News

SFC issues restriction notice to Agg. Asset Management Ltd
SFC, 3-Apr-2020
"because of doubts over Agg’s reliability, integrity, and ability to carry on regulated activities competently, honestly and fairly, and hence, its fitness and properness to remain licensed."
Lew Mon Hung stripped of his Bronze Bauhinia Star
HK Gazette, 3-Apr-2020
His final appeal against conviction was dismissed by the Court of Final Appeal on 11-Jun-2019. His BBS was awarded by CE Donald Tsang on 1-Jul-2010.
HSBC cancels "Informal Meeting of HK shareholders" webcast due to COVID
Company announcement, 25-Mar-2020
Apparently this hi-tech bank doesn't know how to do a multi-way video webcast that would bring the Chairman and senior management together in a virtual room. Have they not heard of Zoom or Google Hangouts, amongst others?
Eugene Yeoh Kim Loong, ex-HKEX, and Richard Lum Chor Wah, charged with bribery and MIPO over IPO applicationsMr Lum's directorships
ICAC, 25-Mar-2020
One IPO is named: Shen You (8377). That was sponsored by Huabang Corporate Finance Ltd. Who knew? Regarding Mr Lum, he's been a director of 12 HK-listed companies at various times since 1991. Our data show that on average, shares of those companies during his tenure under-performed the market by 52.5% per year. He resigned from the last 2 on 19-Sep-2019 to "devote more time to his personal commitments".
HK Government has no power to suspend school classes
vnintl.com, 22-Mar-2020
As class suspensions drag into a third month, we look at who exactly is responsible. Surprise: it's not the Government, which can only advise, and it's now time for schools and their governing bodies to take the lead and learn from the parallel case of Singapore, where schools have remained open without causing an outbreak. We also call on HK to ban non-resident arrivals, and look at what other countries must do, or suffer, to get COVID-19 under control.
Concentration warning in Confidence Intelligence (1967)
SFC, 18-Mar-2020
The top 20 holders have 94.95%, up from 84.22% at the time of listing on 18-Oct-2019.
Webb on CNBC re HK budget
CNBC, 26-Feb-2020
Also discussing the economy, school closures in HK while Singapore's remain open, the HK$10k per voter handout ahead of the September LegCo elections, and the budget to promote the rule of law ahead of the proposed National Anthem Ordinance.
SFC fines Capital Global Management Ltd HK$1.5m
SFC, 14-Feb-2020
For breaking Taiwan laws on distribution of offshore investment funds and offering investment advice in Taiwan.
Capital VC (2324) grants directors share options at 87% discount to net asset value
Company announcement, 13-Feb-2020
220m options equivalent to 8% of the existing shares at $0.025 per share. This is a Chapter 21 investment company in the "Enigma Network". The NAV at 31-Jan was $0.189/share. 27.5m options (1%) go to each of the 2 executive directors, approved by the 3 "independent" directors. We call on the SFC to stop this.
SFC fines BMI Securities Ltd HK$3.7m and suspends Maggie Tang Wing Chi for 5.5 months
SFC, 11-Feb-2020
For breaches of anti-money laundering requirements in relation to a placing of shares in Bank of Jinzhou (0416) and the 2016 IPO of Yadea (1585).
SFC bans Christopher Tse for a year
SFC, 6-Feb-2020
The former research analyst at RHB Securities was trading in stocks he covered, through his father's account at another brokerage, sometimes contrary to his own recommendations. We note that he left RHB for Guosen Securities in 2015 and left Guosen in 2017, becoming CFO of Plover Bay Technologies (1523).
Carrie Lam risks international travel ban on HK residents
vnintl.com, 1-Feb-2020
Once again Mrs Lam is putting "One Country" ahead of "Two Systems". By keeping a porous border while imposing an unprecedented lockdown within HK, we risk an escalation of confirmed cases of 2019-nCoV and a consequent inclusion in the entry bans now imposed by Singapore and USA which other countries are likely to follow. Mrs Lam, stand up for Hong Kong.
SFC suspends Mr Shiu Yau Wah of RHB Securities for 5 months
SFC, 29-Jan-2020
For discretionary trading in a client account without written authorisation. We note that in 2004 he was suspended for 4 months for cold calling. He was also prosecuted and fined HK$5k for that.
Getting to 601: How Beijing controls the HK Chief Executive election
vnintl.com, 28-Jan-2020
Carrie Lam continues to peddle the lie that the Chief Executive Election Committee is "broadly representative", often unchallenged by foreign media. We explain exactly how it is rigged, and how with enough political courage, she could unrig it and introduce democracy through local legislation, without Beijing's approval.
SFC to commence proceedings for suspected manipulation in China Ding Yi Feng (0612)
SFC, 22-Jan-2020
Against a number of individuals including at least 1 officer of the company. It's unclear whether the proceedings will be civil or criminal. Trading resumes tomorrow, but 32.37% remains frozen by the investigation. The bubble stock was suspended at $23.08 but net assets are just $0.07, so prepare for a spectacular, HK$28bn crash.

