恒大退市迎来“终裁”！

Core Viewpoint - China Evergrande Group is set to have its listing status canceled by the Hong Kong Stock Exchange effective August 25, 2025, due to failure to meet resumption guidelines and inability to restore trading by the deadline [1][3]. Group 1: Listing Status and Market Impact - The Hong Kong Stock Exchange announced that China Evergrande's listing status will be canceled under Listing Rule 6.01A(1) [1][3]. - As of the announcement, China Evergrande's stock price was HKD 0.163 per share, with a total market capitalization dropping from over HKD 370 billion at its peak to HKD 2.15 billion at the time of suspension [3]. - The last trading date for the company's shares is set for August 22, 2025, before the official delisting on August 25, 2025 [3]. Group 2: Financial and Operational Challenges - China Evergrande has announced a debt restructuring plan requiring an additional financing of between CNY 250 billion to CNY 300 billion over the next three years, but the plan has not yet been implemented [4]. - The company acknowledged that delisting does not equate to liquidation or bankruptcy, indicating ongoing challenges in addressing debt risks and governance issues [4]. - As of August 18, 2023, China Evergrande Group has faced multiple legal actions, with a total execution amount exceeding CNY 5.01 billion, and over 580 existing execution cases totaling more than CNY 64.8 billion [4].