Stevenson, Wong & Co.

On 10 July 2024, Heidi Chui moderated the inaugural hybrid event, “WIA Coffee Roulette”. Heidi is our Senior Partner and a Committee Member of the Hong Kong International Arbitration Centre (HKIAC) Women in Arbitration (WIA) initiative. This event, sponsored by Stevenson, Wong & Co. and AllBright Law (Hong Kong) Offices, featured an engaging and insightful interview with the esteemed Queenie Lau SC. The HKIAC launched the WIA in February 2018 to promote and support female practitioners in arbitration and related areas. This initiative is part of the HKIAC’s commitment to improving women’s representation in arbitration, a commitment underscored by signing the Equal Representation in Arbitration Pledge in October 2016. Over the past six years, the WIA has conducted numerous events across Asia, fostering cross-cultural exchanges and professional development within the international arbitration community. Heidi led a dynamic discussion exploring the myriad accomplishments and challenges that have shaped Queenie’s career. A childhood love for Enid Blyton’s Malory Towers series inspired her to go to boarding school in the UK. Queenie shared her remarkable journey from studying at the Cambridge University to becoming a solicitor in Hong Kong and then joining Temple Chambers as a barrister. Beyond her legal career, Queenie also shared her passion for music, including playing in the college orchestra while Eddie Redmayne played a lead role on stage! Queenie’s candid discussion covered her transition to arbitration, her first experiences as counsel in arbitration, and later as a mediator and arbitrator. She emphasised the importance of being open to new opportunities. She shared how she managed to overcome the challenges of running her own “mini business” as a barrister, compared to working in large teams as a solicitor. Her anecdotes about balancing a demanding career with diverse interests, such as photography and stress relief techniques, were fun and inspiring. Queenie also discussed arbitration’s innovative nature, highlighting the increasing use of bilingual proceedings (especially Mandarin and English together) and the flexibility arbitration offers. She shared her experiences with virtual and hybrid hearings and gave practical tips for conducting effective online arbitrations. Following the interview, participants engaged in a vibrant networking session, which facilitated meaningful connections and insightful exchanges within the arbitration community. With over 50 attendees joining both in-person and online, the event successfully fostered a collaborative environment. #swhk #swdisputeresolution #hongkong #lawfirm #HKIAC #WIA #arbitration

Our Partner Gordon Tsang was invited to attend the “ORY APAC-US Conference 2024” from 11 – 12 July 2024 in Singapore. The conference was co-organised by Ortoli Rosenstadt LLP (“OR Law”), Ortoli Rosenstadt Ye Pte. Ltd, and Nasdaq Stock Market (“Nasdaq”). The event was sponsored by our associated firm AllBright Law Offices. The conference offered attendees an opportunity to gain insights from seasoned industry experts on the U.S. capital markets and explore Asia’s vibrant business environment. On the first day of the conference, Gordon was one of the panel speakers in the session “Competition or Collaboration: Financial Institutions’ view on Singapore and Hong Kong”. He joined other speakers in discussing various legal topics relating to Regulatory Environment and Business Climate, Market Opportunities and Growth Potential, Technological Innovation and FinTech Ecosystems and Geopolitical and Economic Factors. Stevenson, Wong & Co. has a strong track record of advising companies on their successful listings on the Nasdaq Stock Marketing, including Junee Limited (NASDAQ: JUNE), Garden Stage Limited (NASDAQ: GSIW), Prestige Wealth Inc. (NASDAQ: PWM), Millennium Group International Holdings Limited (NASDAQ: MGIH), CBL International Limited (NASDAQ: BANL), Magic Empire Global Limited (NASDAQ: MEGL), Intelligent Living Application Group Inc. (NASDAQ: ILAG), Zhong Yang Financial Group Limited (NASDAQ: TOP), Hywin Holdings Ltd. (NASDAQ: HYW) and Oriental Culture Holding LTD (NASDAQ: OCG). In addition, Stevenson, Wong & Co. has advised more than 10 companies on their confidential filing and public filing for their Nasdaq listing applications. As OR Law’s long-term business partner, we would like to take this opportunity to thank OR Law for their invitation and we look forward to assisting enterprises in the APAC region to resolve their legal problems and strengthen ties in Singapore, the United States and Hong Kong. For more information, please contact our Partner Gordon Tsang. #swhk #swcorproatefinance #hongkong #lawfirm #nasdaq #listings #IPO #conference

