Hong Kong Case Law: Decisions & Judgments

Topic

Listing rules interpretation

Legal area

Court

20 Sept 2023

HKSAR v. CHEN KEEN (alias JACK CHEN) AND OTHERS

Citation

[2023] HKCFI 2401
Court

Court of First Instance
Case number

HCCC309/2019

The court held that Mr William Wong may be called both as a factual witness about what occurred in relation to the publication and pre-vetting by the Listing Division and as an expert witness to explain the operation and standards of the Stock Exchange; although the legal construction of the Listing Rules is for the court, evidence from an experienced regulator about how the Listing Division operates and what would or might have happened if additional facts had been known is admissible, and any incorrect legal interpretation by the witness will be corrected by the judge in directions to the j…
26 Jun 2023

HKSAR v. CHEN KEEN (alias JACK CHEN) AND OTHERS

Citation

[2023] HKCFI 1683
Court

Court of First Instance
Case number

HCCC309/2019

The court held that the pleaded particulars should be given their plain and ordinary meaning and are not confined to the Listing Rules; the prosecution is not required to prove the acquisition was a 'connected transaction' under the Listing Rules and may present the case using the 'working together on the same side' formulation; contractual interpretation issues (21 propositions) are deferred until after prosecution evidence is heard.
16 May 2022

CHONG KIN GROUP HOLDINGS LTD v. THE STOCK EXCHANGE OF HONG KONG LTD

Citation

[2022] HKCFI 1439
Court

Court of First Instance
Case number

HCAL340/2022

Leave to apply for judicial review was refused because the proposed grounds were not reasonably arguable: the Listing Review Committee validly concluded that the Previous Acquisitions and the Disposal together constituted an RTO at the relevant time and that subsequent disposal of the acquired business did not negate that conclusion; the Exchange was entitled to treat the issuer as if a new applicant under Rule 14.54 and to suspend trading under Rule 6.01(4); on the balance of convenience an interim injunction would have been refused and deference is owed to the regulator's specialist judgmen…
10 Nov 2021

CHINA TRENDS HOLDINGS LTD v. THE STOCK EXCHANGE OF HONG KONG LTD

Citation

[2021] HKCA 1673
Court

Court of Appeal
Case number

CACV652/2020

The application for leave to appeal was dismissed because the questions are either improperly framed (omitting that sufficiency is 'to warrant the continued listing') or lack reasonable prospects of success; Rule 17.26 calls for a contextual qualitative judgment tied to whether operations/assets warrant continued listing and 'viable and sustainable' must be read in that context rather than as an objective proximity-to-insolvency test.
12 Oct 2021

HKSAR v. CHEN KEEN (alias JACK CHEN) AND OTHERS

Citation

[2021] HKCFI 3046
Court

Court of First Instance
Case number

HCCC309/2019

SEHK officers (Mr Wong and Ms Ngai) are permitted to give evidence about their understanding and application of the Ordinance and Listing Rules insofar as that explains how they carried out the SEHK's duties on the basis of proved facts or facts the prosecution expects to prove; however definitive legal construction of the Listing Rules is for the court and the jury must follow judicial directions if the witnesses' views diverge from the correct legal position; hypothetical or purely theoretical questions and general legal pronouncements by the witnesses are inadmissible.
4 Jan 1990

RE LAWE WILLIAM ENTERPRISES LTD.

Citation

RE LAWE WILLIAM ENTERPRISES LTD.
Court

Court of First Instance
Case number

HCMP1638/1989

There was no breach of the rules of natural justice: no entitlement to an oral hearing arose, the applicant failed to identify what material would have been tendered, the Listing Division provided sufficient information to the Committee, and on the evidence the applicant was unsuitable for listing; accordingly the Listing Committee's decision was lawfully made and will not be quashed.

Hong Kong Case Law

HKSAR v. CHEN KEEN (alias JACK CHEN) AND OTHERS

HKSAR v. CHEN KEEN (alias JACK CHEN) AND OTHERS

CHONG KIN GROUP HOLDINGS LTD v. THE STOCK EXCHANGE OF HONG KONG LTD

CHINA TRENDS HOLDINGS LTD v. THE STOCK EXCHANGE OF HONG KONG LTD

HKSAR v. CHEN KEEN (alias JACK CHEN) AND OTHERS

RE LAWE WILLIAM ENTERPRISES LTD.