A former investment banker who became a relentless transparency advocate, Webb was widely respected — and often feared — in financial circles for exposing corporate malpractice and pushing for higher standards in Hong Kong’s capital markets.
“It is with great sadness that we share that David M Webb MBE passed away peacefully in Hong Kong on January 13, 2026,” a statement posted on his social media said. “David will be missed by his family, friends, and supporters.”
Webb founded Webb-site.com in 1998, a free, nonprofit database that became an indispensable resource for journalists, analysts, lawyers and minority shareholders. The platform compiled corporate filings, ownership structures and governance data, empowering small investors and increasing scrutiny of listed companies.
His work gained global attention in 2017 when he revealed the so-called “Enigma Network”, uncovering hidden links and cross-shareholdings among dozens of Hong Kong-listed firms. Webb publicly advised investors to avoid those stocks, prompting sharp market reactions and a subsequent criminal investigation.
Born in London in 1965, Webb moved to Hong Kong in the 1990s while working for Barclays and made the city his permanent home. He served as an independent director of the Hong Kong stock exchange from 2003 to 2008, resigning later and criticising what he described as weak governance and management standards.
In recognition of his decades-long contribution to market integrity, Webb was appointed a Member of the Order of the British Empire (MBE) last year.
In recent years, Webb also commented on Hong Kong’s political climate, warning about rising self-censorship following the imposition of the national security law in 2020. Despite declining health, he continued writing and engaging with the public until late last year.
At a farewell event at the Foreign Correspondents’ Club in 2025, Webb reflected on his life’s work with characteristic candour. “However long or short my life, unfortunately it’s shorter than I expected,” he said. “I will die confident that I did my best — and Hong Kong is my home.”
Former lawmaker Kenneth Leung described Webb as “a headache for some companies, but a champion for small investors,” adding that his sharp mind and sense of social responsibility set him apart.
With his passing, Hong Kong loses a rare, independent watchdog whose legacy will continue through the transparency and accountability he demanded of its markets.
