Wu, Henry King Cheong 胡經昌

If you've ever wondered how some sponsors get to the required number of public shareholders for a listing, this ruling spells it out. 87 retail "clients" at the Wanchai Branch of ICEA Securities subscribed in the placing of Lang Chao (now Inspur, 0596) and then sold 8,712,000 shares for $0.005 more than the IPO price of $0.36 on the first day, to a company owned by the sponsor. The allotment results showed only 116 placees in total.

Webb-site.com has obtained a letter which provides an exclusive look at Legislator Henry Wu's anti-competitive attempt to maintain the brokerage cartel's fixed commission rates. In other jurisdictions, this kind of collusion and price-fixing would be illegal. Hong Kong badly needs a competition law.