Our stories

HK Government has no power to suspend school classes
As class suspensions drag into a third month, we look at who exactly is responsible. Surprise: it's not the Government, which can only advise, and it's now time for schools and their governing bodies to take the lead and learn from the parallel case of Singapore, where schools have remained open without causing an outbreak. We also call on HK to ban non-resident arrivals, and look at what other countries must do, or suffer, to get COVID-19 under control. (22-Mar-2020)
Carrie Lam risks international travel ban on HK residents
Once again Mrs Lam is putting "One Country" ahead of "Two Systems". By keeping a porous border while imposing an unprecedented lockdown within HK, we risk an escalation of confirmed cases of 2019-nCoV and a consequent inclusion in the entry bans now imposed by Singapore and USA which other countries are likely to follow. Mrs Lam, stand up for Hong Kong. (1-Feb-2020)
Getting to 601: How Beijing controls the HK Chief Executive election
Carrie Lam continues to peddle the lie that the Chief Executive Election Committee is "broadly representative", often unchallenged by foreign media. We explain exactly how it is rigged, and how with enough political courage, she could unrig it and introduce democracy through local legislation, without Beijing's approval. (28-Jan-2020)
Your right to insult the national anthem
The HK Government is preparing to ignite fresh protests by resuming the Second Reading of the Bill, which must occur by July, or the bill lapses. Last night, it ridiculously claimed that the Bill is not a restriction of free speech. Of course it is. The only question is whether that is constitutional. (11-Jan-2020)
Pop goes the ArtGo bubbleLose your marbles
It took them a while, but MSCI now says "Following further analysis and feedback from market participants on investability", ArtGo (3313) will not go into the MSCI index. The stock is down 98% as we write. Our bubble warning on 15-Sep-2019 is proven correct. (21-Nov-2019)
Judge takes aim at comments by Vice Premier
In continuing the injunction against doxxing with an exception for legitimate news activity, Justice Russell Coleman makes interesting comments on the role of the judiciary and the need for a political solution to the social unrest, which is beyond the scope of the courts. (11-Nov-2019)
Facilitating shareholder activism in Asia
Webb-site founder David Webb presented at the PNB Corporate Summit in Kuala Lumpur yesterday. In the opening address, Prime Minister Mahathir Mohamad declared that "Government has no business to be in business". That's encouraging, if it means that Malaysia will sell off Government-Linked Companies in a wave of public offers, harnessing market forces to boost growth and shared prosperity. (31-Oct-2019)
Does your candidate live where you do?
A knee-jerk amendment to the laws on nomination of DC and LegCo candidates goes too far by removing your right to know whether the candidate even lives in your constituency and/or District. We call on LegCo to amend the subsidiary legislation. (18-Oct-2019)
ERO: one judicial review, two judges
Webb-site has learned that in a very rare move, the Chief Justice has directed that 2 judges sit together in the Court of First Instance to hear the judicial review of the Chief Executive's use of the Emergency Regulations Ordinance. (16-Oct-2019)
A closer look at Maxim's
Recent filings reveal the true profits of Hongkong Caterers Ltd, the 50% owner of Maxim's run by the Wu family, and how they take out a substantial management fee from Maxim's on top of the 50% of profits. We also estimate that about 1 in 7 dollars of HK restaurant receipts go to the Maxim's group. Annie Wu has only a 0.33% stake of HC, although her parents and siblings control an estimated 18.6%. (11-Oct-2019)
Carrie Lam and the separation of powers
After trying to breach the firewall between the 2 Systems with the Extradition Bill, she's at it again, invoking the ERO to enact law by regulation. The PFCR, which she says is subsidiary legislation, sets penalties higher than permitted by Ordinance. Subsidiary legislation cannot override existing Ordinances, so she had better not try. Meanwhile, basic maths and weekend events suggest the anti-mask law fails the rational connection test and is unconstitutional. (8-Oct-2019)
Making laws via the ERO may be unconstitutional
The Basic Law establishes a clear separation of powers between executive and legislative branches. A law that allows the Chief Executive to make laws appears unconstitutional. We expect a judicial review if she tries it. Even if she succeeds, draconian laws don't address the root problem: a deficit in democratic accountability for both the CE and LegCo. We again propose local legislation to scrap corporate voting and democratise the system. (4-Oct-2019)
Lose your marbles
Webb-site issues a bubble warning on marble miner ArtGo (3313), which is up 812% since the end of May and now trades at 24x estimated net tangible assets, making a HK$29bn bubble. (15-Sep-2019)
Avoid: S. Culture (1255)
Webb-site issues a bubble warning on this stock. The Chairman has pledged a majority shareholding to a lender. The loss-making firm is trading at 13 times its net tangible asset value and ownership may be highly concentrated. (15-Sep-2019)
Where can one protest if not near MTR stations?
Police have banned a protest march on HK Island on Sunday, partly because it goes near several MTR stations. Of course, the whole point of Mass Transit is to take people near urban areas. This image shows what a 500 metre no-protest zone around stations on the MTR Island line would look like. (13-Sep-2019)

