SW advised the sponsor and underwriters of IBO Technology Company Limited (02708) (“IBO Technology”) in the successful listing of IBO Technology on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

From left to right: Ms. Chelsa Wong, Mr. Hank Lo, Chairman of IBO Technology Company Limited Mr. Lai Tse Ming, Senior Partner of Tung & Co. Mr. Michael Tung, Partner of Deloitte Touche Tohmatsu Ms. Inez Lee and Partner of Jingtian & Gongcheng Mr. Zhang Bin

Mr. Hank Lo, Chairman of IBO Technology Company Limited Mr. Lai Tse Ming

The shares of IBO Technology were listed on the Stock Exchange on 28 December 2017. 100 million shares were offered, among which 90 million were offered for international offer and 10 million for subscription by the public. The final offer price was HK$1.5 per offer share and the net proceeds amounted to approximately HK$111.0 million.

IBO Technology is a National High and New Technology Enterprise (国家高新技术企业) that focuses on providing comprehensive IoT intelligent terminal product application and solutions services in the PRC. IoT refers to a network that enables intelligent identification, positioning, tracking, monitoring and management of targeted objects by way of exchange of information and communication between such targets and internet via intelligent terminal products.

Please contact our Mr. Hank Lo and Ms. Erica Cheng for any enquiries or further information about this transaction.

We are delighted to announce that Stevenson, Wong & Co. have been recognized as “Excellence in Litigation & Dispute Resolution – Hong Kong” in APAC Insider Business Excellence Awards 2017. The APAC Business Excellence program is launched to recognize the very best companies operating in the Asia-Pacific.

Our active litigation and dispute resolution department has decades of experience in all aspects of commercial and general litigation and alternative disputes resolution. Staffed by a team of seasoned practitioners, we never litigate for the sake of it. Our team combines insightful analysis of each case with proactive advice on other issues that may arise during the resolution process.

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

In Re Lucky Resources (HK) Ltd [2016] 4 HKLRD 301, the petitioner presented a winding-up petition against Lucky Resources (HK) Ltd (“the Company”) on the ground of insolvency. On 5 February 2016, a final arbitration award was issued in favour of the petitioner. Based on the arbitration award, the petitioner issued a statutory demand on 24 February 2016 and a month later, issued the winding-up petition.

The Company opposed the petition on the ground that the petition had been improperly presented because the petitioner had not made an application pursuant to s.84 of the Arbitration Ordinance (Cap 609) to enforce the award. No dispute over the debt has been advanced by the Company.

The Court made the winding-up order, holding that the presentation of a winding up petition did not constitute enforcement of the award. Harris J said that it is clear from the authorities that Hong Kong courts and courts in other jurisdictions (e.g. the UK) have determined that the presentation of a petition to wind up a company on the grounds of insolvency was the exercise of a class right and did not constitute enforcement of either a judgment or an arbitration award. Therefore, s.84 of the Arbitration Ordinance (Cap 609) was irrelevant.

The decision has made the point clear that the presentation of a petition to wind up a company on the grounds of insolvency was the exercise of a class right. In fact, given that the Company did not dispute the debt, the court is likely to make a winding-up order even in the absence of a binding arbitration award (See Re Quiksilver Glorious Sun JV Ltd [2014] 4 HKLRD 759).

On 16 December 2017, SW Partner Mr. Eric Lui and China Business Consultant Ms. Daisy Ma attended “AllBright Capital Market Professional Committee Annual Forum” in Shanghai. The Forum was hosted by AllBright Law Office and co-organized by its Capital Market Professional Committee. The Forum was well received and drew more than 200 attendees from Shanghai and from their other offices.

The Forum began with a speech from Managing Director of AllBright Law Office, Mr. Wu Mingde. In his speech, Mr. Wu acknowledged the achievements of the capital market practice. The Forum ended with a 2017 capital market review from Senior Partner of AllBright Law Office, Mr. Xu Jun.

