ZHI CHARLES v. KIM YOUNG JUN AND OTHERS

HCA 1754/2015

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

ACTION NO. 1754 OF 2015

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DECISION
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1.  The resumption notice was published on 22 April 2015. Nothing in reliance on that can be urgent.

2.  On dissipation, Mr Zhi accepts that he has no locus standi.  Furthermore, he has given no information on how he had learned that there will be dissipation of shares of D18 shortly. 

3.  He also wants to stop the defendants from voting their shares at the AGM on 4 September 2015.  He says that the shareholders could be asked to vote for the reappointment of the Board.  I think if the Board is to continue, then there is no urgent problem.  If the Board is problematic, it has been so since its appointment in February 2015.

4.  Mr Zhi also says that the AGM will approve the audited report, but if the report is wrong, the approval will not make it right. 

5.  Mr Zhi has also reported his complaints to the Hong Kong Stock Exchange (“HKSE”).  He says that the HKSE is investigating the matter.  If there is any urgency, I am sure the HKSE would have acted already.

6.  Since there is no urgency and Mr Zhi has admitted his want of locus standi, I dismiss the injunction.  I also order him to pay the costs of D3, 4, 5 and 18.