David Webb, one of Hong Kong’s most prominent and persistent shareholder activists, has died at the age of 60, leaving behind a formidable legacy in corporate governance reform and investor advocacy. A former investment banker who reinvented himself as a campaigner for transparency and accountability, Webb was widely admired across Hong Kong’s financial and business communities for decades of work exposing corporate misconduct and defending the rights of minority shareholders.
In a statement shared on his social media platforms on Tuesday, his family confirmed that David M. Webb MBE passed away peacefully in Hong Kong on January 13, 2026, after battling metastatic prostate cancer. The statement said he would be deeply missed by his family, friends and the many supporters who followed and benefited from his work.
Webb was best known for his relentless scrutiny of listed companies in Hong Kong and for holding corporate leaders and regulators to account. Through careful research and public advocacy, he consistently highlighted governance failures, opaque ownership structures and abuses that harmed ordinary investors. His efforts earned him both respect and notoriety, as companies uncomfortable with scrutiny often found him a formidable critic.
One of his most enduring contributions was the creation of Webb-site.com, a free and publicly accessible database he founded in 1998. The platform became an indispensable resource for journalists, analysts, lawyers and investors, offering detailed information on company structures, directorships and shareholdings. Over the years, the site played a crucial role in empowering minority shareholders and pushing Hong Kong’s corporate sector toward greater openness and accountability.
Webb’s impact was particularly evident in 2017, when he uncovered what he termed the “Enigma Network,” a web of obscure links and cross-shareholdings among dozens of Hong Kong-listed companies. He publicly warned investors against owning shares in these firms, and his revelations ultimately triggered a criminal investigation, underscoring the seriousness of the issues he had brought to light.
In recognition of his contributions to improving corporate governance standards, Webb was appointed a Member of the Order of the British Empire last year. The honour reflected the influence his work had not only on investors but also on broader discussions about transparency and accountability in one of the world’s leading financial centres.
Born in London in 1965, Webb moved to Hong Kong in the 1990s after being posted there by Barclays, where he worked as an investment banker. He made the city his permanent home and later served as an independent director on the board of Hong Kong’s stock exchange from 2003 to 2008. He resigned from that position after publicly criticising the exchange’s management, a move consistent with his reputation for independence and principled dissent.
Webb publicly revealed in 2020 that he had been diagnosed with metastatic prostate cancer, and he had expressed hope that he would live beyond 60. He reached that milestone in August last year. Even as his health declined, he remained engaged with public debate and continued to comment on issues affecting Hong Kong.
In recent years, Webb also spoke out about political changes in the city, particularly following the imposition of a sweeping national security law by Beijing in 2020 after large-scale pro-democracy protests. He warned of what he described as growing self-censorship among commentators and opinion writers, expressing concern about the long-term implications for open debate in Hong Kong.
At a farewell event held in his honour at the Foreign Correspondents’ Club in Hong Kong in May last year, Webb reflected on his life and work with characteristic candour. He acknowledged that his life would be shorter than he had expected, but said he took comfort in knowing he had done his best and affirmed that Hong Kong was his home.
Tributes following his death highlighted both his intellect and his sense of responsibility. Kenneth Leung, a former lawmaker who had debated policy issues with Webb on radio programmes, described him as sharp, deeply knowledgeable and driven by a strong social conscience. While some companies found his activism uncomfortable, Leung said, Webb’s work made a lasting difference for small investors and strengthened Hong Kong’s corporate landscape.
