HKIAC Reports Record Amount In Dispute For 2023

The HKIAC's recently released statistics for 2023 reveal that the institution had a record-breaking year measured by the amount in dispute, underscoring the appeal of Hong Kong and the HKIAC to international parties as well as their unique role in facilitating the resolution of PRC-related disputes.

The interim measures arrangement between Hong Kong and the mainland PRC continues to be popular with parties and a significant advantage of Hong Kong arbitration for PRC-related transactions. PRC courts have preserved more than US$ 2 billion of assets under the arrangement since it came into effect in 2019, with nearly 95% of applications being granted.

There are also indications that parties and their lawyers are beginning to adopt outcome-related fee arrangements (often referred to as "success fees") for Hong Kong arbitrations after these were permitted for the first time in December 2022.