BANK OF QINGDAO CO LTD v. OOO SECURITIES (HK) GROUP LTD (formerly known as ORIENTIERT XYZ SECURITIES LTD, AMTD GLOBAL MARKETS LTD and AMTD ASSET MANAGEMENT LTD

BANK OF QINGDAO CO LTD v. OOO SECURITIES (HK) GROUP LTD (formerly known as ORIENTIERT XYZ SECURITIES LTD, AMTD GLOBAL MARKETS LTD and AMTD ASSET MANAGEMENT LTD

The Master dismissed the stay application because the court had jurisdiction to hear it, the Defendant's appeal lacked a reasonable prospect of success on the key issues (the proper construction of the Unless Order and the merits of the Amendments), and the Defendant failed to demonstrate serious irreparable prejudice such that the appeal would be rendered nugatory; accordingly no good reason existed to deprive the Plaintiff of the fruits of its successful application to amend and costs were ordered against the Defendant.

Citation
[2025] HKCFI 775
Parties
Plaintiff (consolidated Action by Leading Action): BANK OF QINGDAO CO., LTD. 青島銀行股份有限公司; Defendant (consolidated Action by Leading Action): ooo securities (HK) group limited (formerly known as orientiert xyz securities limited, amtd global markets limited 尚乘環球市場有限公司 and amtd asset management limited尚乘資產管理有限公司)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
24 February 2025
Case Number
HCA1141/2022
Procedural Posture
Application for Stay of Execution of Interlocutory Order Following Grant of Leave to Amend Statement of Claim / Master's Decision on Stay Application (paper Disposal) Post Order, Pre Appeal
Outcome
Stay Application dismissed
Legal Topics
Stay of Execution, Amendment of Pleadings, Unless Order, Appeal, Discovery
Source Language
EN
Civil Procedure Contract Fiduciary Duties Interlocutory Relief Costs Stay of Execution Amendment of Pleadings Unless Order +2 more

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Parties

BANK OF QINGDAO CO., LTD. 青島銀行股份有限公司

Plaintiff (consolidated Action by Leading Action)

ooo securities (HK) group limited (formerly known as orientiert xyz securities limited, amtd global markets limited 尚乘環球市場有限公司 and amtd asset management limited尚乘資產管理有限公司)

Defendant (consolidated Action by Leading Action)

Procedural Posture

Application for Stay of Execution of Interlocutory Order Following Grant of Leave to Amend Statement of Claim / Master's Decision on Stay Application (paper Disposal) Post Order, Pre Appeal

Legal Issues

  1. 1 Whether the court has jurisdiction to determine the stay application
  2. 2 Whether the Amendment Summons was barred by the Unless Order
  3. 3 Whether the proposed Amendments to the Statement of Claim should be allowed

Ratio Decidendi

The Master dismissed the stay application because the court had jurisdiction to hear it, the Defendant's appeal lacked a reasonable prospect of success on the key issues (the proper construction of the Unless Order and the merits of the Amendments), and the Defendant failed to demonstrate serious irreparable prejudice such that the appeal would be rendered nugatory; accordingly no good reason existed to deprive the Plaintiff of the fruits of its successful application to amend and costs were ordered against the Defendant.

Court Disposition

Stay Application dismissed

Orders

  • Stay Application dismissed.
  • The Defendant do pay to the Plaintiff the costs of the Stay Application on a party and party basis with a certificate for one counsel only, to be summarily assessed and payable forthwith.