David Webb, Hong Kong’s Champion of Corporate Transparency, Dies at 60
Hong Kong, Tuesday, 13 January 2026.
Renowned for the “Enigma Network” exposé that triggered a $6 billion market crash, activist David Webb has died at 60. His relentless pursuit of transparency redefined investor rights in Hong Kong.
A Watchdog Falls Silent
David Webb, the investment banker turned activist who became one of Hong Kong’s most formidable voices for corporate governance, passed away on Tuesday, January 13, 2026 [1][2]. He was 60 years old [3]. A statement released on his social media accounts confirmed that Webb died peacefully in Hong Kong from metastatic prostate cancer [1][3]. He is survived by his wife and two children [2].
Fighting the ‘Enigma’
Webb publicly disclosed his cancer diagnosis in 2020, stating at the time that he hoped to live beyond the age of 60 [1][2]. Despite his illness, he remained an active force in the financial community until the end. His legacy is perhaps best defined by his 2017 exposure of the “Enigma Network,” a complex web of 50 listed companies in Hong Kong sharing opaque cross-shareholdings [1]. Webb’s detailed analysis advised investors to avoid these stocks, a warning that presaged a massive market correction which ultimately wiped out $6 billion in market value [4]. This forensic investigation not only protected minority shareholders but also triggered criminal investigations into the malpractices he uncovered [1].
Data as a Weapon for Justice
The foundation of Webb’s activism was Webb-site.com, a non-profit platform he founded in 1998 after retiring from investment banking [1][4]. For nearly three decades, this free-to-access database served as a critical resource for journalists, analysts, and lawyers, providing a trove of statistics that brought transparency to an often opaque market [1]. Webb believed that the success of Hong Kong relied heavily on its differentiation from mainland China, specifically regarding the rule of law and the free flow of information [4]. His work was driven by a simple yet powerful ethos he summarized in a 2024 interview: “fairness” [4].
From London to Hong Kong
Born in London in 1965, Webb began his career at Barclays before moving to Hong Kong in 1991 [1][4]. Having spent 35 years in the city, he became deeply embedded in its financial infrastructure, eventually serving as an independent director of the Hong Kong Stock Exchange from 2003 to 2008 [1]. However, his tenure was marked by his characteristic principled stance; he resigned from the board accusing the bourse of poor management [1]. In recognition of his tireless efforts to raise corporate governance standards, Webb was appointed a Member of the Order of the British Empire (MBE) in 2025 [1][4].
Advocacy in a Changing Landscape
Webb’s advocacy extended beyond balance sheets into the realm of civil liberties. He addressed pro-democracy demonstrators during the Umbrella Movement in 2014 and remained vocal during the 2019 protests [4]. Following the imposition of the national security law in 2020, he warned of the economic dangers posed by rising authoritarianism and criticized the “excess self-censorship” he observed among opinion writers [1][4]. At a farewell event held at the Foreign Correspondents’ Club in May 2025, Webb reflected on his motivations, noting that while investing was enjoyable, his true goal was broader. “I don’t want to reach the end of my life and say I was a really good investor,” he once said. “That was fun, but I didn’t advance the human condition” [5].