Monday 25th January 2016

Dear Reader,

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Time2U's time to FU
How much damage can a HK main board company do to its share price within the first year of listing? Try 79.6%, with two full-sized placings under the generous general mandate, one of them at a discount to net cash per share, neither of which was necessary. For Time2U (1327) one year was time enough. (25-Jan-2016)

Government freezes out kindy, primary classes
They can only do this if there is an "immediate danger or immediate risk of danger to persons in any school premises". There is no evidence that schools will be any colder than homes. This is not New York, and the Government has panicked and gone beyond its statutory powers. (24-Jan-2016)

Notes on Amalgamations of British Businesses, October 1959
This document was the forerunner of the UK Takeovers Code which gave rise to codes in HK and elsewhere. Most of its provisions are recognisable in today's codes. (17-Jan-2016)

Leslie Cheng, Burkes and Turks
It appears that the FRC and HKICPA, in its recent action against Leslie Cheng & Co, missed the elephant in the accounts of Luxey (8041). 6 listed companies are keeping him on board, 3 as chairman of their audit committees. And then there's his doctorate... (16-Jan-2016)

Behold, the One Belt One Road bandwagon...  and the Maritime Silk Road bandwagon
Companies named or renamed to fit Xi's China Dream. (15-Jan-2016)

Submission to LegCo on XRL
Webb-site has today made the following submission to the Legislative Council Finance Committee and its Public Works Subcommittee regarding the HK section of the Express Rail Link to Shenzhen. (14-Jan-2016)

The making of Shanghai Disneyland, 2010-2015
Enjoy our new video, best viewed in HD. (14-Jan-2016)

Sino Land's 3 specious houses
Freudian slip from page 82 of the 2015 annual report. Dictionary: specious (adjective): misleading in appearance, especially misleadingly attractive. (13-Jan-2016)

HKSAR v Chan Chun Chuen
HK Court of Appeal, 25-Jan-2016
The Court of Appeal refuses Peter/Tony Chan's request to certify points of law of great and general importance. His last chance will be to seek leave to appeal from the Court of Final Appeal directly.

SFC bans Liu Hsiang Wen for 8 months
SFC, 25-Jan-2016
She failed to disclose a Taiwan criminal conviction to the SFC and to Bank of East Asia when applying for a new job. She was convicted on 10-Aug-2010 but carried on working for CITIC Securities in HK until 1-Jun-2012, then BEA until 8-Sep-2014.

Future Land (1030): Chairman Wang Zhenhua under investigation by CDI
Company announcement, 22-Jan-2016

ABC (1288): "material risk incident" exposes RMB 3,915m
Company announcement, 22-Jan-2016
In China, losing money is as easy as ABC.

China Env Energy (0986) sells 15.45m shares in China Jicheng (1027) umbrella bubble
Company announcement, 22-Jan-2016

Re bankrupt Ian Chu Chi Ho
HK Court of First Instance, 21-Jan-2016
Application by money-lenders in what we call the "Chung Nam Network" for the removal of the bankruptcy trustees is dismissed. The trustees have entered into a funding agreement and are looking into "a number of apparently suspicious transactions arising from the relationship of the Bankrupt" with the lenders. Most of the money purportedly borrowed by Ian Chu Chi Ho was paid by the lenders directly HEC Finance 92 Ltd, another company in the network. That was formerly Chung Nam Finance Ltd.

Ex-staff of Yan Oi Tong in court over theft, fraud and perversion
ICAC, 20-Jan-2016

And much more besides...
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