Monday 28th December 2015
Dear Reader,
After all that food and merriment, it's time to get active!
NEW ARTICLE
SFC
proposal sells HK short
We need your help! Support our submission to the SFC against draconian
short-selling restrictions and reporting requirements in HK. Under 1 Country 2
Systems, there is no reason to follow China's demonisation of short-selling or
to affirm that bias with a dragnet approach to reporting of short positions at
0.02% when long buyers only have to disclose at 5%. (28-Dec-2015)
RECENTLY ON WEBB-SITE
An
audience with HK's leader
The leader of HK has agreed to meet members of the public for 6 hours
per week: a historic idea which remains valid. (16-Dec-2015)
A.S.
Watson: not its 175th anniversary
How did you get the Government to endorse your 175th anniversary of
founding? Start by revising your company history. Webb-site reveals the
inconvenient truth. (15-Dec-2015)
Busting HK's road transport cartels
On the day the competition law takes effect, we take a long hard look
at the anti-competitive legislation and policies which support a HK$116bn taxi
cartel, a $22bn minibus cartel and a $13bn non-franchised bus cartel as well as
restricting the hire car market. The Government should scrap all restrictions
and franchises, introduce congestion pricing, and allow competition to serve the
public interest. (14-Dec-2015)
IN OTHER NEWS
China Telecom (0728): Chairman & CEO under investigation
Company announcement, 27-Dec-2015
Under the
constant shuffling of party-appointed leaders of state-controlled enterprises,
Mr Chang was President of China Telecom from 2002-2004, then Chairman and CEO of
China Unicom (0762) from 2004 until moving back to China Telecom in September
2015.
China Optoelectronics (1332) subscribes CB in Win Wind Capital Ltd
Company announcement, 23-Dec-2015
Another
deal in what we call the "Chung Nam Network". We believe that Win Wind Capital
Ltd was formerly known as Enerchine Capital Ltd. It is owned by Enerchina
Holdings Ltd (0622).
SFC suspends
Fabiano Hugues Joseph Mascolo for three months
SFC, 23-Dec-2015
"Let's talk here, email monitored" he said, over
WhatsApp.
GT (0263) corrects 2014 EPS again
Company
announcement, 22-Dec-2015
This follows a complaint to SEHK by
Webb-site on 6-Dec-2015, that the purported correction announced in August was
incorrect. The auditor, which also got the initial correction wrong, is
Pan-China (H.K.) CPA Ltd. Webb-site has filed a complaint against them with the
Financial Reporting Council.
SFC bans Suen
King Shan for four years
SFC, 22-Dec-2015
Leung Wing Yi Asther v Kwok Yu Wah
HK Court of
Final Appeal, 22-Dec-2015
Topping Chance Development Ltd v CCIF CPA Ltd
HK Court of First Instance, 22-Dec-2015
Takeovers
Panel rules on general offer obligation for Cross-Harbour (0032)
SFC, 21-Dec-2015
Solina Holly Chau Hoi Shuen v SEEC Media Group Ltd
HK Court of Final Appeal, 18-Dec-2015
Shihua Development (0485) to move SGM from Liaoning Province to HK
Company announcement, 17-Dec-2015
This
company has no mainland listing, so it should not have been holding a general
meeting beyond the reach of HK-listed shareholders.
Trio has
jail terms increased up to 3 years after review of sentences.
Judgment
ICAC, 17-Dec-2015
Imagi (0585): Chairman missing and other problems
Company announcement, 17-Dec-2015
The
Chairman and his wife failed to attend a board meeting on 11-Dec and it emerges
that he is the sole signatory of the bank account of a subsidiary, Xiamen
Sunflower which "should contain" RMB65m. Meanwhile NED Mr Wen Di has sent an
undated resignation letter and can't be contacted either. Perhaps he's in his
Wendy house.
Akai Holdings Ltd v James Henry Ting
HK Court
of First Instance, 16-Dec-2015
Akai is awarded equitable compensation
of US$455m plus interest for the fraud committed by Ting. Judge Mohan Bharwaney
writes "I sincerely hope that Hong Kong will never again see the likes of such a
rogue and scoundrel as Mr Ting". You'll be lucky.
Poon Ming
Pui fined HK$10k
HKICPA, 15-Dec-2015
This is a follow-on from an SFC action.
And much more besides...
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