Core Viewpoint - The article discusses the imminent delisting of Evergrande, highlighting the severe implications for homeowners and the broader real estate market, as well as the company's financial collapse and the resulting crisis for stakeholders [3][11]. Company Overview - Evergrande's delisting from the Hong Kong Stock Exchange is a culmination of its financial troubles, with the company previously valued at 400 billion HKD now facing liquidation [3]. - The company has left behind 75,000 unfinished homes out of a total of 1.62 million units, with a staggering debt of 2.44 trillion CNY against only 20 billion HKD in realizable assets [3][4]. Industry Impact - The crisis has triggered a domino effect, impacting suppliers, construction workers, and local governments, with Evergrande owing over 550 billion CNY to suppliers and causing significant social unrest [10]. - The real estate sector is undergoing a transformation, with state-owned enterprises taking a dominant role, while private firms struggle to adapt, as seen with Sunac reducing its debt from 1 trillion CNY to 259.6 billion CNY [10]. Homeowner Situation - Homeowners are facing a dire situation, with the closure of capital markets limiting their options for recovery, and many are experiencing severe psychological distress [10][11]. - Legal and financial actions are recommended for homeowners, including filing claims for priority debts and engaging with local government initiatives aimed at project completion [8][10]. Government Response - Local governments are attempting to intervene through "stability funds" and other measures, but the effectiveness of these interventions remains limited [3][4]. - The article emphasizes the need for homeowners to actively engage with government programs to secure their interests in unfinished projects [8].

Core Viewpoint - China Evergrande Group, once a leading real estate company, is facing delisting from the Hong Kong Stock Exchange due to failure to meet resumption requirements, with the last trading day set for August 22, 2023 [1] Group 1: Financial Status - Evergrande's total liabilities amount to 2.39 trillion yuan, with 1.78 trillion yuan remaining after excluding contract liabilities [2] - As of July 31, 2023, the total debt claims submitted to the liquidators reached approximately 350 billion HKD (45 billion USD), significantly higher than the last reported debt of 27.5 billion USD in 2022 [2] - The liquidators have only managed to convert about 20 billion HKD (2.55 billion USD) into cash [2] Group 2: Legal Proceedings - The Hong Kong High Court has approved a temporary injunction against assets held by the wife of former executive Xia Haijun, requiring her to appear in court on September 17, 2023 [4] - Evidence suggests that Xia Haijun has been concealing assets in the U.S., including properties and vehicles valued at approximately 24 million USD [4][8] - The court has added Xia Haijun's wife as a party to the lawsuit and has prohibited her from handling the assets [7] Group 3: Executive Background - Xia Haijun, a key figure in Evergrande's rapid expansion, was instrumental in the company's listing on the Hong Kong Stock Exchange in 2009 [8] - His annual salary peaked at 270 million yuan, making him one of the highest-paid CEOs in the industry [9] - From 2008 to 2022, Xia Haijun's total compensation reached 1.855 billion yuan, averaging over 770,000 yuan per day [9][10] Group 4: Asset Recovery Efforts - The liquidators are pursuing approximately 47 billion HKD (6 billion USD) in dividends and compensation from Xia Haijun and other executives [2] - The ongoing legal actions against Xia Haijun and his family members signal a significant effort to recover misappropriated assets [10]

Group 1: Delisting Core Facts - The official delisting date for China Evergrande Group from the Hong Kong Stock Exchange is set for August 25, 2025, marking the end of its 16-year listing history [1] - The last trading day will be August 22, 2025, and the delisting is due to failure to meet the resumption guidelines after being suspended for over 18 months [3] - Evergrande has stated it has "no intention to apply for a review" and accepts the delisting decision [3] Group 2: Underlying Reasons for Delisting - The company engaged in financial fraud, inflating revenues and profits by 213.9 billion yuan and 350.1 billion yuan in 2019 and 2020, respectively, which accounted for 50%-78% of the reported revenue during those periods [4] - Evergrande issued 20.8 billion yuan in corporate bonds based on false financial statements, resulting in a penalty of 4.175 billion yuan from the regulatory authority [4] - The total liabilities exceed 2.4 trillion yuan, with creditors claiming approximately 350 billion HKD (45 billion USD) by 2025, while asset realization is only 2 billion HKD [5] Group 3: Operational Paralysis - Real estate sales plummeted by 95%, with only 32.97 billion yuan in sales recorded in 2023, leading to numerous project suspensions and failed asset disposals [6] - Key executives, including Xu Jiayin and Xia Haijun, are under investigation for alleged illegal activities, indicating a failure in corporate governance [6] Group 4: Audit Failures - PwC faced penalties due to audit procedural lapses, including a fine of 297 million yuan and a revenue forfeiture of 27.74 million yuan, along with a six-month business suspension [7] Group 5: Impact Scope and Losses - The delisting signifies the end of the "high leverage, high turnover, high growth" real estate expansion model, shifting the industry towards more prudent management and compliance [13] - The Hong Kong Stock Exchange has enforced a "fast-track delisting mechanism" since 2018, resulting in 167 companies being forcibly delisted, demonstrating the rigidity of the rules [14] - The case highlights the potential for cross-border asset recovery, breaking through the "limited liability" barrier of companies [15] Group 6: Affected Parties - The market value for minority shareholders has drastically decreased from 400 billion HKD at its peak to 2.152 billion HKD before delisting, indicating near-total loss of investment [17] - Homeowners face risks of unfinished projects across 1,300 developments, increasing pressure on local governments to ensure project completion [17] - Suppliers and contractors are owed approximately 1 trillion yuan, impacting the stability of the industry supply chain [17] Group 7: Remaining Issues - The ability to continue ensuring project completion remains uncertain, as Evergrande claims "most houses have been delivered," but the future of 280 city projects depends on local government support [18] - Legal avenues for small investors to recover losses appear limited, as the liquidation process prioritizes statutory creditors over shareholders [18] - The conclusion drawn is that Evergrande's delisting is a necessary outcome of capital market rule enforcement and signifies the end of aggressive expansion models in the real estate sector, with ongoing challenges in debt resolution and asset recovery posing long-term tests for regulatory and judicial systems [18]

