Hong Kong Case Law: Decisions & Judgments

Topic

Prospectus liability

Legal area

Court

28 Sept 2021

WANG HAIHONG AND OTHERS v. J.P. MORGAN SECURITIES (ASIA PACIFIC LTD) AND ANOTHER

Citation

[2021] HKCFI 2840
Court

Court of First Instance
Case number

HCA344/2019

The court held that the plaintiffs' causes of action (common law and statutory) accrued when they acquired the shares because real and actual diminution in the intrinsic value of the shares occurred on acquisition due to false or misleading prospectus information; consequently the six‑year limitation ran from each purchase date and the claims issued in 2019 were time‑barred.
6 Feb 2018

SECURITIES AND FUTURES COMMISSION v. QUNXING PAPER HOLDINGS CO LTD AND OTHERS

Citation

[2018] HKCFI 271
Court

Court of First Instance
Case number

HCA2428/2013

The court found on the evidence that Qunxing published materially false or misleading financial information (overstated sales and undisclosed bank borrowings) and breached ss277,298 and 384 of the SFO and s342F Cap 32; the knowledge of the controlling directors (3rd and 4th defendants) was attributable to Qunxing; Best Known and the Zhus were knowingly involved. Applying the wide remedial scope and discretionary criteria of s213(2)(b) and (4), the court held it was desirable and not unfair to make restorative/compensatory orders and to direct a pro rata payment scheme from the available asset…
7 Feb 2014

HKSAR v. SHAH TAHIR HUSSAIN

Citation

HKSAR v. SHAH TAHIR HUSSAIN
Court

Court of Final Appeal
Case number

FAMC23/2013

The Court dismissed the applications for leave because the applicants failed to show it was reasonably arguable that the trial judge was plainly wrong to accept the key witness's account; the objective bank timing evidence did not render that account impossible and other corroborative material supported the convictions, and the statutory mens rea issue was academic absent a successful challenge on credibility.
24 Sept 1984

GOBIND MOHAN AND ANOTHER v. BRIAN SHANE MCELNEY AND OTHERS

Citation

GOBIND MOHAN AND ANOTHER v. BRIAN SHANE MCELNEY AND OTHERS
Court

Court of First Instance
Case number

HCA4611/1978

The court granted leave to amend: the facts supporting the proposed new particulars were held to be the same or substantially the same and inextricably entangled with the existing causes of action so that the trial would inevitably involve examination of the same matters; no substantial prejudice from delay was shown and the amendments were not irrelevant, so in the exercise of discretion leave to amend was allowed.

Hong Kong Case Law

WANG HAIHONG AND OTHERS v. J.P. MORGAN SECURITIES (ASIA PACIFIC LTD) AND ANOTHER

SECURITIES AND FUTURES COMMISSION v. QUNXING PAPER HOLDINGS CO LTD AND OTHERS

HKSAR v. SHAH TAHIR HUSSAIN

GOBIND MOHAN AND ANOTHER v. BRIAN SHANE MCELNEY AND OTHERS