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.
We are delighted to announce the admission of Mr. Sunny Chan, Mr. Jason Ho, Ms. Eugenia Ip and Ms. Jenny Wong as Solicitors of the High Court of the Hong Kong SAR on 24th September 2016. They have all joined us as Associates. Congratulations to all of them!
Our Senior Partner Peter Sit accepted the Government’s invitation to serve as a member of the Appeal Board Panel (Town Planning) for a term of two years from 1 October 2016 to 30 September 2018.
Sit, Fung, Kwong & Shum’s response to the reporting made by Apple Daily today (30/9).
Our Senior Partner Peter Sit accepted the Government’s invitation to serve as a member of the Air Transport Licensing Authority for a two-year term from 1 August 2016 to 31 July 2018.
We acted for Lifestyle International Holdings Limited (stock code: 1212) and Lifestyle China Group Limited (stock code: 2136) in the spin-off and separate listing of Lifestyle China on the Main Board of The Stock Exchange of Hong Kong Limited. Lifestyle China was successfully listed on 15 July 2016 by way of introduction. The Lifestyle China group is principally engaged in the operation of department stores and supermarket business in the PRC and restaurant business. The department stores currently operated by the group include the Jiuguang department stores in Shanghai, Suzhou and Dalian. This was the second successful spin-off of Lifestyle International. The team was led by our Corporate & Commercial partner Joseph Wong and included our senior partner Peter Sit, senior associate Olson Lai, associate Cecilia Yung and trainee solicitors Sunny Chan and Veronica Wong.
We act for a client to sell the house situated at No.11 Headland Road by way of share sale. The consideration of the transaction amounted to HK$800,000,000. Formal Agreement was entered into on 14th March 2016 and completion took place on 19th May 2016..Our partner, Margaret Choi, senior Associate Angela Wong and associate Maggie Lee handled the transaction.
We are acting for Sun Hung Kai Properties in the sale of residential units in the “Ocean Wings (海天晉)” development. “Ocean Wings (海天晉) “ provides a total of 628 units in which our firm is responsible for handling around 144 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.
