Core Viewpoint - China Evergrande's announcement on August 12, 2025, marked the end of its journey in the capital market, as the Hong Kong Stock Exchange decided to cancel its listing status due to failure to meet resumption requirements after more than 18 months of trading suspension [1][4][5]. Group 1: Market Impact and Investor Sentiment - The last trading day for Evergrande was set for August 22, 2025, with the official cancellation of its listing status on August 25, 2025 [4]. - Investors expressed despair in online forums, with some reporting losses of up to 500,000 yuan, and many feeling hopeless about recovering their investments [7][8]. - At its peak, Evergrande's market capitalization exceeded 400 billion HKD, but by January 29, 2024, prior to its suspension, the stock price plummeted to 0.163 HKD, resulting in a market cap of only 2.152 billion HKD, a decline of over 99% [9][12]. Group 2: Debt and Legal Issues - Evergrande is facing a massive debt crisis, with over 350 billion HKD (approximately 45 billion USD) in claims filed against it as of July 31, 2025 [25]. - The company is involved in 80 legal cases, with total amounts in dispute reaching 4.35 billion yuan [20][21]. - The liquidation process has revealed that only about 2 billion HKD (approximately 255 million USD) has been realized from asset sales, highlighting the severe liquidity issues [29][36]. Group 3: Asset Management and Recovery Efforts - The liquidators have taken control of over 100 companies within the group, with total asset values around 27 billion HKD (approximately 3.5 billion USD), but the actual realizable value remains uncertain [28]. - Evergrande's property management division is seen as a potential source of value, with efforts underway to find buyers for its assets [39][40]. - The complexity of Evergrande's corporate structure, with over 3,000 legal entities across various jurisdictions, complicates the asset recovery process [27][35]. Group 4: Personal Financial Matters of Executives - The financial status of Evergrande's founder, Xu Jiayin, and his ex-wife, Ding Yumei, remains unclear, with reports suggesting significant asset holdings in luxury properties in London [50][52]. - Ding Yumei has reportedly spent millions on properties while the company faces bankruptcy, raising questions about asset management and potential recovery for creditors [47][50].

Core Viewpoint - China Evergrande Group is set to delist from the Hong Kong Stock Exchange on August 25, 2025, marking the end of its 16-year listing journey, following a series of financial crises and regulatory issues that have raised significant concerns about the real estate industry [1][2][4]. Company Summary - The last trading day for China Evergrande's shares will be August 22, 2025, after which the company will officially lose its listing status [2]. - The company was listed in November 2009 and reached its peak in 2016 with a contract sales figure of 373.37 billion yuan, ranking first in the country [2]. - Evergrande's total assets exceeded 1 trillion yuan, and it was included in the Fortune Global 500 list [2]. - The company faced a debt crisis starting in 2021, with its first default on a dollar bond announced on December 3, 2021, leading to a series of financial troubles [2][3]. Industry Summary - The delisting of Evergrande is seen as a reflection of the broader issues within the real estate sector, particularly the consequences of high leverage and financial mismanagement [5][6]. - Analysts suggest that the delisting signals a tightening regulatory environment, indicating that other troubled real estate companies may face similar fates if they do not improve their financial standings [5][6]. - The situation has raised alarms about the potential for a wave of delistings among real estate firms that have been struggling with losses for an extended period [6]. - The ongoing debt issues have not only led to unfinished construction projects but have also significantly impacted the expectations for the real estate market and the broader Chinese economy [6].

Market Overview - Major global stock indices showed mixed performance, with the Dow Jones Industrial Average rising by 1.10% to 44,458.61 and the Nasdaq increasing by 1.39% to 21,681.9 [2] - The S&P 500 also saw a gain of 1.13%, closing at 6,445.76, while the German DAX fell by 0.23% to 24,024.78 [2] - In Asia, the Nikkei 225 experienced a significant increase of 2.15%, reaching 42,718.17, while the KOSPI declined by 0.53% to 3,189.91 [2] Economic Indicators - The U.S. Consumer Price Index (CPI) for July showed a year-on-year increase of 2.7%, matching expectations, while the core CPI rose by 3.1%, slightly above the anticipated 3% [5] - The total U.S. national debt surpassed $37 trillion for the first time, reaching $37,004,817,625,842, indicating a significant fiscal imbalance [6] Corporate Developments - Circle, the first publicly traded stablecoin company, reported a revenue of $658 million for the second quarter, a 53% year-on-year increase, exceeding market expectations [11] - China Unicom reported a revenue exceeding 200 billion yuan for the first half of the year, with a year-on-year growth of 1.5% [15] - Kweichow Moutai announced a revenue of 89.389 billion yuan for the first half of the year, reflecting a 9.10% increase, with a net profit of 45.403 billion yuan, up 8.89% [14] Legal and Regulatory News - Elon Musk's xAI plans to take legal action against Apple, alleging anti-competitive practices in the AI sector [9] - The Chinese government has implemented a fiscal subsidy policy for personal consumption loans, aimed at stimulating consumer spending in various sectors [8]

