Abstract of judgment:
The case was about equity transfers between Hong Kong-based enterprises and the recognition of the validity of an equity transfer guarantee in accordance with local laws. According to Hong Kong laws and case studies, NGAI KEONG shall be obliged to grant payments of equity transfers, economic compensation and a fine incurred by the breach of contract. There was no legal support for China Mining Investment Group Limited and Baida Finance (Group) Company Limited to bear the joint responsibility of paying for the debt of NGAI KEONG. After hearing, the court ruled that NGAI KEONG shall grant equity transfers, 40 million yuan of economic compensation and the overdue fine for breach of contract to Liu Dawei.