Core Viewpoint - China Evergrande Group, once the "strongest real estate company," is set to delist from the Hong Kong Stock Exchange on August 25, 2025, following its failure to meet the resumption requirements set by the exchange [2][8]. Group 1: Company Background and Financial Performance - Evergrande was listed in Hong Kong on November 5, 2009, with a market capitalization exceeding HK$700 billion, becoming the largest private real estate company from mainland China at that time [7]. - In 2016, the company achieved a sales scale of RMB 373.4 billion, and its total assets surpassed RMB 1 trillion for the first time [7]. - By 2017, Evergrande's total assets reached RMB 17,618 billion, with a core net profit of RMB 40.5 billion, maintaining its position as the industry leader [7]. - The company faced a liquidity crisis due to its high leverage model, which became evident in 2021 when it struggled with commercial paper repayments [7]. Group 2: Debt and Liquidation Process - As of January 2024, Evergrande's debts reached RMB 2.4 trillion, leading to a court-ordered liquidation [8]. - Despite some asset recovery by the liquidators, the company has limited liquidity and has not found a restructuring plan to meet the resumption requirements [8]. - The liquidators plan to provide a report on the liquidation progress from January 29, 2024, to July 31, 2025, before the company's delisting [9]. Group 3: Shareholder and Executive Actions - From 2009 to June 2021, Evergrande reported a cumulative net profit of RMB 173.388 billion, with nearly RMB 70 billion distributed as dividends, of which approximately RMB 54 billion went to founder Xu Jiayin and his associates [8]. - During the liquidation process, the liquidators have sought to recover USD 6 billion in dividends and salaries from Xu Jiayin and others, with several luxury assets being frozen by the court [8]. - Xu Jiayin's ex-wife, Ding Yumei, disclosed that assets worth approximately HK$60 billion have been frozen, including HK$50 billion in financial assets [8]. Group 4: Current Market Status - Prior to the suspension of trading, Evergrande's shares were valued at HK$0.163, with a total market capitalization of HK$21.52 billion [10].
中国恒大8月25日退市！万亿债务困局仍待解