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Webb-site Reports
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NEWS

Carnival (0996): winding-up order
HK Court of First Instance, 29-Aug-2022
Webb-site warned investors about this company in 2016, calling it a bubble
stock, with a market cap of HK$15.08bn. The judge notes that amongst the
outstanding debts of CNY 7.6bn are offshore bonds issued to "immigration
bondholders" to fulfil the requirements for immigration to HK under the Capital
Investment Entrant Scheme, which was suspended on 15-Jan-2015.

Re GTI Holdings Ltd (ex-3344)
HK Court of First Instance, 19-Aug-2022
Justice Linda Chan criticises abuse "undertaken by the provisional liquidators",
including Mr Osman Mohammed Arab and Mr Johnathan Lai Wing Lun of RSM Hong Kong.

Retail investors convicted and fined HK$114k for illegal short-selling
SFC, 18-Aug-2022

SFC commences MMT proceedings against hedge fund manager over alleged false
trading | MMT Notice
SFC, 16-Aug-2022
Between the fund's account and his Mum's account, in 2 GEM stocks, in Aug-Sep
2014.

Censure of Ping An Securities (0231) and sanction of 2 ex-EDs
SEHK, 10-Aug-2022
Involving a bunch of defaulted unapproved, late-disclosed loans, and disposal of
a firm with the unfortunate name of Super Harvest Asset Management Ltd (SHAM).
Surely a red flag.

2 ex-AIA insurance agents sentenced for HK$700k commission and compensation
fraud
ICAC, 5-Aug-2022

Sanction of 3 ex-directors of Inno-Tech (ex-8202)
Company announcement, 5-Aug-2022
Although these were more recent directors, Webb-site first warned investors
about this company over 10 years ago.

Ex-manager of Cinergy Insurance Services Ltd admits referral fee fraud
ICAC, 4-Aug-2022
Anny Pang Wai Chun admitted that between Jul-2018 and Aug-2020, she falsely
represented to Cinergy that her husband was the referrer of 18 policies taken
out by 7 policyholders. As a result, Cinergy paid referral fees totalling over
HK$19k to her husband

HKICPA fines Benson Cheng Sin Bun, partner of PwC, HK$90k for non-compliance
with professional standards
HKICPA, 3-Aug-2022

HKICPA fines Mr Ip Pui Sum HK$120k
HKICPA, 2-Aug-2022
For non-compliance with professional standards on the 2018 audit of an insurance
broker. We note that Mr Ip is the Company Secretary of 8 HK-listed companies.

Chow Hang Tung v Secretary for Justice | Magistrates Ordinance s87A
HK Court of First Instance, 2-Aug-2022
Justice Alex Lee Wan Tang rules that Magistrate Peter Law Tak Chuen was wrong:
s87A(2) of the Magistrates Ordinance means what it says. Reporting restrictions
on commital proceedings must be lifted when the defendant applies for that.

Concentration warning in Yunkang (2325)
SFC, 1-Aug-2022
The top 20 holders have 97.50%.

SFC fines TC Capital International Ltd HK$3m and suspends RO Edward Wu Wen Guang
for 7 months | Statement of Disciplinary Action
SFC, 1-Aug-2022
For due dilgence failings in sponsoring the 2015 GEM listing of China Candy
(ex-8182), which was suspended after 2 years and delisted in 2019. Candy
crushed.

PECS Register monthly update
HK Government, 31-Jul-2022

HKICPA drops complaint against Mr Ken Fan Kin Nang and his firm, pays them
HK$2.8m costs
HKICPA, 29-Jul-2022
This comes after the Disciplinary Committee, chaired by Simon Lam Ken-chung,
ordered the HKICPA to disclose unused materials that it had received from an
anonymous complainant. Context is everything.

SFC bans Mr Chan Ka Hey, ex-Standard Chartered Bank, for 6 months | Statement of
Disciplinary Action
SFC, 28-Jul-2022
For cutting and pasting a signature from page 4 to page 2 of a form, which the
client had failed to sign. He was nabbed when a colleague found the doctored
page 2 in the photocopier. So, maybe don't do that. He follows in the footsteps
of Chui Chau Mang, who worked at the same bank and also left her doctored form
in the copier and was suspended by the HKMA for 4 months in 2021.

