31 Jul 2018

Stevenson, Wong & Co. Nominated for “Hong Kong Firm of the Year” in China Law & Practice Awards 2018

Stevenson, Wong & Co. is delighted to announce that we have recently been shortlisted by China Law & Practice for “Hong Kong Firm of the Year” at their annual awards.

The award ceremony will be held on 13 September 2018 in Beijing and hosted by China Law & Practice, The American Lawyer and The Asian Lawyer. The award ceremony will celebrate the achievement of top lawyers, law firms, and in-house teams in the PRC over the past year.

Please contact Mr. Willy Cheng, Mr. Hank Lo or Ms. Catherine Por for any enquiries or further information.

30 Jul 2018

Stevenson, Wong & Co. Partner Mr. Willy Cheng was awarded “2018 Global Law Experts – PRC Investment Lawyer of the Year in Hong Kong”

On 30 July 2018, Stevenson, Wong & co. is delighted to announce that our Partner Mr. Willy Cheng was awarded the 2018 Global Law Experts Award for PRC Investments Lawyer of the Year in Hong Kong.

This award celebrates excellence, innovation and performance across the legal communities from around the world. Their annual awards are designed to reward the most deserving in this global and challenging environment. This achievement acknowledges Mr. Willy Cheng as one of the best in terms of industry experts and merits his work in the PRC Investments field.

Mr. Cheng heads the Property Practice in the firm. He specializes in real property law, problem solving in the areas of companies and business structuring, cross-border commercial transactions, commercial and shareholders’ disputes, immigration problems and white collar crime. He has represented a wide range of clients on issues involving personal assets and business planning. He is also a Notary Public and China Appointed Attesting Officer. He is also a Civil Celebrant of Marriages.

For enquiries or further information, please contact Mr. Willy Cheng.

25 Jul 2018

Stevenson, Wong & Co. Gave a Presentation to Cinda International Holdings Limited

On 25 July 2018, SW Partner Ms. Heidi Chui, Senior Associate Ms. Katy Lai and Associate Mr. Jensen Chang were invited to give a presentation to the senior management and core staff of Cinda International Holdings Limited. The topics included “Personal Privacy Protection in Mainland China and Hong Kong”, “EU’s General Data Protection Regulation” and “Network Safety” and in particular, how businesses should protect the privacy, comply with regulations and prevent a cyber-attack.

For enquiries or further information, please contact Ms. Heidi Chui.

20 Jul 2018

(中文) 香港提高区域法院和小额欠债审裁处司法管辖权限或将于2018年12月3日生效

(中文) 在2018年7月6日,香港司法机构发出关于提高香港区域法院及小额欠债审裁处司法管辖权限的决议而拟备的生效日期公告,并于二○一八年七月六日刊宪。

此举通过提高当事人的申索限额而提高香港区域法院及小额欠债审裁处司法管辖权限,下列为具体的规定:
(1)区域法院的一般民事申索限额由100万元[1]提高至300万元;
(2)按土地的每年租金、应课差饷租值或年值计算,区域法院涉及土地事宜的申索限额由24万元[2]提高至32万元;
(3)就不涉及或关乎土地的法律程序而言,区域法院的衡平法司法管辖权限由100万元[3]提高至300万元;
(4)就全部涉及或关乎土地的法律程序而言,区域法院的衡平法司法管辖权限由300万元[4]提高至700万元;及
(5)审裁处的权限由5万元[5]提高至7万5千元。
此外,《2018年小额钱债审裁处(费用)(修订)规则》(《修订规则》)亦于二○一八年七月六日刊宪。
司法机构发言人表示﹕「《修订规则》旨在订明在审裁处提交涉及申索款额达7万5千元(即审裁处最新司法管辖权金额上限)的申索书时须缴付的费用,并相应地调整《小额钱债审裁处(费用)规则》(第338B章)内四个收费类别的申索款额度。至于现时每个收费类别的费用水平将维持不变。」

终审法院首席法官已指定二○一八年十二月三日为实施上述司法管辖权限调整的生效日期,此生效日期公告与《修订规则》将于二○一八年七月十一日提交立法会进行先订立后审议的程序。

