JD Supra Hong Kong

JD Supra
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Latest documents

  • All’s Well for Keepwell Deeds?

    A recent ruling by the Hong Kong Court of Appeal has strengthened the robustness of keepwell deeds as enforceable English law governed obligations. The Hong Kong Court of Appeal has unanimously upheld the appeals of the liquidators of offshore bond-issuance companies (the appellants) of the Peking University Founder Group Company Limited (PUFG) concerning whether PUFG, as the keepwell provider, breached the keepwell deeds which support the bonds.

  • Listing Rules Amendments Enhance Climate-Related Disclosures for Hong Kong Listed Companies

    The amendments, which will become effective from 1 January 2025, aim to reflect the ISSB Climate Standards to the maximum extent possible. In April 2024, the Stock Exchange of Hong Kong Limited (the Exchange) released the consultation conclusions (the Consultation Conclusions) to its earlier Consultation Paper on Enhancement of Climate-related Disclosures under the Environmental, Social, and Governance (ESG) Framework (the Consultation Paper). The concluded measures will amend the existing ESG framework to mandate Hong Kong listed issuers to make climate-related disclosures (the New Climate Requirements) based on the IFRS S2 Climate-related Disclosures published by the International Sustainability Standards Board (ISSB) in June 2023 (the ISSB Climate Standard). The amended Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the Listing Rules) will come into effect on 1 January 2025.

  • Hong Kong Court Resolves Conflicting Authority on Trust Claims

    This resolution is important for contractors’ rights to retention monies in construction contracts. The Hong Kong Court of First Instance (CFI) held in a recent judgment that, whilst the absence of segregation is not necessarily fatal to a trust, a valid trust cannot be formed due to lack of certainty of subject matter unless the money in question is part of a “sufficiently identifiable bulk”. This decision clarifies the nature of a contractor’s rights over retention monies in construction contracts, particularly when the employer becomes insolvent.

  • Key Regulatory Updates for Hong Kong Listed Companies - January/February 2024

    The updates include a report from the Stock Exchange of Hong Kong Limited on review of issuers’ annual reports, a summary of private reprimands, and disciplinary actions.

  • Case Update: Hong Kong Arbitral Tribunal’s Jurisdiction to Determine Disputes in Related Contracts

    An arbitral tribunal lacks jurisdiction to determine claims raised under related agreements containing different dispute resolution clauses. The Hong Kong Court of First Instance (Court) held in a recent judgment that an arbitral tribunal (Tribunal) constituted pursuant to an arbitration clause under one agreement has no jurisdiction to decide on matters in other related contracts which contain a distinct dispute resolution clause.

  • Arbitration Highlights in the Year of the Dragon

    In the year of the dragon, attention turns to the enforcement of arbitral awards. We look at five different Hong Kong decisions where enforcement or set aside has been the central issue often involving arguments of public policy. The precise status of a “re-arbitration” was considered in one; in another, a fast moving change in the law prompted the remission of an award back to the arbitrator; an arbitrator’s lack of attention to the proceedings was enough to persuade the court to set aside the award in the third; the fourth highlighted the high threshold for a court to look at “points of law” even where the parties have agreed this in their contract; and in the fifth, a claim that an arbitral award should be struck down as it offended Hong Kong’s strict laws on third party funding, was also unsuccessful.

  • Guide to Discrimination Law in Hong Kong

    Introduction - GENERAL OVERVIEW - Hong Kong employers and employees have become increasingly aware of their rights and obligations under the anti-discrimination legislation since the passing of the Sex Discrimination Ordinance (SDO) and Disability Discrimination Ordinance (DDO) in 1995, the Family Status Discrimination Ordinance (FSDO) in 1997 and the Race Discrimination Ordinance (RDO) in 2008.

  • Guide to Employment Law in Hong Kong

    Overview - The primary piece of legislation, the Employment Ordinance (the “EO”), prescribes certain basic rights and protection for most employees. The EO applies to every employee engaged under a contract of employment in Hong Kong with only a few minor exceptions. The EO applies equally to locals and foreign nationals working in Hong Kong. Provided that the contractual terms of service are no less favourable than the basic protection afforded by the EO, the contract of employment will govern the relationship between employer and employee. Any term or condition of a contract of employment that seeks to reduce any right, benefit or protection conferred upon the employee by the EO will be void. So, to the extent that any contractual terms are less favourable, the EO will prevail.

  • Key Regulatory Updates for Hong Kong Listed Companies - November/December 2023

    The updates include a Consultation Paper, new and revised guidance materials from the Stock Exchange of Hong Kong Limited, and notices from the Companies Registry. The key updates in November and December 2023 include the launch of the Fast Interface for New Issuance (FINI) platform, the publication of the Guide for New Listing Applicants, and the Global Exchange Market (GEM) listing reforms which resulted in a number of updates being made to the Listing Rules and related guidance materials. Issuers are advised to familiarise themselves with the updated Listing Rules and guidance materials. Potential new applicants for a listing on the Stock Exchange of Hong Kong Limited (the Stock Exchange) should note that a prospectus and its accompanying documents for the purpose of authorisation and registration may now be submitted electronically. A relevant guidance letter and FAQs have been published to provide guidance on electronic submission.

  • Establishing a Business Entity in Hong Kong

    ESTABLISHING A BUSINESS ENTITY IN HONG KONG - 1. Introduction - Hong Kong as an international centre for finance, commerce and trade is often considered as one of the most attractive places to do business owing to its unique advantages such as its prime location, business-friendly policies, simple tax regime, world-class infrastructure, sound legal system and robust regulatory regimes. This Asia’s world city has consistently topped various global rankings in business and economic competitiveness – more recently it ranked the 7th most competitive economy by the International Institute for Management Development in its World Competitiveness Yearbook 2023, topping the ranking in business legislation and being in the top five positions in tax policy, international investment, international trade and technological infrastructure.

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