Hong Kong Case Law: Decisions & Judgments

Topic

Open offer

Legal area

Court

14 Jul 2023

FIRST LASER LTD v. FUJIAN ENTERPRISES (HOLDINGS) CO LTD AND ANOTHER

Citation

[2023] HKCA 857
Court

Court of Appeal
Case number

CACV97/2020

The Court exercised its discretion to decline indemnity costs despite defendants' success, awarded the defendants 80% of the costs of the appeal and 80% of the costs of the remitter proceedings to be taxed on a party and party basis with certificates for two counsel, and reduced defendants' recoverable costs by 20% for unsuccessful discrete issues; costs of the present application ordered nisi at 80%.
17 Aug 2017

FUNG CHUEN v. SANDMARTIN INTERNATIONAL HOLDINGS LTD AND OTHERS

Citation

FUNG CHUEN v. SANDMARTIN INTERNATIONAL HOLDINGS LTD AND OTHERS
Court

Court of First Instance
Case number

HCCW207/2017

On the evidence the company is solvent (including the HK$220 million raised by an open offer and approximately HK$82 million in liquid funds used to improve the balance sheet), the petition's allegations about the open offer cannot be resolved at this interlocutory stage, and therefore the validation order should be granted to allow the company to continue trading pending the petition with terms and costs to be determined.
8 Jul 2015

WONGS INVESTMENT DEVELOPMENT HOLDINGS GROUP LTD (In Liquidation) v. CHINA KINGSTONE MINING HOLDINGS LTD AND ANOTHER

Citation

WONGS INVESTMENT DEVELOPMENT HOLDINGS GROUP LTD (In Liquidation) v. CHINA KINGSTONE MINING HOLDINGS LTD<br>AND ANOTHER
Court

Court of First Instance
Case number

HCMP1472/2015

On the interim application the court concluded there was a strongly arguable (prima facie) binding contract arising from the petitioner's valid acceptance of the open offer under the terms of the prospectus and Listing Rules; the petitioner would likely suffer irreparable harm not adequately compensable by damages; no sufficient explanation justified the board's discretionary refusal to allot; accordingly the interim injunction continuing the order restraining allotment to the underwriter and preserving the petitioner's entitlement was appropriate and was continued.
31 Jan 2013

MONTRIO LTD AND ANOTHER v. TSE PING SHUN DAVID

Citation

MONTRIO LTD AND ANOTHER v. TSE PING SHUN DAVID
Court

Court of Appeal
Case number

CACV291/2011

Because the plaintiffs had made an open offer which the defendant ought reasonably to have accepted and which would have avoided trial and appeal, the Court applied the principle from MGA Entertainment and varied the order nisi to direct that the costs of the appeal and costs in respect of the Respondents' Notice be taxed on an indemnity basis.
17 Feb 2012

MONTRIO LTD AND ANOTHER v. TSE PING SHUN DAVID

Citation

MONTRIO LTD AND ANOTHER v. TSE PING SHUN DAVID
Court

Court of First Instance
Case number

HCA757/2009

The letter was not a valid sanctioned offer under Order 22 because it failed to include mandatory acceptance provisions; it was not a Calderbank offer because it was not expressed 'without prejudice save as to costs'; however, the exclusionary rule in Order 62 r5(d) applies only to offers expressed 'without prejudice save as to costs', so the open offer could be taken into account. The defendant unreasonably failed to accept the open offer by 9 November 2009 and must therefore pay indemnity costs for the period after that date; the plaintiffs are not entitled to enhanced interest or enhanced…

Hong Kong Case Law

FIRST LASER LTD v. FUJIAN ENTERPRISES (HOLDINGS) CO LTD AND ANOTHER

FUNG CHUEN v. SANDMARTIN INTERNATIONAL HOLDINGS LTD AND OTHERS

WONGS INVESTMENT DEVELOPMENT HOLDINGS GROUP LTD (In Liquidation) v. CHINA KINGSTONE MINING HOLDINGS LTD AND ANOTHER

MONTRIO LTD AND ANOTHER v. TSE PING SHUN DAVID

MONTRIO LTD AND ANOTHER v. TSE PING SHUN DAVID