Wai Chun (HKG:1013) said the Hong Kong High Court ordered a stay on the proceedings of a lawsuit requiring the firm and unit Wai Chun Bio-Techn ology (HKG:0660) to pay HK$2.7 million plus interest and costs each to Island Sky.

An appeal to present new findings was also dismissed, while future hearings have been cancelled, according to a Wednesday Hong Kong bourse filing.

The ruling came after the parties reached an agreement in May, with Wai Chun and Wai Chun Bio-Technology agreeing to pay HK$4.2 million to settle the lawsuit.