In the interest of minority shareholders in Hong Kong : case study on the privatisation of PCCW via a scheme of arrangement : part 2

The authors resume the discussions about PCCW's privatisation. The appeal decision not only rejected the Court of First Instance's judgment, it also established an equitable doctrine in the interpretation of s.166 of the Companies Ordinance (Hong Kong) (hereafter “CO”). Furthermore, it affirmed the judiciary's commitment to protect the interests of minority shareholders. The appeal decision also prompted the Hong Kong Government to propose reforms.