停牌超18个月后，中国恒大最终迎来退市定局。 8月25日，券商中国记者注意到，在港交所披露易中，"现有上市证券"类型中已经无法搜索中国恒大，该公司正式被列入"已除牌证券"。这意味着，中国恒大从8 月25日起正式宣告退市。 8月20日，港交所就曾公告，由2025年8月25日上午9时起，中国恒大的上市地位将根据《上市规则》第6.01A（1）条予以取消。对于中国恒大退市的安排，中国 恒大坦言，该公司无意就上市委员会作出取消上市地位的决定申请复核。 资料显示，中国恒大自2024年1月29日上午10:18起停牌，截至今年7月28日，已连续停牌18个月。根据香港联交所上市规则中的"快速除牌"机制，若主板公司的 证券连续停牌18个月，香港联交所可取消有关公司的上市地位。停牌前，中国恒大股价仅剩0.163港元/股，总股本132亿，总市值约21.52亿港元。 正式退市 由于长期停牌超过18个月，且未能满足复牌指引恢复交易，中国恒大最终迎来退市结局。 根据此前安排，中国恒大最后的上市交易日定在8月22日，不过，当天并未复牌进行交易，而是经过了周末两天后，今日（8月25日）中国恒大直接从港交所退 市。 资料显示，中国恒大于2009 ...

停牌超18个月后，中国恒大最终迎来退市定局。 巅峰时期，2017年中国恒大市值一度约4000亿港元，2021年，中国恒大流动性问题彻底爆发，股价一路走低，从14港元/股持续下跌，截至2024年1月停 牌，中国恒大沦为"仙股"报0.163港元/股，总市值仅剩21.52亿港元。 8月25日，券商中国记者注意到，在港交所披露易中，"现有上市证券"类型中已经无法搜索中国恒大，该公司正式被列入"已除牌证券"。这意味着，中国 恒大从8月25日起正式宣告退市。 8月20日，港交所就曾公告，由2025年8月25日上午9时起，中国恒大的上市地位将根据《上市规则》第6.01A（1）条予以取消。对于中国恒大退市的安 排，中国恒大坦言，该公司无意就上市委员会作出取消上市地位的决定申请复核。 资料显示，中国恒大自2024年1月29日上午10:18起停牌，截至今年7月28日，已连续停牌18个月。根据香港联交所上市规则中的"快速除牌"机制，若主板 公司的证券连续停牌18个月，香港联交所可取消有关公司的上市地位。停牌前，中国恒大股价仅剩0.163港元/股，总股本132亿，总市值约21.52亿港元。 正式退市 由于长期停牌超过18个月，且未能 ...

停牌超18个月后，中国恒大最终迎来退市定局。 8月25日，券商中国记者注意到，在港交所披露易中，"现有上市证券"类型中已经无法搜索中国恒大，该公司正式被列入"已除牌证券"。这意味着，中国恒大从8月 25日起正式宣告退市。 | 上市公司公告搜尋結果 | | | | | | --- | --- | --- | --- | --- | | 共有 1033 紀錄 | | | 披露權益 > │ 上市類別: 主要上市 | | | 發放時間 | V 股份代號 | ▲ | 股份簡稱 | ▲ 文件 | | 20/08/2025 17:49 | 03333 | | 中國怕大 | 監管者發出的公告及消息 取消上市地位 (187KB) PDF | | 14/08/2025 18:14 | 03333 | | 中國恒大 | 公告及通告 - [內幕消息 / 停牌] 內幕消息公告 有關清盤的進一步消息 及 繼續停牌 (208KB) PE | | 12/08/2025 19:18 | | 03333 | 中國恒大 | 公告及通告 - [內幕消息 / 停牌 / 私有化/撤銷或取消證券上市] | 8月20日，港交所就曾公告，由2025年8月25 ...

