Tuesday 5th February 2013

Dear Reader,

NEW ARTICLE
BSD and SSD 2.0 - submission to LegCo
We dissect the proposed Buyer's Stamp Duty and increase and expansion of Special Stamp Duty on residential properties in HK. Government replies to Webb-site reveal that they don't actually have data to support the discrimination between Permanent Residents and Non-PRs, even if the duty were constitutional, which it is not. (5-Feb-2013)

RECENTLY ON WEBB-SITE
The FSDC: under development
The Financial Services Development Council is apparently still under development itself. Confusion reigns over what form it will take, how it will be funded (if at all), and even the identity of persons appointed to it. We'll try to add some clarity. (24-Jan-2013)

IN OTHER NEWS
Sinocom (0299): breach of Listing Rules: unapproved loans
Company announcement, 30-Jan-2013
After a takeover of Sinocom by a Japanese company last July, the bank accounts of Sinocom's Japanese subsidiary have been raided for Y2.49bn (HK$211.65m) outstanding in unapproved loans.

Webb on "Backchat" re tunnel tolls and (at 45:30) directors' secrecy
RTHK, 30-Jan-2013

Charles Chan Chiu Kwok v HK Institute of Surveyors
HK Court of Final Appeal, 30-Jan-2013
"On 14 January 2010, the HKIS received from the [SFC] an anonymous complaint against Mr Chan forwarded to the [SFC] by the [ICAC]. The complaint arose out of a valuation report prepared by Mr Chan in relation to the public listing of a company."

Winnie Ho Shuk Ching v George Lung Chee Ming
HK Court of First Instance, 29-Jan-2013
An unlicensed person claims an introductory fee for introducing business to a Manulife insurance agent.

Fear, fury over HK corporate privacy proposals
CNN, 28-Jan-2013

Aeon Credit (0900) terminates proposed loan to parent
Company announcement, 25-Jan-2013
This follows Webb-site's article of 22-Jan-2013. Mission accomplished. Now what about a special dividend, and a merger of greater China business into the company?

Pass it on!
This free newsletter goes to over 20,000 practitioners, issuers, regulators and investors in Hong Kong's markets. If you enjoy Webb-site, then please invite a friend to find out what they are missing and subscribe! Visit our archives, and do your homework before you invest.

Remember that, apart from our occasional articles, you can follow our daily updates on HK events via RSS, Twitter, or Facebook.