8 Oct 2024
TONGCHENG TRAVEL HOLDINGS LTD (formerly known as TONGCHENG-ELONG HOLDINGS LTD) v. OOO SECURITIES (HK) GROUP LTD (formerly known as ORIENTIERT XYZ SECURITIES LTD and AMTD GLOBAL MARKETS LTD)
- Citation
- [2024] HKCFI 2710
- Court
- Court of First Instance
- Case number
- HCA1258/2022
There was a prima facie valid and operable arbitration agreement in the IMA covering the dispute; clause 11.2 (exclusive jurisdiction) is reconcilable with clause 11.3 (arbitration); the defendant had not taken the 'first statement on the substance of the dispute' in these proceedings nor unequivocally abandoned arbitration by issuing HCA 1266; the stay to arbitration was therefore mandatory under the Arbitration Ordinance and, weighing delay and other factors and finding the defendant has a defence with a real prospect of success, the regularly obtained default judgment and subsequent garnis…