Core Viewpoint - China Evergrande Group is set to delist from the Hong Kong Stock Exchange on August 25, 2025, due to failure to meet the resumption guidelines set by the exchange, with no intention to appeal the decision [1][2]. Company Status - The last trading day for the shares will be August 22, 2025, after which the shares will remain valid but will not be tradable on the exchange [2]. - The company will no longer be subject to listing rules following the delisting [2]. Financial and Legal Issues - As of August 11, 2023, Evergrande has over 590 enforcement cases with a total amount exceeding 592 billion yuan, involving various disputes [7]. - The liquidation process remains unclear, with the liquidators unable to provide guidance on debt repayment expectations due to the uncertain value of assets and liabilities [9]. - Evergrande's total liabilities reached 2.39 trillion yuan as of June 30, 2023, while total assets were only 1.74 trillion yuan, resulting in a net asset deficit of 644.2 billion yuan [18]. Restructuring and Asset Management - The liquidators have taken control of over 100 companies associated with Evergrande, with the total asset value of these entities estimated at approximately 27 billion HKD [10]. - To date, the liquidators have managed to realize about 2 billion HKD (approximately 255 million USD) from asset sales, with only 1.67 billion USD recovered [10]. Historical Context - Evergrande was listed in November 2009 and reached a peak market value of 414.4 billion HKD in October 2017 [10]. - The company reported record revenue of 560 billion yuan in 2020, which was later revealed to have been inflated through accounting fraud, with over 564.1 billion yuan of revenue overstated between 2019 and 2020 [10][13][18]. Executive Actions and Legal Consequences - The chairman, Xu Jiayin, and other executives have faced legal actions, with Xu being detained for suspected criminal activities [12][19]. - The liquidators are pursuing legal actions against Xu and others for approximately 6 billion USD in dividends and compensation previously paid [20]. Asset Freezing and Recovery Efforts - Assets belonging to Xu Jiayin and his ex-wife, Ding Yumei, including luxury properties and private jets, have been frozen by the court, with Ding's assets valued at around 60 billion HKD [20]. - The liquidators are in the process of selling a private jet owned by Xu as part of the asset recovery efforts [20].
负债超2万亿中国恒大将在8月25日从港交所退市 ，这些钱去哪了？