Hengqin Dingsheng Zhirong Equity Inv. Fund (Ltd. P'ship) v. Li

2025 NCBC 9
CourtNorth Carolina Business Court
DecidedMarch 6, 2025
Docket23-CVS-586
StatusPublished

This text of 2025 NCBC 9 (Hengqin Dingsheng Zhirong Equity Inv. Fund (Ltd. P'ship) v. Li) is published on Counsel Stack Legal Research, covering North Carolina Business Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Hengqin Dingsheng Zhirong Equity Inv. Fund (Ltd. P'ship) v. Li, 2025 NCBC 9 (N.C. Super. Ct. 2025).

Opinion

Hengqin Dingsheng Zhirong Equity Inv. Fund (Ltd. P'ship) v. Li, 2025 NCBC 9.

STATE OF NORTH CAROLINA IN THE GENERAL COURT OF JUSTICE SUPERIOR COURT DIVISION ORANGE COUNTY 23 CVS 000586-670

HENGQIN DINGSHENG ZHIRONG EQUITY INVESTMENT FUND (LIMITED PARTNERSHIP) and HENGQIN DINGSHENG ZHILIAN EQUITY INVESTMENT FUND (LIMITED PARTNERSHIP),

Plaintiffs, ORDER AND OPINION ON v. DEFENDANTS’ MOTION TO DISMISS FIRST AMENDED COMPLAINT FENGQIAO LI; XIUZHI LU; MICHAEL VITEK; and CORNERSTONE THERAPEUTICS (SHANGHAI), LTD.,

Defendants.

THIS MATTER is before the Court on Defendants Fengqiao Li’s, Xiuzhi Lu’s,

Michael Vitek’s (the “Individual Defendants”) and Cornerstone Therapeutics

(Shanghai), Ltd.’s (“Cornerstone” and, collectively, “Defendants”) Motion to Dismiss

First Amended Complaint (“Motion,” ECF No. 35).

THIS COURT, having considered the Motion, the parties’ briefs and

submissions, the arguments of counsel, the applicable law, and all appropriate

matters of record, hereby ORDERS, in the exercise of its discretion, that this action

be STAYED pursuant to N.C.G.S. § 1-75.12 until further order of the Court and that

Defendants’ Motion to Dismiss be DENIED as moot.

Wyrick Robbins Yates & Ponton, LLP by Michael D. DeFrank, Mary Kate Gladstone, and Sophia Blair; and Carter, Ledyard & Milburn, LLP by John Griem and Nathan Harp for Plaintiffs Hengqin Dingsheng Zhirong Equity Investment Fund, LP and Hengqin Dingsheng Zhilian Equity Investment Fund, LP. Hengqin Dingsheng Zhirong Equity Inv. Fund (Ltd. P'ship) v. Li, 2025 NCBC 9.

Morningstar Law Group by Christopher J. Jackson and Kenzie M. Rakes for Defendants Fengqiao Li, Xiuzhi Lu, Michael Vitek, and Cornerstone Therapeutics (Shanghai), LTD.

INTRODUCTION

1. This case involves a dispute between, on the one hand, plaintiffs who

are Chinese investors and minority shareholders of a Chinese pharmaceutical

research company and, on the other hand, three of the executives of the company who

are alleged to have improperly enriched themselves at the expense of both the

plaintiffs and the company. The plaintiffs have previously litigated in the courts of

China a prior lawsuit that they brought against one of the current Defendants that

involved somewhat related issues. In the present Motion, Defendants seek the

dismissal of all of plaintiffs’ claims (primarily based on the absence of personal

jurisdiction as to Cornerstone) or, alternatively, an order staying all proceedings in

this action on the ground that China—not North Carolina—is the appropriate forum

for this dispute. For the reasons set out below, the Court concludes that a stay of this

case is appropriate pursuant to the doctrine of forum non conveniens.

FACTUAL AND PROCEDURAL BACKGROUND 1

2. Plaintiffs Hengqin Dingsheng Zhirong Equity Investment Fund

(Limited Partnership) and Hengqin Dingsheng Zhilian Equity Investment Fund

(Limited Partnership) are investment firms based in Guangdong Province, China.

(Am. Compl. ¶¶ 2–3, ECF No. 26.)

1 In this section, the Court draws from the allegations in the Amended Complaint along with

the affidavits and exhibits submitted by the parties in support of and in opposition to the Motion. Hengqin Dingsheng Zhirong Equity Inv. Fund (Ltd. P'ship) v. Li, 2025 NCBC 9.

