{"id":39371,"date":"2026-02-01T00:00:06","date_gmt":"2026-01-31T16:00:06","guid":{"rendered":"https:\/\/naipnews.naipo.com\/?p=39371"},"modified":"2026-01-29T12:48:12","modified_gmt":"2026-01-29T04:48:12","slug":"%e4%bb%a5%e6%a1%88%e4%be%8b%e4%bb%8b%e7%bb%8d%e8%8b%b1%e5%9b%bd%e8%bf%91%e6%9c%9f%e8%90%a5%e4%b8%9a%e7%a7%98%e5%af%86%e4%be%b5%e5%ae%b3%e4%ba%8b%e4%bb%b6%ef%bc%9a2025%e5%b9%b4%e4%bc%a6%e6%95%a6","status":"publish","type":"post","link":"https:\/\/naipnews.naipo.com\/zh-hans\/39371\/","title":{"rendered":"\u4ee5\u6848\u4f8b\u4ecb\u7ecd\u82f1\u56fd\u8fd1\u671f\u8425\u4e1a\u79d8\u5bc6\u4fb5\u5bb3\u4e8b\u4ef6\uff1a2025\u5e74\u4f26\u6566\u9ad8\u7b49\u6cd5\u9662Illiquid v. Altana\u6848"},"content":{"rendered":"
\"\"
\u56fe\u7247\u6765\u6e90 : shutterstock\u3001\u8fbe\u5fd7\u5f71\u50cf<\/figcaption><\/figure>\n

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\u672c\u6848\u80cc\u666f<\/span><\/p>\n

\u539f\u544aIlliquidx\uff08IX\uff09\u662f\u4e00\u5bb6\u7cbe\u54c1\u6295\u8d44\u987e\u95ee\u516c\u53f8\uff0c\u7531Celestino Amore\u53caGalina Alabatchka\u5171\u540c\u521b\u7acb\u3002\u88ab\u544a4\u540d\uff0c\u5206\u522b\u4e3aAltana\u6295\u8d44\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\u53ca\u5176\u8d1f\u8d23\u4ebaLee Robinson\uff1bBrevent\u987e\u95ee\u516c\u53f8\u53ca\u5176\u8d1f\u8d23\u4ebaSteffen Kastner[2]<\/a>\uff08\u4e0b\u7edf\u79f0\u4e3aAltana\uff09\u3002<\/p>\n

\u59d4\u5185\u745e\u62c9\u4e8e2019\u5e74\u9677\u5165\u4e25\u91cd\u7ecf\u6d4e\u5371\u673a\uff0c\u5927\u91cf\u4e3b\u6743\u503a\u52a1\u8fdd\u7ea6\uff0c\u503a\u5238\u4ea4\u6613\u4ef7\u683c\u6781\u5ea6\u4f4e\u8ff7\u3002\u56e0\u6b64\u57282019\u5e74\u521d\uff0c\u7f8e\u56fd\u52a0\u5f3a\u5236\u88c1\uff0c\u7981\u6b62\u7f8e\u56fd\u6295\u8d44\u4eba\u8d2d\u4e70\u59d4\u5185\u745e\u62c9\u653f\u5e9c\u53ca\u56fd\u8425\u77f3\u6cb9\u516c\u53f8\u503a\u5238\uff0c\u7f8e\u56fd\u6295\u8d44\u4eba\u53ea\u80fd\u5c06\u6301\u6709\u503a\u5238\u5356\u7ed9\u975e\u7f8e\u56fd\u4e70\u5bb6\u3002\u6b64\u4e3e\u521b\u9020\u51fa\u72ec\u7279\u6295\u8d44\u673a\u4f1a\uff0c\u4f7f\u975e\u7f8e\u56fd\u6295\u8d44\u4eba\u5f97\u4ee5\u5408\u6cd5\u8d2d\u4e70\u7f8e\u56fd\u6295\u8d44\u4eba\u629b\u552e\u7684\u503a\u5238[3]<\/a>\u3002Alabatchka\u4e8e2019\u5e744\u6708\u8054\u7cfbKastner\uff0c\u8bf4\u660eIX\u62df\u7b79\u8bbe\u59d4\u5185\u745e\u62c9\u503a\u52a1\u57fa\u91d1\u4e4b\u8ba1\u5212\u3002Kastner\u5efa\u8bae\u627eRobinson\u5408\u4f5c[4]<\/a>\u3002\u8bc1\u636e\u663e\u793a\uff0c\u6b64\u65f6Robinson\u53caKastner\u5bf9\u59d4\u5185\u745e\u62c9\u503a\u52a1\u6295\u8d44\u673a\u4f1a\u4e86\u89e3\u4e0d\u591a[5]<\/a>\u3002<\/p>\n

