HKIAC receives 50th application under PRC-HK Interim Measures Arrangement
HKIAC has now received the 50th application under the PRC-Hong Kong Interim Measures Arrangement (Arrangement) since it came into force on 1 October 2019. Under the Arrangement, parties to Hong Kong-seated administered arbitrations can seek interim relief directly from Mainland Chinese courts.
Out of the 50 applications, 47 were for the preservation of assets. To date, 23 different Mainland Chinese courts have issued preservation orders which together cover RMB 10.9 billion or approximately USD 1.7 billion worth of assets. According to the available information, the median time taken by the Mainland Chinese courts to issue a decision is 8 days.
Applicants under the Arrangement have included parties from Mainland China, the British Virgin Islands, Cayman Islands, Hong Kong, Japan, Samoa, the Seychelles, Singapore, Switzerland, and Taiwan. Respondents have included companies from the British Virgin Islands, the Cayman Islands, France, Hong Kong, Mainland China, the Netherlands, St Kitts and Nevis, and Singapore.
HKIAC’s role under the Arrangement is to certify that it administers the case in question. HKIAC issues such certification within 24 hours and at no charge. Having processed 50 applications, HKIAC has gained significant and unique experience in dealing with such applications.
HKIAC Secretary-General, Sarah Grimmer, says “the Arrangement is a critical consideration for deals involving assets, conduct or evidence on the Mainland. It presents a significant commercial advantage to choosing Hong Kong as a seat and HKIAC as the institution.”
For further information, please visit the HKIAC HK-PRC Interim Measures Arrangement Frequently Asked Questions. HKIAC also makes the following documents available on its website in both Chinese and English:
- Full text of the Arrangement in Chinese and English;
- PRC Supreme People's Court (SPC) Note regarding the interpretation and application of the Arrangement in Chinese and English; and
- SPC Templates for seeking interim relief from Mainland Chinese courts under the Arrangement in Chinese and English.