3. Cornerstone is a medical research company that was founded in 2015.

Cornerstone is incorporated in China, and during the time that the company was

active, its corporate offices were in Shanghai, China. (Li Aff. ¶¶ 4, 8, ECF No. 36.)

4. Plaintiffs were early investors and shareholders in Cornerstone. (Am.

Compl. ¶ 1.)

5. Defendant Fengqiao Li (“Li”), the President and Chairman of the Board

of Directors of Cornerstone, is a United States citizen and resident of Orange County,

North Carolina. (Li Aff. ¶¶ 1–2.) Additionally, Li is the Legal Representative of

Cornerstone, which means that under Chinese law, he is accountable to the company

and possesses legal authority to act on the company’s behalf. (Am. Compl. ¶¶ 26–27.)

6. Defendant Xiuzhi Lu (“Lu,” the spouse of Li) is a United States citizen

and resident of Orange County, North Carolina. She is the Supervisor 2 of both

Cornerstone and Yantai Kangshi Medical Technology Co., Ltd. (“Yantai Kangshi”), a

wholly owned subsidiary of Cornerstone. (Am. Compl. ¶¶ 5, 30.)

7. Defendant Michael Vitek, a shareholder and Director of Cornerstone, is

a United States citizen and resident of Orange County, North Carolina. (Am. Compl.

¶ 6.)

8. The original shareholders of Cornerstone were Li, Vitek and a company

called Cognosci Inc. (“Cognosci”).3 (Vitek Aff., Ex. 1, at 15, ECF No. 72.)

2 Under Chinese law, a corporate “Supervisor” is an individual who—although not a director

or officer—is tasked with supervising the company’s operations. (Am. Compl. ¶ 31.)

3Cognosci’s ownership interest was sold to Shanghai Kangrose Enterprise Management Partnership LTD (“Kangrose”) in 2017. Kangrose was a corporate vehicle created to provide Hengqin Dingsheng Zhirong Equity Inv. Fund (Ltd. P'ship) v. Li, 2025 NCBC 9.

9. In 2016, Plaintiffs collectively made an investment of approximately

$4.3 million in Cornerstone and received roughly 30% of the company’s stock. (Am.

Compl. ¶ 19.)

10. Cornerstone also received “support and significant financial

investments from the local [Chinese] government[.]” (Am. Compl. ¶ 23.)

11. The current ownership interests of Cornerstone are as follows: Li 46%,

Plaintiffs (collectively) 30%, Kangrose 15%, and Vitek 9%. (Li Aff. ¶ 7.)

12. Between 2017 and 2020, Yantai Kangshi conducted most of

Cornerstone’s medical research in Yantai, China. (Li Aff. ¶ 15.)4

13. This research was conducted with the goal of creating therapeutic

treatments for neurological disorders and injuries. As a result of this research,

Cornerstone developed a series of neuroprotective agents that demonstrated the

potential to treat ischemic strokes. (Li Aff. ¶ 14.)

14. In 2019, Cornerstone entered into a contract with Cognosci—a North

Carolina biomedical research company founded by Vitek—pursuant to which

Cognosci performed tests that confirmed a key theoretical component of

Cornerstone’s neurological research. (Li Aff. ¶¶ 16, 18.)

15. Li executed the contract in China on behalf of Cornerstone, and Vitek

signed the contract on behalf of Cognosci from North Carolina. All work performed

stock options to Cornerstone employees. (Li Aff. ¶ 6.) Li is the 99% owner of Kangrose. (Am. Compl. ¶ 22.)

4 Cornerstone also used other third parties to conduct research in China. (Li Aff. ¶ 15.) Hengqin Dingsheng Zhirong Equity Inv. Fund (Ltd. P'ship) v. Li, 2025 NCBC 9.

by Cognosci pursuant to the contract took place at Cognosci’s laboratories in Durham,

North Carolina, and was completed by 2019. (Li Aff. ¶¶ 17–18.)

16. In his capacity as Chairman of the Board, Li had an employment

contract with Cornerstone that entitled him to receive a monthly salary. (Am. Compl.

¶ 28.)

17. From October 2016 to January 2020, Li managed Cornerstone’s work

from the company’s China offices. (Li Aff. ¶ 9.)

18. Li traveled to North Carolina from China in January 2020 and was

ultimately unable to return to China because of COVID-19 travel restrictions. (Li

Aff. ¶ 11.)

19. From January 2020 to August 2020, Cornerstone’s daily operations were

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