Monday 1st June 2015
Dear Reader,
Shareholder activism in HK is difficult, but not impossible...
NEW ARTICLE
Porky
Yorkey, Round 2
Webb-site urges shareholders to vote against connected transactions
with the largest shareholder and urges the board to distribute the surplus cash,
which has grown fatter since our previous campaign in 2013. We also warn
Citibank not to stuff the ballot with a discretionary proxy appointed by
management as they did at the 2014 AGM. (1-Jun-2015)
RECENTLY ON WEBB-SITE
Principles of
Responsible Regulation
Webb-site calls on the SFC, Government and HKEx to get serious about
facilitating investor stewardship. Principles of Responsible Ownership are only
useful if regulators address the deficiencies in Hong Kong's governance
framework for listed companies. We call on readers to make a submission too, and
support our proposed Principles of Responsible Regulation. (26-May-2015)
IN OTHER NEWS
SFC calls for proactive investors: Will more David Webbs emerge?
EJinsight, 30-May-2015
We hope so! Nice pic
- taken during SARS in 2003.
PECS Register monthly update
HK Government,
29-May-2015
SFC
statement on Hanergy (0566)
SFC, 28-May-2015
We note that this refers to an investigation "into the affairs of"
Hanergy, not just into dealings in its shares. In our view the suspension of the
stock is now likely to continue for quite a while.
Guru Online (8121) allotments and concentration warning
Company announcement, 28-May-2015
Former
licensee Wong Chun convicted of false trading in Sino-Tech (0724)
SFC, 27-May-2015
Note: to put the 200m
shares in perspective, there were 9,583m shares outstanding on 31-Jan-2011 so
this is just over 2%.
Lau Tin Cheung v Tianjin Development (0882)
HK
Court of Appeal, 27-May-2015
REDA v Building Authority
HK Court of Appeal,
27-May-2015
Can developers file building plans for land they don't
own and have no realistic prospect of controlling? The case leapfrogs the Court
of Appeal and goes to the Court of Final Appeal. This is about developers'
ability to get approvals before plot ratios or height limits are reduced by
rezoning, thereby giving them an advantage when bidding for the land against
those who lack those approvals.
Athena Choi Hoi Shuen v Choi Kim Lui
HK Court
of First Instance, 27-May-2015
Concentration warning in KSL (8170)
SFC,
26-May-2015
SFAT
affirms SFC decision, Sun Xiao, ex-Mount Kellett Capital, banned for 13 months
SFC, 26-May-2015
i-Control (8355) allotments and concentration warning
Company announcement, 26-May-2015
And much more besides...
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