Zhu Bin v Thousand Vantage Investment Limited and Others (Hong Kong High Court HCCW 552/2023; [2026] HKCFI 5525)

Procedural record

1. 13 October 2026Hong Kong

   13 October 2026Hong Kong

   Judgment of the High Court of the Hong Kong Special Administrative Region, Court of First Instance in the case HCCW 552/2023 dated 13 October 2026

   High Court of the Hong Kong Special Administrative Region, Court of First Instance

   Case no.

   HCCW 552/2023

   Citation

   [2026] HKCFI 5525

   Decision summary

   The Court dismissed Zhu Bin's petition seeking the winding up of Thousand Vantage Investment Limited or an order requiring the majority shareholders to sell their shares to him. It found limited information and procedural failures concerning the May 2023 rights issue, but no quasi-partnership, improper purpose, mismanagement, want of probity, actual dilution, or basis for either remedy; costs were ordered nisi to the second and third respondents.

   Participants

   Application

   HCMP 829/2023 application to restrain the May 2023 rights issue — Interlocutory order restraining the proposal

   Application

   HCMP 1627/2023 application for disclosure of documents — Order for production of accounting records

   Application

   HCMP 1673/2023 application to restrain the September 2023 rights issue — Interlocutory restraint declined

   Zhu Bin

   Representative

   Charles Hollander (For: Zhu Bin)

   Representative

   Byron Chiu (For: Zhu Bin)

   Representative

   Eric Chow & Co. (For: Zhu Bin)

   Thousand Vantage Investment Limited

   PT OBOR Financial Holdings Limited

   Representative

   Ambrose Ho SC (For: PT OBOR Financial Holdings Limited · HK United Investment Holdings Limited)

   Representative

   Bryan Lee (For: PT OBOR Financial Holdings Limited · HK United Investment Holdings Limited)

   Representative

   CLKW Lawyers LLP (For: PT OBOR Financial Holdings Limited · HK United Investment Holdings Limited)

   HK United Investment Holdings Limited

   Representative

   Ambrose Ho SC (For: PT OBOR Financial Holdings Limited · HK United Investment Holdings Limited)

   Representative

   Bryan Lee (For: PT OBOR Financial Holdings Limited · HK United Investment Holdings Limited)

   Representative

   CLKW Lawyers LLP (For: PT OBOR Financial Holdings Limited · HK United Investment Holdings Limited)

   High Court of the Hong Kong Special Administrative Region, Court of First Instance

   Judge

   Rachel Lam SC

   Other

   Witness

   Peter Glanville

   Witness

   Premjit Dass

   Expert

   Robin Huang

   Witness

   Louis Ching

   Witness

   Heinrich Grabner

   Witness

   Paul Ching

   Witness

   Gary Yeung

   Witness

   Nichole Chan

   Authorities cited

   25

   • Hong Kong Companies Ordinance (Cap 622) (Companies Ordinance (Cap 622))
     statute
   • Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)
     statute
   • In re Fildes Bros Ltd [1970] 1 WLR 592
     case law
   • Re Harsen (China) Ltd [2022] HKCFI 3806
     case law
   • O'Neill v Phillips [1999] 1 WLR 1092
     case law
   • Re Charterhouse Capital Ltd [2015] BCC 574
     case law
   • Ebrahimi v Westbourne Galleries Ltd [1973] AC 360
     case law
   • Dodson v Shield [2022] EWHC 1751 (Ch)
     case law
   • Faulkner v Vollin Holdings Ltd [2022] EWCA Civ 1371
     case law
   • Ng Yee Wah v Lam Chun Wah [2012] 4 HKLRD 40
     case law
   • Re Tanyuen Investments Ltd, HCCW 375/2008, 28 October 2009
     case law
   • Equitable Life Assurance Society v Bowley [2004] 1 BCLC 180
     case law
   • Bishopsgate Investment Management Ltd v Maxwell (No 2) [1994] 1 All ER 261
     case law
   • Howard Smith Ltd v Ampol Petroleum Ltd [1974] AC 821
     case law
   • Loch v John Blackwood Ltd [1924] AC 783
     case law
   • Wong Man Yin v Ricacorp Properties Ltd (2003) 6 HKCFAR 265
     case law
   • Nina Kung v Wong Din Shin (2005) 8 HKCFAR 387
     case law
   • Pacific Electric Wire & Cable Co Ltd v Texan Management Ltd, CACV 90-91, 93-96/2012, 17 September 2013
     case law
   • Re Alvarez & Marsal Asia Ltd [2009] 4 HKLRD 727 (CA)
     case law
   • Re ZPMC-Red Box Energy Services Ltd [2021] HKCFI 618
     case law
   • Oxford Legal Group Ltd v Sibbasbridge Services Plc [2008] EWCA Civ 387; [2008] BCC 558
     case law
   • Re Sunrise Radio [2009] EWHC 2893
     case law
   • Zhu Bin v Ching Man Chun Louis [2024] HKCFI 70
     case law
   • Re South Asia Group (HK) Ltd [2024] HKCFI 2070
     case law
   • Financial Technology Ventures II (Q) LP v ETFS Capital Ltd [2021] JCA 176
     case law