如阁下想了解更多诉讼或争议解决等详情,请联络本所诉讼及爭议排解部主管徐凯怡律师

[1]《区域法院条例》(CAP 336)
S 32.在合约、准合约及侵权行为诉讼中的一般司法管辖权
(1)凡在任何基于合约、准合约或侵权行为而提出的诉讼中,原告人申索的款额不超逾$1,000,000,区域法院具有聆讯和裁定该诉讼的司法管辖权。
(3)凡藉互争权利诉讼进行的法律程序所争议的事宜的款额或价值不超逾$1,000,000,区域法院具有聆讯和裁定该法律程序的司法管辖权。

[2]《区域法院条例》(CAP 336)
S 35. ……凡土地的每年租金或按照《差饷条例》(第116章)确定的应课差饷租值,或其年值(以最低者为准)不超逾$240,000,区域法院具有聆讯和裁定收回该土地的诉讼的司法管辖权。
S 36. ……凡在任何本属区域法院司法管辖权范围以内的诉讼中出现土地权益所有权的问题,在以下情况下,区域法院具有聆讯和裁定该诉讼的司法管辖权
(a)就属地役权或特许的问题而言,有人声称对有关土地享有地役权或特许,而该土地的年值或按照《差饷条例》(第116章)确定的应课差饷租值(以较低者为准)不超逾$240,000;或
(b)就任何其他情况而言,该土地的年值或按照《差饷条例》(第116章)确定的应课差饷租值(以较低者为准)不超逾$240,000。

[3]《区域法院条例》(CAP 336)
S 37.衡平法司法管辖权
(i) (凡该法律程序并不涉及或关乎土地者)$1,000,000;
(ii)(凡该法律程序部分涉及或部分关乎土地而并非涉及或关乎土地的部分的款额或价值超逾$1,000,000者)$1,000,000;

[4]《区域法院条例》(CAP 336)
S 37.衡平法司法管辖权
(iii)(凡该法律程序全部涉及或全部关乎土地者)$3,000,000;
(iv) (凡該法律程序部分涉及或部分關乎土地而並非涉及或關乎土地的部分的款額或價值不超逾$1,000,000者)$3,000,000。

[5]《小額錢債審裁處(費用)規則》(CAP 338)
附表
……
申索款額超過$33,000但不超過$50,000

20 Jul 2018

(中文) 香港交易所提供指引予互联网公司上市申请人

(中文) 香港交易所於2018年7月6日为互联网科技行业,或主要以互联网业务模式营运(统称「相关行业」)的申请人提供上市指引。对母公司/关连人士/主要供应商/主要客户的高度依赖、通过授出股权计划而吸引及挽留人才的日益需要、为持续关连交易设立金额上限、以及要如何符合尚未确定生效的法律法规规定等问题。以下的图表提供相关行业所面对的问题,以及香港交易所给予的指引简要。

问题

背景/叙述

指引

高度依赖

  • 很多相关行业的公司利用主要股东的业务或平台推广其产品或服务,从而导致产生大量《上市规则》所指的关连交易
  • 香港交易所一般认为依赖属於必须披露的事宜。然而,高度依赖可能影响申请人是否适合上市
  • 以下为香港交易所在对申请人依赖程度高低的评估过程中所考虑的因素(载于上市决策LD107-1):
  • 是否容易通过改变申请人的业务模式来降低依赖程度;
  • 未来降低依赖程度的可能性;
  • 整个行业是否由少数公司支配著,从而令到与申请人同一业务的公司难以终止依赖;
  • 是否有相互依赖的情况;及
  • 在有所依赖的情况下,申请人在将来是否仍然有能力维持收益
  • 另外,由於行业竞争激烈,申请人转用其他平台的机会微乎其微
  • 对母公司/关连人士主要供应商/主要客户依赖程度较高的申请人不适合上市,除非该申请人符合以下特征:
  •  
  • 整个行业由少数公司支配,且该等公司可能是或不是申请人的母公司/关连人士/主要供应商/主要客户;
  • 申请人所依赖的服务是由相互竞争并均占有市场支配地位的少数几家供应商提供;因此,申请人难以转用其他供应商的服务来减少依赖程度;
  • 申请人与母公司/关连人士/主要供应商/主要客户之间有合法的商业理由进行交易,且交易属於申请人及母公司/关连人士/主要供应商/主要客户日常业务过程中按正常商业条款订立;及
  • 申请人与母公司/关连人士/主要供应商/主要客户之间订有长期协议,让申请人能够一直获取後者的服务或平台
  • 上市文件需要披露的事宜亦包括:
  • 申请人依赖的范围,以及因其业务模式而导致有关的依赖的原因;
  • 母公司/关连人士/主要供应商/主要客户所提供的服务安排(包括费用及开支)的有关详情;
  • 可降低依赖风险的因素(例如转换供应商/服务提供商的能力)的有关详情;及
  • 有关依赖所带来的风险,包括如果不再被提供有关服务时的「最坏情况」的描述
  • 如果申请人的大部分营业额及/或纯利润是来自持续关连交易及/或其他关连交易,即使该申请人符合上述的所有特徵,该申请人亦可能会因为极度依赖他人被视为不适合上市

