Core Viewpoint - The Hong Kong High Court's historic ruling has shattered the myth of corporate structures as personal safe havens, leading to the takeover of Xu Jiayin's global assets valued at $7.7 billion by liquidators, signaling that corporate structures cannot be used to evade personal responsibility [3][5][20]. Group 1: Legal Ruling and Implications - On September 16, the Hong Kong High Court appointed liquidators to take control of Xu Jiayin's assets and issued a global injunction against the disposal of these assets, which are valued at $7.7 billion [5][10]. - The court's decision marks a significant shift, penetrating the traditional principle of "limited liability" in corporate law, as it extends the liquidation process from the company level to the personal assets of the founder [6][20]. - The ruling emphasizes that actual controllers must bear ultimate responsibility for their actions, as the court found that Xu Jiayin abused the corporate structure to evade asset disclosure obligations [19][20]. Group 2: Background and Context - Evergrande Group was once a leading player in China's real estate sector, achieving sales of 373.1 billion yuan in 2017 and making Xu Jiayin the richest person in China with a net worth of 290 billion yuan [12][13]. - The company faced a liquidity crisis in 2021 due to high leverage and the implementation of the "three red lines" policy, leading to its eventual suspension from trading in January 2024 and subsequent delisting in August 2025 [13][14]. - The legal battle for asset recovery began last year, with the court initially ordering the liquidation of Evergrande, which set the stage for the recent asset takeover [15][16]. Group 3: Supervision and Governance - The court appointed Edward Simon Middleton and Huang Yongshi as the liquidators for Xu Jiayin's assets, establishing a comprehensive supervision mechanism to prevent abuse of power during the asset disposal process [10][20]. - The global injunction aims to protect creditor interests by preventing further dissipation of Xu Jiayin's assets, which have been subject to scrutiny due to potential concealment [10][16]. - The ruling sets a new standard for corporate governance and cross-border enforcement, redefining the boundaries of responsibility for actual controllers in corporate structures [20].
许家印全球资产被接管,价值77亿美元
阿尔法工场研究院·2025-09-18 00:07