David Webb, one of Hong Kong’s most prominent activist investors and a vocal critic of corporate malfeasance, has revealed that he has months left to live after battling metastatic prostate cancer for several years. In a candid blog post on his website, Webb-site.com, Webb disclosed that his cancer has progressed, and the remaining time he has is now measured in months rather than years.
“When I disclosed my metastatic prostate cancer in June 2020, I didn’t expect to live as long as I now have,” Webb wrote. “But I have now reached the point where outcomes are measured in months rather than years and my symptoms and side-effects are making it harder to function.”
At 59 years old, Webb, a British-born investor, has spent most of his life in Hong Kong since being transferred there by Barclays Plc in 1991. Throughout his career, he made a name for himself in the city’s notoriously volatile small- and mid-cap market, known for his ability to spot winning trades. His sharp eye for corporate governance issues and market failings led him to launch Webb-site.com in 1998, a free online resource that became indispensable for tracking corporate filings and scrutinizing the city’s regulatory bodies.
Webb revealed that he plans to shut down Webb-site.com, a website he dedicated to transparency and holding Hong Kong’s corporate powers accountable. He lamented that despite efforts to find an institution or individuals to continue the work after his death, the website will ultimately be discontinued. He noted that when the server shuts down, all the editorial content since 1998 will disappear, though many of the articles can still be accessed via the Internet Archive.
“I have now reached the point where outcomes are measured in months rather than years, and my symptoms and side-effects are making it harder to function,” Webb wrote.
Known for his intense focus and dedication to his work, Webb’s website has been a platform for holding Hong Kong’s corporate and financial sector accountable. Through the site, he exposed dubious practices and promoted better corporate governance, even launching campaigns that led to regulatory investigations. One of his most famous and impactful investigations was on “The Enigma Network,” a group of 50 companies whose share prices were artificially inflated. His exposé led to the largest-ever investigation by Hong Kong’s Securities and Futures Commission (SFC).
Webb’s work not only gained attention in Hong Kong but globally, and he has often been praised for his unwavering commitment to transparency and reform. He has been a fierce critic of the monopolies and tycoon-dominated industries that dominate Hong Kong’s economy, and his investigations have sparked significant regulatory actions over the years.
Despite his personal struggles, Webb has continued to push for reforms in Hong Kong, highlighting what he perceives as the excessive central planning, intervention, and protection of vested interests that inhibit much-needed change. In his blog post, Webb acknowledged that while he has achieved many of his goals, much remains unresolved, particularly in the face of governmental reluctance to embrace market reforms.
As Webb reflects on his legacy, he expressed gratitude for the work he has done, but also frustration at the challenges that persist. “I’ll try to leave behind some thoughts on this with a few more articles before I check out,” he wrote in his post.
Webb, whose annualized gains between 1995 and 2019 were estimated at 20%, amassed a fortune of $170 million during his career. While his fortunes were made through his investments, his true passion lay in exposing market failings and advocating for better governance. Known for working late into the night, poring over financial statements and corporate disclosures, Webb has long been driven by the belief that his work could advance the human condition, not just his personal wealth.
As he faces his final months, Webb has expressed his desire to ensure his website’s work continues to live on through the Internet Archive, even as he prepares to step away from the public stage. Webb’s legacy as an activist investor and a champion for transparency in Hong Kong will undoubtedly endure, even as his health declines.
(The above report is based on a Bloomberg article.)
