Sunday 4th February 2018
Dear Reader,
NEW ARTICLE
Hong
Kong's not-so-free economy
The US-based Heritage Foundation has, as always, ranked HK as the
freest economy in the World. For once, the Government doesn't accuse foreign
forces of interfering in HK's internal affairs. But this rosy view is not held
by those who take the time to study the domestic economy. Here are a few things
that Heritage may have overlooked. (4-Feb-2018)
RECENTLY ON WEBB-SITE
Kingston
(1031): things you should know
Even after today's plunge, Kingston is trading at 13.2x net tangible
assets of $0.508 per share, 70.8x trailing earnings, and is heavily dependent on
low-cost loans from its majority shareholder. Don't bet on that continuing. We
also look at the extent of its margin lending to controlling shareholders of
large numbers of other listed companies. (30-Jan-2018)
Your
stocks, your way
We're launching new features for registered users. Build your own stock
list, use a dashboard to find information on the stocks, and see CCASS
movements, total returns and directors' dealings for your stocks in one page.
And yes, it's all free! We also encourage users to give something back to the
community by anonymously contributing your Governance Ratings of companies and
Trust Ratings of people. (24-Jan-2018)
IN OTHER NEWS
Capital VC (2324) dilutes holders again | Options
announcement
Company announcement, 2-Feb-2018
The "Enigma Network" investment company is blowing the general
mandate, issuing 19.96% new shares at $0.05, not mentioning the 84.9% discount
to Net Asset Value of $0.3308 at 31-Dec-2017. The board claims the issue is "in
the interests of the Company and the Shareholders as a whole". The placing
agent, Infast Brokerage, is 95% owned by GCPS (8193), another Enigma member. 3
minutes eariler, Capital VC announced a grant of 275m options at $0.058 to
unnamed persons. That's another potential 10% enlargement of the share base at
an 82.5% discount to NAV. We call on the SFC to direct the Stock Exchange to
reject the listing application for all the new shares.
ICAC &
DoJ clear Jimmy Lai, Mark Simon and 5 current and former pro-democracy
legislators
ICAC, 1-Feb-2018
Following the acquittal of legislator Leung Kwok Hung in a similar case, the
Department of Justice has advised the ICAC that there is insufficient evidence
to justify prosecution.
US Treasury
sanctions the "Zhao Wei Transnational Criminal Organization"
US Treasury, 30-Jan-2018
And much more besides...
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David M. Webb
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