2019\u5e744\u670830\u65e5\uff0cAmore\u5411Kastner\u53caRobinson\u8bf4\u660eIX\u4e4b\u63d0\u6848\u3002\u7ecf\u8ba8\u8bba\u540e\uff0cRobinson\u4e8e\u540c\u5e745\u670830\u65e5\u5411Alabatcha\u53caAmore\u5bc4\u53d1Altana\u4e4b\u63d0\u6848[6]<\/a>\u3002IX\u3001Altana\u53caBrevent\u4e8e\u540c\u5e746\u670828\u65e5\u7b7e\u8ba2\u5408\u8d44\u534f\u8bae\uff0c\u8ba1\u5212\u5171\u540c\u8bbe\u7acbAICF\u57fa\u91d1\uff08Altana IlliquidX Canaima Fund\uff09\uff0c\u6295\u8d44\u59d4\u5185\u745e\u62c9\u4e0d\u826f\u503a\u6743\uff0c\u5e76\u7531Altana\u8d1f\u8d23\u4e8e\u540c\u5e7410\u6708\u4e2d\u65ec\u524d\u52df\u96c63,000\u4e07\u7f8e\u5143\u3002\u4e09\u65b9\u968f\u540e\u4e8e2019\u5e747\u67088\u65e5\u7b7e\u8ba2\u4fdd\u5bc6\u534f\u5b9a\uff08non-disclosure agreement, NDA\uff09[7]<\/a>\u3002<\/p>\n

NDA\u7b7e\u8ba2\u540e\uff0cIX\u5411\u88ab\u544a\u63d0\u4f9b\u5927\u91cf\u4fe1\u606f\u3002\u81f32019\u5e747\u6708\u5e95\uff0cRobinson\u4e0eKastner\u5df2\u786e\u4fe1\u8be5\u6295\u8d44\u673a\u4f1a\u5177\u6709\u83b7\u5229\u6f5c\u529b\u3002\u8d77\u521d\u62b1\u6301\u6000\u7591\u6001\u5ea6\u7684Robinson\uff0c\u5411AICF\u6f5c\u5728\u6295\u8d44\u4eba\u8868\u793a\uff0c\u8fd9\u662f\u4ed6\u89c1\u8fc7\u6700\u597d\u7684\u4e3b\u6743\u4e0d\u826f\u503a\u6743\u6295\u8d44\u673a\u4f1a[8]<\/a>\u3002\u7b79\u8bbe\u8fc7\u7a0b\u4e2d\uff0c\u5f53\u4e8b\u4eba\u5c31\u57fa\u91d1\u7ed3\u6784\u53ca\u5229\u6da6\u5206\u914d\u4ea7\u751f\u6b67\u89c1\uff0c\u5173\u7cfb\u65e5\u8d8b\u7d27\u5f20\u30022019\u5e748\u6708\u4e0b\u65ec\uff0cRobinson\u548cKastner\u5f00\u59cb\u79c1\u4e0b\u8ba8\u8bba\u81ea\u884c\u8bbe\u7acb\u57fa\u91d1\u4e4b\u53ef\u80fd\u6027[9]<\/a>\u300211\u67086\u65e5\uff0cAmore\u53bb\u51fdRobinson\uff0c\u8981\u6c42\u4e0d\u5f97\u8fdb\u4e00\u6b65\u4f7f\u7528\u5176\u6240\u63d0\u4f9b\u7684\u6570\u636e\u3002Robinson\u81ea\u8ba4\u76f8\u5173\u8d44\u6599\u4e2d\u5e76\u65e0\u4e13\u5c5e\u4e8eIX\u7684\u9879\u76ee\uff0c\u5e76\u8bf7Amore\u5177\u4f53\u6307\u660e\u54ea\u4e9b\u8d44\u6599\u5e94\u79fb\u9664\u3002Amore\u5e76\u672a\u56de\u5e94[10]<\/a>\u3002<\/p>\n

