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.
NEW ARTICLES
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
(24-Feb-2016)
RECENTLY ON WEBB-SITE
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)
IN OTHER NEWS
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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