恒大16年上市历程落幕，8月25日正式取消上市地位

Core Points - China Evergrande officially ends its 16-year listing journey on the Hong Kong Stock Exchange, with the listing status being canceled due to failure to meet the resumption requirements [1] - The last trading day is set for August 22, 2025, and the cancellation will take effect on August 25, 2025 [1] - Evergrande's market value peaked at over 70 billion HKD, making it the largest private real estate company listed in Hong Kong at the time [1] - The company faced significant challenges starting in 2020, leading to a liquidity crisis and a need to reduce debt and scale [1][2] Company History - Evergrande was listed on November 5, 2009, and achieved a sales record of 373.4 billion CNY in 2016, ranking first in the industry [1] - In 2017, it set new records for total assets, core net profit, and sales, with founder Xu Jiayin becoming the richest person in China with a net worth of 290 billion CNY [1] - The company faced severe financial issues starting in 2021, including a commercial paper repayment crisis and a significant loss of 800 billion CNY over 2021 and 2022, marking the highest loss record for a Chinese company [2] Market Impact - After a 17-month suspension, Evergrande resumed trading but saw its stock price plummet nearly 80%, leaving a market value of only 4.622 billion HKD [4] - The ongoing investigations into Evergrande and its founder, along with the failure to implement a debt restructuring plan, led to a court ruling for liquidation in January 2024, marking the largest liquidation case among Hong Kong-listed companies [4] - The downfall of Evergrande serves as a cautionary tale for the real estate industry, emphasizing the importance of prudent management and risk prevention in a competitive market [4]