Sunday 28th April 2019

Dear Reader,

Enigma fallout: the social media fund
We piece together disclosures by 4 listed companies in the Enigma Network to reveal a pseudo-fund which held a single 55% stake in a social media company, posing new questions for the regulators. (28-Apr-2019)

Putting the dot back in HK
A deep dive into HK's "not-for-profit" internet domain registry reveals appalling governance, over-charging, continuing conflicts of interests and a severe case of corporate obesity. In late 2015, having hoarded enough cash to run the registry for 9 years, the Government-controlled board reversed a fee cut, losing a quarter of registered domains over the next 3 years, while seeking ways to squander the surpluses on mission-creep rather than return the cash to users. There is a better way. (25-Apr-2019)

HKMA, SFC announce "serious concerns" about transactions by mainland bank, HK subsidiary
And we think we know who they mean. The facts all point to entities featured in our network diagram last October. (24-Apr-2019)

CFA dismisses Cheng Chak Ngok's application for leave to appeal
SFC, 26-Apr-2019
The case now goes back to a new Market Misconduct Tribunal. The first one cleared him but used the wrong standard of proof, criminal rather than civil.

Concentration warning in Takbo (8436)
SFC, 25-Apr-2019
The top 20 holders have 92.19%.

Concentration warning in Hang Yick (1894)
SFC, 25-Apr-2019
The top 19 holders have 98.02%.

Concentration warning in Champion Alliance (1629)
SFC, 24-Apr-2019
The top 17 holders have 96.76%.

SFC bans Su Xiqiang, ex-RO of Guosen Securities (HK) Brokerage Co Ltd for 10 months
SFC, 23-Apr-2019

And much more besides...
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David M. Webb