18 May 2023
FOUNDER INFORMATION (HONG KONG) LTD v. PEKING UNIVERSITY FOUNDER GROUP CO LTD
- Citation
- [2023] HKCFI 1350
- Court
- Court of First Instance
- Case number
- HCA798/2021
Clause 2.2 (regulatory approvals) does not operate as an absolute condition precedent preventing the Keepwell Deed/EIPU obligations from arising; it functions as a qualification/defence relieving the Company only where it proves on balance that despite using best efforts the necessary approvals could not be obtained. The Company failed to demonstrate it used best efforts and therefore breached its Keepwell obligations in respect of FIHK (Kunzhi series) as of 31 December 2019; claims in the other three actions were dismissed. A Hong Kong declaratory judgment can be of utility in PRC reorganisa…