HONG KONG SPECIAL ADMINISTRATIVE REGION.docx
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HONG KONG SPECIAL ADMINISTRATIVE REGION.docx
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HONGKONGSPECIALADMINISTRATIVEREGION
HCA1475/2008
INTHEHIGHCOURTOFTHE
HONGKONGSPECIALADMINISTRATIVEREGION
COURTOFFIRSTINSTANCE
ACTIONNO.1475OF2008
____________
BETWEEN
ZHANGJINGYUAN(張景淵)Plaintiff
(formerlyknownas
ZhangGenyu)(張根玉))
and
WONGYUKKWAN(黃煜坤)1stDefendant
(alsoknownasWongKwan(黃坤))
PEARLORIENTALINNOVATION2ndDefendant
LIMITED(東方明珠創業有限公司)
(formerlyknownas
ChinaMerchantsDichan(Asia)Limited
(招商迪辰(亞洲)有限公司))
PEARLORIENTALCORPORATION3rdDefendant
LIMITED(東方明珠集團有限公司)
CHAMPIONMERRYINVESTMENTS4thDefendant
LIMITED
FAVOURGOODINVESTMENTS5thDefendant
LIMITED(暉佳投資有限公司)
GETWEALTHYINVESTMENTS6thDefendant
LIMITED(添盛投資有限公司)
________________
Before:
DeputyHighCourtJudgeL.ChaninChambers
DateofHearing:
14January2010
DateofDecision:
15January2010
_____________
DECISION
_____________
1.Therearethreesummonses.Thefirstoneisbythe2nd defendantforsummaryjudgmentofhiscounterclaimagainsttheplaintiff;thesecondisbythe1stto4thdefendantstostrikeouttheallegationsofthreerepresentationsandacollateralwarrantyorcollateralcontractpleadedinthestatementofclaim;thethirdisbythe5thand6thdefendantstostrikeoutthesecondandthirdoftherepresentations.
TheClaim
2.TheplaintiffisandwasthechairmanofoneTaiyuanSanxingCoal-gasificationCo.Ltd(“TaiYuenSanxing”).ItisacompanyincorporatedintheMainlandandengagesintheexploitationandproductionofcokeandcoalgasificationinShanXiProvinceoftheMainland.TheplaintiffusedtobethecontrollingshareholderofTaiyuanSanxinguntilitssharesweretransferredtoacompanyincorporatedinHongKongcalledChinaCoalEnergyHoldingsLimited(the“JVCo”)sometimeinOctober2006.
3.The1stdefendantisandwasthecontrollingshareholder,chairmanandchiefexecutiveofthe2nddefendant,acompanylistedintheHongKongStockExchange(“HKEx”).The3rddefendantistheholdingcompanyofthe2nddefendantandthe4thdefendantisanominee/subsidiaryofthe2nddefendant.
4.Inearly2006,theplaintiffwaslookingforcapitalforthecontinuationandexpansionofthebusinessofTaiyuanSanxing.InaboutApril2006,hewasintroducedtothe1stdefendant.Inaboutmid-June2006,the1stdefendantvisitedtheplaintiffandinspectedtheoperationofTaiyuanSanxingwithaviewtoajointventure.
5.Thestatementofclaimpleadedthatthe1stdefendantduringthevisitandwithaviewtoinducetheplaintifftoformajointventurewithhimorhiscompaniesmadeanoralrepresentation(“the1stRepresentation”)that:
“1.the1stdefendantisasuccessfulentrepreneurandisveryexperiencedinprocuringcompaniestobelistedon(theHKEx)orstockexchangesofotherwelldevelopedfinancialcentres(“OtherStockExchanges”);
2.iftheplaintiffagreedtoformajointventurewiththe1st defendantorhiscompany,the1stdefendantcouldand/orwasinapositionto:
(a)procureTaiyuanSanxingtobesuccessfullylistedontheHKExortheOtherStockExchangeswithin18monthsfromthedatetheybegantheirjointventure;
(b)arrangeinjectionofcapitalinthesumofRMB200millionto500millionintothejointventureand/orTaiyuanSanxingbyfinancialinstitutionsorstrategicinvestors.
3.Inordertofacilitatetheintendedlisting:
(a)theplaintiffandthe1stdefendantshouldformajointventurecompanytotakeoverTaiyuanSanxing,sothatthesharesofthisjointventurecompanycouldbelistedontheHKExortheOtherStockExchanges;
(b)theplaintiffshouldcharge60%ofthesharesinthisjointventurecompanyinfavourofthe1stdefendantorhisnominee(s);
(c)theplaintiffshouldalsoprovideaguaranteeofprofitanddividends,i.e.aguaranteedprofitofRMB600millionin3yearsandguaranteeddividendsofRMB40millionperyear.
4.Thearrangementreferredtoinsub-paragraph3above:
(a)wastoenablethe1stdefendanttopersuadetheboardofthe2ndand/or3rddefendantsandotherpotentialinvestorsthatthelistingoftheintendedjointventurewasagoodbusinessdeal;
(b)wouldbewhollycancellediftheintendedjointventurecompanycouldnotbelistedontheHKExortheOtherStockExchangeswithin18monthsfromthedateofthecommencementofthejointventure;
(c)neednotbereflectedintheirwrittenjointventureagreement.”
Inrelianceonthe1stRepresentation,theplaintiffthenenteredintoajointventureagreementwiththe2nddefendantdated15July2006(“theJVAgreement”)andaco-operationagreementwiththe3rddefendantdated25 July2006(“theD3Agreement”).