SFC fines KTF Capital Management Ltd HK$400k for breaching Financial Resources
Rules | Statement of Disciplinary Action
SFC, 28-Jul-2022
The SDA reveals that the firm bought shares in the IPO of Fosun Tourism (1992),
triggering breaches of the rather complicated FRR for 5 days in Dec-2018, and
then tried to cover it up with a backdated assignment to a 3rd party, failing to
report it to the SFC until the auditors detected it 4 months later. The proposed
fine was halved from $800k "having considered KTCFM's financial position".

Ex-senior executive duo of duty-free chain store charged over HK$26m red wine
purchase fraud
ICAC, 25-Jul-2022
We note that Sky Connection Ltd, operator of "Free Duty" stores, is a 100%
subsidiary of NWS Holdings Ltd (0659).

SFC fines Rifa Futures Ltd HK$9m for AML breaches | Statement of Disciplinary
Action
SFC, 25-Jul-2022
This case is the 4th in a series relating to "Xinguanjia" client software
supplied by Hengxin Software Ltd, which allowed sub-accounts in Mainland China
to hide behind a main account with the relevant brokerage.

Scots swindler who stole £170k from elderly widow with dementia jailed for 3
years | Reasons for Sentence
Daily Record (Scotland), 21-Jul-2022
We note that the convict, Gordon Couch, was an SFC licensee of Genesis
Investment Management Ltd (fka Brite Advisors Ltd) in HK until 31-Mar-2022. He
was also a Technical Representative of Genesis Insurance Ltd (fka Brite Advisors
(Insurance) Ltd) under the Insurance Authority until 14-Apr-2022. According to
this report, his solicitor told the court that Couch's employers in HK were
willing to take him back in a "non-client facing" role if he avoided jail.

SFC fines RBC Investment Services (Asia) Ltd HK$7.7m for mishandling client
assets | Statement of Disciplinary Action
SFC, 20-Jul-2022

Re Allied Weli Development Ltd
HK Court of First Instance, 20-Jul-2022

Imagi (0585) subsidiary lends HK$75m to Blue River (0498) at 5% p.a. for 12
months
Company announcement, 18-Jul-2022
Blue River is 28.53% owned by Imagi Chairman Osman bin Kitchell. As this is less
than 30%, it is not a Connected Transaction under the Listing Rules. Imagi is
21% owned by Oshidori (0622). Trading in the shares of Blue River has been
suspended since 20-May-2022.

Censure of Enterprise Development (1808) and sanction of ex-ED Ms Mao Jun Jie
SEHK, 18-Jul-2022
For embellishing her biography. "The directors of the Board at the relevant time
were simply informed about the appointment of Ms Mao by the Company Secretary,
and no separate Board, Nomination or Remuneration Committee meeting was convened
for the purposes of discussing Ms Mao's appointment."

SFC bans Lam Ki Fung, ex-Standard Chartered Bank, for 3 years
SFC, 18-Jul-2022
For dishonest conduct: round-tripping money into payroll accounts for 5
customers procured by his mum, to generate an incentive payment to himself.

Ex-AIA insurance agents admit HK$700k commission and compensation fraud
ICAC, 15-Jul-2022

HKSAR v Chan Chun Kit | Summary Offences Ordinance s17
HK Court of Final Appeal, 15-Jul-2022
No thought crimes: in an encouraging sign that the highest HK court (but not the
courts below) are robustly pushing back against overreaching prosecutions, the
CFA unanimously overturns the Court of Appeal and Magistrate and rules that
because cable ties are not manufactured for the purpose of restraining a person,
they are outside the scope of the Summary Offences Ordinance, and the
defendant's conviction is overturned. Applying the prosecution's wide
interpretation would "do violence to the language" and "effectively turn the
section into a thought crime" - Chief Justice Andrew Cheung Kui Nung.

Unsuitability Statement against 6 ex-Directors of China Creative Global (1678)
SEHK, 14-Jul-2022
For failing to cooperate with a Stock Exchange investigation into the winding up
of its major subsidiary and disposal of certain mainland subsidiaries.