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Altana\u548cBrevent\u8fdd\u53cd\u4fdd\u5bc6\u4e49\u52a1<\/span><\/p>\n

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\n\u5f53\u4e8b\u4eba\u4ea6\u5f97\u4ee5\u5951\u7ea6\u7ea6\u5b9a\u7279\u5b9a\u4fe1\u606f\u4e3a\u673a\u5bc6\uff1b\u6216\u4ec5\u7ea6\u5b9a\u4fe1\u606f\u4e0d\u5f97\u88ab\u4f7f\u7528\uff0c\u65e0\u8bba\u8be5\u4fe1\u606f\u5728\u5176\u4ed6\u60c5\u51b5\u4e0b\u662f\u5426\u5177\u6709\u673a\u5bc6\u6027\u8d28\u3002\u5951\u7ea6\u4e49\u52a1\u4e0e\u8861\u5e73\u4fdd\u5bc6\u4e49\u52a1\u5f97\u5e76\u5b58\uff0c\u4e0d\u5b58\u5728\u4f18\u52a3\u6216\u6392\u4ed6\u5173\u7cfb\u3002\u7136\u800c\uff0c\u4e8e\u5f53\u4e8b\u4eba\u5df2\u660e\u5b9a\u5e94\u88ab\u89c6\u4e3a\u673a\u5bc6\u4e4b\u4fe1\u606f\uff0c\u6216\u5173\u4e8e\u8be5\u4fe1\u606f\u4e49\u52a1\u8303\u56f4\u4e0e\u671f\u95f4\u65f6\uff0c\u6cd5\u9662\u901a\u5e38\u5c0a\u91cd\u8be5\u7ea6\u5b9a[17]<\/a>\u3002
\nIX\u4e3b\u5f20\u8861\u5e73\u4fdd\u5bc6\u4e49\u52a1\u53ca\u5951\u7ea6\u4fdd\u5bc6\u4e49\u52a1\uff0c\u4f46\u6cd5\u9662\u5c06\u5ba1\u7406\u91cd\u70b9\u7f6e\u4e8eNDA\u6240\u7ea6\u5b9a\u7684\u5951\u7ea6\u4e49\u52a1[18]<\/a>\u3002IX\u63d0\u51fa\u4e24\u9879NDA\u5b9a\u4e49\u4e0b\u7684\u4fdd\u5bc6\u4fe1\u606f\u3002
\n\u7b2c\u4e00\u9879\u79f0\u4e3a\u300c\u5546\u4e1a\u673a\u4f1a\u300d\uff08Business Opportunity\uff09\uff0c\u5373\u8bbe\u7acb\u7b26\u5408\u5236\u88c1\u89c4\u8303\u57fa\u91d1\u4ee5\u5229\u7528\u88ab\u4f4e\u4f30\u4e4b\u59d4\u5185\u745e\u62c9\u503a\u52a1\u673a\u4f1a\uff0c\u56e0\u5176\u8fd9\u662fIX\u63d0\u51fa\u6784\u60f3\u53ca\u6982\u5ff5\uff0c\u7cfb\u5c5eNDA\u89c4\u5b9a\u300c\u4e0eIX\u6709\u5173\u300d\u4e4b\u4fe1\u606f[19]<\/a>\u3002
