Hong Kong activist investor David Webb dies at 60

Hong Kong activist investor David Webb has passed away at 60 on Tuesday after a battle with metastatic prostate cancer.

Webb will be missed by family, many friends, and supporters, and the family requests privacy at this difficult time, according to a statement on his X account.

In 2020, he was diagnosed with prostate cancer and said he would reduce his public engagements. 

The founder of Webb-site Reports announced plans to conclude his site's operations due to his cancer symptoms in February last year.

Webb-site.com serves as a non-profit resource dedicated to promoting better corporate and economic governance in Hong Kong. Webb's final post was published on December 15, 2025, featuring a satire of the government's officious statements.

Webb earlier shared in an online article that the 5-year survival rate, which he is now approaching, is about 30 percent. After exhausting four lines of therapy and resorting to experimental treatments that are only available overseas, he has reached the point where outcomes are measured in months rather than years, the article said.

His most notable impact was exposing the “Enigma Network” in 2017 - a group of 50 firms with inflated valuations due to complex cross-shareholdings. Weeks after he advised investors "not to own" them, most shares collapsed, triggering the largest-ever investigation by the Securities and Futures Commission and leading to multiple company executives' charges.

Hong Kong Exchanges and Clearing expressed sadness at the passing of Webb, who served as an independent non-executive director of HKEX from 2003 to 2008.

During his tenure, Webb was dedicated to enhancing market transparency and strengthening investor protection, actively playing his role and contributing to HKEX's corporate governance and market development, according to HKEX.

Carlson Tong Ka-shing, chairman of HKEX, also expressed his gratitude for Webb's significant contributions to the development of HKEX and the Hong Kong market, as well as for his enthusiasm and persistence in his work. He believed that Webb's spirit would endure forever in Hong Kong's financial sector, continuing to inspire future generations.