Our Partner, Heidi Chui, a committee member of the HKIAC Women in Arbitration (WIA，仲裁女性俱乐部）, will be moderating the "WIA Coffee Roulette with Queenie Lau SC" on 10 July 2024. The event will be divided into two parts: ◾ A 45-minute plenary discussion between a WIA host and a guest speaker ◾ Followed by a 30 to 45-minute networking session In the plenary session, Queenie Lau SC, a leading barrister from Temple Chambers, Hong Kong, will share captivating insights from her distinguished career, offering valuable advice to younger practitioners. Queenie will discuss the advantages of being a woman in arbitration, the purpose and highlights of her journey, and how she balances a demanding career with her passions, such as photography and travel, demonstrating that it is indeed possible to stop and smell the flowers amidst a busy practice. Attendees will gain practical life lessons and professional wisdom from Queenie's extensive experience in commercial law, mediation, and advocacy. Time: 17:00-18:30 HKT Location (for those attending in person): HKIAC, 38/F, Two Exchange Square, 8 Connaught Place, Hong Kong Location (for those attending online): A Zoom link will be provided. Limited seats available. RSVP now: https://lnkd.in/gtZHyf5k https://lnkd.in/gfYMHign #SWHK #HongKong #LawFirm #WIA #HKIAC #WomenInArbitration #ProfessionalDevelopment #NetworkingEvent #Arbitration

On 29 May 2024, our Partner Rodney Teoh was invited to present an annual scholarship award at the City University of Hong Kong School of Law's Scholarship Presentation Ceremony.   Since 2010, Stevenson, Wong & Co. has demonstrated its commitment to nurturing the future generation of legal professionals by sponsoring academic prizes at local universities. The firm's long-standing dedication to education was recognized and acknowledged by the City University of Hong Kong Foundation as one of its Senior Member Sponsors.   At the ceremony, Mr Teoh presented the "Stevenson, Wong & Co." scholarship to Cheung Ka Yuen, one of the outstanding students in the School of Law.   Stevenson, Wong & Co. extends its heartfelt congratulations to all students and wish them a bright and successful future. Read more at: https://lnkd.in/gTChG7Su #swhk #swtalents #hongkong #lawfirm #scholarship

Our Partner Gordon Tsang was interviewed by Bloomberg to share his view on Nasdaq Inc. increasing scrutiny of small initial public offerings from China and Hong Kong to avoid a repeat of the wild swings that followed a handful of deals two years ago in response to the article “Nasdaq Boosts Scrutiny of Investors in IPOs From China, HK”. Gordon previously advised Junee Limited (NASDAQ: JUNE), Garden Stage Limited (NASDAQ: GSIW), Prestige Wealth Inc. (NASDAQ: PWM), Millennium Group International Holdings Limited (NASDAQ: MGIH), CBL International Limited (NASDAQ: BANL), Magic Empire Global Limited (NASDAQ: MEGL), Intelligent Living Application Group Inc. (NASDAQ: ILAG), Zhong Yang Financial Group Limited (NASDAQ: TOP), Hywin Holdings Ltd. (NASDAQ: HYW) and Oriental Culture Holding LTD (NASDAQ: OCG) in their successful listings on Nasdaq. A growing number of small firms from China and Hong Kong are turning to the Nasdaq to raise money. Several Hong Kong - and China-based IPO applicants have faced a series of questions from Nasdaq that centered on the identity and independence of their pre-IPO investors who might be selling shares upon listing. Gordon shared with Bloomberg that Nasdaq  has become a desirable choice for Hong Kong - and China-based IPO applicants due to its relatively low listing threshold and market-driven approach. #swhk #swcorporatefinance #hongkong #lawfirm #listing #nasdaq #IPO #captialmarkets

