VPOWER GROUP HOLDINGS LTD V. CRRC HONG KONG CAPITAL MANAGEMENT CO. LTD (and 1 other)

[2025] HKCA 952 Court of Appeal 28 October 2025 • CAMP117/2025; CAMP118/2025 • 19 min read
9 cases cited (0 SG, 9 foreign)

Practice Areas

Companies (Winding Up an Miscellaneous Provisions) Ordinance High Court Ordinance IN THE MATTER of the Companies (Winding Up and Miscellaneous Provisions) Ordinance Securities and Futures Ordinance The first intended ground relates to the contention advanced by VPG and VP ListCo that the finance lease agreements were in substance or effect loans of money within the meaning of the Money Lenders Ordinance

Judges (2)

G Lam Coram Ng Coram

Counsel (7)

Baker & McKenzie Firm Haldanes Firm Bernard Man Counsel Defendant Danny Tang Counsel Defendant Shaun Elijah Tan Counsel Defendant Victor Dawes Counsel Plaintiff Vincent Chen Counsel Plaintiff

Summary

VPower Group Holdings Limited (偉能集團控股有限公司), a listed company, applied for leave to appeal in two related proceedings (CAMP 117 and 118/2025) against CRRC Hong Kong Capital Management Co. Ltd involving a statutory demand and winding-up proceedings. The dispute concerned repayment undertakings and finance lease agreements. The Court of Appeal determined the applications.

Statutes Cited

Companies (Winding Up an Miscellaneous Provisions)  Ordinance (Cap 32)
High Court Ordinance (Cap 4)
IN THE MATTER of the Companies (Winding Up and Miscellaneous Provisions)  Ordinance (Cap 32)
Securities and Futures Ordinance (Cap 571)
s 3(1)
The first intended ground relates to the contention advanced by VPG and VP ListCo that the finance lease agreements were in substance or effect loans of money within the meaning of the Money Lenders Ordinance (Cap 163)

Cases Cited (9)

UK (2)
[1962] AC 209 [1997] QB 858
HK (7)
(2016) 19 HKCFAR 192 [1997] HKLRD 1 [2016] 1 HKLRD 850 [2022] HKCFI 960 [2023] 1 HKLRD 1386 [2025] HKCFI 2388 [2025] HKCFI 551

Judgment

Read the full judgment on the official Hong Kong Courts portal.

Read on HKLII

Source: HKLII ([2025] HKCA 952)