Other news

SFC issues restriction notice to Agg. Asset Management Ltd
SFC, 3-Apr-2020
"because of doubts over Agg’s reliability, integrity, and ability to carry on regulated activities competently, honestly and fairly, and hence, its fitness and properness to remain licensed."
Lew Mon Hung stripped of his Bronze Bauhinia Star
HK Gazette, 3-Apr-2020
His final appeal against conviction was dismissed by the Court of Final Appeal on 11-Jun-2019. His BBS was awarded by CE Donald Tsang on 1-Jul-2010.
HSBC cancels "Informal Meeting of HK shareholders" webcast due to COVID
Company announcement, 25-Mar-2020
Apparently this hi-tech bank doesn't know how to do a multi-way video webcast that would bring the Chairman and senior management together in a virtual room. Have they not heard of Zoom or Google Hangouts, amongst others?
Eugene Yeoh Kim Loong, ex-HKEX, and Richard Lum Chor Wah, charged with bribery and MIPO over IPO applicationsMr Lum's directorships
ICAC, 25-Mar-2020
One IPO is named: Shen You (8377). That was sponsored by Huabang Corporate Finance Ltd. Who knew? Regarding Mr Lum, he's been a director of 12 HK-listed companies at various times since 1991. Our data show that on average, shares of those companies during his tenure under-performed the market by 52.5% per year. He resigned from the last 2 on 19-Sep-2019 to "devote more time to his personal commitments".
Concentration warning in Confidence Intelligence (1967)
SFC, 18-Mar-2020
The top 20 holders have 94.95%, up from 84.22% at the time of listing on 18-Oct-2019.
Webb on CNBC re HK budget
CNBC, 26-Feb-2020
Also discussing the economy, school closures in HK while Singapore's remain open, the HK$10k per voter handout ahead of the September LegCo elections, and the budget to promote the rule of law ahead of the proposed National Anthem Ordinance.
SFC fines Capital Global Management Ltd HK$1.5m
SFC, 14-Feb-2020
For breaking Taiwan laws on distribution of offshore investment funds and offering investment advice in Taiwan.
Capital VC (2324) grants directors share options at 87% discount to net asset value
Company announcement, 13-Feb-2020
220m options equivalent to 8% of the existing shares at $0.025 per share. This is a Chapter 21 investment company in the "Enigma Network". The NAV at 31-Jan was $0.189/share. 27.5m options (1%) go to each of the 2 executive directors, approved by the 3 "independent" directors. We call on the SFC to stop this.
SFC fines BMI Securities Ltd HK$3.7m and suspends Maggie Tang Wing Chi for 5.5 months
SFC, 11-Feb-2020
For breaches of anti-money laundering requirements in relation to a placing of shares in Bank of Jinzhou (0416) and the 2016 IPO of Yadea (1585).
Previously on vnintl.com
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