\n\u7b2c\u4e8c\u9879\u79f0\u4e3a\u300c\u5546\u4e1a\u673a\u4f1a\u4e4b\u7ec6\u8282\u300d\uff08Details of the Business Opportunity\uff09\uff0c\u5185\u5bb9\u5305\u62ec\u63d0\u4f9b\u7ed9\u88ab\u544a\u7684\u6587\u4ef6\u4e2d\uff0cIX\u5173\u4e8e\u521b\u8bbe\u6b64\u7c7b\u57fa\u91d1\u4e4b\u6784\u60f3\u3001\u8bbe\u7acb\u7406\u7531\u3001IX\u63d0\u8bae\u57fa\u91d1\u67b6\u6784\u3001\u7b56\u7565\u3001\u5b9e\u7269\u51fa\u8d44\u89c4\u5b9a\u53ca\u5904\u7406\u57fa\u91d1\u56fa\u6709\u6d41\u52a8\u6027\u4e0d\u8db3\u65b9\u5f0f\u7b49[20]<\/a>\u3002
\n\u88ab\u544a\u4e0d\u5426\u8ba4\u4e0a\u8ff0\u4fe1\u606f\u5c5e\u4e8eNDA\u610f\u4e49\u4e0b\u7684\u4fdd\u5bc6\u4fe1\u606f\uff0c\u4f46\u4e3b\u5f20\u5176\u5df2\u843d\u5165\u516c\u5171\u9886\u57df\uff08public domain\uff09\uff0c\u4ece\u800c\u4e0d\u53d7\u4fdd\u62a4[21]<\/a>\u3002\u57fa\u4e8e\u4e0b\u8ff0\u7406\u7531\uff0c\u6cd5\u9662\u8ba4\u5b9a\u300c\u5546\u4e1a\u673a\u4f1a\u300d\u53ca\u300c\u7ec6\u8282\u300d\u975e\u5c5e\u516c\u5171\u9886\u57df\uff1a\u5982\u4fe1\u606f\u5df2\u666e\u904d\u53ef\u53ca\uff0c\u4ee5\u81f4\u4e8e\u5728\u6240\u6709\u60c5\u51b5\u4e0b\u5747\u4e0d\u80fd\u88ab\u89c6\u4e3a\u673a\u5bc6\u8005\uff0c\u5219\u8be5\u4fe1\u606f\u5c5e\u4e8e\u516c\u5171\u9886\u57df\u3002\u4fe1\u606f\u53ef\u80fd\u4e3a\u4e00\u5b9a\u6570\u91cf\u4e4b\u4eba\u6240\u77e5\u6089\u6216\u53ef\u53d6\u5f97\uff0c\u4f46\u4ecd\u53ef\u80fd\u76f8\u5bf9\u4fdd\u5bc6\u3002\u5373\u4f7f\u4fdd\u5bc6\u6027\u6709\u6240\u4e27\u5931\uff0c\u5bf9\u4e8e\u8d1f\u6709\u4fdd\u5bc6\u4e49\u52a1\u4e4b\u53d7\u76ca\u4eba\u800c\u8a00\uff0c\u9632\u6b62\u4fe1\u606f\u8fdb\u4e00\u6b65\u88ab\u53d6\u5f97\u4ecd\u53ef\u80fd\u5177\u6709\u4ef7\u503c\u3002\u5982\u4fe1\u606f\u88ab\u66f4\u5e7f\u6cdb\u516c\u5f00\uff0c\u8d1f\u6709\u4fdd\u5bc6\u4e49\u52a1\u4e4b\u53d7\u76ca\u4eba\u53ef\u80fd\u8fdb\u4e00\u6b65\u906d\u53d7\u635f\u5931\u6216\u635f\u5bb3\u3002\u5728\u6b64\u7b49\u60c5\u51b5\u4e0b\uff0c\u8be5\u4fe1\u606f\u4ecd\u53ef\u80fd\u4fdd\u6301\u673a\u5bc6\u6027\u8d28\uff0c\u5e76\u53d7\u4fdd\u5bc6\u4e49\u52a1\u62d8\u675f[22]<\/a>\u3002
