Campbells advised Mobvoi Inc., the first AI-generated content (AIGC) company listed on the Hong Kong Stock Exchange, in its HK$321.36 million initial public offering on the Main Board of the Hong Kong Stock Exchange.
The purposes of the Amendment Act is to make innovative commercial enhancements to the Companies Act; however, it has been gazetted, but is not yet in force.
Effective early February, the Cayman Islands will be removed from the Financial Action Task Force’s Grey List of jurisdictions.
Our Hong Kong office has acted as the Cayman Islands legal counsel of ChinaAMC Selected Bond Fund in connection with the listing of four (4) share classes on the Cayman Islands Stock Exchange.
In a long-awaited and wide-ranging judgment delivered on 15 November 2023, the Judicial Committee of the Privy Council has dismissed the appeal by Primeo Fund against the 2019 dismissal of its appeal to the Cayman Islands Court of Appeal of the dismissal of its claims against two HSBC Group companies by the Grand Court of the Cayman Islands in 2017.
On 27 October 2023, the Financial Action Task Force announced at its plenary in Paris that the Cayman Islands would be removed from its anti-money laundering “grey list” as the FATF has determined that the Cayman Islands AML regime now meets the international standard.
A landmark decision of the Singapore Court of Appeal in Ascentra Holdings, Inc. and Others v SPGK Pte Ltd has overturned the first instance decision of the Singapore High Court and confirmed that solvent official liquidations can be recognised as foreign main proceedings under Singapore’s adaptation of the UNCITRAL Model Law on Cross-Border Insolvency. In so deciding, the Singapore Court has declined to follow a decision of the English High Court which had held that a company’s insolvency was a prerequisite for recognition under the UNCITRAL Model Law on Cross-Border Insolvency.
In a judgment delivered on 6 October 2023, the Grand Court of the Cayman Islands dismissed an application by the joint voluntary liquidators of Port Link GP Ltd pursuant to section 124(1) of the Companies Act (2023 Revision) for an order that the liquidation continue under the supervision of the Court, and determined that receivers previously appointed to have conduct of litigation to which Port Link is a party should remain in office in that capacity.
On 30 August 2023 the Beneficial Ownership Transparency Bill, 2023 was gazetted. The Bill has been the subject of extensive consultation with industry stakeholders, members of the public, government partners, and international entities, particularly to ensure that the existing beneficial ownership regime in the Cayman Islands is aligned with current international standards.
In an eagerly awaited judgment of the Judicial Committee of the Privy Council (“JCPC”) delivered on 20 September 2023 in FamilyMart China Holding Co Ltd v Ting Chuan,[1] the JCPC addressed whether an arbitration agreement in a shareholders’ agreement prevents a party to that agreement from pursuing a petition to wind up the company which is the subject of the dispute.