30 Jan 2026
CHINA TRENDS HOLDINGS LTD v. THE STOCK EXCHANGE OF HONG KONG LTD
- Citation
- [2026] HKCA 95
- Court
- Court of Appeal
- Case number
- CACV425/2021
The Court held that the Review Committee did expressly consider the HK$100 million standby facility and reasonably concluded, on the qualitative assessment required by GEM Rule 17.26, that the facility would not enable sufficient improvement in the applicant's concentrated low‑margin trading business to warrant continued listing; accordingly leave to judicially review was refused and the appeal dismissed. The Court also refused to admit the 2023 evidence as irrelevant to whether the decision‑maker had taken the facility into account.