Obituary: David Webb, Hong Kong Activist Investor Who Exposed ‘Enigma Network,’ Dies at 60
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David Webb, the renowned activist investor whose forensic analysis of the Hong Kong stock market exposed complex webs of dubious cross-shareholdings and triggered high-profile regulatory crackdowns, died on Jan. 13 following a battle with prostate cancer. He was 60 years old.
His family announced his passing in an obituary released through his Substack platform, requesting privacy while noting that he would be missed by friends and supporters. A former investment banker who became the city’s most prominent advocate for corporate governance, Webb spent decades policing the financial hub’s markets, earning a reputation as a fearless champion for minority shareholder rights.
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- David Webb, prominent activist investor and corporate governance advocate in Hong Kong, died on January 13, 2025, at age 60 from prostate cancer.
- Webb exposed the "Enigma Network" in 2017, linking 50 companies in dubious cross-shareholdings, prompting major regulatory investigations.
- He founded the influential nonprofit platform Webb-site.com and was widely respected for championing minority shareholder rights.
- China Huarong
- In October 2018, David Webb exposed a network of 26 Hong Kong-listed companies centered around China Huarong, a state-owned asset manager. After his revelations, many of the identified small- and mid-cap stocks experienced dramatic plunges in value, often exceeding 80%.
- Barclays
- Barclays is mentioned as the former employer of David Webb. He worked as a director in corporate finance for a subsidiary of Barclays in Hong Kong after moving there in 1991. He left the company in 1998 to manage his own investments.
- 1991：
- David Webb moved to Hong Kong and began working as a director in corporate finance for a subsidiary of Barclays.
- 1998：
- David Webb left the finance industry to manage his own investments and subsequently founded Webb-site.com.
- May 2017：
- David Webb published a report identifying the 'Enigma Network', which triggered regulatory investigations by the Hong Kong Securities and Futures Commission and the Independent Commission Against Corruption.
- October 2018：
- David Webb released a diagram involving China Huarong and 26 Hong Kong-listed companies; following this exposure, many identified stocks plummeted by more than 80%.
- 2020：
- David Webb revealed his cancer diagnosis.
- February 2025：
- David Webb noted that his life expectancy was measured in months.
- May 2025：
- David Webb made his final public appearance at a farewell talk hosted by the Foreign Correspondents’ Club in Hong Kong.
- Jan. 13, 2026：
- David Webb died following a battle with prostate cancer.
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