Monday 20th June 2011
Dear Reader,
NEW ARTICLE
Real Gold,
XING, QXM and Prod-Art
What has Wu Ruilin, the
controlling shareholder of Real Gold Mining, been up to? We take you through the
latest shenanigans, worry about his overseas listings, and take a look at his
past history in the HK market, which dates back to 1998. (20-Jun-2011)
RECENTLY ON WEBB-SITE
Nine Dragons
spotlights SFC regulation of CRAs
Today's plunge in Nine Dragons
(2689), sparked by a withdrawal of a credit rating, raises questions about the
new SFC regulations of Credit Rating Agencies. CRAs have privileged access to
inside information and a contractual relationship with issuers. The SFC should
prohibit them from publishing price-sensitive news during market
hours. (14-Jun-2011, updated 19-Jun-2011)
CNH spread
In a 4-bank survey, Webb-site looks at the wide spreads and differing prices
offered by HK banks to residents for exchange between HKD and CNH, the offshore
proxy for the mainland CNY. (13-Jun-2011)
IN OTHER NEWS
Donald Tsang visits CITIC Pacific mine in Australia.
Video
HK Government, 19-Jun-2011
Mr
Tsang said "A Hong Kong listing also helps raise the profile and reputation of
the firms in Mainland China." Um, not if you are CITIC Pacific, still under
investigation over false and misleading disclosure in 2008 relating to its
Australian dollar accumulator losses. Will charges ever be brought?
Various buyers of One Beacon Hill v subsidiary of Cheung Kong (0001)
HK Court of Final Appeal, 16-Jun-2011
Cheung
Kong is refused leave to appeal by the CFA. Game over.
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