On 18 May 2009, the Patent Reexamination Council of State Intellectual Property Office of China issued a Decision of Declaring Invalidation of the Patent Right (Decision No. 13362), which declared invalidation of all 28 Claims of Rights in China patent CN 1097799C, which is also a PCT patent (WO97/10559). The patentee is City Bank.
The complaint of invalidation was raised by Professor Chu ZHANG (Chair of Center for IP Research at China U. of Politics & Law, QIP) and Mr Yibiao ZHANG (research fellow at QIP) on 18 Dec. 2008. The oral procedure was held on 20 April 2009.
This declaration of invalidation breaks through a huge barrier in the market of finance and stock transaction service set by the transnational corporations. Chinese enterprises now can enter into the relevant market and compete with financial giants in a fairer enviroment.
As a non-profit organization, the QIP will continue to hunt the questionable patents owned by the transnational corporations in China, and initiate more actiones publicae populares.
(Translated from Newiplaw.com