RE TAI YIP STOCK CO LTD

DCMP 2135/2026

[2026] HKDC 964

IN THE DISTRICT COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

MISCELLANEOUS PROCEEDINGS NO 2135 OF 2026

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JUDGMENT

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1.  The Applicant is a securities broker licensed by the Securities and Futures Commission to carry out type 1 regulated activities since late 1988.

2.  On 31 October 2023, the Applicant decided to cease its security brokage business and since has made continuous efforts to return the customers’ assets to them.

3.  The Applicant now applies by an ex-parte Originating Summons dated 1 April 2026 for an order under sections 56 and 62 of the Trustee Ordinance Cap 29 to pay certain unclaimed assets belonging to 3 individual clients (“the 3 Clients”). into court.

4.  The unclaimed assets consist of (a) cash belonging to 2 of the 3 Clients totalling HK$94,479.60 (as listed in Schedule A of the OS) and (b) securities belonging to the 3 Clients having a total value as on 31 March 2026 of HK$207,338.29 (as listed in Schedule B of the OS).

5.  It is now well settled that for a such an application, it needs to be established that (a) the assets in question are held by the applicant as trustee, and (b) despite reasonable endeavours, the beneficiaries cannot be contacted or are unresponsive, or the trustee is otherwise unable to obtain instructions as to how to deal with, dispose of or return the trust assets (see Re Gainwell Securities Co Ltd [2018] HKCFI 1497; Re Joint and Several Liquidators of Bankamerica Nominees (Hong Kong) Ltd [2020] HKCFI 399; Re Gold Fund Securities Co Ltd [2020] HKCFI 2884).

6.  I have considered the evidence, including the respective standard form client’s agreements entered between the Applicant and the 3 Clients. I am satisfied that the Applicant has been holding the said unclaimed assets as trustee for the 3 Clients.

7.  I have also considered the 2 affirmations of Fung Oi Pui filed respectively on 1 April 2026 and 13 May 2026. I am satisfied that reasonable endeavours have been made continuously by the Applicant to contact its clients, including the 3 Clients, since November 2023 to inform them of its cessation of securities business and to urge them to collect or to give instructions as to the disposal of their assets.

8.  However, despite such reasonable endeavours, the Applicant remains unable to get into contact with the 3 Clients. Regarding one of the 3 Clients, Mr Ip Yuen, the Applicant was informed in October 2023 by his sister, who was living in Canada, that Mr Ip passed away on 19 August 2023, but that she would not make any legal application in Hong Kong to inherit Mr Ip’s estate. Probate searches conducted by the Applicant’s solicitors in April 2026 revealed that there was no grant of probate regarding the estate of Mr Ip. The value of the unclaimed assets belonging to Mr Ip is only HK$38,336.

9.  In the premises, I am satisfied that the Applicant is entitled to and ought to be granted the relief sought, including the additional direction sought in the draft order that there be leave to the Applicant to withdraw the shares of the unclaimed securities from the Central Clearing and Settlement System and deposit the shares certificates thereof into court.

10.  I therefore will make an order in terms of the draft order exhibited as “FOP-16” to the 2^nd affirmation of Fung Oi Pui.