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\n\u5173\u4e8e\u300c\u5546\u4e1a\u673a\u4f1a\u4e4b\u7ec6\u8282\u300d\uff0c\u57fa\u91d1\u7ec6\u8282\u6587\u4ef6\u4e2d\u4e4b\u5927\u90e8\u5206\u4fe1\u606f\u786e\u5b9e\u7cfb\u5c5e\u516c\u5f00\u53ef\u5f97\uff0c\u6b64\u70b9\u65e0\u8bef\u3002\u7136\u800c\uff0c\u6c47\u6574\u8be5\u7b49\u4fe1\u606f\u4ee5\u5f62\u6210\u8bbe\u7acb\u7b26\u5408\u5236\u88c1\u89c4\u8303\u4e4b\u6295\u8d44\u59d4\u5185\u745e\u62c9\u56f0\u5883\u503a\u52a1\u57fa\u91d1\u6784\u60f3\u7406\u636e\uff0c\u4ec5\u89c1\u4e8e\u57fa\u91d1\u7ec6\u8282\u6587\u4ef6\u4e2d\u3002\u88ab\u544a\u627f\u8ba4\uff0c\u5c31\u4fdd\u5bc6\u534f\u8bae\u76ee\u7684\u800c\u8a00\uff0c\u5404\u57fa\u91d1\u7ec6\u8282\u6587\u4ef6\u4e2d\u4fe1\u606f\u6c47\u6574\u7cfb\u5c5e\u673a\u5bc6\u4fe1\u606f[24]<\/a>\u3002
\n\u88ab\u544a\u4e0d\u5f53\u4f7f\u7528\u81f3\u4e3a\u660e\u663e\u3002\u5408\u8d44\u4f01\u4e1a\u7834\u5c40\u540e\uff0c\u88ab\u544a\u7ee7\u7eed\u8bbe\u7acb\u76f8\u540c\u57fa\u91d1\uff0c\u5e76\u5c06\u5176\u547d\u540d\u4e3aACOF\u3002\u8be5\u57fa\u91d1\u5c06\u6295\u8d44\u4e8e\u4e0e\u539fAICF\u76f8\u540c\u8d44\u4ea7\u3002\u5f7c\u7b49\u4f7f\u7528\u57fa\u91d1\u7ec6\u8282\u4e2d\u6295\u8d44\u7b56\u7565\u53ca\u5176\u4e2d\u6240\u786e\u8ba4\u4e4b\u7ade\u4e89\u4f18\u52bf\u4ee5\u8425\u9500ACOF\u3002ACOF\u9075\u5faa\u57fa\u91d1\u7ec6\u8282\u4e2d\u6240\u8ff0\u4e4b\u503a\u5238\u7b56\u7565\uff0c\u5e76\u4f7f\u7528IX\u4e4b\u673a\u5bc6\u4fe1\u606f\u4e8e\u7ebd\u7ea6\u63d0\u8d77\u6cd5\u5f8b\u8bf7\u6c42\u3002\u7b80\u8a00\u4e4b\uff0cAltana\u4e0eBrevent\u5c06IX\u7684\u5546\u4e1a\u673a\u4f1a\u636e\u4e3a\u5df1\u6709\u5e76\u52a0\u4ee5\u5229\u7528[25]<\/a>\u3002<\/p>\n

