Earlier this month, the Cayman Islands Grand Court granted a petition on behalf of three funds managed by Hong Kong-based Maso Capital to have Chinese movie distributor Bona Film liquidated.
Bona Film is one of a group of previously US-listed Chinese companies locked in bitter legal struggles in the Cayman Islands over the valuation at which they were taken private.
The buyout of Bona in April last year led by its chairman Yu Yong with several of China’s most powerful investors, including Alibaba and Tencent, valued the company at about $880m. But Maso, which had a stake in the company through its funds, believes Bona should have been worth more than four times that, according to people familiar with the claims.
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