China's int'l commercial court tries first case
XI'AN, May 29 (Xinhua) -- A shareholding dispute surrounding a popular energy drinks in China on Wednesday became the first case tried by one of the two international commercial courts set up by the top court.
The Second International Commercial Court, located in the northwestern city of Xi'an, heard the case filed by Thailand's Ruoychai International Group Co., Ltd against Red Bull Vitamin Drink Co., Ltd and the third party Inter-Biopharm Holding Limited.
The hearing centered on the qualifications of the Red Bull shareholders and ended after nearly four hours. The judgment will be announced at a later date.
The Xi'an court is one of the two international commercial courts -- the other in Shenzhen -- set up by the Supreme People's Court last June. As permanent adjudication organs, the courts are tasked with handling international business disputes.
Cases must be heard by a collegial panel consisting of three or more judges. The judgments and rulings made by the two courts are final and legally binding.
"The establishment of such courts will help create a one-stop mechanism to resolve commercial disputes, improving the rule of law and business environment of China," said Shan Wenhua, a law professor at Xi'an Jiaotong University who observed Wednesday's hearing.