Shanghai Financial Court's mediation statement on foreign-related disputes recognized by foreign courts.

On August 21st, it was reported that the Grand Court of the Cayman Islands recently, in handling a dispute involving a Chinese company's cross-border application for preservation and enforcement, for the first time recognized a civil mediation agreement from the Shanghai Financial Court and based on this, approved the Chinese party's requests for extraterritorial service, global asset freeze, and financial disclosure. This case is the first case where a mediation agreement from the Shanghai Financial Court has been recognized and enforced in an offshore jurisdiction. Given that many domestic companies and individuals establish and operate offshore entities in the Cayman Islands, this case has certain reference significance for Chinese winning parties applying for recognition and enforcement of Chinese court judgments in the Cayman Court.