2009年12月18日星期五

David Webb Calls Time on His Hong Kong Christmas Stock Pick

http://www.abouthk.com/index.php?option=com_content&view=article&id=940:david-webb-calls-time-on-his-hong-kong-christmas-stock-pick&catid=1:news&Itemid=46

Bloomberg

David Webb Calls Time on His Hong Kong Christmas Stock PickDavid Webb, a Hong Kong-based shareholder activist whose stock recommendations have outperformed Hong Kong’s benchmark index in eight of the past ten years, called an end to his “Christmas Pick” tradition.

“It has become something of a distraction to our main goal of raising the standards of Hong Kong’s corporate and economic governance,” the publisher of Webb-site.com said in a posting on his Web site today. “We think this is a suitable time to call an end to this before it gets out of hand.”

Webb, an Oxford University graduate and full-time investor served five years on the board of the city’s stock exchange before quitting in May 2008, citing political interference and poor corporate governance. Webb today said he’s being asked to set up a “Good Governance Fund” for investors, which he would review.

“We will continue to issue warnings about listed companies which may often be considered as ‘sell’ notes by those who own them and ‘don’t buy’ notes to those who don’t, but the good stuff we will keep to ourselves,” Webb said.

Alco Holdings Ltd. jumped 23 percent last year after Webb had named it as his Christmas pick. The shares of the consumer- electronics supplier rose 132 percent this year, outperforming the 47 percent increase in the benchmark Hang Seng Index.

To contact the reporter on this story: Sophie Leung in Hong Kong at sleung59@bloomberg.net

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