中国恒大，正式退市！

Core Viewpoint - China Evergrande has officially been delisted from the Hong Kong Stock Exchange after more than 18 months of suspension, marking the end of its listing status due to failure to meet the resumption guidelines [1][2]. Group 1: Delisting Details - On August 25, 2023, China Evergrande was categorized as "delisted securities" on the Hong Kong Stock Exchange, confirming its delisting status [1]. - The company had been suspended from trading since January 29, 2024, and had not resumed trading by its last scheduled trading day on August 22, 2023 [2]. - Prior to suspension, the stock price was at 0.163 HKD per share, with a total market capitalization of approximately 21.52 billion HKD [1]. Group 2: Financial Background - China Evergrande was listed on the Hong Kong Stock Exchange in November 2009 and experienced significant growth, reaching a market value of around 400 billion HKD at its peak in 2017 [3]. - By 2021, the company faced severe liquidity issues, leading to a drastic decline in stock price and market value [3]. - As of June 30, 2022, the total liabilities of China Evergrande Group amounted to 24,740.9 billion CNY, with 16,197.3 billion CNY in liabilities after excluding contract liabilities [8]. Group 3: Legal and Regulatory Issues - In September 2023, the chairman of China Evergrande, Xu Jiayin, was taken into custody due to alleged criminal activities [4]. - In May 2024, the China Securities Regulatory Commission imposed administrative penalties on Evergrande for fraudulent bond issuance and information disclosure violations, resulting in a fine of 47 million CNY for Xu Jiayin [5]. Group 4: Future Implications - Despite the delisting, the liquidation process for China Evergrande will continue, with ongoing efforts to manage and recover assets [7]. - As of July 31, 2025, the liquidators reported a total debt claim of approximately 350 billion HKD (45 billion USD) against the company, while the last audited financial report indicated liabilities of about 275 billion USD [9]. - The delisting does not signify the end of the company's obligations; rather, it highlights the unresolved debt issues that affect various stakeholders, including financial institutions and suppliers [9].