6.ThecertifiedtranslationoftherelevanttermsoftheJVAgreementare:
“5.Bothpartiesagreetorunthejointventurecompanyaccordingtothefollowingtermsandconditions:
A.ThejointventurecompanyshallhavearegisteredandpaidupcapitalofHK$100,000,000byissuing100,000,000shareswithaparvalueofHK$1pershare.ThepaidupcapitalofHK$100,000,000shallbefullycontributedby(theplaintiff).
B.Thejointventurecompanyshallacquire100%shareholdingsinTaiyuanSanxingfrom(theplaintiff)ataconsiderationofRMB100,000,000andTaiyuanSanxingshallbecomeaWhollyForeignOwnedEnterprise(“WFOE”).(Theplaintiff)shallinthenameofthejointventurecompanyinjecttheafore-mentionedRMB100,000,000intoTaiyuanSanxing,therebyincreasingtheregisteredandpaidupcapitalofTaiyuanSanxingfromRMB100,000,000toRMB200,000,000.Afterthefullcompliancewithallthelegallyrequiredproceduresofchangeofregistration,thejointventurecompanyshallown100%shareholdingofTaiyuanSanxing.
…
E.(The2nddefendant)shallpurchasefrom(theplaintiff)40,000,000shares,i.e.40%shareholdingofthejointventurecompanyataconsiderationofHK$395,620,000.(Theplaintiff)shallowntheremaining60,000,000shares,i.e.60%shareholding(inthejointventurecompany).Thepaymentmethodsareasfollows:
i.HK$100,000,000tobepaidincash.
ii.ThebalanceofHK$295,620,000shallbepaidbytheallotmentof75,800,000newshares(atHK$3.90eachshare)in(the2nddefendant)ofwhich40,980,000sharesshallbeallottedto(theplaintiff)oritsnominee,and34,820,000sharesshallbeallottedtoGetWealthyInvestmentsLimited(the6thdefendant)oritsnominee.
F.Uponthecompletionofthetransactionsinthisagreement,thejointventurecompanyorTaiyuanSanxingshallproceedtoraisefundstotheamountofHK$200millionfromforeignfinancialinstitutions,suchfundsraisingplanshallbeco-ordinatedandarrangedby(the2nddefendant)togetherwithotherfinancialconsultants.
G.Atleast50%oftheconsolidatedaftertaxprofitofthejointventurecompanyshallbedistributedtobothpartiesinproportiontotheirrespectiveshareholdings(inthejointventurecompany).
H.ThejointventurecompanyshallbeindependentlylistedintheStockExchange(s)ofHongKongoroverseasassoonaspossible.(The2nddefendant)shallberesponsibletoco-ordinateandplanallthemattersconcerningthelistingofthejointventurecompany.
8.Guarantees:
A.(Theplaintiff)guaranteesthetotalconsolidatedaftertaxprofitofthejointventurecompanyforthe3fiscalyears,beingfrom1stJanuary2007to31st December2009,willnotbelessthanHK$600,000,000,and(theplaintiff)shallmakeupandcompensateanysumsshortofHK$600,000,000.ThejointventurecompanyshalladopttheinternationalaccountingstandardsintermsoffinancialauditingandtheauditedfinancialstatementoftheprecedingyearshallbeannouncedbeforetheendofAprilofeachyear.
B.Iftheconsolidatedaftertaxprofitofthe1stor2ndfiscalyears(i.e.,from1January2007to31 December2008)iseachlessthanHK$200,000,000peryear,(the2nddefendant)shallhavethepreferentialrighttopaymentofdividendpursuanttoclause5GofthisAgreementatthesumofHK$40,000,000peryear.AnysumsshortofHK$40,000,000shallbemadeupandcompensatedby(theplaintiff).Forthe3rdfiscalyear(i.e.,from1stJanuary2009to31stDecember2009),thesituationwillbehandledpursuanttoitemAinthisclause.
C.(Theplaintiff)agreestomortgagehis60%shareholdingsinthejointventurecompanyto(the2nddefendant)untilthejointventurecompanyissuccessfullyandindependentlylistedorthefullperformanceoftheguaranteeshereunder,whicheveristhesooner.”
7.TheD3AgreementcontainstermssomeofwhicharesimilartothoseintheJVAgreement.Clause7oftheD3Agreementalsoprovidedthattheco-operationparties(theplaintiffandthe3rddefendant)shall
co-operateingoodfaithandtheyareconfidenttoprocurethesuccessfullistingoftheJVCoinHongKongorotheroverseasinternationalstockmarketwithin18months.
8.Theplaintiffpleadedfurtherorinthealternativetothe1st Representationacollateralwarrantyorcollateralcontractasfollows:
“1.Inconsiderationoftheplaintiffagreeingtoformajointventurewiththe2nddefendantandenterintotheJV Agreementaswellas(theD3Agreement),the1st defendantagreedtoanddidgiveanoralcollateralwarrantytotheplaintiff(“CollateralWarranty”),and/orenteredintoanoralcollateralcontractwiththeplaintiff(collateraltotheJVAgreement,(theD3Agreement)andtheDeedofChargereferredtobelow)(“CollateralContract”)wherebythe1stdefendantundertookandwarrantedthat:
‘hecouldand/orwasinapositionto:
(a)procureTaiyuanSanxingtobesuccessfullylistedontheHKExorOtherStockExchangeswithin18monthsfromthedaytheybegantheirjointventure;
(b)arrangeinjectionofcapitalinthesumofRMB200millionto500millionintothejointventurean
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