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Enigma Network

Enigma Network
The latest news, analysis and opinion on Enigma Network. In-depth analysis, industry insights and expert opinion.
David Webb arrives at the Foreign Correspondents’ Club in Hong Kong for a farewell fireside chat on May 12, 2025. Photo: May Tse
Hong Kong society

As I see it | Thank you, David Webb, you made Hong Kong a better place

By exposing governance abuses and holding listed companies to account, the shareholder rights activist helped clean up the city’s investment environment.

Hong Kong courts

Hong Kong court restores jail terms for 4 in HK$51 million Convoy fraud case

Hong Kong courts

Hong Kong court quashes convictions of 4 in alleged scheme to defraud Convoy

Independent Commission Against Corruption (ICAC)

Hong Kong court slaps jail time on four people in Convoy fraud case

Convoy is the centrepiece of the so-called Enigma Network, a group of up to 50 companies hidden by layers of cross holdings and opaque corporate structures that regulators claim have conspired to entrap minority investors.

The "@Convoy" building, which houses the headquarters of Convoy Global Holdings in Hong Kong on December 11, 2017. Photo: Bloomberg.
Independent Commission Against Corruption (ICAC)

Hong Kong finds four guilty of defrauding Convoy in a win for ICAC

The verdict marks the first victory for Hong Kong’s Independent Commission Against Corruption since the anti-graft agency and the securities watchdog revealed their joint investigation in December 2017 into Convoy’s financial dealings.

Financial regulation

Convoy’s auditor is under regulatory spotlight in Enigma crackdown

The FRC’s unprecedented move, its first announcement of such an inquiry since its establishment in 2006, underscores the resolve by Hong Kong’s regulators in cleaning up corporate malfeasance and financial fraud in Asia’s second-largest capital market.

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Banking & finance

Convoy reports financial losses as it seeks to move beyond scandal

Resumption of financial reporting could boost efforts by Convoy Group Holdings to maintain a Hong Kong listing.

Convoy Group Holdings reported three years of financial losses on Wednesday, the first time it has reported results since 2017. Photo: Bloomberg
SFC

Convoy’s boardroom saga continues as shareholders jostle for control

The enlarged board would strengthen the hand of the Tsai family, which owns 29.98 per cent stake in Convoy, against an attempt by Kwok Hui-kwan – with 29.91 per cent shareholding – to seize control of the company, one of the financial advisers for Hong Kong’s mandatory pension fund.

SFC

Exclusive | ICAC to haul Convoy trio back to court as it appeals acquittal verdict

The November 30 acquittal of the Convoy trio was a major setback for one of the city’s biggest investigations into financial malfeasance in decades, in the first joint prosecution between the ICAC and the Securities and Futures Commission (SFC).

Independent Commission Against Corruption (ICAC)

Hong Kong court acquits key figures in city’s largest corporate fraud

Convoy, one of the largest advisers of Hong Kong’s Mandatory Pension Fund, is a crucial piece in a cluster of interrelated companies with layers of overlapping shareholdings that have resisted regulatory crackdowns.

Former Convoy director Roy Cho Kwai-chee walking free at the District Court in Wan Chai on 30 November 2020. Photo: Nora Tam
Independent Commission Against Corruption (ICAC)

Convoy repels shareholder’s boardroom coup as fraud verdict looms

The boardroom tussle comes just days before a verdict is expected on a former director and two associates, who face criminal charges of attempting to defraud Convoy of HK$89 million.

The "@Convoy" building which houses the headquarters of Convoy Global Holdings in Hong Kong in December 2017. Photo: Bloomberg
SFC

Fight intensifies for firm at heart of Hong Kong’s biggest fraud case

The tussle for control is the second attempt since December 2017 by Kwok to wrest control of Convoy from the Tsai family, when his votes were excluded from a tally, under a decision by Convoy’s chairman Johnny Chen.

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Investing

Hong Kong activist investor David Webb diagnosed with prostate cancer

Webb, who runs a website examining Hong Kong corporate governance and regulation, said he went public with his diagnosis to reassure investors ‘as the news would get out sooner or later’.

Independent Commission Against Corruption (ICAC)

Hong Kong university seeks to distance itself from alleged fraud figure

Education University of Hong Kong wants to remove Roy Cho Kwai-chee’s name from its main building, but has found it difficult to do so.

Exterior of the Cho Kwai Chee Foundation Building at The Education University of Hong Kong in Tai Po. Photo: Roy Issa
Stocks

Hong Kong’s richest woman loses half her fortune – on paper

Pollyanna Chu plays against her father Lee Shiu-fook, chief executive of the Lisboa Gold Group, in this file photo from 2005. Photo: Fox Hu
Law

Judge extends hearing date on ‘enigma network’ to September

SFC

Will Hong Kong’s ‘enigma network’ unravel with Convoy hearings?

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SFC

Oops! A lost report caused China e-Wallet to misstate profit as a loss

China e-Wallet Payment mistakenly reported a net loss for the first half of 2015, instead of HK$281.5 million (US$36 million) profit when a crucial document was lost in transit

China e-Wallet Payment mistakenly reported a net loss for the first half of 2015, instead of HK$281.5 million (US$36 million) profit when a crucial document was lost in transit
Explainers: Business

Explainer: Who’s who in the tangled web of the Convoy enigma

Mandatory Provident Fund (MPF)

How Convoy morphed into focus of Hong Kong’s graft probe

Mandatory Provident Fund (MPF)

Convoy management thwarts coup attempt, stays intact for clean up

Backed by the largest shareholder, Convoy’s interim chairman invalidated the votes of the second-biggest shareholder to thwart his coup attempt. Photo: Bloomberg

Update | Latest ‘Enigma’ salvoes fired as China Green denies being Convoy placee

Pedestrians walk past the "@Convoy" building, which houses the headquarters of Convoy Global Holdings. Convoy has confirmed that three executive directors were arrested by the anti-corruption agency, including Chairman Wong Lee Man, according to a filing last week. Photo: Bloomberg

New | China Green sucked into ‘Enigma Network’ fallout after Convoy lawsuit

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