Core Viewpoint - China Evergrande Group has been delisted from the Hong Kong Stock Exchange after failing to meet the resumption requirements set by the exchange, marking the end of its tumultuous journey in the capital market [3][4][33]. Group 1: Company Background and History - China Evergrande was once a leading real estate company, known for its rapid expansion and ambition to become a global real estate giant [8][9]. - The company was listed on the Hong Kong Stock Exchange on November 5, 2009, with a closing price of HKD 4.7, achieving a market capitalization of over HKD 700 billion [22]. - The company adopted a high-leverage, high-turnover business model, rapidly increasing its land reserves, especially in lower-tier cities [24]. Group 2: Financial Challenges and Legal Issues - In January 2024, China Evergrande was officially placed under liquidation by the Hong Kong High Court, initiating a countdown to delisting [7]. - The company has faced significant financial difficulties, including a liquidity crisis that began in 2021, leading to a drastic decline in stock price from HKD 14 to below HKD 2 within a year [30]. - The liquidators have been pursuing legal action against former executives for alleged mismanagement and financial misconduct, seeking approximately USD 6 billion (around RMB 43.8 billion) in claims [20][12]. Group 3: Delisting and Future Outlook - The last trading day for China Evergrande shares was set for August 22, 2025, with delisting effective from August 25, 2025 [4]. - Despite attempts to restructure and recover value for creditors, the company has not made significant progress in its overseas debt restructuring [11]. - Following its brief resumption of trading in 2023, the stock price plummeted to HKD 0.16, with a total market value of approximately HKD 21.52 billion [32].
从“万亿”到终局，许家印的中国恒大进入“倒计时”