Company News - TaiLing Pharmaceutical (01011.HK) proposed to split the assets of its joint venture company while ensuring the protection of all shareholders' rights, dissolving the joint venture relationship for independent operations [2] - China Evergrande (03333.HK) has filed a joint application with the liquidators of CEG Holdings to the Hong Kong court on May 12 [2] - Yanzhou Coal Mining (01171.HK) plans to invest approximately $300 million in cash to acquire shares of Highland Resources, becoming its largest shareholder [2] - Baolong Properties (01238.HK) has postponed the hearing for its liquidation application to July 21 [2] - Sunny Optical Technology (02382.HK) reported a smartphone lens shipment of 103 million units in April, a month-on-month increase of 9.2% and a year-on-year increase of 1.3%; vehicle lens shipments reached 11.566 million units, with a month-on-month increase of 17.8% and a year-on-year increase of 28.9%, driven by increased customer demand and improved product structure [2] Industry News - CK Hutchison (00001.HK) issued a statement regarding port transactions, asserting that it will never engage in any illegal or non-compliant activities [3] - Contemporary Amperex Technology (CATL) saw its Hong Kong public offering portion oversubscribed by 21 times, attracting HKD 51.7 billion in financing subscriptions [3] - Kweichow Moutai has no current plans for a Hong Kong listing [3] - China Merchants Securities (06099.HK) announced the resignation of Vice President Zhang Haochuan due to personal reasons, effective May 12, 2025 [3] - Rongchang Biopharmaceutical (09995.HK) received a notice of acceptance for its clinical trial application for the antibody-drug conjugate RC278 [3] - China CNR Corporation (01766.HK) and its subsidiaries have recently signed several major contracts worth approximately CNY 54.74 billion [3]

智通财经5月12日电，中国恒大在港交所公告称，CEG清盘人及CEG Holdings临时清盘人已于5月12日向 香港法院提出联合申请，请求将公司持有的CEG Holdings的一股普通股转让给盛建以及不得撤销转让申 请。公司股票将继续停牌。 ...

中国恒大：CEG清盘人及CEG Holdings临时清盘人已于5月12日向香港法院提出联合申请 金十数据5月12日讯，中国恒大(03333.HK)公告，CEG清盘人及CEG Holdings临时清盘人已于2025年5月 12日向香港特别行政区高等法院提出联合申请，请求根据《公司条例》第199条及附表25第1部第2段认 许将本公司持有的CEG Holdings的一股普通股转让给盛建有限公司以及不得凭借CWUMPO第182条使转 让无效的确认令。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，直至另 行通知。 ...

中国恒大公告，CEG清盘人及CEG Holdings临时清盘人已于2025年5月12日向香港特别行政区高等法院 提出联合申请，请求撤销将本公司持有的CEG Holdings的一股普通股转让给盛建(BVI)有限公司的申 请。该转让发生于2022年12月30日，但因盛建无力偿还债务，且转让价值大幅低于CEG Holdings股份当 时的价值，CEG清盘人及CEG Holdings临时清盘人认为该转让在英属维尔京群岛法律下构成逊值交易， 英属维尔京群岛法院有权作出命令将该转让作废，并将CEG Holdings股份归还给盛建，以恢复原有的股 权状况。香港法院已指示于2025年6月25日进行撤销转让申请的聆讯。股份自2024年1月29日起暂停买 卖，并将继续停牌，直至另行通知。 ...

Core Viewpoint - Local governments are actively implementing multiple measures to address the risks left by Evergrande, with recent developments indicating progress in the Hefei Evergrande Center project [1] Group 1: Land Acquisition and Project Details - China Overseas Land & Investment acquired a residential land parcel in Hefei for 364 million yuan, with a floor price of 6,037 yuan per square meter, located in a prime area near metro and commercial facilities [1] - The land acquisition comes with specific conditions, including the obligation to continue the construction of the D1 and D2 towers of the Hefei Evergrande Center, with estimated costs of approximately 392 million yuan for completion [1][2] - The Hefei Evergrande Center project, initiated in 2013, was originally a significant investment for Evergrande, with total expected investments exceeding 16.5 billion yuan, including a landmark 518-meter skyscraper [3] Group 2: Government Intervention and Project Revitalization - The Hefei government has been proactive in urging the resumption of the Evergrande Center project, forming a task force to coordinate with Evergrande and explore solutions for project revival [4] - The project faced significant funding challenges, leading to a halt in construction, but recent measures aim to revitalize the project through land sales and asset management [5] - With the acquisition by China Overseas, the completion of the D1 and D2 towers is projected for 2026, marking a potential turnaround for the stalled project [6] Group 3: Broader Industry Context - Similar strategies have been employed in other cities, such as Xi'an, where local governments have facilitated the acquisition of Evergrande projects by state-owned enterprises to ensure delivery [6] - Innovative approaches, such as "property exchange" in Ningbo and various local government initiatives in Henan, are being explored to address the delivery issues of Evergrande projects [7]

