Commercial Law — Real risk of dissipation as a “stand-alone requirement” for Mareva injunction: AXHT Company Limited v 王一诚 [2025] HKCFI 4568
Commercial Law
The Court of First Instance handed down a decision dismissing the Plaintiff’s inter partes summons seeking Mareva injunction, on the basis that there is insufficient evidence to infer a real risk of dissipation.
Applying the well-established principles governing Mareva injunctions in Convoy Collateral Ltd v Cho Kwai Chee [2020] HKCA 537, the Court was not satisfied that the Plaintiff has discharged the burden of showing a real risk of dissipation. In particular, the Court held that “[t]he term ‘low commercial morality’ is not some sort of cure-all” and that “even sharp commercial practice cannot by itself give rise to the inference of a real risk of dissipation”, as the Court must “examine with care allegations of dishonesty before inferring therefrom a real risk of dissipation” [30].
The Court held that “the purpose of a Mareva Injunction is not to provide a plaintiff with preferential security for its claim” and that real risk of dissipation is “a stand-alone requirement” which the Plaintiff has not satisfied, noting that “[t]here were ample opportunities for the defendants to transfer their assets away which they did not do in the 5 months before the application for the Mareva Injunction” [37].
Jason Ko and Chris Wong, instructed by Cedric & Co, acted for the successful Defendants.
The full judgment can be found here.
Jason Ko
Jason is a Charles Ching Scholar. He has been recognised by Legal 500 Asia-Pacific 2025 as a Rising Star in “Commercial Disputes” and 2024 as a Rising Star in “Regulatory, Investigations and Crime” categories.
Since joining Chambers in 2019, Jason has acted in a wide range of civil and criminal matters, including successfully seeking injunctions restraining acts of harassment and defamation. He also acted for the defendant in the first Hong Kong trial of disclosing personal data without data subject’s consent, contrary to section 64 of the Personal Data (Privacy) Ordinance (Cap 486): HKSAR v Ip Anthony Chun Hin (WKCC 1638/2022) (led by Philip Dykes SC).
Recently, Jason acted for the successful Plaintiffs in civil contempt proceedings where the Defendant has acted in breach of an anti-harassment injunction order: Chuang’s China Investments Limited v Zhou Changchun [2023] HKCFI 2427 (with Mr Richard Yip).
Find out more from Jason’s profile.
Chris Wong
Prior to joining Chambers in 2024, Chris served as a Judicial Assistant at the Hong Kong Court of Final Appeal, where he assisted the judges with substantive appeals, leave applications, and other works of the Court generally. Chris was called to the Bar in 2023, upon his completion of pupillage with Mr. Tony Li SC, Mr. Eric Leung, Mr. Robin D’Souza and Mr. Simon Wong.
During his legal studies, Chris competed in the Willem C. Vis International Commercial Arbitration Moot, where he received honourable mentions both as an oralist and for the written memorandums.
Chris is developing a broad civil and criminal practice. He is fluent in English, Cantonese, and Mandarin. He accepts instructions in all areas of work.
View Chris’s profile for more details.
This article was first published on 3 October 2025.
Disclaimer: This article does not constitute legal advice and seeks to set out the general principles of the law. Detailed advice should therefore be sought from a legal professional relating to the individual merits and facts of a particular case. The photographs which appear in this article are included for decorative purposes only and should not be taken as a depiction of any matter to which the case is related. The views and opinions expressed in this article/material are solely those of the members authoring it and do not necessarily reflect the official policy or position of Denis Chang’s Chambers, or of any other member or members of Denis Chang’s Chambers.