Sunday 11th October 2015
Dear Reader,
Tomorrow and Tuesday David Webb will be in Singapore for the SIAS Corporate Governance conference. We hope to see a few readers there!
NEW ARTICLE
CAID (0048)
gains from umbrella bubble
Following a Webb-site complaint to regulators, CAID has revealed 3
holdings, including umbrella maker China Jicheng (1027), still trading at over
70x NAV. CAID expects the investments to contribute a positive return in the
near future, but doesn't say why. Meanwhile Lerado (1225) hasn't said how it
made similar gains. Is it also in the umbrella bubble? (10-Oct-2015)
RECENTLY IN WEBB-SITE
REPORTS
Transcend
This
If the new policy of "decolonisation" requires HK Post to vandalise its
boxes, then what comes next? Perhaps the royal insignia on the Court of Final
Appeal building will be "transcended". (5-Oct-2015)
Bubble warning: MPG (8147)
(update 10-Oct-2015)
This stock closed at a record daily high of
$12.40 on Wednesday, 91.8x its listing price for a US$1.67bn bubble, but even as
a shell, in our view it is only worth about $0.25, for 98%
downside. (1-Oct-2015)
Tung Chao Yung, born with
the Republic of China (update 3-Oct-2015)
A historic document reveals
the date of birth of shipping tycoon C Y Tung, father of HK's first Chief
Executive. (27-Sep-2015)
IN OTHER NEWS
Financial statements of AzureTax Ltd, 30-Jun-2011
Company filing, 9-Oct-2015
Deborah Annells
was the sole director. The auditor's report and note 12(c) refer to the police
investigation.
Tax consultant Deborah Annells is found guilty
HowardWinnReports, 9-Oct-2015
SFAT
schedules hearing on HSBC's sales of Lehman products for May 2016
SFC, 9-Oct-2015
Government: colonial posting boxes still in service are "inappropriate"
HK Government, 9-Oct-2015
The Government is
"looking into ways to update the markings on these boxes". Send them suggestions
on a postcard. So are the royal insignia on the Court of Final Appeal building,
and the crown on its dome, also "inappropriate"? How about the street names?
Queen's Road to become Deng's Road?
China Soft Power (0139) increases to 24.19% of Skyway Securities (1141).
Senworth filing
Disclosure of interest,
8-Oct-2015
The 14.75% stake was purchased for HK$434m ($0.31/share).
Both companies are in what we call the "Chung Nam Network". Neither company has
made an announcement. The vendor was probably Senworth Ltd, which made a
corresponding filing.
SFC bans
Wong Chun for eight years over false trading
SFC, 8-Oct-2015
Ocean Grand liquidators get court approval for litigation financing
HK Court of First Instance, 8-Oct-2015
The
companies are not named, but from the case numbers we know that they are former
subsidiaries of Ocean Grand Holdings Ltd, which collapsed in 2006. The parent
company went through a scheme of arrangement and emerged as Zhidao (1220). The
liquidators, presumably still Deloitte, can now sue unnamed persons to try to
recover money for the bondholders, who as of 2008 were owed about HK$1.2bn
KPa-BM (8141): allotments and concentration warning.
CCASS allocations
Company announcement,
7-Oct-2015
The top 25 placees have 97.6% of the float.
Ahsay Backup (8290): allotments and concentration warning
CCASS allocations
Company announcement,
7-Oct-2015
The top 25 placees have 94.2% of the float.
Madison Wine (8057): allotments and concentration warning.
CCASS allocations
Company announcement,
7-Oct-2015
The top 25 placees have 94.6% of the float.
Jonathan Lu, Caitlin Lu & Carl Lu v Paul Chan Mo Po & Frieda Hui
HK Court of First Instance, 7-Oct-2015
HKICPA
fines 3 members/directors of Birmingham (2309) HK$1k each
HKICPA, 6-Oct-2015
This is a follow-on
action from a SEHK Listing Committee sanction over 3 years ago.
Season Pacific (8127): allotments and concentration warning.
CCASS allocations
Company announcement,
6-Oct-2015
The top 10 placees have 99.06% of the float
Ex-Chief
Executive Donald Tsang Yam Kuen bailed
ICAC,
5-Oct-2015
HKEx drops second-class shares proposal
SEHK,
5-Oct-2015
HKEx has finally thrown in the towel on its attempts to
list second-class shares. Corporate governance was already bad enough without
making it even easier to abuse minority shareholders. Charles Li’s campaign to
do this exposed the blatant conflict of interests in the Exchange being a
for-profit regulator. This conflict should now be addressed by transplanting the
listing function to the SFC, the statutory regulator. The Listing Committee,
dominated by issuer interests, needs radical reform too.
Ex-Chief
Executive Donald Tsang Yam Kuen charged with misconduct
ICAC, 5-Oct-2015
Note: the architect
involved, Barrie Ho Chow Lai, was also appointed by Donald Tsang as a member of
the HK Housing Authority on 1-Apr-2012. We wonder whether Mr Tsang made any
disclosure at that time.
Court
disqualifies former Chairmen, CEO of First China Financial Network (8123)
SFC, 2-Oct-2015
And much more besides...
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