\u4fb5\u5bb3\u8425\u4e1a\u79d8\u5bc6<\/span><\/p>\n

IX\u4e3b\u5f20\u300c\u5546\u4e1a\u673a\u4f1a\u300d\u5c5eTSER\u6240\u79f0\u4e4b\u8425\u4e1a\u79d8\u5bc6\uff0c\u88ab\u544a\u9664\u8fdd\u53cd\u4fdd\u5bc6\u4e49\u52a1\u5916\uff0c\u540c\u65f6\u4fb5\u5bb3\u8425\u4e1a\u79d8\u5bc6[26]<\/a>\u3002\u82e5\u6cd5\u9662\u91c7\u7eb3IX\u4e3b\u5f20\uff0cIX\u5f97\u8bf7\u6c42\u4f9dTSER\u7b2c17\u6761\u8ba1\u7b97\u635f\u5bb3\u8d54\u507f[27]<\/a>\u3002
\n\u4f9dTSER\u7b2c2\u6761\u89c4\u5b9a\uff0c\u6784\u6210\u8425\u4e1a\u79d8\u5bc6\u4fe1\u606f\u5fc5\u987b\u7b26\u5408\u4e0b\u5217\u4e09\u9879\u8981\u4ef6\uff1a<\/p>\n

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\uff082\uff09\u56e0\u5176\u79d8\u5bc6\u6027\u800c\u5177\u6709\u5546\u4e1a\u4ef7\u503c\uff0c\u4e14\uff1b<\/p>\n

\uff083\uff09\u5df2\u7531\u5408\u6cd5\u63a7\u5236\u8be5\u4fe1\u606f\u4e4b\u4eba\uff0c\u4f9d\u60c5\u51b5\u91c7\u53d6\u5408\u7406\u6b65\u9aa4\u4ee5\u4fdd\u5b88\u5176\u79d8\u5bc6\u3002<\/p>\n

\u88ab\u544a\u4e3b\u5f20\u539f\u544aIX\u5728\u8425\u9500\u8fc7\u7a0b\u4e2d\uff0cIX\u5e76\u672a\u5c31\u300c\u5546\u4e1a\u673a\u4f1a\u300d\u91c7\u53d6\u5408\u7406\u4fdd\u5bc6\u6b65\u9aa4\u3002\u4f46\u6cd5\u9662\u8ba4\u4e3a\uff0c\u7531\u4e8e\u76f8\u5173\u6587\u4ef6\u7cfb\u5206\u53d1\u7ed9\u7279\u5b9a\u6295\u8d44\u4eba\u5e76\u6807\u793a\u4e3a\u673a\u5bc6\uff0c\u56e0\u6b64\uff0c\u300c\u5546\u4e1a\u673a\u4f1a\u300d\u5e76\u672a\u6210\u4e3a\u516c\u5f00\u4fe1\u606f\uff0c\u4ecd\u7ef4\u6301\u76f8\u5bf9\u79d8\u5bc6\u72b6\u6001\uff0c\u7279\u522b\u662f\u5bf9\u7ade\u4e89\u5bf9\u624b\u800c\u8a00\u3002\u56e0\u6b64\uff0cIX\u5df2\u91c7\u53d6\u5408\u7406\u6b65\u9aa4\u4ee5\u7ef4\u6301\u300c\u5546\u4e1a\u673a\u4f1a\u300d\u4e4b\u79d8\u5bc6\u6027[28]<\/a>\u3002
\n\u6cd5\u9662\u6307\u51fa\uff0cTSER\u7b2c3\uff081\uff09\u6761\u89c4\u5b9a\uff0c\u51e1\u5bf9\u4e8e\u8425\u4e1a\u79d8\u5bc6\u53d6\u5f97\u3001\u4f7f\u7528\u6216\u63ed\u9732\u6784\u6210\u8fdd\u53cd\u673a\u5bc6\u4fe1\u606f\u4fdd\u5bc6\u4e49\u52a1\u8005\uff0c\u5373\u6784\u6210\u5bf9\u8be5\u8425\u4e1a\u79d8\u5bc6\u4e4b\u4e0d\u6cd5\u4fb5\u5bb3\u3002\u636e\u6b64\uff0c\u5c31\u300c\u5546\u4e1a\u673a\u4f1a\u300d\u800c\u8a00\uff0c\u65e2\u7136IX\u5c31\u8fdd\u53cd\u4fdd\u5bc6\u4e49\u52a1\u4e3b\u5f20\u5df2\u83b7\u80dc\u8bc9\uff0c\u5219\u5176\u4f9dTSER\u6240\u63d0\u8d77\u4e4b\u4fb5\u5bb3\u8425\u4e1a\u79d8\u5bc6\u4e3b\u5f20\u4ea6\u968f\u4e4b\u6210\u7acb[29]<\/a>\u3002<\/p>\n

