The Hong Kong billionaire is offering $240 million to buy out minority shareholders in Caymans-registered Lifestyle International (1212.HK), his department store chain. Several Hong Kong tycoons have fallen foul of the notorious tests, which the Cayman Islands will scrap at the end of this month. Hong Kong dropped the rule in 2014, but is home to just 8% of the city’s listed companies. Lifestyle is domiciled in the Cayman Islands, which at the end of August will drop a requirement for the so-called headcount test. Almost 60% of primary-listed Hong Kong companies are domiciled in the Caribbean tax haven.

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