8月12日晚间，在香港上市的中国恒大发布公告称，公司于2025年8月8日收到香港联交所发出的信 函，表示基于公司未能满足联交所对其施加的复牌指引中的任何要求，且股份一直暂停买卖并未于2025 年7月28日之前恢复买卖，香港联交所上市委员会根据相关上市规则，已决定取消公司的上市地位。 中国恒大股份上市的最后一天为2025年8月22日（即下周五），并将于2025年8月25日上午九时起取 消股份上市地位。公司无意就上市委员会作出取消上市地位的决定申请复核。 停牌长达18个月后，中国恒大集团终迎退市定局。 ...

8月12日晚，中国恒大集团（简称"中国恒大"）在港交所公告，公司收到联交所发出的信函，表示 基于公司未能满足联交所对其施加的复牌指引中的任何要求，且股份一直暂停买卖并未于2025年7月28 日之前恢复买卖，联交所的上市委员会根据上市规则第6.01A（1）条已决定取消公司的上市地位。 据公告，中国恒大股份上市的最后一天为2025年8月22日，并将于2025年8月25日上午9时起取消股 份上市地位。公司无意就上市委员会作出取消上市地位的决定申请复核。 中国恒大在公告中还提醒公司所有股东、投资者及潜在投资者注意，在最后上市日期后，尽管股份 的股票仍然有效，但股份将不会在联交所上市及不可在联交所买卖。此后，公司将不再受上市规则规 管。 据了解，中国恒大于2009年11月5日在港交所上市。上市首日，中国恒大股价以每股4.7港元收盘， 高出招股价34.3%，市值超过700亿港元，成为当时在港上市的最大内地民营房企。2017年10月，中国 恒大股价攀上历史巅峰，其市值也定格在4000亿港元。然而，随着2021年流动性危机爆发，恒大市值一 路走跌，截至8月13日早间，中国恒大市值已跌至21.52亿港元。（马渭松） 【纠错】 ...

Core Viewpoint - China Evergrande Group has announced that it will be delisted from the Hong Kong Stock Exchange due to failure to meet the resumption guidelines set by the exchange [3][7]. Group 1: Delisting Announcement - On August 8, 2025, the company received a letter from the exchange indicating that it had not met any of the resumption requirements, leading to the decision to cancel its listing status [3][7]. - The last day of trading for the company's shares will be August 22, 2025, with the delisting effective from 9 AM on August 25, 2025 [7][8]. - The company has no intention to appeal the decision made by the listing committee [3][7]. Group 2: Financial Background - Prior to the suspension, China Evergrande's stock price was reported at HKD 0.163 per share, with a total market capitalization of HKD 2.2 billion [9]. - The company has been under significant financial distress, with liabilities reaching CNY 2.4 trillion as of January 2024 [10]. - The company has faced legal challenges, including lawsuits initiated by liquidators to recover approximately USD 6 billion in dividends and compensation from its founder and former executives [10]. Group 3: Legal and Regulatory Issues - The founder of China Evergrande, Xu Jiayin, has been subjected to legal actions for alleged financial misconduct, including fraud and financial reporting violations [9][10]. - Several former executives have also faced penalties from the China Securities Regulatory Commission for their roles in financial misconduct [9]. - In January 2024, the Hong Kong High Court ordered the company to be liquidated, marking a significant turning point in its financial saga [10].

