Core Viewpoint - China Evergrande officially delisted from the Hong Kong Stock Exchange on August 25, 2023, marking the end of its 16-year presence in the capital market [1][14]. Summary by Sections Delisting Announcement - On August 12, 2023, China Evergrande announced its decision to delist from the Hong Kong Stock Exchange, following a letter from the exchange stating that the company failed to meet the resumption criteria [2]. - The last trading day for its shares was August 22, 2023, with the delisting effective from 9 AM on August 25, 2023 [3]. Historical Context - China Evergrande was approved for listing in January 2008 but faced challenges due to the global financial crisis, leading to a temporary suspension of its IPO [4]. - The company officially listed on the Hong Kong Stock Exchange on November 5, 2009, with a market capitalization exceeding 700 billion HKD [4]. - In October 2017, the company's market value peaked at 4,144 billion HKD, making it the largest real estate company globally [4]. Financial Struggles - The company adopted a high-leverage, high-debt business model, which led to significant risks that materialized after 2020, resulting in a liquidity crisis in 2021 [6]. - In December 2021, China Evergrande initiated a debt restructuring process for its overseas debts [7]. Debt Restructuring Efforts - By March 2023, the company disclosed a debt restructuring plan involving the issuance of new bonds to replace existing ones, with terms including a 4-12 year maturity and interest rates between 2%-7.5% [8]. - However, by September 2023, the company announced a reassessment of the restructuring terms due to disappointing sales and ongoing negotiations with creditors [9]. Legal and Regulatory Issues - In January 2024, the Hong Kong High Court ordered the company to be liquidated, with the stock remaining suspended [9]. - The company's stock price plummeted from a peak of 28.74 HKD per share to 0.16 HKD per share by January 2024, representing a 99.43% decline [9]. - The company faced legal actions against its founder and former executives for alleged financial misconduct, including approval of misleading financial statements [11][13]. Conclusion - The delisting of China Evergrande signifies a dramatic fall from grace for a company that once dominated the real estate sector, now facing significant financial and legal challenges [14].
从全球市值最高房企到清盘退市 中国恒大资本市场跌宕终章