Core Viewpoint - China Evergrande Group has been delisted from the Hong Kong Stock Exchange due to failure to meet the resumption requirements, marking the end of its 16-year presence in the capital market [1] Financial Misconduct - China Evergrande inflated its revenue by over 560 billion yuan in 2019 and 2020, with a total of 564.15 billion yuan in inflated revenue and 92.01 billion yuan in inflated profits [2] - The former Vice Chairman and President, Xia Haijun, was fined 15 million yuan and banned for life from the securities market due to his role in the financial misconduct [2] Debt Situation - As of June 30, 2023, China Evergrande's total liabilities amounted to 2.39 trillion yuan, total assets were 1.74 trillion yuan, and net assets were -644.2 billion yuan, indicating a severe financial crisis [2] Legal and Operational Developments - The chairman, Xu Jiayin, has been taken into custody for suspected illegal activities, and former executives have also faced legal actions [3] - China Evergrande has filed for liquidation in Hong Kong, with the court ruling that only statutory creditors can participate in the liquidation process, excluding economic interest holders [4] Asset Management - The liquidators revealed that Evergrande has less than 10 billion HKD in overseas assets available for disposal, including shares in Evergrande Property and stakes in Evergrande Auto [4] - Legal actions have been initiated to recover 6 billion USD in dividends and salaries from former executives, including Xu Jiayin and his ex-wife [4] Market Valuation - Once valued at 400 billion HKD in 2017, China Evergrande's market capitalization has plummeted to approximately 2.15 billion HKD, reflecting a significant decline in investor confidence [6]
许家印梦碎，中国恒大被港交所退市！两年虚增收入超过5600亿元，虚增利润超900亿元，昔日4000亿港元市值如今不足22亿