HKICPA fines Mr Lau Siu Wah HK$15k
HKICPA, 13-Jul-2022
For dishonourable conduct. For context, we have appended the Chinese reasons for
sentence in which he got 8 weeks in jail after admitting criminal intimidation
of the Yuen Long Police following the "7.21" triad attack at the MTR station
there.

Trio charged over HK$220k dummy insurance agent commission fraud against FWD
Life Insurance
ICAC, 12-Jul-2022



OUR STORIES

At last, the Webb-site HKSAR Accounts Explorer
In honour of the 25th anniversary of the SAR, a new tool to deep-dive into its
financial history. This may be our last major project, but we hope you will
agree that it was worth the time. (14-Jun-2022)

HK is running out of time to re-join the World
As our Editor sits in the air-lock waiting to re-enter HK, he looks at the
now-unconstitutional quarantine regulations and the harm they are doing to
HK. (5-May-2022)

A manifesto for Hong Kong
If you're going to be Chief Executive and you don't have a manifesto or any
policy expertise beyond Security, Webb-site is here to help! (13-Apr-2022)

Employment Support Scheme: the final outcome
After information requests by Webb-site, we reveal that HK's largest ever
corporate handout went over-budget by about HK$10bn to a final tally of
HK$90.5bn (US$11.6bn) plus costs. We produce a final list of approved
claims. (13-Feb-2022)

Yorkey (2788): a successful outcome
Webb-site recommends shareholders to vote in favour of the increased offer, as
founder David Webb has undertaken to do. Here's the background to our
decision. (20-Jan-2022)

Joining the dots on the ICAC case against Chim Pui Chung and others
The ex-legislator is once again facing criminal charges, this time with his son
and others. We examine the past connections between the defendants and the
connection between an alleged co-conspirator and one of the subscribers of
convertible notes, who has not been charged. (21-Nov-2021)

Raising the Yorkey bar
What are we going to do about the proposed privatisation of Yorkey
(2788)? (21-Oct-2021)

Observations on Next Digital (0282)
A Financial Inspector has not been appointed in HK since last century, before
the SFC gained new powers under the SFO in 2003. Now, Financial Secretary Paul
Chan, who will neither confirm nor deny plans to run for CE, is throwing this
redundant tool at Next Digital. (28-Jul-2021)

30 years in Hong Kong
This seems like a suitable time for an update from our founder. (15-Jul-2021)

Carrie Lam, Broadcaster-in-Chief
Contradicting a 2018 statement to LegCo, the HK Govt is now in the TV
distribution business, removing competition and exclusivity by buying the Tokyo
Olympics with your tax dollars and sublicensing them for free, risking a
thinning-out of coverage. What next? (11-May-2021)

SFC launches Govt welfare scheme for property tycoons
Well, not all tycoons, only larger ones. (10-May-2021)

The long-awaited Law Reform Commission report on an archives law
With RTHK, a Government Department, currently destroying its online archives, we
asked the LRC why there has been no report 26 months after a consultation on an
archives law closed. Here is their response. (6-May-2021)

How to end HK's border lockdown
HK's economic recovery depends on fully re-opening its borders, but it can't
when so few have been vaccinated. With near-zero COVID, we must use other
vaccination incentives. We propose a 4-pronged solution, including a
VacciLottery and an inbound travel exemption. (27-Apr-2021)

Government misled LegCo over HKIDs
A quick Sunday search using a single popular name finds 8 pairs of matching
masked HKIDs in the Companies Registry. There must be hundreds or thousands of
other such pairs on other names - yet the Government claimed on Friday that it
could only find 8 in the entire database. (Updated 13-Apr). (12-Apr-2021)

HK's inbound quarantine laws: dangerous, irrational and unconstitutional
We put our microscope on HK's inbound quarantine laws and find that the 21-day
length of quarantine actually increases the risk to the community, Further, the
ban on arrivals from 4 countries is irrational. Both fail to satisfy
constitutional tests of proportionality. (16-Mar-2021)



OTHER NEWS

Carnival (0996): winding-up order
HK Court of First Instance, 29-Aug-2022
Webb-site warned investors about this company in 2016, calling it a bubble
stock, with a market cap of HK$15.08bn. The judge notes that amongst the
outstanding debts of CNY 7.6bn are offshore bonds issued to "immigration
bondholders" to fulfil the requirements for immigration to HK under the Capital
Investment Entrant Scheme, which was suspended on 15-Jan-2015.