Core Viewpoint - The Hong Kong High Court has made a significant ruling regarding the liquidation process of China Evergrande Group, stating that only statutory creditors can participate or become supervisors in the liquidation, excluding economic interest holders. This ruling pushes the liquidation into a substantive phase, but debt repayment remains uncertain due to limited asset scale, cross-border disposal challenges, and creditor negotiations [1]. Group 1: Liquidation Process - The liquidators have identified that China Evergrande has less than 10 billion yuan in disposable assets, primarily including Evergrande Property (approximately 5 billion HKD), Evergrande Auto (less than 1 billion HKD), and other investments [1]. - The assets are spread across multiple jurisdictions, including Hong Kong, mainland China, and the Cayman Islands, with some being difficult to liquidate due to mortgages, seizures, or legal disputes [1]. Group 2: Personal Assets of Xu Jiayin - Xu Jiayin, the actual controller of Evergrande, holds nearly 60% of the company's shares, making his personal asset status crucial for creditors seeking repayment. However, he has expressed a reluctance to disclose his personal assets [5][6]. - Legal actions are being taken against several defendants, including Ding Yumei, to recover approximately 6 billion USD in dividends and salaries, while Ding claims Xu owes her 33 billion HKD (approximately 4.2 billion USD) [5]. Group 3: Legal Proceedings and Asset Recovery - The liquidators have been pursuing asset recovery through various legal measures, including global asset freezing orders against Ding Yumei and others to recover around 6 billion USD [8]. - The Hong Kong High Court has approved the sale of Xu Jiayin's property in Hong Kong to repay some debts, and an offshore entity holding his private jet has been taken over for sale [8]. Group 4: Oak Tree Capital's Involvement - Oak Tree Capital is attempting to recover Evergrande's assets outside the Hong Kong liquidation process by appointing its own liquidators to pursue assets owned by Evergrande's offshore subsidiaries [11]. - The firm previously provided 1 billion USD in guaranteed loans to Evergrande, with significant collateral tied to specific properties, indicating a vested interest in the asset recovery process [13].

Core Viewpoint - China Evergrande Group is undergoing a significant phase in its liquidation process, with the Hong Kong High Court ruling that only statutory creditors can participate in the liquidation oversight, excluding economic interest holders and shareholders from decision-making [1][3]. Group 1: Court Ruling and Liquidation Process - The Hong Kong High Court made a crucial ruling on April 17, stating that only creditors with statutory claims can be part of the liquidation oversight committee, effectively denying participation to bondholders and shareholders [3][4]. - The court emphasized that the liquidation process must be based on legal rights rather than economic interests to prevent procedural chaos and abuse of power [3][4]. - Since the liquidation order was issued on January 29, 2024, the process has faced significant challenges, with Evergrande being heavily indebted and shareholders excluded from asset distribution [3][4]. Group 2: Financial Status and Debt Recovery - Evergrande's total debt amounts to 2.4 trillion yuan, while its total assets are only 1.74 trillion yuan, indicating a substantial gap that complicates debt recovery for creditors [4]. - The liquidators are not only pursuing Evergrande's assets but also seeking to recover "illegal gains" from its former executives, with claims against former president Xia Haijun and former CFO Pan Darong amounting to $6 billion [4][6]. Group 3: Founder’s Asset Management - Founder Xu Jiayin has faced scrutiny over his asset management during the debt crisis, including a controversial "technical divorce" that transferred 42.7 billion yuan in assets to his ex-wife [6]. - The liquidators have taken control of Xu's offshore entity that owns a private jet, which is being sold as part of the liquidation process [6]. - Xu Jiayin controls nearly 60% of Evergrande's shares, making the clarification of his assets crucial for the liquidation process [6][7]. Group 4: Challenges in Debt Restructuring - Despite the court's ruling providing a framework for debt restructuring, significant challenges remain as Evergrande has yet to propose a viable restructuring plan [7]. - The liquidation of subsidiaries, such as Tianji Holdings, further complicates the overall debt resolution process [7]. - If Xu Jiayin continues to refuse cooperation, liquidators may take more aggressive actions, including asset freezes and potential criminal liability [7].

