We are acting for Sun Hung Kai Properties in the sale of residential units in the “St. Barths (雲海)” of Phase 1 of the St. Barths Development (雲海發展項目). “St. Barths (雲海)” provides a total of 353 residential units in which our firm is responsible for handling around 176 of them. The project is led by our partner Ms. Margaret Choi and assisted by Ms. Angela Wong (senior associate), Mr. William Chan (associate) and a team of experienced conveyancing clerks.
Dragon King Group Holdings Limited is successfully listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited with Stock Code: 8493. Sit, Fung, Kwong & Shum’s Corporate Team acting for the Sponsor, Bookrunner and Lead Manager in this listing, comprised of C. K. Kwong, Joseph Wong, Cecilia Yung, Ricky Cheung and Louise Lam.
The Dragon King Group is a restaurant group operating the well-known Cantonese cuisine restaurants under the brand names of “Dragon King”, “Dragon Seal”, “Imperial Seal” and “Dragon Feast” in Hong Kong, China and Macau. The Group is included in the “Michelin Guide Hong Kong & Macau” and a multiple award-winner of Hong Kong Tourism Board’s “Best of the Best Culinary Awards”.
The Listing, the Listing Ceremony and Celebration Dinner took place on 16th January 2018. The Group’s Chairman, Chef Wong Wing Chee (affectionately known in Hong Kong and the business as “Chi Gor”) personally prepared hundreds of abalones to serve his guests that evening at the Group’s own Dragon King Restaurant in Hopewell Centre. Photos recording the memorable occasions that day are shown here.
We are pleased to announce that our trainee solicitors, Ms. Veronica Wong and Mr. Ricky Cheung were admitted on 30 September 2017 by the High Court as Solicitors. Our Senior Partner, Mr. Peter Sit moved Veronica and Ricky for their admission. Veronica and Ricky will stay with our firm as Associates whose focus will be on Corporate, Commercial and Litigation work.
The Arbitration (Amendment) Ordinance 2017 was gazetted on 23 June 2017 http://www.gld.gov.hk/egazette/pdf/20172125/es1201721255.pdf after the Arbitration (Amendment) Bill 2016 was passed by Hong Kong’s Legislative Council (“Legco”) on 14 June 2017.
The idea of the new law was proposed by C.K. Kwong, a senior partner of Sit Fung Kwong & Shum, to the Hong Kong Government Working Group on Intellectual Property Trading which was formed to study the overall strategy for promoting Hong Kong as an IP trading hub. The Sub-Group on IP Arbitration and Mediation with Mr. Kwong appointed as Convener, looked into the strategic area of IP ADR with the view to developing Hong Kong into an IP ADR hub. Mr. Kwong delivered his draft working paper to the Working Group on Arbitrability of IPR when it was set up by the Department of Justice in May 2015.
The Arbitration Ordinance (Cap. 609 of the Laws of Hong Kong) has now clarified that disputes over intellectual property rights are arbitrable and that it is not contrary to the public policy of Hong Kong to enforce arbitral awards involving intellectual property rights (IPR).
The amendment legislation was the result of rounds of consultation and after 19 drafts were developed between November 2015 to June 2017. When the main operative part of the new legislation relating to IP arbitration come into operation on 1 Jan 2018, parties choosing Hong Kong law as the lex arbitri governing the arbitration agreement and/or Hong Kong seat (legal place of arbitration), the relevant tribunal will not have to worry about jurisdictional issues surrounding arbitrability of IP rights under the New York Convention Articles V(1)(a) and (2)(a)(b) (corresponding to UNCITRAL Model Law – Articles 36(1)(a)(i) and 36(1)(b)(i)(ii) ).
Hong Kong now has an added competitive edge above those jurisdictions which do not provide a clear statutory guidance to address potential concerns and uncertainties on the arbitrability of registered IP rights.
When the Arbitration (Amendment) Bill 2016 was first gazetted on 2nd December 2016, Senior Partner, C. K. Kwong, delivered a talk on the same day at the session entitled “Resolution of IP Disputes – Recent Development” at the Business of IP Asia Forum 2016 (the session was co-organized by the Department of Justice and Hong Kong Trade Development Council). Mr. Kwong’s earlier power point presentation can be found at http://www.sfks.com.hk/upload/newsfile/0000000045.pdf .
