Stevenson, Wong & Co. acted as the Hong Kong legal advisers to Hywin Holdings Ltd. (NASDAQ: HYW) (“Hywin Holdings”) on its successful listing on the Nasdaq Global Market on 26 March 2021. Hywin Holdings offered a total number of 3,000,000 American Depositary Shares, priced at US$10.00 per share, raising gross proceeds of approximately US$30,000,000. The joint underwriters were Network 1 Financial Securities, Inc., Alexander Capital L.P. and Valuable Capital Limited.

Established in 2006 and headquartered in Shanghai, Hywin Holdings is the 3rd largest independent wealth management service provider in China. The company offers wealth management services, insurance brokerage and asset management services.

Our Partner Mr. Hank Lo, Senior Associate Mr. Gordon Tsang, Associate Mr. Bun Chan, Registered Foreign Lawyer Ms. Alice Ma and Paralegal Mr. Arthur Hung, acted as the Hong Kong legal counsel for the issuer in the Nasdaq Listing. Mr. Steven Zu, Mr. Frank Xu, Ms. Joy Huang, Mr. Lin Ken and Ms. Elain Yu from our associated firm, Allbright Law Offices (Shanghai) acted as the issuer’s PRC legal counsel for the Nasdaq Listing.

Please contact Mr. Hank Lo or Mr. Gordon Tsang for any enquiries or further information about this transaction.

On 17 March 2021, Cyberport held a virtual launching ceremony for the Cyberport Professional Services Network (CPN), a hub that connects professional consultancy firms offering professional services and support to the start-ups community. Stevenson, Wong & Co. is pleased to be one of the founding members of the CPN.

The virtual launching event was officiated by Dr. George Lam, Chairman of Cyberport, and Dr. Stella Kwan, Chief Corporate Development Officer of Cyberport. The CPN is an important complementary addition to the Cyberport ecosystem that joins hands with the Cyberport Enterprise Network, Cyberport Investors Network, and Cyberport Technology Network to support Cyberport’s community of start-ups. Over 20 international and local professional consultancy firms have joined the network, offering specialised assistance such as legal services, technology consultancy and market development advisory.

Stevenson, Wong & Co., as one of the founding members, will be providing legal services, including but not limited to financing, corporate services & compliance, and company secretarial services to support the start-ups for their growth journey.

Please contact Mr. Hank Lo and Ms. Ling Ling for further enquiries about this event and our services.

(中文) 随着越来越多的公司选择在海外注册地申请清盘或债务重组，香港法院处理跨境清盘协助申请的案件也日益增多。最近半年内，香港法院原讼法庭夏利士法官 (Mr Justice Harris) 在三宗具标志性意义的案件中就承认及协助外地清盘人 (foreign or offshore liquidators) 及 (在承认外地清盘人的基础上) 审理搁置 (stay) 或押后 (adjourn) 香港的清盘程序确立了重要的法律原则。该三件案件分别为五龙电动车集团有限公司案  Re FDG Electric Vehicles Ltd [2020] HKCFI 2931 (判决日期为2020年11月19日)、林达控股有限公司案 Re Lamtex Holdings Ltd [2021] HKCFI 622 (判决日期为2021年3月11日) 及平安证券集团 (控股) 有限公司案  Re Ping An Securities Group (Holdings) Ltd [2021] HKCFI 651 (判决日期为2021年3月12日)。本文将对香港承认及协助外地清盘人的基本背景以及上述案件中确立的法律原则做简要介绍。

基本法律原则及背景

一般而言，香港法院在普通法下有权承认及协助外地清盘人，或者从更广泛的意义上说，有权承认及协助在外地开展的清盘程序。

夏利士法官在三宗案件的判决中，均有解释承认外地清盘人是基于国际私法 (private international law) 中的「修正普遍主义」 (modified universalism) 原则，该原则要求香港法院与展开清盘程序的主要国家 (或地区) (country of the principal liquidation) 的法院合作，确保被清盘公司的所有资产在单一的分配制度下摊分给被清盘公司的债权人。

自 2014 年起，香港法院处理了多宗搁置或押后香港清盘程序的申请，这些申请主要是由被清盘的离岸香港上市公司的注册地法院委任的低度干预的临时清盘人 (soft-touch provisional liquidators) 作出的。通常在香港的清盘程序开始后，这些离岸公司便会向其注册地法院申请清盘并委任低度干预的临时清盘人。然后，它们会申请搁置或押后香港的清盘程序，理由是香港法院应尊重离岸法院 (offshore court)，协助处理离岸法院发出的请求书 (letter of request) ，以示司法礼让 (judicial comity)。

