Group Shareholding Topology and Double-Count Prevention

While analyzing Stock A and Stock B back to back, Stock A's property-fund holding (carrying value HK$368 million, impairment HK$154 million — both teaching assumptions) leaked into the Stock B report. Stock B's business is consumer-goods trading and money lending; it holds no such fund at all. This is not a hallucination — it is a systemic context-contamination problem.

David Webb's independent Hong Kong stock database webb-site.com is an overlooked treasure. It directly provides PDF links from hkexnews.hk, listing on one page all annual reports and interim reports of a company from listing to present, completely bypassing hkexnews's internal stock ID restrictions. This article includes a complete usage tutorial, a known ID mapping table, and a batch download solution.

When researching an HK-listed company, where does the information come from, which sources are trustworthy, and which can only serve as leads? This article divides HK equity research sources into five credibility tiers — statutory disclosures, company-produced information, third-party databases, market data sources, and news and research reports — and provides a 'question-to-source' mapping table.

Under a group structure, directly adding up the shareholding percentages of different layers is the most common — and most fatal — calculation error. Using a fictional teaching structure, this article demonstrates the layer-by-layer dilution computation of economic interest, voting attribution along the control chain, and the simultaneous solving of cross and circular shareholdings, and gives a method for building the shareholding structure into a queryable graph plus a double-count-prevention checkpoint list.