Mr. Ernest Ng, instructed by Michael Li & Co, represented both ListCos (together with Mr. Mike Yeung in respect of Lai Si Enterprises Holding Limited).
On 18 October 2022, the Court struck out an action against China Party Time Culture Holdings Limited (Stock Code: 1532) where the Listco was claimed to be an “implied party” to a substantial share transfer agreement made between the Plaintiff and the Listco’s then executive director and chairman.
On 7 November 2022, the Court struck out another action, this time against Lai Si Enterprises Holding Limited (Stock Code: 2266), where it was claimed that the Listco agreed to transfer or procure transfer of 37.5% of its shareholding to the Plaintiff.
In striking out both actions, both courts were convinced that the actions were frivolous, vexatious and abuses of process. Indemnity costs were awarded in both actions.
Press reports of the two actions can be found at:
Announcement for China Partytime can be found here.
Announcement for Lai Si can be found here.