根据夏利士法官的观察，从表面上来看，这些申请主要是为了在注册地及香港两个司法管辖区一同推行债务重组安排 (scheme of arrangement) 以协助离岸公司进行债务重组。可是，鉴于这些离岸公司通常缺乏实际 (realistic) 的债务重组前景，这些申请经常被利用来阻挠或拖延合法开展的香港清盘程序。基于这一背景，夏利士法官在以下案件中就香港法院处理跨境清盘协助申请确立了最新的法律原则。

01
五龙电动车集团有限公司案
[2020] HKCFI 2931

五龙电动车集团有限公司 (下称「五龙公司」) 是一家百慕达注册的香港上市公司。在2020年7月，由于财务困难，五龙公司在百慕达进行清盘，而五龙公司的百慕达临时清盘人向香港法院申请，当中包括承认百慕达的临时清盘人身份并搁置香港的清盘程序的申请。

夏利士法官裁定，香港法院承认离岸临时清盘令并不会当然导致香港的清盘程序遭搁置，若五龙公司有意申请搁置香港的清盘程序，五龙公司应另外向香港法院公司法庭的法官申请指令。香港法院会视乎具体案情，包括 (a) 离岸低度干预的临时清盘是否可被视为集体破产程序(collective insolvency process)，及 (b) 搁置会否违反吉布斯规则 (Gibbs Rule)(即外国债务人的债务除非根据有关法律得到解除，否则不会解除该债务)，从而对香港的清盘程序做出案件管理指令 (case management directions)。

02
林达控股有限公司案
[2021] HKCFI 622

在本案中，林达控股有限公司 (下称「林达公司」) 是一家百慕达注册的香港上市公司，而债权人先在香港提出了清盘呈请。随后，林达公司在百慕达取得了低度干预的临时清盘令及请求书，以反对香港的清盘呈请。夏利士法官在考虑了过往香港及英国法院案例中采取的传统立场 (orthodox position) ，即只承认在注册地获委任的外地清盘人之后，认为香港法院不应再僵化地坚持这一传统立场。夏利士法官认为，香港法院应采取符合「香港特别行政区及内地的商业实践 (commercial practice)」的方法来处理承认及协助外地清盘人的问题。

夏利士法官指出，香港商界都有个共同特点，就是虽然使用在离岸司法管辖区注册的控股公司，但这些公司跟相关的离岸司法管辖区并无联系 (connection)，所以该些司法管辖区经常被称为「信箱」(“letterbox”) 管辖区。

夏利士法官进一步强调，传统立场现时缺乏灵活性、存在限制、不符合商业惯例，对香港不利。相反，他认为香港法院应采取的新立场是，承认于公司主要利益中心 (centre of main interest, “COMI”) 或与公司有足够紧密联系的司法管辖区获委任的清盘人。

对于确立进行清盘程序的主要司法管辖区的潜在争议，夏利士法官订立了下列法律原则：

(1) 一般来说，公司的注册地应是公司清盘的司法管辖区；实际上，该司法管辖区将决定摊分公司资产给债权人的制度。

(2) 但是，如果主要利益中心在其他地方，法院则需要考虑其他因素包括：
     (a) 公司是否为控股公司，如果是，集团结构是否需要以注册地为主要司法管辖区从而能够更有效地清盘或重组集团。
     (b) 考虑到公司与主要利益中心联系的强度，将注册地置于优先地位 (primacy) 不现实 / 人为强加 (artificial) 的程度。
     (c) 债权人的意见。

(判决原文如下:
(1) Generally, the place of incorporation should be the jurisdiction in which a company should be liquidated; in practice this means it will be the system for distributions to creditors.
(2)However, if the COMI is elsewhere regard is to be had to other factors:
     (a) Is the company a holding company and, if so, does the group structure require the place of incorporation to be the primary jurisdiction in order effectively to liquidate or restructure the group.
     (b) The extent to which giving primacy to the place of incorporation is artificial having regard to the strength of the COMI’s connection with its location.
     (c) The views of creditors.)

