Hong Kong courts declined to restrain Cayman winding-up proceedings despite arbitration clause

In one of the very first anti-suit injunction applications to restrain foreign winding up proceedings in favour of arbitration before the Hong Kong courts, the Hong Kong Court of First Instance in Hyalroute Communication Group Limited v Industrial and Commercial Bank of China (Asia) Limited [2025] HKCFI 2417 considered, as Recorder William Wong SC described it, the “interesting and novel” question of whether the Hong Kong courts would restrain winding up proceedings in foreign jurisdictions that follow the Sian approach in favour of Hong Kong arbitration.