Core Viewpoint - The Hong Kong High Court ruled against Ji Changqun, the chairman of Fengsheng Holdings, ordering him to repay approximately HKD 899 million to two plaintiffs, with total debt potentially reaching HKD 1.2 billion due to accrued interest since June 2019 [1][6]. Group 1: Legal Proceedings - The lawsuit involves Ji Changqun and three companies based on a memorandum signed on March 13, 2019, with plaintiffs Majestic Plan International Limited and Profit Reach Ventures Limited, both subsidiaries of China Tianyuan Financial Group [2]. - The memorandum indicates that Majestic Plan invested HKD 680 million and Profit Reach invested HKD 520 million, totaling HKD 1.2 billion, with specified annual returns of 21.89% and 9% respectively [2]. - Ji Changqun claimed he was misled into signing the memorandum, asserting it was merely an internal report without legal effect, and argued that he did not intend to create a legal relationship [3]. Group 2: Court's Findings - The court found Ji Changqun's claims of being misled to be "inherently improbable" and lacking supporting evidence, thus rejecting his defenses [4]. - The judge determined that the memorandum had valid consideration, as the plaintiffs had obligations in case of Ji's default, which constituted legal "forbearance" [5]. - The court ruled that Ji Changqun must pay approximately HKD 459 million to the first plaintiff and HKD 440 million to the second plaintiff, totaling around HKD 899 million, plus interest calculated at the best lending rate plus 1% since June 6, 2019 [6]. Group 3: Background on Ji Changqun - Ji Changqun, born in 1968 in Anhui Province, co-founded Nanjing Fengsheng Industrial Holdings in 2002, initially in construction, later expanding into renewable energy, healthcare, and ecological agriculture [6]. - He acquired Fengsheng Holdings through a reverse takeover in 2013 and subsequently expanded his portfolio by acquiring stakes in various companies, significantly increasing his wealth, which was reported at HKD 28.98 billion in the 2018 Forbes China Rich List [6].
前“南京首富”败诉，最高或赔12亿港元