夏利士法官认为，如果一家公司的主要利益中心跟其注册地 (为离岸司法管辖区) 不同，在大多数情况下，在主要利益中心管理清盘程序更为有效，并能够更好反映现实。考虑到林达公司的主要业务、债权人、股东及资产都在内地和香港，而在百慕达法院任命低度干预的临时清盘人或聆讯时，未有证据显示林达公司存在可信的债务重组方案，夏利士法官认为这样的低度干预临时清盘是有问题的，并裁定在香港清盘林达公司。

03
平安证券集团 (控股)有限公司案
[2021] HKCFI 651

与林达公司的情况相似的是，平安证券集团 (控股) 有限公司 (下称「平安证券」) 也是一家百慕达注册的香港上市公司，而债权人先在香港提出了清盘呈请。随后，平安证券在百慕达取得了低度干预的临时清盘令及请求书，以反对香港的清盘呈请。在应用五龙电动车集团有限公司案 及 林达控股有限公司案 的法律原则后，夏利士法官总结，当有一家外地注册公司在香港申请清盘，并在其注册地申请了低度干预的临时清盘后，试图申请押后香港的清盘程序以争取时间规划重组及推行债务偿还安排，香港法院是不会自动把注册地低度干预的临时清盘优先于香港的清盘呈请的。然而，考虑到平安证券预计在短时间内可以向法庭展现债务重组方案的进展，夏利士法官批准押后两个月后再处理清盘呈请。

总结

从这三宗案件夏利士法官的判决中，我们可以预期香港的跨境清盘协助领域将会开启崭新及健康的篇章:-
(1) 香港法院会倾向及很可能会以公司的主要利益中心来确定是否承认获委任的清盘人并提供协助。

(2) 香港法院在考虑是否对外地低度干预的临时清盘人提供协助以及协助的具体程度时，将会更加小心审视案件的实际操作及各项事实背景的因素。。

(3) 香港法院会严格审查基于外地低度干预临时清盘程序而作出的搁置或押后香港的清盘程序的申请 ，除非香港法院确信这些公司确实有务实的重组前景，否则不会轻易批准这些申请。

本文由本所合伙人，诉讼及争议解决部主管徐凯怡律师和黄晊晄律师撰写。若阁下想了解更多详情，请联络本所徐凯怡律师 (heidichui.office@sw-hk.com)。

于本文中提供的一切资料仅供参考，不构成任何法律意见，资料亦受制于适用规定及法例不时的更新与修改。若需取得相关法律意见，须咨询法律顾问。

On 19 March 2021, Ms. Vivien Leung and Ms. Tracy Chu from Denis Chang’s Chambers shared recent LGBT developments and the legal implications of LGBT rights, equality, diversity, and inclusion at our office in Central.

From the left: Ms. Tracy Chu, our Partner Ms. Heidi Chui, Counsel Mr. Jeremy Chan, our Partner Ms. Catherine Por, Ms. Vivien Leung, our Partners Ms. Wendy Lam and Mr. Osbert Hui

During the presentation, Vivien and Tracy introduced the Hong Kong legal framework on marriage, equality, and anti-discrimination. In addition to discussing the significance of Ng Hon Lam Edgar (Lam Edgar) v Secretary for Justice [2020] HKCFI 2412, Vivien and Tracy also explained the implications of the Court decisions and the framework under the Intestates Estates Ordinance (IEO) and Inheritance Provision for Family and Dependents Ordinance (IPFDO).

On 18 March 2021, our Partner and Head of Litigation and Dispute Resolution practice, Ms. Heidi Chui, was invited to be one of the speakers of the webinar themed “International Arbitration- The Path to Success- Drafting the Arbitration Clause Right Through to the Hearing” by the Western Returned Scholars Association (WRSA).

During the 2-hour panel, Ms. Chui and the guests explored issues arising from international arbitration with particular focus on drafting dispute resolution clauses, how the firms in China can effectively control arbitration cost and risk, and the preparation of international arbitration cases. Ms. Chui also shared her arbitration experience and practical guidance with the audience, helping them to understand international arbitration from different perspectives.

For more information, please contact our partner Ms. Heidi Chui (heidichui.office@sw-hk.com).

Our Partner and Head of Litigation and Dispute Resolution practice Ms. Heidi Chui, Senior Associate Mr. Kyle Lo, and Associate Mr. Jensen Chang shared the latest regulatory and enforcement updates with members of the Hong Kong Securities & Futures Employees Union at a webinar held on 16 March 2021. The webinar was well-received by over 250 members.

From the left: Associate Mr. Jensen Chang, Partner and Head of Litigation and Dispute Resolution practice, Ms. Heidi Chui, and Senior Associate Mr. Kyle Lo

During the 2.5-hour webinar, Ms. Chui and her team summarised and introduced the latest regulatory and enforcement updates of Securities and Future Commission (SFC). They explained the recent ramp and dump manipulation schemes and SFC’s crackdown measures, such as issuing restriction notices to relevant brokers to restrict disposal of specific assets. At the webinar, participants get to learn more about SFC’s code of conduct and its regulatory approach through the case studies shared by Ms. Chui and her team.

For more information, please contact our partner Ms. Heidi Chui (heidichui.office@sw-hk.com).