智通财经APP获悉，恒大物业(06666)午后涨超18%，截至发稿，涨8.75%，报0.87港元，成交额3.01亿港 元。 值得注意的是，恒大物业一直在寻求摆脱母公司恒大集团。早在2023年11月，恒大物业官方微信公众号 更名为"金碧物业服务"。这一行为曾被业界解读为恒大物业摆脱恒大集团、走向独立经营的讯号。恒大 物业2024年财报显示，全年营业收入约127.57亿元，同比增长约2.2%；公司拥有人应占溢利约10.21亿 元，同比减少33.75%。 消息面上，中国恒大发布公告称，香港联交所上市委员会决定取消中国恒大的上市地位，公司无意申请 复核除牌决定。中国恒大将于8月25日上午九时起取消上市地位。据报道，中国恒大集团的清盘人据悉 聘请瑞银和中信证券寻找恒大物业的买家。 ...

市场消息：中国恒大集团的清盘人据悉聘请瑞银和中信证券寻找恒大物业的买家。 ...

Group 1 - The Chinese government has introduced two loan interest subsidy policies to boost consumer spending and support economic growth [2] - The U.S. and China have agreed to continue suspending 24% tariffs on each other's goods for an additional 90 days [2] - The Shenzhen Stock Exchange will launch two high-grade credit bond indices focusing on state-owned and private enterprises [3] Group 2 - The U.S. Consumer Price Index (CPI) rose by 2.7% year-on-year in July, which is below market expectations, while the core CPI increased to its highest level since February at 3.1% [4] - International crude oil prices fell, with WTI crude down 1.23% to $63.17 per barrel and Brent crude down 0.76% to $66.12 per barrel [5] - The People's Bank of China conducted a 7-day reverse repo operation of 114.6 billion yuan at an interest rate of 1.40%, resulting in a net withdrawal of 46.1 billion yuan [6][7] Group 3 - The bond market is under pressure as stock and commodity markets remain strong, with the yield on 10-year government bonds rising to 1.7275% [8] - The convertible bond market saw a collective decline, with major indices down by 0.25% to 0.41% on August 12 [22] - The U.S. Treasury yields showed mixed movements, with the 2-year yield down 4 basis points to 3.72% and the 10-year yield up 2 basis points to 4.29% [25] Group 4 - Major European economies saw an increase in 10-year government bond yields, with Germany's yield rising by 4 basis points to 2.74% [28] - The secondary market for credit bonds experienced significant price movements, with one industrial bond, "H1碧地03," rising over 17% [10] - Several companies, including China Evergrande and Hong Kong's Huanan City, announced significant financial difficulties, including delisting and liquidation proceedings [18][19]

Core Viewpoint - China Evergrande Group, once the "strongest real estate company," is set to delist from the Hong Kong Stock Exchange on August 25, 2025, following its failure to meet the resumption requirements set by the exchange [2][8]. Group 1: Company Background and Financial Performance - Evergrande was listed in Hong Kong on November 5, 2009, with a market capitalization exceeding HK$700 billion, becoming the largest private real estate company from mainland China at that time [7]. - In 2016, the company achieved a sales scale of RMB 373.4 billion, and its total assets surpassed RMB 1 trillion for the first time [7]. - By 2017, Evergrande's total assets reached RMB 17,618 billion, with a core net profit of RMB 40.5 billion, maintaining its position as the industry leader [7]. - The company faced a liquidity crisis due to its high leverage model, which became evident in 2021 when it struggled with commercial paper repayments [7]. Group 2: Debt and Liquidation Process - As of January 2024, Evergrande's debts reached RMB 2.4 trillion, leading to a court-ordered liquidation [8]. - Despite some asset recovery by the liquidators, the company has limited liquidity and has not found a restructuring plan to meet the resumption requirements [8]. - The liquidators plan to provide a report on the liquidation progress from January 29, 2024, to July 31, 2025, before the company's delisting [9]. Group 3: Shareholder and Executive Actions - From 2009 to June 2021, Evergrande reported a cumulative net profit of RMB 173.388 billion, with nearly RMB 70 billion distributed as dividends, of which approximately RMB 54 billion went to founder Xu Jiayin and his associates [8]. - During the liquidation process, the liquidators have sought to recover USD 6 billion in dividends and salaries from Xu Jiayin and others, with several luxury assets being frozen by the court [8]. - Xu Jiayin's ex-wife, Ding Yumei, disclosed that assets worth approximately HK$60 billion have been frozen, including HK$50 billion in financial assets [8]. Group 4: Current Market Status - Prior to the suspension of trading, Evergrande's shares were valued at HK$0.163, with a total market capitalization of HK$21.52 billion [10].