The Forum was divided into two sessions. Three distinguished speakers delivered keynote speeches to the audience in the morning session. The Chief Lawyer of the Shanghai Stock Exchange, Mr. Lu Wen Dao was the first speaker and shared the topic on “Status and Trend of Legal Regulation of Securities Market”. Deputy General Manager of Haitong Securities Company Limited Mr. Xu Can also conducted an interpretation on “Risk and Control of IPO Business”. Senior Partner of BDO China, Shu Lun Pan, CPA Ms. Zhu Ying delivered a speech on the topic of “Maintain the Professional Doubt and Identify the Financial Fraud” to the audience.

The afternoon session was mainly shared by the senior partners and lawyers from AllBright Law Office. They shared different issues regarding capital markets with the audience, such as “The New Trend of Capital Market and Opportunities for Securities Lawyers in the New Era”; “Risk Analysis and Countermeasures of Current Securities Business”; Legal Design for the Combination of State-owned Enterprises and Capital Market”; “Working Thought and Methods of IPO Lawyers”; “Intellectual Property Issues Regarding Listing and Merger and Acquisition” and so forth.

“I am delighted to attend this meaningful forum and share with the elites who have extensive experience in capital market. I look forward to attending the forum again.” Mr. Lui said.

Please contact Mr. Eric Lui for any enquiries or further information about this event.

SW acted as the legal advisers to Kin Pang Holdings Limited (01722) (“Kin Pang”) in the successful listing of Kin Pang on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

The shares of Kin Pang were listed on the Stock Exchange on 15 December 2017. 250 million shares were offered, among which 175 million were offered for placing and 75 million for subscription by the public. The final offer price was HK$0.48 per offer share and the net proceeds amounted to approximately HK$71.5 million.

Kin Pang is an integrated construction contractor which provides building and ancillary services and emergency repair services, solely in Macau. Since 2006, Kin Pang has accumulated experience in providing a wide spectrum of construction services and its services are required in various building and construction projects in relation to hotel and casino resorts, infrastructures of electricity and water supply, and public amenities and utilities (such as carriageways, footpaths, drains and sewers).

Please contact our Mr. Hank Lo and Ms. Erica Cheng for any enquiries or further information about this transaction.

Civil judgments in matrimonial and family cases are to be mutually recognized and enforced in Mainland and Hong Kong

On 20th June 2017, the Supreme People’s Court and Department of Justice of the Hong Kong Special Administrative Region jointly issued the Arrangement on Reciprocal Recognition and Enforcement of Civil Judgments in Matrimonial and Family Cases by the Courts in the Mainland and in the Hong Kong Special Administrative Region (“the Arrangement”). According to the Arrangement, subject to several requirements, certain effective judgments rendered by courts in Mainland and Hong Kong are to be mutually recognized and enforced by the other.

Some important points are summarized as follows:

1. Scope of the application of the Arrangement
The Arrangement is applicable to the recognition and enforcement of an effective civil judgment rendered by a court in the Mainland or Hong Kong. It also applies mutatis mutandis when it comes to a divorce certificate issued by a civil affairs authority in the Mainland, divorce agreement or memorandum of dissolution of a marriage under Parts V and VA of the Marriage Reform Ordinance.

2. The definition of matrimonial and family cases
For cases in the Mainland, it refers to a division of the property of the parties, dissolution of a marriage, property disputes after divorce, validity of a marriage, annulment of a marriage and so on.

For cases in Hong Kong, it includes decrees absolute of divorce made under Part III of the Matrimonial Causes Ordinance, decrees absolute of nullity made under Part IV of the Matrimonial Causes Ordinance and so on.

3. Which court
In general, the applicant applies to the intermediate People’s Court at the place of domicile or habitual residence of the applicant, or the domicile or habitual residence of the respondent or the place where the property of the respondent is situated in Mainland; and in the case of Hong Kong, with the District Court.

4. Documents to be summited by the applicant
The documents needed when applying for the recognition and enforcement under the Arrangement for an applicant include a copy of the effective judgment, a certificate issued by the court which made the judgment certifying that the judgment is an effective judgment in a matrimonial and family case, if it is a judgment by default, evidence that the court has summoned the parties concerned and a notarized copy of the identity certificate.