Cayman Schemes – Where Are We Now?

Following the implementation of the recent amendments to the Companies Act to remove the head count test for shareholder schemes of arrangement, Conyers has assisted two Hong Kong listed companies (China Vast Industrial Urban Development Company Limited ("China Vast") and Lifestyle International Holdings Limited ("Lifestyle") to successfully hold their Court mandated meetings to approve their schemes of arrangement. The scheme of arrangement of China Vast was approved by the Cayman Court and became effective on 5 December 2022, whilst Lifestyle's scheme of arrangement was approved by the Cayman Court on 15 December 2022. We believe they are the first two Hong Kong listed companies to successfully complete a scheme of arrangement under the new, no head count test, regime in the Cayman Islands.