Wednesday 18th June 2014

Dear Reader,

We're back! Time to crank up the newsletter machine with some new articles. During the hiatus we have developed an exciting new feature for Webb-site Who's Who, which we will launch shortly. In any event, we are sure that you have been following the frequent updates on Webb-site Reports via RSS, Twitter, or Facebook.

Citibank vote-stuffing in HK AGMs
Webb-site has discovered that Citibank has been tilting the outcome of shareholder meetings in HK by giving blank proxies to management-nominated voters on behalf of Taiwan Depositary Receipts for which it has no voting instructions. We call on Citibank to stop this outrageous practice and on the HKMA and SFC to ensure that the HK branch does so. (18-Jun-2014)

Court declines to increase sentence of market manipulator
SFC, 17-Jun-2014

Webb to speak on Bitcoin at Asia Society HK next Monday 23-Jun
Asia Society, 17-Jun-2014

New World China (0917) privatisation fails on headcount test. Domiciles of HK-listed companies
Company announcement, 16-Jun-2014
Holders of 0.13% of the float, but a majority of voters, vetoed the scheme. This again illustrates the need for the Cayman Islands and Bermuda, where 75% of HK-listed companies are incorporated, to follow HK by scrapping the headcount test and enacting the 10% objection rule from the HK Takeover Code which allows one tenth of the independent shares to veto an offer. Still, the offer was at a 32.5% discount to NAV, so it's hard to feel sorry for New World Development.

HKSAR v Kelly Cheng Kit Yin
HK Court of Appeal, 13-Jun-2014
Her sentence is cut from 21 to 17 months.

Mingyuan Medicare (0233): everything vetoed at AGM
Company announcement, 12-Jun-2014
We note that Mr Yao Yuan, the Chairman, holds 50% of the largest shareholder, Ming Yuan Holdings Ltd, which owns 946,169,075 shares, close to the number which voted against. Mr Chow Wing Kin, INED, appointed 2 months ago, was removed.

Computer & Tech (0046) becomes a HK Government tenant
Company announcement, 12-Jun-2014
The Cyberport will surely save them some rent - which they can add to the special distribution of surplus cash that we are all waiting for with increasing impatience (your editor owns over 5%). Meanwhile they still haven't sold the offices in Westlands Centre, Quarry Bay, that they left in 1999.

SFC v Clarea Au Suet Ming
HK Magistrates' Courts, 11-Jun-2014
The judgment states that Michael Ang Wing Fung decided not to give evidence for the prosecution on the grounds that he might incriminate himself. The magistrate found that Ang was "all along acting on behalf of" Clarea Au. The magistrate called Clarea Au's assertions that she had not read the agreements "a pack of lies".

And much more besides...
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