#StevensonWongHKLawUpdates: Whether a decision from the arbitral tribunal is an award or order depends on the nature of the issues it deals with and whether it is a final decision.    TLDR:   ◾ The parties executed a Settlement Agreement aiming to terminate the arbitration with each party bearing its costs. Accordingly, the arbitral tribunal issued Procedural Order No 7 (“PO7”), terminating the arbitration but not recording the settlement as an “award”.   ◾ The plaintiff initiated legal proceedings to set aside a Settlement Agreement and PO7, arguing that it contradicted a sanctioned scheme of arrangement made by a foreign court and was made without authority.   ��� The plaintiff obtained leave for service out of jurisdiction and substituted service of documents on the defendant in St Kitts & Nevis.   ◾ The defendant applied to set aside the order on service out of jurisdiction, arguing that the plaintiff 1) had no ground to make such claims as, PO7, being a mere procedural order, was not enforceable by the court under the Arbitration Ordinance, or 2) there was no serious question to be tried.   ◾ The HKCFI ruled that PO7 constituted a binding "award" in the sense that it settled the termination of arbitration and determined the parties’ respective rights and obligations regarding costs. Even if the Settlement Agreement did not terminate the arbitration, PO7 did. Thus, PO7 was an award that could be enforced with the court’s assistance. After all, there was nothing left for the tribunal’s decision.     ◾ The HKCFI ruled that, for service out of the jurisdiction, the plaintiff only has to show a serious question to be tried on the merits of its claims in the proceedings. This test was not to be confused with the substantive application to set aside the Settlement Agreement and PO7. The HKCFI accepted that the plaintiff had shown at least that there was a serious question to be tried.   Case details: L v R [2024] HKCFI 1611 (14 June 2024) Judge: Hon Mimmie Chan J   Link to the case: https://lnkd.in/gSeXRjT7   Subscribe to #StevensonWongHKLawUpdates for bite-sized updates on the latest Hong Kong updates you should know.   For arbitration-related queries, contact Heidi Chui, Elizabeth Chan (陳曉彤) and Justin SY Kim. #swhk #swdisputeresoluion #hongkong #lawfirm #arbitration #arbitrationlaw

#StevensonWongHKLawUpdates: The HK Court of First Instance grants petitions to wind up a ListCo and its wholly-owned HK company because the restructuring plans had no prospects.    TLDR:  ◾ Following the failure to repay a debt, the petitioner sought to wind up the ListCo and its wholly-owned Hong Kong subsidiary (the “Companies”). ◾ The Hong Kong Court of First Instance initially adjourned the petitions to give the Companies a chance to present their Restructuring Proposal. Despite the adjournment, the Companies made “no real progress” regarding the Restructuring Proposal. ◾ The debt represented more than half (55.8%) of the ListCo's total indebtedness, and the Companies were unable to secure new funding or business injection, nor could the ListCo revive its listing status. ◾ There was "no prospect" that the Companies could implement either the Mainland or the Hong Kong scheme of arrangement.   ◾ The HKCFI determined that the three core requirements for exercising its winding-up jurisdiction against a foreign company (i.e., 1) the foreign company should have a sufficient connection with HK, 2) a winding-up order would benefit the petitioner(s), and 3) the Court should be able to exercise jurisdiction over the distribution of the foreign company’s assets) were met. Therefore, the Court refused to grant any further adjournment of the petitions. Case details: Re EcoGreen International Group Limited [2024] HKCFI 1574 (11 June 2024)   Link to the case: https://lnkd.in/geVx3_HA    Subscribe to #StevensonWongHKLawUpdates for bite-sized updates on the latest Hong Kong updates you should know.    For disputes-related queries, contact Heidi Chui, Elizabeth Chan (陳曉彤), Justin SY Kim and Tom Chan. #swhk #swdisputeresoluion #hongkong #lawfirm #arbitration #arbitrationlaw

#StevensonWongHKLawUpdates: Only pre-2011 arbitration agreements providing for domestic arbitration will have the option to appeal on questions of law arising from an award, as Schedule 2 of the Arbitration Ordinance (“AO”) would apply.    TLDR:   ◾ The facts of this case were unusual and exceptional. The plaintiff, Mr Sun, was incarcerated when the defendant initiated arbitration proceedings against him in 2005. It led to an arbitral award in 2007 against Mr Sun. Mr Sun became aware of the arbitration proceedings and award in 2015 only when his staff members discovered it.   ◾ Mr Sun argued that due to improper notice of the arbitration, he was unable to present his case. On that basis, Mr Sun obtained the HKCFI’s order to set aside the award in 2016.   ◾ Mr Sun also applied for leave to appeal against the award on questions of law pursuant to Schedule 2 of the AO. The present decision deals with that application.   ◾ In 2011, the AO introduced a unitary regime that applies equally to international and domestic arbitrations. In principle, there is no right to appeal on questions of law arising from an award.   ◾ However, Section 100 of the AO automatically opts pre-2011 arbitration agreements into Schedule 2 (allowing appeals) if they provide for domestic arbitration (explicitly or impliedly).   ◾ The fact that there were some connections to HK (e.g., a contracting party held an HK ID, the counterparty had an HK correspondence address, and a substantial part of the contract was performed in HK) was irrelevant. The parties did not provide that their agreement would be a domestic arbitration. The HKCFI declined leave to appeal the award.   ◾ The key takeaway is to draft the arbitration clause carefully and understand the implications of providing for a “domestic arbitration” under the AO.   Case details: Sun Tian Gang v Hong Kong & China Gas (Jilin) Limited [2024] HKCFI 1597 (13 June 2024)   Link to the case: https://lnkd.in/gW-ADHgm   Subscribe to #StevensonWongHKLawUpdates for bite-sized updates on the latest Hong Kong updates you should know.    For arbitration-related queries, contact Heidi Chui, Elizabeth Chan (陳曉彤) and Justin SY Kim. #swhk #swdisputeresoluion #hongkong #lawfirm #arbitration #arbitrationlaw

