Core Viewpoint - China Evergrande Group will officially delist from the Hong Kong Stock Exchange on August 25, 2025, after failing to meet any of the six resumption guidelines set by the exchange, following an 18-month trading suspension [1][2]. Group 1: Delisting and Market Impact - The last trading price for China Evergrande was HKD 0.163 per share, resulting in a final market capitalization of HKD 21.5 billion [1]. - The company has confirmed that it will not seek a review of the delisting decision made by the listing committee [1]. - Following the delisting, the shares will remain valid but will no longer be traded on the Hong Kong Stock Exchange, and the company will not be subject to listing rules [1]. Group 2: Reasons for Delisting - China Evergrande failed to complete any of the six resumption guidelines, which included the withdrawal or lifting of liquidation orders and the publication of all outstanding financial results [2]. - The continuous suspension began on January 29, 2024, and led to the company's delisting [2]. Group 3: Liquidation Process - The liquidation process for China Evergrande is ongoing, with the liquidators stating that the value of the company's assets and liabilities remains unclear, making it difficult to provide guidance on debt repayment expectations [2]. - The liquidators have taken control of over 100 companies associated with China Evergrande, with total asset values estimated at approximately HKD 27 billion, but the realizable amount is uncertain [2]. - To date, the liquidators have managed to realize approximately HKD 2 billion (USD 255 million) in asset sales, with only USD 1.67 billion recovered [2]. Group 4: Legal Actions - The liquidators are pursuing multiple legal actions, including a notable case against seven defendants, including Xu Jiayin, to recover approximately USD 6 billion in dividends and compensation previously paid [3]. Group 5: Industry Context - The real estate sector has seen an acceleration in debt restructuring efforts among distressed companies, with several firms successfully obtaining approval for their restructuring plans, involving a total debt of approximately one trillion yuan [3].
中国恒大终迎退市 清盘案仍不明朗