidity Providers, which could provide faster and better execution than just placing the order with SEHK. Webb-site urges the SFC to give the public the same options that institutional investors enjoy. They almost did with HSBC's ill-fated Stockmax. We also urge the Government to abolish SEHK's statutory monopoly and allow competition to drive down fees and innovate. (15-Apr-2014)

HKEx (0388) and China Minsheng Bank (1988) sign MOU. Listing Rules Chapter 38
Company media release, 23-Apr-2014
Comment: now that HKEx is in business with Minsheng Bank (1988), it should stop being the listing regulator of that company and the SFC should take over, under the conflict of interest provisions of Listing Rule 38.16. The SFC is already the listing regulator of HKEx.

SFC fines RBS HK$6m for internal control failings
SFC, 22-Apr-2014

Concentration warning in Eagle Legend Asia (0936)
SFC, 22-Apr-2014

Virtue Union Co Ltd v Soo Moon Kuen & Daphne So Wong Tak Hing
HK Court of First Instance, 22-Apr-2014
The case concerns the HK$120m sale of 16C Shan Kwong Rd, Happy Valley, an old 4-storey block built in 1953, owned by the same family since 1960 and surrounded by skyscrapers. An orphan lot (one that got left behind), it will presumably be redeveloped into a tall, thin pencil building.

And much more besides...
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