Friday 15th September 2017

Dear Reader,

Statement on the conclusions on HK Listing Regulation
HK loses on two levels from today's climbdown by the SFC. (15-Sep-2017)

One Board, One Regulator
We respond to HKEX's 2nd attempt to introduce 2nd-class shares via a "New Board", rather than cleaning up its existing boards and transferring listing regulation to the statutory regulator which oversees takeovers, the SFC. Coupled with recent moves to embed the Communist Party in the constitutions of state-controlled enterprises, HK and China risk a toxic combination of no votes for government and no votes for capital, leading to an emerging tycoon-Communist Party oligarchy. We propose a better approach. (7-Aug-2017)

Rebuilding free markets in HK
These slides are from a presentation by David Webb today, on how HK's free markets have eroded during the 20 years since the Handover, and what HK can do to recover its dynamism. (16-Jun-2017)

Webb on "Backchat" re Bitcoin
RTHK, 15-Sep-2017

Concentration warning in ITP Holdings (8446)
SFC, 14-Sep-2017
Despite having a public offer tranche, by 2.5 months after listing, the top 16 holders had 94.76% of the company. The stock is now over 20x its IPO price. This nicely demonstrates that requiring a public offer (which HKEX has proposed) won't prevent bubbles.

And much more besides...
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David M. Webb