Group 1 - China Evergrande Group is set to delist from the stock market on August 25 after four years of turmoil, marking a significant chapter in its financial struggles [2] - The company's total debt stands at 2.39 trillion yuan, while its total assets are only 1.74 trillion yuan, indicating a substantial gap that complicates debt recovery for creditors [3][4] - The court-appointed liquidators are pursuing not only the assets of Evergrande but also the "illegal gains" of its founder Xu Jiayin and related parties, who have been uncooperative in disclosing their assets [2][3][4] Group 2 - As of July 31, the liquidators have received 187 claims totaling approximately 350 billion HKD (45 billion USD), significantly higher than the last reported debt of 27.5 billion USD in 2022 [3] - The liquidators have initiated legal action against Xu Jiayin and other executives for alleged breaches of duty related to financial statements from 2018 to 2020, seeking to recover around 60 billion HKD (approximately 4.38 billion RMB) in dividends and compensation [4][8] - The Hong Kong High Court has frozen assets worth 60 billion HKD belonging to Xu Jiayin and others, requiring them to disclose their assets [4][8] Group 3 - Xu Jiayin has reportedly transferred 42.7 billion RMB in assets to his ex-wife and established a 2.3 billion USD trust for his children, raising concerns about asset concealment [5][7] - The "technical divorce" between Xu Jiayin and his ex-wife has been interpreted as a strategy to protect assets from creditors [5][7] - The liquidators are focusing on compelling Xu Jiayin to disclose his assets, which could potentially recover a portion of the estimated 45 billion USD in debts owed to creditors [8] Group 4 - Summer Hai Jun, a key figure in Evergrande, has been located in the U.S. after being missing for over a year, with assets including three luxury homes and four cars valued at approximately 24 million USD [9][12] - The court has issued a temporary injunction against assets held by Summer Hai Jun's wife, indicating ongoing legal scrutiny of their financial dealings [11][12] - Summer Hai Jun's past compensation has been substantial, with reported earnings exceeding 1 billion RMB in a single year, highlighting the financial scale of Evergrande's leadership [16][17]

Core Viewpoint - The article discusses the implications of Evergrande's delisting and the beginning of a new phase in the aftermath of its financial crisis, emphasizing the need for accountability and regulatory measures to prevent similar situations in the future [4][6][7]. Group 1: Evergrande's Delisting - On August 12, Evergrande announced its cancellation of listing status, marking a significant event in its financial saga [4]. - The delisting signifies the start of the "post-explosion" era, focusing on addressing issues like unfinished buildings and bad debts [6][7]. - The regulatory focus will shift towards managing risks associated with unfinished projects and financial institutions [7]. Group 2: Accountability and Legal Actions - The liquidators of Evergrande have filed lawsuits against founder Xu Jiayin and other executives, claiming they violated responsibilities by approving misleading financial statements [10]. - The liquidators are seeking to recover approximately $6 billion (around 43.8 billion RMB) in dividends and compensation, with a court ruling to freeze assets worth 60 billion HKD (about 55 billion RMB) [10]. - The article suggests that the accountability measures are crucial to prevent the emergence of similar figures in other industries [17][18]. Group 3: Regulatory Measures for the Automotive Industry - The article raises concerns about potential risks in the automotive sector, suggesting that there may be companies similar to Evergrande [19]. - Regulatory measures, such as a 60-day payment commitment for car companies, are seen as steps to prevent financial misconduct and protect smaller enterprises [20]. - It is recommended that regulators implement a tiered management system for monitoring loss-making companies and closely scrutinize private enterprises to prevent excessive debt [21].

