Sunday 23rd October 2016
Andrew Left and the right to be wrong
We take a close look at the Market Misconduct Tribunal's report on Mr Left's erroneous criticism of China Evergrande (3333), and what that says about free speech amongst participants in the HK market. (23-Oct-2016)
RECENTLY ON WEBB-SITE
Open letter to the board of Ming Fai (3828) from David Webb
Webb-site founder David Webb owns almost 10% of Ming Fai and calls for a special dividend of at least $0.352 per share to reduce net cash to not more than HK$300m (34% of net assets) after the sale of the investment property, which we support. Ming Fai has a strong core business, but if the current board, which holds 33% of Ming Fai, doesn't do the right thing then we will nominate directors who will. (19-Oct-2016)
who's got religion?
There were 19 oath-taking Christians in last week's LegCo swearing in, 7 non-religious oaths, and 44 affirmations. So who believes in a higher power than Beijing? (16-Oct-2016)
IN OTHER NEWS
Family of 4 in court over public rental housing units fraud
Allegedly: Mum & Dad bought their Public Rental Housing unit under the Tenant Purchase Scheme, then leased it out without paying land premium, while the kids pretended to live with Granny to get a PRH flat under the Families with Elderly Persons Priority Scheme, while Granny was actually in a care home.
Hisense Kelon (0921) nonsense
Company announcement, 21-Oct-2016
The firm is sinking RMB1.7bn of "idle" funds into wealth management products. That's about HK$1.43 per share that should be returned to shareholders if it's really idle, not gambled - but they had net current liabilities of RMB506m at 30-Jun-2016, so maybe they should pay off debts instead?
Reuters manager charged with HK$19m works orders fraud
Contrary to the media release, Thomson Reuters Hong Kong Ltd was not formerly known as Reuters Hong Kong Ltd. The latter is a different entity incorporated in the Cook Islands and registered in HK.
SFC fines 2
JPMorgan entities HK$5.6m for regulatory breaches
"Foreigners Piling into HK Homes"
Fact check: the 250 who paid the 15% Buyer's Stamp Duty (not being Permanent Residents of HK) accounted for only 3.2% of 7826 purchases in September, and an untold number of sales, so we don't even know if they were net buyers. 96.8% of buyers were Permanent Residents.
Rakuten Securities HK$4m
Heads we win, tails you lose. The former FXCM Asia for 4 years until 2010 diddled clients by keeping favourable FX movments between the receipt and execution of orders, or what might be regarded as "worst execution". It is unclear why it took the SFC almost 6 years from the end of this behaviour to resolve this.
And much more besides...
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