YAFF - another Fujian fraud

Only surprise here is the SFC actually doing something.. however the investors can kiss their investments goodbye..The Securities and Futures Commission yesterday ordered the suspension of trading of sportswear fabric maker Hontex International Holdings, just three months after the company listed in Hong Kong.

YAFF - Yet another fujian fraud

SCMP today...

Zijin Mining probed over disclosure breach
Zijin Mining Group (SEHK: 2899), China's largest gold miner and third-largest copper producer, is being investigated by the China Securities Regulatory Commission in relation to "the violation of law and regulations of information disclosure". The company would "closely co-operate" with the Fujian branch of the regulator and "strictly perform" its information disclosure obligations, a statement filed to the Hong Kong stock exchange said. In January, the miner won approval from Australia's Foreign Investment Review Board to proceed with its acquisition of Indophil Resources for HK$3.89 billion. Toh Han Shih

US investors get FUqi'd

The only investors who should be investing in small cap China companies are the ones with insider connections. Investors without these connections are the PATSIES.

Going to see LOTS more of this in the near future.

"Certain accounting errors"...

WTF are they thinking?

Money losing electronics firm decides to diversify by paying a record price (US$85.5k/sqm) for a residential property. The cynical may believe the vendor is not independent...

A listed electronic components manufacturer yesterday bought a house on The Peak for HK$60,215 per square foot, making it the most expensive home in Hong Kong in terms of price per square foot.
Sino-Tech International Holdings said they had agreed to buy house No 8 at Sun Hung Kai Properties (SEHK: 0016)' Severn 8 in Severn Road on The Peak for HK$280 million for investment purposes. The three-storey house has a gross area of 4,650 square feet and offers Victoria Harbour views.

New World again

The most shameless developer in town, greed that can only be tamed at the end of a guillotine.

"Five years ago, New World Development sold about 200 flats to staff and business partners at The Merton in Kennedy Town - a project it developed with the Urban Renewal Authority. The private sale sparked criticism of the way developers go about marketing their projects.



Now similar questions are being raised about another New World-URA project, The Masterpiece in Tsim Sha Tsui. And once again, New World is being accused of manipulating the property market by selling 39 flats to business associates at the beginning of private sales - a practice which lawmakers said was aimed at artificially creating a picture of good sales. At a later stage flats were also sold to the company's top management and their relatives "

Push to extend flat sale curbs to URA partners

Robber barons at work assisted by the Urban Renewal Authority, first rezone commercial areas to residential then profit. New World Development the same barons who bought the Hung Hom Peninsula for well below market and then hired the Permanent Secretary for Housing, Planning and Lands, Leung Chin-man when he retired.

The New World conglomerate's grand-father cheng when asked would he gift his new grand-daughter in law, replied: 'she's getting my grandson, isn't that enough of a gift?'

Class and humility.

"Development minister Carrie Lam Cheng Yuet-ngor yesterday pledged to ask the Urban Renewal Authority to consider extending to its project partners the authority's restrictions on sales to staff.

The pledge came after seven of the first 30 flats of The Masterpiece development in Tsim Sha Tsui were found to have been bought by relatives of New World Development managing director Henry Cheng Kar-shun."

F'king coffe for you?

HK: Insider trading capital

In the meantime the SFC/HKex fatcats are ordering more dimsum. Cold comfort in the fact that it's worse across the border in the wild east.

"The share prices of 20 companies listed on the main board of the Hong Kong stock exchange that announced major transactions between November and January moved much more sharply than the benchmark Hang Seng Index in the two days before they suspended trading ahead of making an official statement."

"That's quite normal in the Hong Kong stock market, especially for third-line or fourth-line stocks," said Ricky Tam Siu-hing, chairman of the Hong Kong Institute of Investors. "A lot of people in the market seem to know the news before the company [announcement] or the general public, so they buy ahead of it."

Shares in one of the companies concerned, Continental Holdings, rose 17.3 per cent over four days. Shares in another, Pearl Oriental Innovation, rose 61 per cent in a week. Shares in Jackin International rose 13.6 per cent in a day. In each case the sharp movements were followed by a suspension of trading and an announcement.

Chinese poisoned beans

The problem is not feeding poisoned food to the populace but the fact that officials lose face when it's publicized..

The discovery in mainland markets of tonnes of beans treated with a highly toxic pesticide has prompted an indignant response from an official responsible for the safety of the produce, despite a public outcry over recent food safety scandals.

One city's decision to publicise the problem was "inconsiderate of friends," said Zhou Qingchong, deputy director of the agriculture bureau law enforcement team in the southern city of Sanya where the contaminated beans originated.

Authorities in the central city of Wuhan recently announced they had destroyed 3.5 tonnes of beans from Sanya that had been treated with isocarbophos, a pesticide that is banned from use on fruits and vegetables.

Grand Field Group Holdings bogus China Chongqing gas pipeline

A Hong Kong court yesterday ruled that the former chairman of listed developer Grand Field Group Holdings, Wayland Tsang Wai-lun, and his wife should be remanded in custody.

It found the couple dishonest and said they provided "a pack of lies'' to the stock exchange and investors about a fake transaction in 2002 which had led companies, investors and the bourse to suffer losses.