Monday 17th December 2018
Dear Reader,
NEW ARTICLE
Brexit and customs from a HK perspective
Theresa May has pursued 2 conflicting objectives: leaving the customs
union; and keeping the UK/EU customs border open. HK people are used to a
customs boundary with the rest of China, with no impact on sovereignty.
Similarly, Northern Ireland should choose between remaining in the EU customs
union post-Brexit with a boundary down the Irish Sea, or leaving the EU customs
union and having a hard border with the Republic of Ireland. Only then can the
UK or GB have independence in trade negotiations with other countries and
deliver a proper Brexit. (17-Dec-2018)
IN OTHER NEWS
Mainlander charged with offering CCB (Asia) manager HK$500-1500 bribe
ICAC, 13-Dec-2018
One country, two
systems.
Webb on
"Backchat" re the HK property market, rates and taxes
RTHK, 13-Dec-2018
Statement
on Leung Chun Ying, Holden Chow Ho Ding & UGL
ICAC, 12-Dec-2018
Apparently the ICAC
Operations Review Committee was able to receive a report from the ICAC and legal
advice from the DoJ and endorse it all within one day.
Censure of L&A (8195) and various directors
SEHK, 11-Dec-2018
China Huarong (2799): Party like it's 1949
Company announcement, 10-Dec-2018
"The Party Committee shall play the
core leadership role...The chairman of the board of directors shall concurrently
serve as the secretary of the Party Committee". Good to see the ongoing
deepening of market reforms and opening up!
SFC fines
SFM HK Management Ltd HK$1.5m for accidentally short-selling bonus shares of
Great Wall Motor (2333)
SFC, 6-Dec-2018
After Great Wall Motor (2333) went ex a 2:1 bonus issue, SFM
accidentally sold its bonus shares before they were issued. This is another
reminder that bonus issues in effect temporarily delist part of the company, in
this case, 2/3, because only the pre-bonus shares are tradeable between the
ex-date and the delivery date. In September, the SFC fined Huatai Financial
Holdings Ltd HK$800k for doing the same thing on the same bonus issue.
HKICPA
fines Miss Kung Wing Ting and her firm HK$40k jointly
HKICPA, 5-Dec-2018
CMBC Capital (1141) lends another HK$150m
Company announcement, 30-Nov-2018
They don't name the borrower. We
can tell you it is China New Higher Education (2001), to which CMBC has already
lent HK$340m. CMBC has also lent CNHE's controlling shareholder HK$100m. On the
new loan, CMBC vaguely states the interest rate of "5% to 10%" with an
arrangement fee of "1% to 5%". In our view this fails to disclose sufficient
details of the Disclosable Transaction.
SFC takes
H&H (1112) and its Chairman to MMT over late disclosure
SFC, 29-Nov-2018
The SFC alleges that the
respondents withheld Inside Information for a month until a profit warning on
23-Jul-2015.
Freedom
and the future of China: Webb's talk at HKU on 30-Oct-2018 (video) | Text
of speech
YouTube, 29-Nov-2018
Ex-Hospital
Authority doctors charged with misconduct in public office and theft
ICAC, 28-Nov-2018
All of them are
opthalmologists. They allegedly referred public patients of Caritas Medical
Centre to a private clinic operated by 2 of them who are brothers.
Landing (0582) Chairman Yang Zhihui "has resumed his duties"
Company announcement, 26-Nov-2018
After 3
months AWOL, Mr Yang has "explained that he has been assisting the relevant
department of the [PRC] with its investigation". No word on where he is or
whether the HK SFC's freeze of his brokerage accounts is still in effect.
And much more besides...
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David M. Webb
Editor, Webb-site.com