On 16 June 2017, our partners Mr. Hank Lo and Ms. Cornelia Chu and associate Mr. Terence Lau attended the kick-off ceremony of the first Deloitte Technology Fast 20 (TF20) and Rising Star in Hong Kong.

Stevenson, Wong & Co. is honoured to be a Diamond Sponsor of the programs which aim to recognize fast-growing companies with viable business models and to encourage the development of innovative and promising industries in Hong Kong. The programs are open to hardware, software, communications, media, life sciences and clean technology companies.

The programs serve as a platform for fast-growing and high technology companies to gain market visibility as they share their success stories and showcase their products and services. The participating companies can also take the opportunity to share their experience on tackling the common challenges in the industry. More importantly, Stevenson, Wong & Co. can work together with other supporting partners and potential investors to build an ecosystem in Hong Kong.

“I am a strong believer that technology will change the future of work. Even in the legal industry, I already see technology being used to automate certain areas of work such as due diligence and discovery. Stevenson, Wong & Co. is excited to be a partner of the Deloitte TF20 and Rising Star programs, and will continue to play a part in supporting the tech start-up community in Hong Kong,” said Mr. Lo.

For more enquiries about this event, please contact our Mr. Hank Lo, Ms. Cornelia Chu or Mr. Terence Lau.

Representatives of Stevenson, Wong & Co. and Deloitte at the kick-off ceremony.
Left to right: Ms. Polly Lee (Partner of Deloitte China – Audit & Assurance), Ms. Cornelia Chu, Mr. Hank Lo, Mr. Bong Chan (Partner & Southern Region Central Business Development Leader of Deloitte China), Mr. Terence Lau and Mr. Sunnie Sy (Partner of Deloitte China – Audit & Assurance).

Mr. Hank Lo, fourth from the left.

The Legislative Council of Hong Kong concluded the third reading and passed the Arbitration and Mediation Legislation (Third Party Funding) (Amendment) Bill 2016 on 14 June 2017. The amendments once taken effect will permit third party funding in arbitration and mediation cases. The amended arbitration law will greatly enhance and strengthen Hong Kong’s status as a leading centre for international legal and dispute resolution services in the Asia-Pacific region. We will highlight the main features of this key breakthrough of the arbitration regime in Hong Kong below:-

1. The amendments apply to Hong Kong seated arbitration, the costs and expenses of services that are provided in Hong Kong in relation to the arbitration outside Hong Kong and mediation, reflecting the pro-mediation, pro-arbitration and international arbitration friendly approach adopted by the Hong Kong Courts.

2. The Arbitration Ordinance (Cap. 609) will be amended, after which common law offences of maintenance and champerty will cease to apply to third party funding in relation to arbitration and mediation. The amendments operate to permit a person who does not have an interest recognised by law in the arbitration to provide funds to a funded party in the arbitration, in return for a share in the financial benefit of the award if the arbitration is successful.

3. The mechanism for third party funding in Hong Kong is much more flexible than the Singaporean counterpart, in the sense that besides professional funders, any person “who is a party to a funding agreement” and “who does not have an interest recognised by law in the arbitration other than the funding agreement” can participate in arbitration funding. Upon compliance with the legal requirements under the new regime, in principle law firms can operate and set up a funding arm specifically providing the services for arranging and coordinating third party funding in Hong Kong.

4. To avoid conflict of interests, lawyers who in the course of the lawyers’ legal practice, act for any party in relation to the arbitration are not allowed to directly fund the arbitration.

5. To reinforce the rule of law and to avoid the abuse of the new regime, third party funding must fulfil a series of strict requirements, including signing and execution of a written funding agreement after the commencement of the regime.

6. The amended ordinance has yet to encompass a separate set of regulatory provisions at this stage. However, the Secretary for Justice has been empowered by the Government to appoint an “authorised body” to draw up a Code of Conduct and monitor the compliance of the funders, including but not limited to capital adequacy requirements, confidentiality, avoiding conflicts of interests.

