Wednesday 3rd October 2018
Dear Reader,
Is there any market on Earth besides China that closes its stock markets for a whole week, let alone twice each year? If they understood the importance of markets to the economy, they would rethink that. Then again, one of those weeks (this one) is to celebrate the anniversary of the 1949 descent into communism, which resulted in a 41-year market closure.
NEW ARTICLE
Huarong
and the Chung Nam Network
Webb-site can reveal another SFC investigation underway involving
dealings in Pak Wing (8316). The manipulation of this GEM bubble reveals another
connection between China Huarong (2799) and what we call the "Chung Nam
Network". The more we scrutinise Huarong, the worse it looks. Will the State end
up bailing out the bailer? (3-Oct-2018)
RECENTLY ON WEBB-SITE
Breaking: SFC freezes up to HK$10.17bn of assets in 3 brokers
Webb-site has deduced that these are assets of Mr Yang Zhihui, missing
Chairman and majority shareholder of Landing (0582), and that he is reasonably
suspected of fraud causing losses of HK$10.17bn to China Huarong (2799), the
ex-Chairman of which is under a corruption investigation in China. We also turn
the spotlight on China Goldjoy (1282) which was an enthusiastic buyer of Landing
at prices far higher than its Chairman paid beforehand. (1-Oct-2018)
HKEX: shoot patients to prevent illness
HKEX's proposal to suspend and then delist companies with disclaimed
audits works against investor interests in several ways while doing nothing to
address the root causes of corporate illness. In a partial revival of the 2002
Penny Stocks proposals, the self-interest of HKEX in ditching unprofitable
business cannot be ignored. We again call for the regulatory function to be
transferred to the SFC and HKEX's monopoly to be abolished. Only when there is
competition can they pick and choose their customers. HKEX fails to name the 43
firms that would have been suspended on their 2017 audits. Answers by Tuesday
morning, please! (30-Sep-2018)
And much more besides...
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David M. Webb
Editor, Webb-site.com