18 May 2023
KUNZHI LTD (IN LIQUIDATION IN THE BRITISH VIRGIN ISLANDS) v. PEKING UNIVERSITY FOUNDER GROUP CO LTD
- Citation
- [2023] HKCFI 1350
- Court
- Court of First Instance
- Case number
- HCA1442/2021
The Keepwell Deeds and EIPUs created substantive obligations under English law; clause 2.2 (Regulatory Approvals) is not a condition precedent to the obligations but operates as a defence relieving performance if the Company, having used best efforts, could not obtain required PRC approvals. The Company breached its Keepwell obligations in respect of FIHK (Kun zhi group) by failing to ensure consolidated net equity and failed to demonstrate it used best efforts to obtain approvals; clause 4.1 does not require formal notice from the Issuer/Guarantor before the Company's obligations arise; Hong…