Hong Kong's market regulator yesterday won court approval to block Richard Li's $2bn buy-out of PCCW, his telecoms company, adding yet another twist to one of the territory's longest-running corporate soap operas.
After a six-day hearing that had riveted Hong Kong and pitted small shareholders, many of them elderly, against the business establishment, three appeal court judges unanimously overturned the results of a February shareholders' meeting, which had approved the buy-out by Mr Li in partnership with China Unicom, PCCW's second largest shareholder.
The decision also trumped an earlier court ruling, on April 6, which endorsed the transaction.
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