持续关连交易的定量上限

  • 如果申请人的依赖构成《上市规则》所指的持续关连交易的规定,申请人须就此设定全年的数额上限
  • 要準确估算通过利用母公司的平台或服务所获的的收益并不实际可行,尤其是在申请人经营时间尚短或其过往收入难以準确估计未来的交易额的情况下
  • 上市申请人能按个别情况改用公式计算持续关连交易的全年上限
  • 随意设定金额上限会过於繁琐,亦在申请人上市後不符合股东利益
  • 申请人获得豁免的前提是申请人必须證明豁免是有需要的,并且所采用的计算公式符合商业惯例

大量应用股份奖励计划

  • 相关行业的公司倾向透过授出购股权挽留人才
  • 《上市规则》第17.03条所规定的10%整体年度上限以及个别参与者的1%上限被视为过於严谨
  • 符合以下情况的,香港交易所可授予豁免:
  • 准许对尚未授出的购股权百分比设定较高的上限;及
  • 准许股份奬励计划的行使认购期限多於十年
  • 如果要申请豁免,申请人必须證明其有需要设立较高的上限或较长的购股权期限
  • 申请人需要在上市文件中披露计划的重要条款,以及香港交易所授予超过《主板规则》所定10%上限的购股权的情况

尚待确立的监管环境

  • 相关行业的公司所经营的业务界别,所涉及的地方法律及法规都在不断地完善
  • 申请人有可能因地方法律及法规不断的变化和完善,令其不能明确地知道如何能向香港交易所證明其公司符合规定
  • 如果相关法律及法规仍然在制定当中,而短期内立法的机会不大,法律意见便毋须包括尚未正式实施的法律及法规。申请人只需要在上市文件披露有关风险便已足够
  • 如果情况显示相关草拟法规於不久之后即将正式生效,申请人便需附上地方法律意见,以證明其能够符合草拟法规一旦按公告形式颁布的规定

本新闻简讯仅供参考之用。对于任何因资料不确或遗漏又或因根据或依赖本文件所载资料所作决定、行动或不行动而引致的损失或损害,史蒂文生黄律师事务所概不负责。

如有任何疑问或需要进一步的信息,请联系我们的劳恒晃律师张源辉律师

20 Jul 2018

Stevenson, Wong & Co. Partner Ms. Heidi Chui was Admitted as an Arbitrator of Langfang Arbitration Commission

Stevenson, Wong & Co. is delighted to announce that our Partner and Head of Litigation and Dispute Resolution Department Ms. Heidi Chui was admitted as an arbitrator of Langfang Arbitration Commission from 13th June 2018 to 31st May 2022.

Langfang Arbitration Commission (“LAC”) is a social service organization established in Langfang, China in accordance with the Arbitration law of the People’s Republic of China and the principle of governciple support, autonomous management and independent arbitration, to provide independent, efficient and economic dispute resolution services to parties. LAC has more than 260 arbitrators and they are well-known professors, senior economists, senior accountants, senior lawyers and other experienced scholars.

Ms. Heidi Chui is an Arbitrator (on the panel list of the Law Society of Hong Kong), Fellow of the Chartered Institute of Arbitrators (U.K.) and an Accredited General Mediator with both the Hong Kong International Arbitration Centre and the Law Society of Hong Kong. She is also a member of the Arbitration Committee of The Law Society of Hong Kong and a China Appointed Attesting Officer. She has been appointed as an Expert on the professional Committee on Real Estate Arbitration of China Academy of Arbitration Law, a Practising Solicitor Member of the Solicitors Disciplinary Tribunal Panel and a member of Disciplinary Panel A of the Hong Kong Institute of Certified Public Accountants.

Please contact Ms. Heidi Chui for any enquiries or further information.