Core Viewpoint - China Evergrande's stock has been delisted, marking the end of its 16-year listing journey, while the real estate sector experiences a temporary rally due to favorable market policies [1][3]. Group 1: Stock Performance and Market Reaction - On August 25, 2023, major real estate stocks in both A-shares and H-shares saw significant gains, with companies like Vanke A and Longfor Group rising over 5% [1]. - China Evergrande's stock price is now fixed at 0.16 HKD, with a total market value of approximately 21.52 billion HKD [1][5]. Group 2: Delisting and Legal Proceedings - China Evergrande was delisted due to being suspended for over 18 months, with the Hong Kong Stock Exchange announcing the suspension of trading effective January 29, 2024 [3]. - The company faced a liquidity crisis starting in 2021, leading to a prolonged suspension of its shares and subsequent debt restructuring efforts [3][4]. Group 3: Financial Losses and Investigations - In July 2023, China Evergrande reported cumulative losses exceeding 800 billion RMB for the years 2021 and 2022, setting a record for the highest losses by a Chinese company [4]. - The China Securities Regulatory Commission has initiated an investigation into Evergrande's financial practices, including allegations of premature revenue recognition [4]. Group 4: Liquidation Process - The Hong Kong High Court has ordered the liquidation of China Evergrande, which is now the largest liquidation case among Hong Kong-listed companies [5]. - As of July 31, 2025, the liquidators have received 187 claims totaling approximately 350 billion HKD (about 45 billion USD), with ongoing asset liquidation efforts yielding around 20 billion HKD (2.55 billion USD) [5][6].
地产股久违普涨，中国恒大落寞退场