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Winding-up Chapter-21 Foreign Listcos in Hong Kong

Recently we have succeeded in applying for a winding-up order on behalf of our client against the National Investments Fund Limited (stock code 1227)(“NIF”), which is a typical chapter-21 listco and incorporated overseas and had been favoured by oversea investors for their subscription of recognised permissible asset for immigration purposes. Similar to other chapter-21 listings, NIF started with no track record, an all-cash balance sheet, an appointed investment manager and a custodian. Before the Capital Investment Entrant Scheme came to an end in 2015, NIF issued promissory notes in the aggregate amount of HK$ 110 million, all of which were in default upon the maturity dates.  Read more…