恒大退市倒计时10天，许家印夫妇400亿分红追讨悬顶

Core Viewpoint - Evergrande's delisting from the Hong Kong Stock Exchange marks a significant end to its once-prominent status in the real estate sector, highlighting the severe consequences of its financial mismanagement and the ongoing legal challenges faced by its executives [1][3]. Group 1: Delisting and Financial Consequences - Evergrande has officially given up on its efforts to reverse its delisting, acknowledging its fate without meeting any of the previously set conditions for resumption [3]. - The company has effectively closed off its financing avenues, with no access to capital markets, as only 24% of its domestic debt restructuring has been approved [3]. - The transition from a successful listing in 2009 to being the largest delisted real estate company in Hong Kong signifies a rapid decline in its market position [3]. Group 2: Legal and Financial Challenges - The Hong Kong court is pursuing 41.8 billion HKD in illegal dividends distributed during the debt crisis, which is seen as a method of extracting value from the company [4]. - The freezing of over 50 billion HKD in domestic assets is primarily a judicial measure to prevent asset transfer rather than a new discovery of hidden assets [4]. - The total liabilities of Evergrande amount to 2.4 trillion HKD, making the frozen assets insufficient to address its financial obligations [4]. Group 3: Ongoing Risks and Future Outlook - The appointment of liquidators by the Hong Kong court indicates that investigations into Evergrande's assets and potential cross-border claims are just beginning [5]. - The current approval rate for domestic debt restructuring is below 30%, and failure to achieve a successful restructuring could lead to a wave of lawsuits [5]. - Criminal accountability for the company's executives remains unresolved, with potential charges of financial fraud and misappropriation of funds looming [5]. Group 4: Lessons for Investors - The situation serves as a warning against high dividend payouts during cash flow crises, which may indicate asset stripping rather than financial health [6]. - The belief that large companies are too big to fail is challenged by Evergrande's collapse, emphasizing the risks of unchecked expansion [6]. - The essence of business success in the real estate sector ultimately relies on product quality rather than financial maneuvering [6].