OCEAN EQUITY PARTNERS FUND L P v. XU XIANGYANG

OCEAN EQUITY PARTNERS FUND L P v. XU XIANGYANG

Defendant liable for damages equal to the contract price less market value at the contractual acceptance date, adjusted for the Plaintiff's reasonable resale of 120,000 shares; Plaintiff acted reasonably in mitigation; damages awarded at HK$66,346,984.17 with interest from judgment and costs to be taxed.

Citation
[2020] HKCFI 3171
Parties
Seller: Plaintiff (Cayman Islands Exempted Limited Partnership); Purchaser: Defendant
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
31 December 2020
Case Number
HCA2296/2019
Procedural Posture
Breach of Contract / Assessment of Damages
Outcome
Judgment for the Plaintiff. Damages awarded against the Defendant in the sum of HK$66,346,984.17; interest and costs ordered.
Legal Topics
Breach of Contract, Assessment of Damages, Mitigation of Loss, Interest, Costs, Service of Process
Source Language
EN
Contract Law Securities Civil Procedure Commercial Law Breach of Contract Assessment of Damages Mitigation of Loss Interest +2 more

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Parties

Plaintiff (Cayman Islands Exempted Limited Partnership)

Seller

Defendant

Purchaser

Procedural Posture

Breach of Contract / Assessment of Damages

Legal Issues

  1. 1 Measure of damages for non‑payment of shares
  2. 2 Appropriate market date for valuation
  3. 3 Extent of plaintiff's duty to mitigate

Ratio Decidendi

Defendant liable for damages equal to the contract price less market value at the contractual acceptance date, adjusted for the Plaintiff's reasonable resale of 120,000 shares; Plaintiff acted reasonably in mitigation; damages awarded at HK$66,346,984.17 with interest from judgment and costs to be taxed.

Court Disposition

Judgment for the Plaintiff. Damages awarded against the Defendant in the sum of HK$66,346,984.17; interest and costs ordered.

Orders

  • Defendant shall pay the Plaintiff HK$66,346,984.17 in damages.
  • Defendant shall pay interest on HK$66,346,984.17 at judgment rate from the date of judgment until full payment.