hong kong jan 6 reuters breakingviews  the nature of opposition has become an acutely sensitive topic in hong kong recent buyout attempts suggest that for shareholders of companies in the asian financial hub dissent endures just this week the suitor for 100 million yorkey optical international 2788hk improved its takeover bid by 14 after pushback from activist investor david webb the longtime thorn in the side of hong kong inc spotted that the original offer of hk088 a share valued three properties the cameracomponents maker owns at cost rather than using market prices he reckoned hk1193 a share would have been more reasonable but acceded to hk0999 for a 6 owner webb’s voting clout was considerable ballot math peculiar to hong kong gave him a blocking stake the victory followed another uprising by minority shareholders at 700 million chinese estates  last month they thwarted an attempted privatisation of the property developer a onetime major backer of embattled china evergrande 3333hk the bid by the family of former chairman joseph lau valued chinese estates in which they own a threequarters stake at a 38 premium to its undisturbed price but at a whopping 69 discount read more to its net asset value lau won based on shareholdings but failed a headcount test of the number of voters it’s an archaic rule that lives on in the company’s bermuda domicile small shareholders typically struggle to prevail in a city where tycoons dominate many publicly traded companies these successful revolts carry greater significance under the circumstances days after the chinese estates result hong kong’s legislative election attracted a recordlow 30 turnout after rules were revised to allow only candidates deemed by the government to be patriots corporate ballot boxes however remain an active battleground  yorkey optical international shares jumped by nearly 20 on jan 5 after the 100 million cameracomponent maker unveiled a 14 increase to the buyout offer from its largest shareholder smaller investor david webb had argued for a higher price based on the likely market value of three properties the company holds at cost  separately minority shareholders in property developer chinese estates on dec 17 rejected a plan by tycoon joseph lau to take the company private at a steep discount to its net asset value