#StevensonWongHKLawUpdates: The HK Court of First Instance clarifies when you can serve a non-Hong Kong company at its established place of business in HK.    TLDR:  ▪️Under Section 803(5)(a) of the Companies Ordinance (Cap 622), you can serve notice on a non-Hong Kong company at its “established … place of business” in Hong Kong. But what does it mean?   ▪️A “place of business” is where a company carries on or possibly intends to carry on business.    ▪️“Business” is not limited to commercial or legal transactions. ▪️ “Established” requires some degree of regularity and permanence of location.    ▪️In this case, the defendant (a BVI company) assumed contractual obligations and acquired rights byappointing a CEO who worked at the relevant Hong Kong address and handled substantial litigation by signing affirmation(s) in HK. The defendant maintained at least one bank account in HK for the purpose of substantial transactions and had its own HK telephone number.    ▪️The Court concluded that business operations were centrally carried out in HK, and the writ was duly served on the defendant.    Case details: CMF Global Quantitative Multi-Asset SPC-CMF Chaos China Growth SP v Blossom International Investment Holdings Limited [2024] HKCFI 1453 (7 June 2024)   Subscribe to #StevensonWongHKLawUpdates for bite-sized updates on the latest Hong Kong updates you should know.    For disputes-related queries, contact Heidi Chui, Elizabeth Chan (陳曉彤) and Justin SY Kim. CMF Global Quantitative Multi-Asset SPC-CMF Chaos China Growth SP v Blossom International Investment Holdings Limited [2024] HKCFI 1453 (7 June 2024): https://lnkd.in/ggcEKPXh  #swhk #swdisputeresoluion #hongkong #lawfirm #arbitration #arbitrationlaw

#StevensonWongHKLawUpdates: The court reaffirmed principles governing the discretion to stay enforcement of arbitral awards when a debtor seeks to rely on claims in another pending arbitration as an equitable set-off. TLDR: ◾ The award creditor should not be deprived of the benefits of a judgment originating from an arbitral award unless there is abuse or manifest injustice. To justify a stay of enforcement, “very special circumstances” are required. ◾ Factors for determining the “very special circumstances” include the nature of the claims, the identity between the judgment claim and the unresolved cross-claim, the strength and size of the cross-claim, likely delay before the adjudication of the cross-claim, and prejudice to both judgment creditor and debtor. ◾ The court highlighted the tribunal’s finding that the settlement agreement had a valid anti-set-off clause, preventing reliance on any form of set-off, counterclaim, retention, or deduction against sums payable. ◾ The court deemed it unjust to force the creditor, who had a final and binding judgment for a substantial amount, to wait for the resolution of the second arbitration, which could take up to two more years. The court viewed such time as a significant delay. ◾ The judgment underscores the policy and principle that a valid and final award should be enforced, balancing the injustices to the creditor and debtor. Case details: CF v SHK and S Listco [2024] HKCFI 1493 (4 June 2024) Subscribe to #StevensonWongHKLawUpdates for bite-sized updates on the latest Hong Kong updates you should know. For related queries, please contact Heidi Chui, Elizabeth Chan (陳曉彤) and Tom Chan. CF v SHK and S Listco [2024] HKCFI 1493 (4 June 2024): https://lnkd.in/g_iKmHup #swhk #swdisputeresoluion #hongkong #lawfirm #arbitration #arbitrationlaw