Re GTI Holdings Ltd (ex-3344)
HK Court of First Instance, 19-Aug-2022
Justice Linda Chan criticises abuse "undertaken by the provisional liquidators",
including Mr Osman Mohammed Arab and Mr Johnathan Lai Wing Lun of RSM Hong Kong.

Retail investors convicted and fined HK$114k for illegal short-selling
SFC, 18-Aug-2022

SFC commences MMT proceedings against hedge fund manager over alleged false
trading | MMT Notice
SFC, 16-Aug-2022
Between the fund's account and his Mum's account, in 2 GEM stocks, in Aug-Sep
2014.

Censure of Ping An Securities (0231) and sanction of 2 ex-EDs
SEHK, 10-Aug-2022
Involving a bunch of defaulted unapproved, late-disclosed loans, and disposal of
a firm with the unfortunate name of Super Harvest Asset Management Ltd (SHAM).
Surely a red flag.

2 ex-AIA insurance agents sentenced for HK$700k commission and compensation
fraud
ICAC, 5-Aug-2022

Sanction of 3 ex-directors of Inno-Tech (ex-8202)
Company announcement, 5-Aug-2022
Although these were more recent directors, Webb-site first warned investors
about this company over 10 years ago.

Ex-manager of Cinergy Insurance Services Ltd admits referral fee fraud
ICAC, 4-Aug-2022
Anny Pang Wai Chun admitted that between Jul-2018 and Aug-2020, she falsely
represented to Cinergy that her husband was the referrer of 18 policies taken
out by 7 policyholders. As a result, Cinergy paid referral fees totalling over
HK$19k to her husband

HKICPA fines Benson Cheng Sin Bun, partner of PwC, HK$90k for non-compliance
with professional standards
HKICPA, 3-Aug-2022

HKICPA fines Mr Ip Pui Sum HK$120k
HKICPA, 2-Aug-2022
For non-compliance with professional standards on the 2018 audit of an insurance
broker. We note that Mr Ip is the Company Secretary of 8 HK-listed companies.

Chow Hang Tung v Secretary for Justice | Magistrates Ordinance s87A
HK Court of First Instance, 2-Aug-2022
Justice Alex Lee Wan Tang rules that Magistrate Peter Law Tak Chuen was wrong:
s87A(2) of the Magistrates Ordinance means what it says. Reporting restrictions
on commital proceedings must be lifted when the defendant applies for that.

Concentration warning in Yunkang (2325)
SFC, 1-Aug-2022
The top 20 holders have 97.50%.

SFC fines TC Capital International Ltd HK$3m and suspends RO Edward Wu Wen Guang
for 7 months | Statement of Disciplinary Action
SFC, 1-Aug-2022
For due dilgence failings in sponsoring the 2015 GEM listing of China Candy
(ex-8182), which was suspended after 2 years and delisted in 2019. Candy
crushed.

PECS Register monthly update
HK Government, 31-Jul-2022

HKICPA drops complaint against Mr Ken Fan Kin Nang and his firm, pays them
HK$2.8m costs
HKICPA, 29-Jul-2022
This comes after the Disciplinary Committee, chaired by Simon Lam Ken-chung,
ordered the HKICPA to disclose unused materials that it had received from an
anonymous complainant. Context is everything.

SFC bans Mr Chan Ka Hey, ex-Standard Chartered Bank, for 6 months | Statement of
Disciplinary Action
SFC, 28-Jul-2022
For cutting and pasting a signature from page 4 to page 2 of a form, which the
client had failed to sign. He was nabbed when a colleague found the doctored
page 2 in the photocopier. So, maybe don't do that. He follows in the footsteps
of Chui Chau Mang, who worked at the same bank and also left her doctored form
in the copier and was suspended by the HKMA for 4 months in 2021.

