Monday 30th March 2015
Dear Reader,
Yes, it has been a while since we sent a newsletter, so here are three short articles and a roundup of other news. Remember that, apart from our occasional artisan articles, you can follow Webb-site Reports via RSS, Twitter or Facebook.
NEW ARTICLES
Lee Kuan
Yew arrives in Liverpool, 1946
Singapore was then a British colony, but the entry records record him
as both a citizen of China and British. Also on the same ship were future
leading figures in HK. (30-Mar-2015)
Government cites
Webb-site board stats without attribution
The Government has cited
statistics from Webb-site Who's Who without attribution, instead attributing
them to SEHK. You're welcome. (25-Mar-2015)
China Money
Recycling
A graphic from this week's judgment on China Metal
Recycling (0773) seems strangely familiar. (14-Mar-2015)
IN OTHER NEWS
Court bans
Tommy Lam Yick Sing, ex-ED of Tack Fiori (0928), for 6 years
SFC, 30-Mar-2015
Ordinance gazetted to facilitate paperless shares.
HK-listed
domiciles
HK Government, 27-Mar-2015
Not yet in effect and, when it is, it will only apply to the 212 HK-listed
companies (12%) which are incorporated in HK. Webb-site Who's Who shows the
current leading domiciles are Cayman (817) and Bermuda (509), together
accounting for 75% by number. They need to legislate too.
Webb discloses 5% stake in Top Form (0333)
Disclosure of interest, 27-Mar-2015
Policeman
gets 14 months for bribery and misconduct
ICAC,
27-Mar-2015
Court
grants order for Joe Chong Wai Moon to attend SFC interview
SFC, 26-Mar-2015
An educated guess: at least
one of the 3 SFC investigations probably relates to a massive stock ramp by
persons unknown in the shares of Seamless Green China (8150) during 2009. Mr
Chong's fund, Wealth China & HK Growth Fund, was a shareholder.
Chinese
medicine practitioner in court for alleged 700 sick leave certificates
ICAC, 26-Mar-2015
SFC fines
JS Cresvale Securities HK$2.5m
SFC, 26-Mar-2015
Re: Tai Shing (8103)
HK Court of First
Instance, 26-Mar-2015
A quite horrendous story
Changgang Dunxin (2229): PKF was not our auditor after all
Company announcement, 25-Mar-2015
After a
complaint from Webb-site, which tracks all auditors in Webb-site Who's Who, it
turns out that the reason the resignation of PKF was not announced is that it
was not appointed as auditor in the first place. In our view, IPO investors were
misled.
Bankruptcy of Kevin Patrick Mann & Hilda Li Chung Yan
HK Court of First Instance, 24-Mar-2015
This
is about the former Dymocks book shop in Prince's Building, operated by
Manhattan (Asia) Ltd and funded by an HSBC bank loan guaranteed by the
Government, so taxpayers will likely end up with the bill. Capitalism with HK
characteristics.
HKSAR v Thomas Kwok Ping Kwong
HK Court of
Appeal, 23-Mar-2015
"I am not persuaded that the grounds of appeal as
advanced have any real chance of success" - Justice Wally Yeung Chun Kuen. So
Thomas Kwok stays in jail pending appeal.
HKICPA
fines Jimmy Lau Wai Yui HK$10k for premature degree claim
HKICPA, 20-Mar-2015
Pacific Sun Advisors Ltd & Andrew Pieter Mantel v SFC
HK Court of Final Appeal, 20-Mar-2015
The
appellants win. "There is nothing to suggest the legislative purpose of section
103(3)(k) is to protect retail investors from wasting their time or,
alternatively, against having their investment appetites whetted." The CFA rules
that if it can be shown that the issuer has adopted screening procedures to
restrict the fund to "professional investors", then the exemption for
advertisements "in respect of" such products applies, whether or not the
advertisement makes the intent clear.
FRC
Investigation Report on W.H. Tang & Partners CPA Ltd
Financial Reporting Council, 20-Mar-2015
Following a request by Webb-site, this is the first full Investigation Report
released to the public since 2011.
And much more besides...
Remember that, apart from our occasional
artisan articles, you can follow Webb-site Reports via RSS,
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