Thursday 27th January 2011
Dear Reader,
Following our article last week, there's still no disclosure from China Resources Enterprise (291) on what, if anything, its 50% profit-share is on its former stake in Hutchison's ports, which its parent China Resources Holdings flipped to HPH. Whatever the outcome, shareholders should be told.
Now, for today's story, we need you to get active and write a few words to HKEx...
NEW ARTICLES
Ex-chaos trading:
Zhongtian proves point
Zhongtian (2379) yesterday demonstrated why we
should not trade ex-entitlements before they are approved by shareholders: a
10:1 rights issue at a 97% discount was vetoed. HKEx launched a consultation in
December, and we need your support. We also repeat two outstanding
problems which HKEx has failed to address, on expropriation of passive
shareholders' value, and on the discounts on open offers. (27-Jan-2011)
RECENT ARTICLES
Karce chairman
extracted hidden fee
According to a judgment
published today, when Karce (1159) sold a PCB business in 2008, the price was
actually US$4m, not US$3m as Karce announced, and US$1m went as a "consultancy
fee" to a company called Extract Group Ltd. And guess who owned Extract? We tell
you, and call on the SFC and SEHK to investigate. (21-Jan-2011)
HPH Trust is no loss to HK
Singapore has invested over
US$5bn in Hutchison's ports, so it is not surprising that HPH is listing there.
We look at the other incentives, and the governance concerns for the Business
Trust structure. We also ask why China Resources Enterprise (291) has not
disclosed the outcome of its profit-sharing after CRH flipped its port stakes to
HPH. (21-Jan-2011)
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