SFC fines KTF Capital Management Ltd HK$400k for breaching Financial Resources
Rules | Statement of Disciplinary Action
SFC, 28-Jul-2022
The SDA reveals that the firm bought shares in the IPO of Fosun Tourism (1992),
triggering breaches of the rather complicated FRR for 5 days in Dec-2018, and
then tried to cover it up with a backdated assignment to a 3rd party, failing to
report it to the SFC until the auditors detected it 4 months later. The proposed
fine was halved from $800k "having considered KTCFM's financial position".

Ex-senior executive duo of duty-free chain store charged over HK$26m red wine
purchase fraud
ICAC, 25-Jul-2022
We note that Sky Connection Ltd, operator of "Free Duty" stores, is a 100%
subsidiary of NWS Holdings Ltd (0659).

SFC fines Rifa Futures Ltd HK$9m for AML breaches | Statement of Disciplinary
Action
SFC, 25-Jul-2022
This case is the 4th in a series relating to "Xinguanjia" client software
supplied by Hengxin Software Ltd, which allowed sub-accounts in Mainland China
to hide behind a main account with the relevant brokerage.

Scots swindler who stole £170k from elderly widow with dementia jailed for 3
years | Reasons for Sentence
Daily Record (Scotland), 21-Jul-2022
We note that the convict, Gordon Couch, was an SFC licensee of Genesis
Investment Management Ltd (fka Brite Advisors Ltd) in HK until 31-Mar-2022. He
was also a Technical Representative of Genesis Insurance Ltd (fka Brite Advisors
(Insurance) Ltd) under the Insurance Authority until 14-Apr-2022. According to
this report, his solicitor told the court that Couch's employers in HK were
willing to take him back in a "non-client facing" role if he avoided jail.


Previously on Webb-site.com
Check out our full list of articles in the archive, since our launch in 1998.

Webb-chips: current disclosed holdings

Today's air pollution
Hedley Index

Today's big birthdays, 1 September
more from Webb-site Who's Who

Age Seymour, William (1587) 435 Oldschool, Samuel 150 Guinness, Eustace John 125
Cooper, Wyatt Emory 95 Douglas-Home, Charles Cospatrick 85 Jones, Allen
Christopher 85 Martin, Norman John (1947-09) 75 Bhopal, Hardev Singh 70 Ng,
Albert Kong Ping 吳港平 65 Huws, Meri 65 Kopec, Richard 65 Wain, Adrian (1962-09)
60 Musharo, Ednah 60 McMurtrie, Andrew Stratton 60 Leveson-Gower, Henry Boscawen
60 Murphy, Kevin (1962-09) 60 Campbell, Paul (1962-09) 60 Abouzaki, Walid 60
Lee, Dominique Shing Hong 李承康 55 Davies, Christopher (1967-09) 55 Syed, Mohammad
Shoaib 55 Thomas, Tony (1967-09) 55 Vingoe, Anthony 55 Shepherd, Ian (1967-09)
55 Keswick, Benjamin William 50 Kelleher, Matthew (1972-09) 50 File, Noureddine
50 Salem, Danielle 50 Lawson, Kara 50 Hunt, Alexander George 50 Davies,
Christopher (1977-09) 45 Murphy, Simon James (1977-09-01) 45 Kowalczuk, Dariusz
45 Monson, Carlin 45 Khan, Mohammed (1977-09) 45 Cuttress, Antony 45 Opolo,
Vincent 45 Hurst, Richard (1977-09-01) 45 Cevir, Ozgur 45 Wright, Emma (1977-09)
45 Johnson, Matthew (1977-09) 45 Tahar, Mohammed Khan 45 Mircheva, Marina 40
Huang, Xueqing 40 Allen, Benjamin (1982-09) 40 Lee, Karl (1982-09) 40 Challand,
Caroline Lisa Lorna 40 Dao, Thi Thu Phuong 40 Ahir, Purnima 40 Hang, Shengping
40 Mihai-Alexandru, Mazilu-Cosmoiu 35 Sarkar, Nayasha Swrajit 35 Cross, Donald
(1987-09) 35 Hassan, Ola 35 Smith, David James (1987-09) 35 Booth, Joel
(1992-09) 30 McCormick, Michael Alan 30 Smith, Keenan 25



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