Court throws out appeal application by Convoy against its major shareholders

Finance | 19 Oct 2021 2:56 pm

Court of Appeal has rejected the appeal application by Convoy Global Holdings against its major shareholders Kwok Hiu-kwan and Chen Peixiong.

Convoy was delisted by the Hong Kong Stock Exchange in May this year after a multi-year suspension.

In 2018, Convoy filed a writ to High Court, suing the two for purchasing 37.38 percent of its shares without the permission of Securities and Futures Commission. The purchase made them major shareholders of the company.

It asked the court to rule that the two violated the Securities and Futures Ordinance, and to ban them from exercising their voting rights as shareholders.

The Court of First Instance ruled in 2020 that Convoy should report the issue to SFC. The matter over their voting rights has been addressed in other court cases, and will not be pursued further, the court stated.

Convoy applied to appeal the case. The application was dismissed the Court of Appeal on Tuesday.

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