As part of its drive to promote mediation, the Department of Justice organized a seminar on mediation during its “Meditate First” Pledge 2017 campaign.
Senior Partner C. K. Kwong and Consultant Sylvia Siu were invited by the DOJ to be speakers at the Panel on Commercial Disputes on 13th June 2017 at the Hong Kong Convention and Exhibition Centre. The Seminar began with an opening speech by the Registrar of the High Court, Mr. Lung Kim-wan which was immediately followed by a Mock Mediation and the Panel Session. A Reception followed the event with welcome remarks delivered by the Honourable Mr. Rimsky Yuen SC and keynote speech by the Honourable Mr. Justice Lam, V-P.
A set of the powerpoint used by C. K. Kwong to explain the background, reasons and technique to use mediation (including facilitative and evaluative mediations) to resolve IP disputes can be found at following link on our website. Sylvia summarised the presentations of the speakers at the end of the session.
We acted for two clients in the disposal of Nos.1, 3 & 5 Pollock’s Path, The Peak. The consideration of the transaction was HK$2.8 billion. Formal agreement was entered into on 4th January 2017 and completion took place on 31st March 2017. Preceding that, we conducted a private tender on behalf of clients. The current purchaser successfully snatched the deal from other interested parties just before the close of the private tender. This is the second occasion within last two years when the firm’s property team participated in the sale of valuable land lots on the Peak. In August 2015, we assisted another client to sell No.22 Barker Road by way of a company sale to the present new owner at the reputed price of $1.5 billion.
The Pollock’s Path transaction was similarly handled by our senior Partner, Peter Sit and partner, Margaret Choi; on this occasion they were assisted by associates Maggie Lee, Jason Ho and trainee solicitor Sophia Au.
We acted for Mr. Joseph Lau, Luen-hung in the distribution of all the 74.99% shares in Chinese Estates Holdings Limited indirectly held under a discretionary trust founded by him. Chinese Estates is company listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock Code: 127) with market capitalisation of over HK$20 billion. After the distribution on 1 March 2017, Mr. Lau Ming Wai (the son of Mr. Joseph Lau) and Ms Chan Hoi Wan (the spouse of Mr. Joseph Lau), as trustee for her minor children Lau Chung-hok and Lau, Sau-wah, indirectly hold shares representing approximately 24.97% and 50.02% of the total issued share capital of Chinese Estates respectively.
Our firm’s Corporate and Commercial team cooperated closely with our Trust team to deal with the complex commercial transaction including obtaining waiver from the Securities and Futures Commission for general offer obligations under the Takeovers Code, waiver from the Stock Exchange regarding directors’ securities dealings during black out period and consent from professional trustee, relocation of shares etc.
Our Trust team was led by our senior partner Mr. Peter Sit and our Corporate & Commercial team was led by our partner Mr. Joseph Wong. The other members of the teams include our associate Ms. Vivian Ng and trainee solicitors Ms. Veronica Wong and Mr. Kin Chu.
We acted for Sun Hung Kai Properties in the sale of residential units in “Century Link (東環) of Phase 1 of Century Link Development (東環發展項目)” at No.6 Ying Hong Street, Tung Chung, New Territories. Phase 1 comprises a total of 1,407 residential units and our firm was responsible for handling 351 units. Completion of the sale and purchase of the units took place between December 2016 and January 2017. The project commenced sale in January 2015, our partner Ms. Margaret Choi has all along been in charge and she was assisted by Ms. Angela Wong (senior associate), Mr. William Chan (associate) and a team of experienced conveyancing clerks.
SFKS hosted the International Lawyers Network (“ILN”) 2017 Asia Pacific Regional Conference at the Conrad Hotel Hong Kong, from 23rd to 25th February 2017.
All the 9 partners of the firm participated at different sessions to meet with participants from 13 jurisdictions (Australia, Germany, Japan, Malaysia, Malta, New Zealand, Philippines, Singapore, South Korea, Thailand, USA, Vietnam and Hong Kong).
A presentation on “One Belt On Road – Trade Opportunities in Hong Kong, China and Beyond” was made by Mr. Nicolas Kwan, Director of Research of Hong Kong Trade Development Council. A workshop followed immediately with participants actively engaging in discussions on the opportunities and challenges arising from legal and jurisdictional aspects due to the diversity of legal systems, languages and cultures in the OBOR countries.
