Our Partner Gordon Tsang was interviewed by Bloomberg to share his view on the recent China Evergrande Group (3333.HK) (“Evergrande”) winding-up lawsuit in response to the article “Millennial Threatens Evergrande With Wind Down in Latest Setback”.

Our Partner Gordon Tsang was recently interviewed by Thomson Reuters Beijing to share his insights on corporate repaying debts by listing in Hong Kong in response to the article “Tianqi Lithium Ends Trading Debut Through IPO in Hong Kong, Lithium Prices Continue to Soar, How Long Will The Trend Last? (天齐锂业赴港上市还债翻身，锂价飙涨春风还能吹多久？)”.

On 8 July 2022, our Partner Rodney Teoh was invited by Shenzhen Public Companies Association (深圳上市公司协会) to be a guest speaker at the “Lesson 3 of Xingyao Pengcheng & Xiangmihu Accelerator (星耀鹏城&香蜜湖加速器) Overseas Listing Seminar: Overseas Listing Legal Issues and Case Analysis”, introducing and analysing the new listing opportunities for Special Purpose Acquisition Companies (“SPACs“) in Hong Kong.

Stevenson, Wong & Co. acted as the Hong Kong legal advisers to Intelligent Living Application Group Inc. (NASDAQ: ILAG) (“Intelligent Living”) on its successful listing on the Nasdaq Capital Market on 13 July 2022. Intelligent Living offered a total number of 5,060,000 Ordinary Shares, priced at US$4.00 per share, raising gross proceeds of approximately US$20,240,000.

Intelligent Living is a premium lockset manufacturer in Hong Kong, manufacturing and selling high quality mechanical locksets to customers mainly in the United States and Canada. Having continued to diversify and refine its product offerings, Intelligent Living has, since 2000, offered products that comply with the American National Standards Institute (ANSI) Grade 2 and Grade 3 standards developed by the Builders Hardware Manufacturing Association (BHMA) for ANSI and has obtained the ISO9001 quality assurance certificate. Intelligent Living continues to invest in self-designed automated product lines, new craftsmanship and developing new products which include smart locks.

Introduction

On 24 June 2022, the Hong Kong government gazetted the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (the “Bill”)¹, proposing changes to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (the “AMLO”)². Following the Consultation Conclusions ³ on the same subject published by the Financial Services and Treasury Bureau on 21 May 2021 (please see our news update), the Bill introduces a licensing regime for virtual asset service providers (“VASPs”) and a registration regime for dealers in previous metals and stones (“DPMS”) to impose statutory anti-money laundering and counter-terrorist financing (“AML/CTF”) obligations on the two sectors. The Bill has been introduced into the Legislative Council (“LegCo”) for first reading on 6 July 2022. This news update focuses primarily on the regime for VASPs.

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