\u8fde\u5e26\u8d23\u4efb<\/span><\/p>\n

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\u7ed3\u8bba<\/span><\/p>\n

\u672c\u6848EWHC\u6700\u7ec8\u8ba4\u5b9a\u88ab\u544aAltana\u8fdd\u53cd\u4fdd\u5bc6\u4e49\u52a1\u53ca\u4fb5\u5bb3\u8425\u4e1a\u79d8\u5bc6\u6210\u7acb\uff0c\u4f46\u56e0\u4e8c\u4f4d\u8463\u4e8b\u6b20\u7f3a\u660e\u77e5\u6545\u610f\u8981\u4ef6\uff0c\u65e0\u987b\u5c31\u516c\u53f8\u4e0d\u6cd5\u884c\u4e3a\u8d1f\u4e2a\u4eba\u8fde\u5e26\u8d23\u4efb\uff0c\u635f\u5bb3\u8d54\u507f\u91d1\u989d\u7559\u5f85\u540e\u7eed\u7a0b\u5e8f\u5904\u7406\u3002<\/p>\n

\u5907\u6ce8\uff1a<\/p>\n

    \n
  1. [1]<\/a> [2025] EWHC 299 (Ch).<\/li>\n
  2. [2]<\/a> Id at para. 2.<\/li>\n
  3. [3]<\/a> Id. at paras. 29-34.<\/li>\n
  4. [4]<\/a> Id. at para. 36.<\/li>\n
  5. [5]<\/a> Id. at para. 38.<\/li>\n
  6. [6]<\/a> Id. at para. 37.<\/li>\n
  7. [7]<\/a> Id. at paras. 3 and 40.<\/li>\n
  8. [8]<\/a> Id. at paras. 41-46<\/li>\n
  9. [9]<\/a> Id at para. 47.<\/li>\n
  10. [10]<\/a> Id at para. 57.<\/li>\n
  11. [11]<\/a> Id at para. 4.<\/li>\n
  12. [12]<\/a> Id at para. 5. IX\u4e5f\u6307\u63a7\u88ab\u544a\u4fb5\u5bb3\u5176\u7248\u6743\u3002\u8be5\u90e8\u5206\u4e0d\u5728\u672c\u6587\u8ba8\u8bba\u8303\u56f4\u3002<\/li>\n
  13. [13]<\/a> Id at para. 1.<\/li>\n
  14. [14]<\/a> Oxford Dictionary of Law, 10th ed. (2022) p. 83.<\/li>\n
  15. [15]<\/a> D. Llewelyn and T. Aplin, Intellectual Property: Patents, Copyright, Trade Mark and Allied Rights, 9th ed. (Sweet & Maxwell, 2019) p. 323.<\/li>\n
  16. [16]<\/a> ILLQUIDX v. ALTANA, supra, n.1, at para. 67.<\/li>\n
  17. [17]<\/a> Id. at para. 67.<\/li>\n
  18. [18]<\/a> Id. at para. 89.<\/li>\n
  19. [19]<\/a> Id. at para. 90.<\/li>\n
  20. [20]<\/a> Id. at para. 91.<\/li>\n
  21. [21]<\/a> Id. at para. 92.<\/li>\n
  22. [22]<\/a> Id. at para. 92.<\/li>\n
  23. [23]<\/a> Id. at para. 95.<\/li>\n
  24. [24]<\/a> Id. at para. 99.<\/li>\n
  25. [25]<\/a> Id. at para. 104.<\/li>\n
  26. [26]<\/a> Id. at para. 9.<\/li>\n
  27. [27]<\/a> Id. at para. 109.<\/li>\n
  28. [28]<\/a> Id. at para. 112.<\/li>\n
  29. [29]<\/a> Id. at para. 111.<\/li>\n
  30. [30]<\/a> Id. at para. 127.<\/li>\n
  31. [31]<\/a> Oxford Dictionary of Law, 10th ed. (2022) p. 394.<\/li>\n
  32. [32]<\/a> ILLQUIDX v. ALTANA, supra, n.1, at para. 129.<\/li>\n
  33. [33]<\/a> Id at para. 130.<\/li>\n<\/ol>\n

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