The conference ended with a Gala Dinner as grand finale at the Hutong Restaurant on top of No. 1 Peking Road overlooking the fabulous Hong Kong Victoria Harbour.
SFKS thanks ILN Chairman, Peter L. Altieri, ILN Executive Director, Alan Griffiths and ILN Director of Global Relationship Management, Lindsay Griffiths for bringing the event to Hong Kong and all participants for attending.
We acted for Tibet Water Resources Limited in four transactions regarding the disposal of a total of 719,290,040 shares of Tibet Water Resources Ltd. (a company listed on the Main Board of The Stock Exchange of Hong Kong Limited, stock code: 1115), representing approximately 28% of the total issued share capital of the Listco, for a total consideration of over HK$2.5 billion. The team was led by our partners Mr. Peter Sit and Mr. Joseph Wong and assisted by our associates Ms. Vivian Ng and Ms. Daisy Chong and our trainee solicitor Ms. Carrie Li.
We also advised Tibet Water Resources Ltd. in its successful listing on the Main Board of The Stock Exchange of Hong Kong Limited in 2011.
Hong Kong’s Arbitration Amendment Bill 2016 was gazetted on 2nd December 2016. Senior Partner, Mr. C. K. Kwong, delivered a talk on the same day at the session entitled “Resolution of IP Disputes – Recent Development” at the Business of IP Asia Forum 2016 (the session was co-organized by the Department of Justice and Hong Kong Trade Development Council). Mr. Kwong’s power point presentation can be found at http://www.sfks.com.hk/upload/newsfile/0000000045.pdf
Opening remarks were delivered by SJ Rimsky Yuen. The Panel included Andrew Liao SC, Justice Anthony Rogers and Joe Liu (Managing Counsel of HKIAC).
The idea of the new law was proposed by Mr. Kwong to the Hong Kong Government Working Group on Intellectual Property Trading which was formed to study the overall strategy for promoting Hong Kong as an IP trading hub. The Sub-Group on IP Arbitration and Mediation with Mr. Kwong appointed as Convenor, looked into the strategic area of IP ADR with the view to developing Hong Kong into an IP ADR hub. Mr. Kwong delivered his draft working paper to the Working Group on Arbitrability of IPR when it was set up in May 2015.
This Bill seeks to amend the Arbitration Ordinance (Cap. 609 of the Laws of Hong Kong) to clarify that disputes over intellectual property rights are arbitrable and that it is not contrary to the public policy of Hong Kong to enforce arbitral awards involving intellectual property rights (IPR).
The Arbitration Amendment Bill 2016 was the result of rounds of consultation and after 18 drafts were developed between November 2015 to November 2016. When the new legislation is passed, parties choosing Hong Kong law as the lex arbitri governing the arbitration agreement and/or Hong Kong seat (legal place of arbitration) and the relevant tribunal will not have to worry about jurisdictional issues surrounding arbitrability of IP rights under the New York Convention Articles V(1)(a) and (2)(a)(b) (corresponding to UNCITRAL Model Law – Articles 36(1)(a)(i) and 36(1)(b)(i)(ii).
When the new law is passed, Hong Kong will have an added competitive edge above those jurisdictions which do not provide a clear statutory guidance to address potential concerns and uncertainties on the arbitrability of registered IP rights.
Our litigation partner Mr. Roy Leung has been appointed by the High Court to act as the next friend of Madam Yang Foo-Oi (being the former wife of the late Dr. Chen Din Hwa, the founder of the Nan Fung Group), the Plaintiff in High Court Action No.1739 of 2010, to assist her in conducting the legal proceedings against, inter alios, her younger daughter Ms. Wai Wai Chen (the former chairman and the existing honorary chairman of the Nam Fung Group) concerning the distribution arrangements for the assets belonging to the late Dr. Chen to his family members.
After a 21-day trial, the High Court trial Judge granted judgement in favour of Madam Yang. The learned Judge ruled that the agreement for Madam Yang to, inter alia, receive from Ms. Chen cash of HK$1.5 billion in lieu of properties should be rescinded on the grounds of Ms. Chen’s breach of fiduciary duties, non-disclosure under family arrangement and undue influence etc. As a result, Madam Yang is entitled to, at her choice, either equitable compensation or an account for profits, plus interest and costs. Subject to any consequential directions and adjustments to be agreed by the parties and/or made by the Court, the amount of equitable compensation is estimated at between HK$8.33 billion and HK$8.7 billion.
