Tuesday 1 Mar 2016

Dear Reader,

Going mobile

If you're reading this on a phone or small tablet, then good news - Webb-site is now mobile-friendly. We've coded what geeks call a "responsive" web design which automatically reformats to fit your screen, reformatted the 18-year archive in Webb-site Reports to make it HTML5 compliant, and adapted all the database pages in Webb-site Who's Who. Let us know if this causes any problems for your particular mobile and browser combination.

Tom Lee Music practices not fair play
We look behind an ICAC prosecution of music teachers and find bad practices at the tax-exempt Tom Lee Music Foundation, which requires its teachers to exclusively push products for Tom Lee Music Company. (28-Feb-2016)

Burkes University's South African alumnus
A blogger in South Africa picks up the baton on Burkes University, finding a local Chairman/CEO with a degree of embarrassment. Meanwhile HK regulators seem totally relaxed about Leslie Cheng's "doctorate". (26-Feb-2016)

HK Govt to teach grandma to suck eggs

E. Bon bonus beggars belief
A proposal to halve the price and double the board lot will also double the minimum bid-offer spread to 1.55%. No competent board could believe that this is in shareholder interests and will enhance liquidity. We call on the SFC and Stock Exchange to act. (19-Feb-2016)

Home Shan't Be China
HSBC's decision to stay put is unsurprising, not just because of the reduced UK bank levy, but because of the risks of moving to what is increasingly seen as one country rather than two systems. (15-Feb-2016)

Alco (0328): board meeting to consider special dividend
Company announcement, 1-Mar-2016
This follows yesterday's scheduled completion of the disposal of 3 floors of Zung Fu Building, Quarry Bay, the net proceeds of which were expected to be HK$534.2m, or about $0.92 per Alco share. Webb-site founder David Webb holds over 9% of the company.

SFC fines Ms Wan Xing of UBS HK$200k
SFC, 1-Mar-2016
Ms Wan told her clients they could sell the new BYD shares 2 days before the placing was due to complete, but they shouldn't have, because the placing might not have completed. In the end it did though.

Blackrock gets active on G-Resources (1051)
Company media release, 29-Feb-2016
It's a welcome change to see Blackrock, a large asset manager, taking a public lead, urging shareholders to vote against the Martabe Mine sale. Retail investors may not have heard about the meeting, because the SFC does not require banks and brokers to seek voting instructions for clients' shares. Webb-site agrees: contact your bank or broker, and instruct them to vote AGAINST.

HKSAR v Lew Mon Hung: reasons for verdict (Chinese)
HK District Court, 29-Feb-2016

Lew Mon Hung, ex-Deputy Chairman of Pearl Oriental Oil (0632), gets 18 months for perversion
ICAC, 29-Feb-2016
Dream Bear's nightmare.

SFC fines Yuanta Securities (HK) Co Ltd HK$4m for hidden bond mark-ups
SFC, 29-Feb-2016
Comment: if HK had a listed bond exchange then this kind of activity would not be possible, because check prices against on-market transactions.

HKICPA bans Chan Bing Chung for 9 months, fines him HK$50k
HKICPA, 29-Feb-2016
This relates to his role as quality control reviewer for the 2007-2009 audits of Sing Lee Software (8076). The company failed to expense its share options. His "major line of argument was it was fair for the Company to treat the valuation of the Share Options as zero" - which it isn't. He still doesn't get IFRS 2. He is also an INED and chairs the audit committee of China Haisheng Juice (0359) which, if it keeps him, should explain why.

PECS register monthly update
HK Government, 29-Feb-2016

Bruce James Stinson v Gu Ming Gao
HK Court of First Instance, 26-Feb-2016
The pre-race jousting continues as Mr Stinson obtains an order for further HKJC betting records from Mr Gu.

Arrest warrant issued for alleged insider dealer Tang Xian
SFC, 25-Feb-2016
As there is no rendition agreement between Hong Kong and the mainland, she is unlikely to face trial unless she sets foot in a country with which HK has an extradition treaty, if there is an Interpol notice on her. The listed company is now known as Coolpad Group Ltd (2369).

'Another wasted opportunity' - David Webb on the budget
Harbour Times, 25-Feb-2016

Webb on "Money Talk" re the budget
RTHK, 25-Feb-2016

SFC bans Mr Jia Zhen, ex-China Merchant Securities, for 10 months
SFC, 24-Feb-2016

SFC bans Alice Yim Ping, ex-Target Capital Management, for 3 years
SFC, 22-Feb-2016

And much more besides...
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