Core Viewpoint - China Evergrande's liquidation process has entered a new phase, with the Hong Kong High Court ruling that only statutory creditors can participate in the liquidation oversight, excluding economic interest holders and shareholders from decision-making [2][4][5]. Group 1: Court Ruling and Liquidation Process - On April 17, the Hong Kong High Court made a crucial ruling regarding China Evergrande's liquidation, stating that only creditors with statutory claims can be part of the liquidation oversight committee, thereby excluding bondholders who hold economic interests [4][5]. - The court emphasized that the liquidation process must be based on legal rights rather than economic interests to avoid procedural chaos and abuse of power [4]. - Shareholders are excluded from participating in the oversight committee due to the company's insolvency and potential historical misconduct by controlling shareholders [4][5]. Group 2: Challenges in Debt Restructuring - Despite the court's ruling providing a framework for debt restructuring, significant challenges remain, as China Evergrande has yet to propose a viable restructuring plan [5]. - The company's subsidiaries, such as Tianji Holdings, have also entered liquidation, complicating the overall debt resolution process [5]. Group 3: Evergrande Auto's Situation - Evergrande Auto is under scrutiny, with the Hong Kong Stock Exchange outlining conditions for the resumption of trading, including the release of all pending financial results and compliance with listing rules [7][9]. - The company has faced delays in announcing its 2024 financial results due to insufficient funding and the inability to secure strategic investors [10].

Core Viewpoint - China Evergrande Group has entered a substantive phase of liquidation following a key ruling by the Hong Kong High Court, which restricts participation in the liquidation process to statutory creditors only, excluding economic interest holders and shareholders [1][2][4]. Group 1: Court Ruling and Liquidation Process - The Hong Kong High Court ruled on April 17, 2023, that only statutory creditors can participate in the liquidation oversight committee, effectively excluding shareholders and economic interest holders from decision-making [2][4]. - The court emphasized that the liquidation process must be based on legal rights rather than economic interests to prevent procedural chaos and abuse of power [2][4]. - The court also noted that shareholders have no residual asset distribution rights due to Evergrande's insolvency, and there are concerns regarding potential interference from controlling shareholders [4]. Group 2: Debt Restructuring Challenges - Despite the court's ruling providing a framework for debt restructuring, significant challenges remain, as Evergrande has yet to propose a viable restructuring plan [5]. - As of June 30, 2023, Evergrande's total liabilities reached 2.39 trillion yuan, while total assets were only 1.74 trillion yuan, highlighting a severe financial crisis [5]. - The ongoing debt crisis has severely restricted Evergrande's daily operations and raised concerns among numerous creditors [5]. Group 3: Role of Liquidators - Edward Simon Middleton and Huang Yongshi have been appointed as joint liquidators for China Evergrande, tasked with preserving company assets and returning value to creditors [6]. - The liquidators are also investigating the reasons behind the company's liquidation and seeking appropriate restructuring plans [6]. - The liquidators have reported limited internal resources and cash flow, complicating efforts to meet the requirements for resuming trading of Evergrande's shares [6]. Group 4: Asset Freezing and Legal Issues - Following the lifting of a litigation confidentiality order, it was revealed that assets belonging to Evergrande's founder, Xu Jiayin, including multiple luxury properties, private jets, and luxury cars, have been frozen by the court [7]. - The court documents indicate that in addition to an Airbus A319, Xu Jiayin has at least one Airbus A330, a Gulfstream G450 private jet, two yachts, and two Rolls-Royce Phantom cars frozen [7]. - In January 2023, both China Evergrande Group and Xu Jiayin were subjected to high consumption restrictions due to a forced execution case involving over 6.05 billion yuan [7].

智通财经5月2日电，中国恒大公告，有关清盘的进一步消息将于适当时候另行公布，股票继续停牌。 ...