Core Viewpoint - China Evergrande's announcement on August 12, 2025, marked the end of its journey in the capital market, as the Hong Kong Stock Exchange decided to cancel its listing status due to failure to meet resumption requirements after more than 18 months of trading suspension [1][4][5]. Group 1: Market Impact and Investor Sentiment - The last trading day for Evergrande was set for August 22, 2025, with the official cancellation of its listing status on August 25, 2025 [4]. - Investors expressed despair in online forums, with some reporting losses of up to 500,000 yuan, and many feeling hopeless about recovering their investments [7][8]. - At its peak, Evergrande's market capitalization exceeded 400 billion HKD, but by January 29, 2024, prior to its suspension, the stock price plummeted to 0.163 HKD, resulting in a market cap of only 2.152 billion HKD, a decline of over 99% [9][12]. Group 2: Debt and Legal Issues - Evergrande is facing a massive debt crisis, with over 350 billion HKD (approximately 45 billion USD) in claims filed against it as of July 31, 2025 [25]. - The company is involved in 80 legal cases, with total amounts in dispute reaching 4.35 billion yuan [20][21]. - The liquidation process has revealed that only about 2 billion HKD (approximately 255 million USD) has been realized from asset sales, highlighting the severe liquidity issues [29][36]. Group 3: Asset Management and Recovery Efforts - The liquidators have taken control of over 100 companies within the group, with total asset values around 27 billion HKD (approximately 3.5 billion USD), but the actual realizable value remains uncertain [28]. - Evergrande's property management division is seen as a potential source of value, with efforts underway to find buyers for its assets [39][40]. - The complexity of Evergrande's corporate structure, with over 3,000 legal entities across various jurisdictions, complicates the asset recovery process [27][35]. Group 4: Personal Financial Matters of Executives - The financial status of Evergrande's founder, Xu Jiayin, and his ex-wife, Ding Yumei, remains unclear, with reports suggesting significant asset holdings in luxury properties in London [50][52]. - Ding Yumei has reportedly spent millions on properties while the company faces bankruptcy, raising questions about asset management and potential recovery for creditors [47][50].
退市落定！恒大3500亿窟窿只填20 亿，资产还有多少？