7. The amendments are expected to take effect this year, keeping pace with the development of the Code of Conduct.

It is expected that the new regime will promote the development of mediation and arbitration in Hong Kong, strengthening Hong Kong as the hub for international law and disputes resolution centre in Asia. Providing a comprehensive legal service to our clients, Stevenson, Wong & Co. possesses profound experience in cross-border disputes resolution with a team of seasoned practitioners who always act in the clients’ best interests. Please contact our Mr. Eric Lui or Ms. Heidi Chui for any enquiries or further information about our services.

On 12 June 2017, our associate Mr. Gordon Tsang and Head of Business Development Ms. Connie Yeung presented a seminar on IPO requirements and regulations at the head office of Prudential Hong Kong Limited. They introduced the legal requirements of IPO in Hong Kong and explained the Common Reporting Standard.

The seminar was well received as more than 300 staff from Prudential attended and participants found the sharing both interesting and practical.

Please contact Mr. Gordon Tsang and Ms. Connie Yeung for any enquiries or further information about this event.

On 12 June 2017, our partner Mr. Eric Lui was invited by “zhi10.com” to host an E –class in Shanghai with the topic “Legal Risk Management of IPO in Hong Kong”.

Mr. Lui introduced the requirements for IPO’s in Hong Kong and examined the legal risks that mainland enterprises might face during the process, such as suitability of the IPO, responsibility of directors, ongoing obligations of a listed company, connected transactions and market misconduct so as to cover effective planning for risk management.

The E-class received positive feedback and the registered users of “zhi10.com” can watch the recorded seminar online.

“zhi10.com” is a renowned online legal education platform in mainland China, which has previously invited a number of distinguished practitioners from top law firms. Having a strategic association with AllBright Law Offices, one of the nation’s best law firms, Stevenson, Wong & Co. has a profound experience and knowledge in both China and Hong Kong with a comprehensive network in the two jurisdictions. SW was delighted to have the opportunity to give the online seminar for “zhi10.com” and the firm looks forward to joining more events to connect with mainland China.

Should you have any enquiry to this event, please contact our Mr. Eric Lui for further information.

HK Immigration Department combating false instruments in visa applications
The Immigration Department (“ImmD”) has always been concerned about dishonest intermediaries who seek to obtain Hong Kong visas for applicants through illegal means. Hence, the ImmD combats use of false instruments in visa applications in a rigorous manner. On 6 June 2017, the ImmD prosecuted a female defendant for using false instruments and false statements for the purpose of obtaining visas/ entry permits for visa applicants.

Under the current law, it is an offence to make, possess or use false instruments. Upon conviction, offenders are subject to a maximum penalty of 14 years’ imprisonment.

The above serves as a reminder that applicants should always obtain visas through legal means. If necessary, they should seek legal advice.

(Source: http://www.immd.gov.hk/eng/press/press-releases/20170606.html)

SW partner Mr. Eric Lui, Mr. Rodney Teoh and Head of Business Development (China) attended the “SmartHK” exhibition held at Shangri-La Hotel, Fuzhou on 25 May 2017.

In response to the Central Government’s 13th Five-Year Plan and Belt and Road Initiative, the signature SmartHK promotion held by Hong Kong Trade Development Council aimed to promote Hong Kong’s creative, technology and business-support expertise with themes focusing on industrial transformation and upgrading. The major services covered professional services, innovative design and marketing, technological advancement and management upgrading.

With the opportunity to explore new markets, SW successfully reached out to potential clients and established new connections in mainland China through this event.

During the exhibition, a large number of business representatives from various sectors including real estate, E-commerce and from the media industry visited SW’s booth and expressed tremendous interest in our services.

Stevenson, Wong & Co. is a forward-looking, full-service law firm, which is determined to provide local and international expertise to help resolve complex issues throughout mainland China, Hong Kong, Asia and the rest of the world. In order to support clients facing business and legal challenges in China, Stevenson, Wong & Co. has a strategic association with AllBright Law Offices, one of the nation’s largest full service law firms.

AllBright has 17 offices in major cities in China, including Beijing and Fuzhou, our association increases the scope of services we are able to offer clients in China and expands our geographic presence.

Should you have any enquiries to our services or this event, please contact our Mr. Eric Lui or Mr. Rodney Teoh for further information.

Mr. Eric Lui (right) and Mr. Rodney Teoh (left) attended SmartHK 2017 at Fuzhou.

Ms. Connie Yeung (left) received an enquiry from a visitor.