For details of the background and the Hong Kong Court of First Instance (“HKCFI”) judgment of the case, please refer to our earlier article – The Curious Case of the Allied Properties Privatization: A Practitioner’s View. On November 23, 2020, the Hong Kong Court of Appeal (the “Court of Appeal”) reversed the ruling of the HKCFI and exercised its discretion to sanction the proposed privatization of Allied Properties (H.K.) Limited (“APL”) by way of a scheme of arrangement (the “Scheme”). In so doing, the Court of Appeal clarified two questions that were raised by the HKCFI judgment. These are explained below.