Thursday 24th January 2019

Dear Reader,

Due to a recent burst of publicity, we've had a lot of requests for information on the stocks your editor holds. Rather than leave people stabbing away at HKEX's user-unfriendly interface to find the statutory filings, we've established our own summary page of "Webb-chips" at this link, based on the latest filings. They are facts, not recommendations.

Why stock-plunges happen so often in HK
We explain the 20-year history to a statutory loophole which keeps investors in the dark on share pledges. (24-Jan-2019)

Jiayuan (2768) Chairman should expect the SFC's call
After denying any knowledge of reasons for last Thursday's crash, Jiayuan now says that 3.73% of the Chairman's stake was dumped in a forced sale due to enforcement of share charges and/or margin financings. (23-Jan-2019)

China First Capital (1269): part 2
We continue our investigation into the UK joint venture, following a "clarification" announcement late on Christmas Eve. (13-Jan-2019)

Last chance to satirise the anthem
In case you've lost that lovin' feelin' for the Chinese markets. (10-Jan-2019)

China prosecutors order arrest of 4 ex-executives at Huarong for bribery
Reuters, 22-Jan-2019
Webb-site notes that 2 of them, Bai Tianhui and Guo Jintong, were successively chairmen at Asia Pacific Silk Road Investment Co Ltd (0767) between 7-Sep-2017 and 10-Jul-2018, with Guo taking over from Bai on 2-Feb-2018. The firm is a P2P lending business and is 55% owned by Huarong Financial Services Asset Management L.P., although there is a huge mandatory convertible note held by the person who sold that business to ASPR.

"Long Hair" v Commissioner of Correctional ServicesJustice is blind, except for haircuts
HK Court of Appeal, 22-Jan-2019
Mr Leung's application for leave to appeal to the CFA is dismissed. Mr Leung must now take a short-cut, so to speak, and go directly to the CFA, where more people in wigs may hear his plea that male and female prisoners should have the same rule on haircuts. Amazingly, neither side seems to have mentioned that the UK removed the different treatment by 1999, as we reported last year in "Justice is blind, except for haircuts".

MMT sanctions former CEO of China AU (8176) and related persons for false trading26 stocks not to own
SFC, 21-Jan-2019
Incidentally, the company is now known as SuperRobotics Ltd, a bubble stock featured in our "26 stocks not to own" article of 19-Oct-2018. It has fallen 28.6% since then, so far.

The Webb way of investing
Motley Fool, 17-Jan-2019

And much more besides...
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David M. Webb