Monday 7 March 2016

Dear Reader,

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One registration, two companies
Webb-site reveals how a UK company registered in HK and then swapped names with another one, which illegally kept the HK registration. That company is now a subsidiary of UK-listed Cobham plc. (7-Mar-2016)

Deception behind the Companies Registry paywall
On International Open Data Day, we reveal a network of knock-off companies using the CIBC, Credit Suisse and BNP brands, based in HK with subsidiaries in the UK and New Zealand. If those registries were not free and open, the deception would remain undiscovered. We call on HK Registrar Ada Chung to tear down this paywall. (5-Mar-2016)

Preventing cash shells
Webb-site proposes a new Listing Rule to prevent cash shells. The Cash Shell Test introduces equity discipline for existing companies and provides clarity for those proposing transactions and fund-raising. It should be welcomed by investors, regulators, issuers and their advisers. HKEx needs to build a proper sanitation system for this village rather than dig a new cesspit. (3-Mar-2016)

Lerado settlement could be worth $0.066 per share
Lerado has settled its dispute with the buyer of its core business, but fails to state what the positive impact will be on its income statement and net asset value. Webb-site estimates that it will add $255m of profit or $0.066 per share to NAV. (2-Mar-2016)

Skyway Securities (1141) buys 2 Lincoln Road from Central Wealth Financial (0572) at HK$403m. CWF announcement
Company announcement, 4-Mar-2016
Skyway is buying the BVI shell that owns the house via a HK subsidiary, avoiding 23.5% or $94.7m in Buyer's Stamp Duty (15%) and Double Stamp Duty (8.5%). CWF completed the purchase of the HK subsidiary on 30-Nov-2015. CWF reveals that the ultimate vendor then is a substantial shareholder of Skyway and an Executive Director of Skyway is sister of that person. So that person must be Lam Hoi Sze, brother of Lin Yuehe, Chairman of Skyway since 1-Mar-2016. CWF will become a 9.31% shareholder of Skyway.

Senior Ambulanceman charged with misconduct. Long Service medals
ICAC, 4-Mar-2016
We note that Troson-Zab Yu Sum-fat, Senior Ambulanceman 9270, received a Long Service Medal - 1st Clasp on 18-May-2012.

Listing Committee censures China Kingstone (1380) and ex-EDs
SEHK, 3-Mar-2016
This firm was brought to you by Citigroup Global Markets Asia Ltd, sponsor.

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