Monday 30th March 2015

Dear Reader,

Yes, it has been a while since we sent a newsletter, so here are three short articles and a roundup of other news. Remember that, apart from our occasional artisan articles, you can follow Webb-site Reports via RSS, Twitter or Facebook.

Lee Kuan Yew arrives in Liverpool, 1946
Singapore was then a British colony, but the entry records record him as both a citizen of China and British. Also on the same ship were future leading figures in HK. (30-Mar-2015)

Government cites Webb-site board stats without attribution
The Government has cited statistics from Webb-site Who's Who without attribution, instead attributing them to SEHK. You're welcome. (25-Mar-2015)

China Money Recycling
A graphic from this week's judgment on China Metal Recycling (0773) seems strangely familiar. (14-Mar-2015)

Court bans Tommy Lam Yick Sing, ex-ED of Tack Fiori (0928), for 6 years
SFC, 30-Mar-2015

Ordinance gazetted to facilitate paperless shares. HK-listed domiciles
HK Government, 27-Mar-2015
Not yet in effect and, when it is, it will only apply to the 212 HK-listed companies (12%) which are incorporated in HK. Webb-site Who's Who shows the current leading domiciles are Cayman (817) and Bermuda (509), together accounting for 75% by number. They need to legislate too.

Webb discloses 5% stake in Top Form (0333)
Disclosure of interest, 27-Mar-2015

Policeman gets 14 months for bribery and misconduct
ICAC, 27-Mar-2015

Court grants order for Joe Chong Wai Moon to attend SFC interview
SFC, 26-Mar-2015
An educated guess: at least one of the 3 SFC investigations probably relates to a massive stock ramp by persons unknown in the shares of Seamless Green China (8150) during 2009. Mr Chong's fund, Wealth China & HK Growth Fund, was a shareholder.

Chinese medicine practitioner in court for alleged 700 sick leave certificates
ICAC, 26-Mar-2015

SFC fines JS Cresvale Securities HK$2.5m
SFC, 26-Mar-2015

Re: Tai Shing (8103)
HK Court of First Instance, 26-Mar-2015
A quite horrendous story

Changgang Dunxin (2229): PKF was not our auditor after all
Company announcement, 25-Mar-2015
After a complaint from Webb-site, which tracks all auditors in Webb-site Who's Who, it turns out that the reason the resignation of PKF was not announced is that it was not appointed as auditor in the first place. In our view, IPO investors were misled.

Bankruptcy of Kevin Patrick Mann & Hilda Li Chung Yan
HK Court of First Instance, 24-Mar-2015
This is about the former Dymocks book shop in Prince's Building, operated by Manhattan (Asia) Ltd and funded by an HSBC bank loan guaranteed by the Government, so taxpayers will likely end up with the bill. Capitalism with HK characteristics.

HKSAR v Thomas Kwok Ping Kwong
HK Court of Appeal, 23-Mar-2015
"I am not persuaded that the grounds of appeal as advanced have any real chance of success" - Justice Wally Yeung Chun Kuen. So Thomas Kwok stays in jail pending appeal.

HKICPA fines Jimmy Lau Wai Yui HK$10k for premature degree claim
HKICPA, 20-Mar-2015

Pacific Sun Advisors Ltd & Andrew Pieter Mantel v SFC
HK Court of Final Appeal, 20-Mar-2015
The appellants win. "There is nothing to suggest the legislative purpose of section 103(3)(k) is to protect retail investors from wasting their time or, alternatively, against having their investment appetites whetted." The CFA rules that if it can be shown that the issuer has adopted screening procedures to restrict the fund to "professional investors", then the exemption for advertisements "in respect of" such products applies, whether or not the advertisement makes the intent clear.

FRC Investigation Report on W.H. Tang & Partners CPA Ltd
Financial Reporting Council, 20-Mar-2015
Following a request by Webb-site, this is the first full Investigation Report released to the public since 2011.

And much more besides...
Remember that, apart from our occasional artisan articles, you can follow Webb-site Reports via RSS, Twitter or Facebook.

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