Saturday 17th January 2015

Dear Reader,

Breaking news...

Yes Pope Frank, we can mock faiths
Pope Francis says its OK to punch someone who insults his mother, and we cannot make fun of faith. No, it's not. No insult justifies an assault, whether it's an insult against you, your mother or Muhammad, and whether it is a punch, a massacre or a state-sponsored flogging. Laws against blasphemy, insult and mockery have no place in an open society and incentivise intolerance of free speech. (17-Jan-2015)

Occupy school suspension order was invalid
We have investigated the Government's actions during the "Occupy" protests and find that it lacked the legal powers to order district-wide class suspensions, and was therefore acting outside the rule of law. (13-Jan-2015)

The bubbles in CNN
We warn investors of 3 bubbles amounting to HK$20.0bn (US$2.58bn) in the "Chung Nam Network" of listed companies, Heritage (0412), Rising Dev (1004) and Mascotte (0136) and look at a blatantly bad decision by the board of Hao Tian (0474), and an undisclosed Very Substantial Acquisition by that company. One of the bubbles is even a Russian doll "double bubble" - one owns the other. (8-Jan-2015)

Imperial Pacific bubble
We look at the US$3.2bn bubble in Imperial Pacific (1076) surrounding a Macau junket operation and a casino project in Saipan. (8-Jan-2015)

12 charged with bribery & fraud over village house projects
ICAC, 14-Jan-2015
Ding ding! David Li Yam Pui, the 81-year-old developer, allegedly conspired with the Chairman of the Sha Tin Rural Committee, who has not been charged, to offer him not more than HK$200k for "introducing" each indigenous male for a small-house licence application. In case you are wondering, he is Mok Kam Kwai, BBS. As Chairman of the SRC he is a Heung Yee Kuk Councillor and ex officio Sha Tin District Councillor.

Enerchina (0622) buys 1.5bn shares (5.58%) of Mascotte (0136) for HK$210m
Disclosure of interest, 14-Jan-2015
This is an off-market transaction and increases its stake to 9.51%. The 5-day average market cap of Enerchina before the purchase was $1432m, so the "consideration ratio" is 14.7% and this should be a Disclosable Transaction under the Listing Rules. Enerchina has not made any announcement. In our view, Enerchina has just bought into the Mascotte bubble.

Man Sang (0938) minority shareholders veto open offer
Company announcement, 13-Jan-2015

Ex-MVA enumerator sentenced for fraud over ICAC annual survey
ICAC, 13-Jan-2015

And much more besides...
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