JD Supra Hong Kong

Publisher:
JD Supra
Publication date:
2019-04-29

Publisher

Latest documents

  • 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.

  • Charting the Path: Major Developments in Hong Kong Arbitration Law in 2023

    In this review, we reflect on significant developments in the field of arbitration in Hong Kong over the past year. Key developments in 2023 included: 1. Multi-tiered dispute resolution clause – compliance with pre-arbitration conditions is generally a matter of admissibility to be ultimately determined by the tribunal and not subject to court review.

  • Understanding the Trends: A Review of Insolvency Litigation in Hong Kong in 2023

    Insolvency litigation witnessed intriguing developments across multiple aspects in Hong Kong in 2023, ranging from the court’s updated Practice Direction on Bankruptcy and Winding-Up Proceedings to on-going debate surrounding the interplay between insolvency proceedings and arbitration clauses.

  • Buying and Selling Real Estate in Hong Kong (Updated)

    KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER HONG KONG LAW - Introduction - Hong Kong is one of the most densely populated cities over the world. Due to historical reasons, almost all lands in Hong Kong are leasehold tenures. Over the centuries, the Government leased or granted to individuals or corporations pieces of land for use or for development. Therefore, a sale and purchase of landed property in Hong Kong is in fact a transfer or assignment of a lease. In a sale and purchase transaction, the vendor agrees to sell and the buyer agrees to purchase both the legal estate and the equitable interest of and in the landed property. This article provides a brief introduction to land law in Hong Kong and sets out a summary of the procedures of the sale and purchase of landed properties in Hong Kong.

  • Unravelling the Legal Landscape: Key Highlights of Company Litigation Developments in Hong Kong in 2023

    Here we present a concise summary of significant cases and developments in company litigation in Hong Kong in 2023. Highlights include: 1. Subject company's participation in unfair prejudice proceedings: The Court once again confirmed its “distaste” for a subject company seeking to enter the arena in unfair prejudice proceedings between shareholders. 2. New Practice Direction 3.4: The Court set out various standard case management directions for the conduct of unfair prejudice and just and equitable winding-up proceedings, reflecting its active case management role in such proceedings. 3. Rule against reflective loss: The Court of Appeal explained the rule against reflective loss and considered a recent UK Supreme Court decision. 4. Principles of unfair prejudice petitions: The Companies Court stressed the need to properly consider whether the circumstances show any equitable constraint on the exercise of strict legal rights and ordered a non-shareholder to buy out the petitioners’ shares. 5. Valuation in unfair prejudice petitions: The Companies Court clarified its approach to valuing shares in unfair prejudice petitions, specifically addressing deduction of notional expenses in the valuation of shares of property-holding companies. 6. Implication of exclusive jurisdiction clause in insolvency: It is now clear that where there is an exclusive jurisdiction clause, the Court will generally hold the parties to their bargain and stay or dismiss the winding-up petition. But it’s not as clear whether the same approach applies to arbitration agreements.

  • Key Regulatory Updates for Hong Kong Listed Companies

    The Stock Exchange of Hong Kong, the SFC, and the Companies Registry have published key regulatory updates during September and October 2023.

Featured documents

  • Hong Kong Stock Exchange Amends the Corporate Governance Code and Listing Rules

    The Stock Exchange of Hong Kong Limited (“Exchange”) has recently published its Consultation Conclusions on Review of the Corporate Governance Code (“Code”) and associated Listing Rules. The Code and Listing Rules amendments aim to promote the development of a higher level of corporate governance...

  • "The 2012 Hong Kong Competition Ordinance"

    On 22 June 2012, Hong Kong’s Competition Ordinance (the Ordinance) was published following approval by the Legislative Council of Hong Kong. The Ordinance introduces a number of important rules and regulations affecting companies operating in the same market or with a significant presence in a...

  • Accessing Asian Capital By Canadian Companies – The Case For Listing In Hong Kong

    Why Hong Kong - Michael Chan, Assistant Vice President of the Global Markets Division of the Hong Kong Stock Exchange (“HKEx”), was recently in Canada, visiting Calgary, Toronto and Vancouver and delivering a presentation entitled “HKEx – the Listing Venue of Choice”. ...

  • The Dragon's Skin Shed: The New HKIAC Arbitration Rules

    Introduction - The dragon’s skin began to shed in 2011, when the Hong Kong International Arbitration Centre (“HKIAC”) initiated the revision process of its 2008 Arbitration Rules for Administered Cases (“Old Rules”). After the issuance of the draft version in October 2012, the HKIAC...

  • Hong Kong Considers Significant Changes to Parody Under Copyright Law

    In July 2013, the Hong Kong Government commenced a three-month public consultation on three options to deal with parody under Hong Kong copyright law. One of the options was the introduction of a fair dealing exception for parody under Hong Kong copyright law, where the “distribution and...

  • Conclusion of Consultation Paper on Proposed Amendments to Hong Kong Professional Investor Regime

    The Hong Kong Securities and Futures Commission (SFC) issued a consultation paper titled “Consultation Paper on the Proposed Amendments to the Professional Investor Regime and the Client Agreement Requirements on 15 May 2013” (the Consultation)....

  • Court of Final Appeal Makes Landmark Ruling Clarifying Professional Investors Exemption

    The Hong Kong Court of Final Appeal (Court of Final Appeal) made a landmark decision on 20 March 2015 in relation to advertisements for collective investment schemes (CISs), upholding an appeal by Pacific Sun Advisors Limited (Pacific Sun) and its director Mr. Andrew Pieter Mantel (Mr Mantel). It...

  • Hong Kong Competition Commission Releases Leniency Guidelines

    On September 23, the Hong Kong Competition Commission (HKCC) released a draft of its “Leniency Policy for Undertakings Engaged in Cartel Conduct.” The draft specifies when the HKCC will refrain from pursuing monetary penalties against an entity in exchange for that entity’s cooperation. The HKCC...

  • Recent Cases Highlight Importance of Compliance with Hong Kong Privacy Law

    The use of personal data in direct marketing without the customer’s consent and without fulfilling legal prerequisites has resulted fines issued by the Hong Kong Office of the Privacy Commissioner of Personal Data (“PCPD”). First, the September 9, 2015 conviction of Hong Kong Broadband Network...

  • "Hong Kong Stock Exchange Opens Doors to Russia-Incorporated Issuers"

    On January 15, 2016, the Stock Exchange of Hong Kong Limited (HKEx) published its Country Guide on Russia and placed Russia on its list of “acceptable jurisdictions,” formally signifying that Hong Kong’s sole regulated stock exchange is now open for applications from companies incorporated in...

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