Thursday 24th September 2015

Dear Reader,

Brace yourselves, we have several articles coming soon. Here's the first taster.

Hao Wen, Capital VC and Unity
Webb-site finds questionable cash investments at extremely high valuations which link together 3 listed companies. We urge the SFC's corporate misconduct team to investigate. (24-Sep-2015)

China Jicheng (1027) may be preparing for a placing
We note that 1.5bn shares (10%) of China Jicheng were deposited into CCASS on 17-Sep-2015, via Black Marble Securities. These can only be from Chairman Huang Wenji. Shares must be in CCASS to be tradable, so this may be a preparation for a top-up placing. Click the link to see CCASS movements. The stock is in a bubble, at 106x NAV last night, up 64x since the IPO. Black Marble is owned by Lerado (1225). (23-Sep-2015)

Tradelink's provincial politics (updated)
What is Taiwan? Tradelink has the answer... (22-Sep-2015)

You are silly, Yuhua (update 23-Sep-2015)
Yuhua Energy (2728) proposes a 2 for 1 bonus issue and a 4.5-fold board lot increase that it wrongly claims will reduce the market value per board lot and thereby enhance trading liquidity. In fact it does the opposite. (17-Sep-2015)

FRC probably investigating Esprit (update 21-Sep-2015)
The Government has appointed a standby Chairman and two temporary members of the Financial Reporting Council, to deal with potential conflicts of interest for its Chairman, John Poon Cho Ming, and other members. We connect the dots. (20-Sep-2015)

Automated Systems (0771): all 3 INEDs resign due to "personal business pursuits"
Company announcement, 23-Sep-2015
This comes 6 days after ASH said that 3 other people had "ceased to be" members of the Management Committee. Yet the company says the 3 INEDs have no disagreement with the Board and there are no matters that need to be brought to shareholders' attention.

And much more besides...
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