In Cai Zhenrong v The Stock Exchange of Hong Kong Limited [2021] HKCA 1179; [2021] 4 HKLRD 57, the Court of First Instance and the Court of Appeal considered the consitutionality of the Hong Kong Stock Exchange's delisting regime, under which appeal from the decision of the Listing Committee to delist is heard by the Listing Review Committee, the latter being expected to make decisions consistent with the approach of the Listing Committee, and composed of former members of the Listing Committee. Martin Hui SC and Tony Ko acted for the majority shareholder of the listed company.
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