本报记者 毛艺融 今年以来，港股劣质股正加速出清。Wind资讯数据显示，按摘牌日期计，截至8月14日，年内有35家港股公司退市，其 中，有16家被港交所强制除牌。同时，港交所官网显示，还有部分公司被上市委员会批准除牌，即将从港股退市。 在这份长期停牌公司名单中，既包括当代置业等地产公司。也包括诺辉健康等生物医药公司，其中，诺辉健康、联众国际 的补救期最后期限在9月27日，当代置业、中原建业、上坤地产、浦江国际等18家公司的最后补救期是10月1日。补救期最后期 限是解决问题并复牌的期限，而非递交复牌建议的期限。 相当一部分企业因未按时披露2024年年报而被停牌。中国恒大新能源汽车集团有限公司、天誉置业（控股）有限公司、恒 盛地产控股有限公司均在2025年4月1日被停牌。 根据港交所规则，SPAC公司若未能在规定时间内公告并购交易，则须暂停交易并启动退市程序。 8月份以来，恒大集团的除牌公告备受市场关注。港交所上市委员会决定从8月25日开市起取消恒大集团的上市地位。据 悉，恒大集团虽将被港交所除牌，但其清盘程序仍在进行中，清盘人将继续推进资产变现和债务处理。截至今年7月31日，恒 大集团已收到187份债务证明，涉 ...

Core Viewpoint - China Evergrande Group is undergoing liquidation and will be delisted from the Hong Kong Stock Exchange, which is expected to accelerate the bankruptcy process and asset liquidation [1][4]. Group 1: Liquidation and Delisting - On August 14, China Evergrande announced further details regarding its liquidation and continued suspension of trading [1]. - The court hearing for the liquidation application is scheduled for September 16, 2025, in Hong Kong [3]. - Trading of China Evergrande's shares will be suspended from January 29, 2024, and will officially be delisted on August 25, 2025 [3]. Group 2: Financial Impact - The company's stock price has dropped to 0.163 HKD per share, with a total market capitalization falling from over 370 billion HKD at its peak to 2.15 billion HKD at the time of suspension [3]. - The last trading date for the company's shares is set for August 22, 2025 [3]. Group 3: Implications for Stakeholders - The decision to delist is seen as a means to expedite the bankruptcy process and protect the interests of creditors [4]. - Despite the control of the liquidators, the actual realizable value of the company's assets is low, with only Evergrande Property having significant value [4]. - The delisting may cause short-term market disruptions, particularly affecting the financing of Chinese real estate companies abroad, but is viewed as a necessary step for market cleansing and restructuring [4].

Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding significant corporate actions and financial results. Major Events - Cambrian: The company announced that recent online information regarding large orders and revenue forecasts is misleading and not true [4] - China Shipbuilding: The company has applied for voluntary delisting following a merger with China Shipbuilding Industry [5][6] - Kanda New Materials: The company plans to acquire 51% of Chengdu Zhongke Huamei for 275 million yuan to expand in the semiconductor integrated circuit sector [7] - Aimeike: A major arbitration case involving its subsidiary REGEN has been initiated, with a claim of approximately 1.6 billion yuan [8] - China Evergrande: A hearing regarding the company's liquidation is scheduled for September 16, with shares continuing to be suspended [9] - *ST Suwu: The company's stock price fell below 1 yuan, risking delisting if it remains below this threshold for 20 consecutive trading days [10] - Foton Motor: The company has identified tax payment issues amounting to approximately 28.83 million yuan for the years 2022-2024 [11][12] - Wolong Electric: The company has submitted an application for H-share issuance and listing in Hong Kong [13] - Dayuan Pump Industry: The company clarified that its liquid cooling business is part of its original operations, with first-quarter sales of approximately 1.6 million yuan [14] - Gansu Energy: The Jinhe Coal Mine has resumed production after passing safety inspections [15] - Chipsea Technology: The company plans to issue H-shares to enhance its international strategy [16] Financial Performance - China Telecom: Reported a net profit of 23.017 billion yuan for the first half of 2025, a year-on-year increase of 5.5% [17] - JD Group: Achieved a revenue of 356.7 billion yuan in Q2 2025, a year-on-year growth of 22.4% [19] - Chuanjinno: Reported a net profit of 177 million yuan for the first half of 2025, a significant increase of 166.51% [20] - Darentang: Achieved a net profit of 1.928 billion yuan for the first half of 2025, a year-on-year increase of 193.08% [21] - Baodi Mining: Reported a net profit of 61.592 million yuan for the first half of 2025, a decline of 40.11% [22] - Bailong Oriental: Achieved a net profit of 390 million yuan for the first half of 2025, a year-on-year increase of 67.53% [23] - Dunhuang Seed Industry: Reported a net profit of 54.454 million yuan for the first half of 2025, a year-on-year increase of 73.43% [24] - Huarui Precision: Achieved a net profit of 85.4597 million yuan for the first half of 2025, a year-on-year increase of 18.80% [25] - Chongqing Beer: Reported a net profit of 865 million yuan for the first half of 2025, a decline of 4.03% [26] - Heertai: Achieved a net profit of 354 million yuan for the first half of 2025, a year-on-year increase of 78.65% [27] Shareholding Changes - Junshi Biosciences: Major shareholder Shanghai Tanying plans to reduce its stake by up to 2% [28] - Tibet Tourism: Major shareholder Lvtou Group plans to reduce its stake by up to 0.97% [29] Strategic Partnerships - Shanying International: The company has signed strategic investment cooperation agreements with Yunyin Technology and Proton Technology to enhance industrial applications in the paper and packaging sectors [30]

Core Viewpoint - China Evergrande Group (03333) has submitted a report to the court regarding the status of individuals claiming to be creditors and their interest in potentially serving on a review committee during the company's liquidation process [1] Group 1 - The liquidator submitted a report to the court on July 25, 2025, detailing the situation of individuals who consider themselves creditors of the company [1] - The report also includes information about those interested in possibly serving as members of a review committee in the liquidation process [1] - A hearing for the application regarding the establishment of a review committee will take place on September 16, 2025, at the High Court in Hong Kong [1]

股份自2024年1月29日(星期一)上午10时18分起暂停买卖，并将继续停牌，直至股份于2025年8月25日上 午9时起取消上市地位。 格隆汇8月14日丨中国恒大(03333.HK)公告，根据指示令，清盘人于2025年7月25日向法院提交了一份阐 述由自认为是公司债权人人士收到的资料及有意在公司清盘中担任可能成立的审查委员会委员的人士的 情况的报告，及向法院申请进一步指示决定在公司清盘中不成立审查委员会。指示申请将于2025年9月 16日上午10时在香港金钟道38号高等法院大楼举行，并在高等法院原讼法庭法官陈静芬席前进行聆讯 ("指示聆讯")。 ...

指示申请将于2025年9月16日上午10时在香港金钟道38号高等法院大楼举行，并在高等法院原讼法庭法 官陈静芬席前进行聆讯。 智通财经APP讯，中国恒大(03333)发布公告，根据指示令，清盘人于2025年7月25日向法院提交了一份 阐述由自认为是公司债权人的人士收到的资料及有意在公司清盘中担任可能成立的审查委员会委员的人 士的情况的报告，及向法院申请进一步指示决定在公司清盘中不成立审查委员会。 ...

中國恒大集團 （清盤中） （於開曼群島註冊成立的有限責任公司） （股份代號：3333） 內幕消息公告 有關清盤的進一步消息 及 繼續停牌 本公告乃由中國恒大集團（清盤中）（「本公司」，連同其附屬公司統稱「本集團」） 根據《香港聯合交易所有限公司證券上市規則》第13.09條以及《證券及期貨條例》 （香港法例第571章）第XIVA部作出。 茲提述 (i) 本公司日期為 2024 年 1 月 29 日的公告，內容有關本公司清盤、委任本公司 共同及各別清盤人（「清盤人」）以及本公司股份（「股份」）暫停買賣；(ii) 本公司 日期為 2024年10月25日的公告，內容有關申請及聆訊； (iii) 本公司日期為 2024年11月 12日的公告，內容有關押後舉行聆訊； (iv) 本公司日期為2024年11月29日及2025年3月 10日的公告， 內容有關押後聆訊；(v) 本公司日期為2025年5月2日的公告，內容有關法 院於2025年4月17日就申請作出之裁決及指示（「指示令」）；(vi) 本公司日期為 2025 年5月16日的公告（「5月16日公告」），內容有關通告；及 (vii) 本公司日期為 2025年5 月28日的 ...