An FCC Farewell from David Webb, the Founder of Webb-site.com
By Hugo Novales, FCC In-House Journalist
David Webb first arrived in Hong Kong in 1991 as a young investment banker, unaware that his new, two-year assignment would turn into a lifetime. He got married, had children, and founded Webb-site.com — a free online site that offers stock market news and data while advocating for better corporate and economic governance.
Five years ago, Webb was diagnosed with metastatic prostate cancer, a disease for which there is no cure. As he approached the half-decade mark of battling this type of cancer, Webb announced in February that he would shut down Webb-site.com and release the database for public download, making this his final contribution to Hong Kong.
But before his time comes, he bade farewell to the city that has become his home.
On May 12, Webb spoke at his final Club Lunch at The Foreign Correspondents’ Club, Hong Kong, where he had given several public talks over the past few decades. Over 230 FCC members and their guests – along with a heavy media presence – packed into the Club to hear his final words that he shared alongside Philip Bowring, a longtime associate of Webb and veteran journalist who’s also a member of the Club’s Professional Committee.
Bowring’s first question to Webb: “Why did you do it?”
“I wanted to use the platform to advance corporate governance [and] reforms in Hong Kong,” Webb said, adding later that, “I’ve always been a bit of an activist. Probably if I stayed in the UK, I might have ended up in politics.”
Bowring then mentioned the local media’s initial description of David Webb as the “Long Hair of finance,” a reference to Hong Kong politician and social activist Leung Kwok-hung. Webb pointed out his choice of a much shorter hairstyle as a surface-level difference between him and Long Hair, but that he is “certainly not a Marxist.”
Directing their focus back on Hong Kong, Bowring then asked how Webb would rate the city’s performance over the past few decades.
Webb was critical. He noted that the “laissez-faire” economy that the city was once known for was gradually being replaced with a “central planning” system that mirrors Mainland China, except that there is less disclosure on this side of the border. Webb believes this is contrary to previous economic policies that allowed Hong Kong to thrive, particularly from the 1970s to the 1990s.
“What made Hong Kong special was differentiation… It was doing our own thing best and not trying to sign up for some economic planning. Instead what we’re doing is pumping hundreds of billions of Hong Kong Dollars into ‘white elephants’ near the border,” he said, referring to the HKSAR government’s infrastructure projects along the Hong Kong-Shenzhen border that aim to increase technology investments and collaboration between both cities.
During the audience Q&A session, Webb was asked if he had any parting thoughts for Hong Kong’s journalism community, as well as any advice he could give to anyone living under difficult circumstances. He reflected on his own past membership of the Hong Kong Journalists Association and expressed optimism for the future of the city and its media.
“I believe – in the long run – that China and Hong Kong will be less autocratic, more democratic, and will move away from the authoritarian system. There’s no way to maintain economic growth through central planning. It’s much better to let the free markets work to produce growth,” he said.
Webb added that these conditions will ultimately lead to a better media environment in Hong Kong, which he believes will open up having reached “peak authoritarianism.”
“Speaking truth to power and holding people to account and transparency is all good for the economy and the people,” he said.
To conclude their talk, Bowring thanked Webb for his contributions to Hong Kong and expressed his sincere gratitude for all the work he has done. Webb smiled, and finished his talk with hope and confidence — hope that he’ll live long enough to see his 60th birthday on August 29, and confidence that he lived a meaningful life.
“I will die confident that I did my best, and Hong Kong is my home,” Webb concluded.
As he walked off the stage, the audience gave David Webb a continuous standing ovation and rushed to take photos with him before he departed the FCC for the final time alongside his wife Karen and Philip Bowring.
This Club Lunch is available on the FCC’s podcast The Correspondent: https://open.spotify.com/episode/5RvTjoXDeFwgNBZFBx0JuK?si=0JqY38VxQri5WLYth14_fA
To watch the full discussion, please visit the FCC’s YouTube channel:
