Monday 3rd October 2016
Dear Reader,
NEW ARTICLE
Hiding behind the cornerstones
Webb-site reveals that investors who took 31% of a bank IPO had
secretly laid off their risk by issuing derivatives to a mainland property
developer from the same city, via two HK-listed companies which incidentally are
bubble stocks. When we complained, HKEX did not require disclosure of the bank’s
identity, thereby preserving the secrecy behind the cornerstone investors which
facilitate HKEX’s IPO business. Once again, the regulatory conflict of interest
is exposed. (3-Oct-2016)
RECENTLY ON WEBB-SITE
The
Joint Global implosion
A collapse in a hub of the "Chung Nam Network" has wiped about HK$2bn
off the balance sheets of at least 11 listed companies, many of which never
announced that they had invested in it. We piece together an ugly jigsaw and
call on the SFC to investigate and HKEX to wake up and require
announcements. (30-Sep-2016)
China
Innovative Finance (0412) bubble
Hao Tian Development (0474) has confirmed our view by dumping 9.06% of
CIFG at a 61.9% discount, still well above the net tangible asset value of
$0.099. CIFG should trade below NTAV due to its appalling governance and
membership of what we call the "Chung Nam Network". The purported profits of its
leasing division are largely illusory and depend heavily on 1 customer in which
CIFG has invested. HTD has also been allowed by HKEX to skirt the Listing Rules
on corporate transactions.. (26-Sep-2016)
And much more besides...
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