Grossman, Clive S 郭兆銘
HKSAR v Jack Chen Keen, Hao May (fka Wang May Yan) & Eric Yee Wenjye
HK Court of Final Appeal, 30-Aug-2019
At final appeal, the convictions are quashed and a retrial is ordered, on grounds of "duplicity": there were 2 separate charges of conspiracy to defraud involving different particulars and different co-conspirators and "there is a risk that the jury had not arrived at a valid verdict against the same appellants based on an agreement to employ the same dishonest means".
HK Court of Final Appeal, 30-Aug-2019
At final appeal, the convictions are quashed and a retrial is ordered, on grounds of "duplicity": there were 2 separate charges of conspiracy to defraud involving different particulars and different co-conspirators and "there is a risk that the jury had not arrived at a valid verdict against the same appellants based on an agreement to employ the same dishonest means".
MMT finds no insider dealing in Warderly shares
SFC, 5-Aug-2016
We don't disagree with the finding, but we annotate errors in the report regarding the outcome of an open offer. The MMT finds that when the duo sold shares in 2007, the information was no longer material, as the company was publicly known to be in difficulty and the stock was trading on its shell potential. Also, the alleged loss avoided becomes a profit avoided if the open offer had been taken up. Incidentally, Warderly is now known as Fullshare (0607) and in our view it is a bubble stock on 9x NAV, part of which is shares in another bubble stock, Zall (2098) which trades around 4x NAV.
SFC, 5-Aug-2016
We don't disagree with the finding, but we annotate errors in the report regarding the outcome of an open offer. The MMT finds that when the duo sold shares in 2007, the information was no longer material, as the company was publicly known to be in difficulty and the stock was trading on its shell potential. Also, the alleged loss avoided becomes a profit avoided if the open offer had been taken up. Incidentally, Warderly is now known as Fullshare (0607) and in our view it is a bubble stock on 9x NAV, part of which is shares in another bubble stock, Zall (2098) which trades around 4x NAV.
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