Read the full judgment text of FAMV 52/2009 on BabelCite. This Court of Final Appeal judgment was delivered on 3 December 2009 before Chief Justice Li, Mr Justice Chan PJ, Mr Justice Ribeiro PJ.
Listing Rules – re-listing – procedural fairness – requirement to specify objective benchmarks – LR 13.24 – sufficient level of operations or assets – Exchange’s monitoring committees – judicial review – leave to appeal refused. The applicant, Sanyuan Group Limited, was listed on the Exchange's main board but trading was suspended in 2004 due to concerns over turnover and capital adequacy. It proposed a majority participation in a mainland joint venture trading pharmaceutical products to resume trading, but the Exchange's committees rejected the proposal as insufficient. The applicant argued procedural unfairness because the Exchange did not specify objective standards for what level of operations, turnover, profit, and assets would be required under LR 13.24. The Court of Final Appeal refused leave to appeal, holding that the Exchange is not required to lay down abstract benchmarks not tied to the applicant's particular resources; the nature and content of reasons varies with circumstances, and it is the applicant's role to formulate a realistic proposal. Leave to appeal refused with costs.
Legal issues: Procedural fairness – requirement to specify objective standards for re-listing
Outcome: Leave to appeal refused with costs.
Cited by 1 case