Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Laying profit and loss accounts before shareholders

  • 31 Aug 2010

    ZHANG ZHI RONG v. HINCO INTERNATIONAL LTD

    Citation
    ZHANG ZHI RONG v. HINCO INTERNATIONAL LTD
    Court
    Court of First Instance
    Case number
    HCMP1442/2010

    Extensions under s111(2) and s122(1B) were granted because the defaults were inadvertent, the ultimate beneficial owners were aware of the companies' financial positions so no prejudice was shown, future compliance was likely given engagement of professionals, and grant was subject to an undertaking to notify the Stock Exchange to protect investor and listing process integrity.

    • Extension of time for convening annual general meeting
    • Laying profit and loss accounts before shareholders
    • Disclosure to stock exchange
    • Judicial discretion under companies ordinance

  • 31 Aug 2010

    ZHANG ZHI RONG v. WELLBO HOLDINGS LTD

    Citation
    ZHANG ZHI RONG v. WELLBO HOLDINGS LTD
    Court
    Court of First Instance
    Case number
    HCMP1445/2010

    The court granted the extensions because the three established criteria were met: the same ultimate owners knew the companies' financial positions so there was no prejudice, the defaults were inadvertent due to an accountant's mistake, and professionals now engaged make future compliance likely; but given the public interest and listing implications the orders were granted subject to an undertaking to notify the Stock Exchange and prospective investors of the orders and reasons.

    • Extension of time to convene annual general meetings
    • Laying profit and loss accounts before shareholders
    • Compliance with companies ordinance
    • Disclosure in prospectus and to stock exchange