中国恒大表示，根据指示令，清盘人于2025年7月25日向法院提交了一份阐述由自认为是公司债权人的 人士收到的资料，以及有意在公司清盘中担任可能成立的审查委员会委员的人士的情况报告，同时向法 院申请进一步指示决定在公司清盘中不成立审查委员会(简称"指示申请")。 8月14日，中国恒大发布有关清盘的进一步消息及继续停牌公告。 指示申请将于2025年9月16日上午10时在香港金钟道38号高等法院大楼举行，并在高等法院原讼法庭法 官陈静芬席前进行聆讯。中国恒大称，任何人士如欲在聆讯中作出陈词，请委聘香港事务律师并请他们 于2025年8月29日前联络清盘人律师泰德威律师事务所。 中国恒大还表示，公司股份自2024年1月29日上午10时18分起暂停买卖，并将继续停牌，直至股份于 2025年8月25日上午9时起取消上市地位。 8月12日，中国恒大集团发布公告称，因未能满足香港联交所复牌指引要求，且未能在2025年7月28日前 恢复股份交易，联交所依据《上市规则》决定取消其上市地位。目前，中国恒大的股价为0.163港元/ 股，其总市值由历史高峰期的逾3700亿港元降至停牌时的21.5亿港元。公告还明确，公司股份的最后上 市日 ...

Core Viewpoint - Evergrande has been delisted from the Hong Kong Stock Exchange after 18 months of suspension, marking the end of its 16-year listing journey, with significant implications for its creditors [1][2]. Group 1: Financial Status - Evergrande's peak market value reached HKD 400 billion in 2017, but it has plummeted to only HKD 21 billion before delisting [1]. - The company has accumulated debts totaling CNY 2.4 trillion, making it one of the largest financial scandals in Chinese corporate history [1]. - As of the end of July, creditors have filed claims totaling CNY 319.9 billion, while the liquidators currently control assets valued at only CNY 24.68 billion [1][2]. Group 2: Asset Liquidation - The liquidators have reported that the cash available for debt repayment is merely CNY 1.8 billion, with only CNY 746.7 million coming directly from Evergrande [1]. - The most valuable asset of Evergrande is its property management division, which is prioritized for liquidation [3].

Core Viewpoint - China Evergrande Group has officially lost its listing status on the Hong Kong Stock Exchange due to failure to meet the resumption guidelines, marking the end of its approximately 16-year presence in the market [1][2]. Group 1: Company History and Performance - Evergrande was listed in Hong Kong on November 5, 2009, with a market capitalization exceeding HKD 70 billion, becoming the largest private real estate company from mainland China at that time [1]. - The company achieved significant sales growth, reaching a sales scale of CNY 373.4 billion in 2016, and entered the Fortune Global 500 list [1]. - In 2017, Evergrande reported total assets of CNY 1.7618 trillion, core net profit of CNY 40.5 billion, and sales exceeding CNY 370 billion, solidifying its position as the industry leader [1]. Group 2: Financial Challenges and Decline - In 2020, Evergrande initiated a strategy to reduce debt and control scale, but the situation deteriorated, leading to a liquidity crisis in 2021 [2]. - The company faced significant financial difficulties, with a reported loss exceeding CNY 800 billion for the fiscal years 2021 and 2022, setting a record for the highest loss by a Chinese company [2]. - Following a 17-month trading suspension, Evergrande's stock resumed trading on August 28, 2023, but plummeted nearly 80%, leaving its market capitalization at only HKD 4.622 billion [2].

Core Viewpoint - China Evergrande Group's listing status will be officially canceled on August 25, 2025, marking the end of its approximately 16-year presence in the stock market [2][3][4]. Group 1: Company History and Performance - Evergrande was listed in Hong Kong on November 5, 2009, with a market capitalization exceeding HKD 70 billion, becoming the largest private real estate company from mainland China at that time [4]. - The company achieved a sales scale of CNY 373.4 billion in 2016, ranking first in the industry and entering the Fortune Global 500 list, with total assets surpassing CNY 1 trillion for the first time [4]. - In 2017, Evergrande reached a peak with total assets of CNY 1.7618 trillion, core net profit of CNY 40.5 billion, and sales exceeding CNY 370 billion, solidifying its industry leadership [4]. Group 2: Financial Challenges and Decline - In 2020, Evergrande announced a strategy to reduce debt and control scale, but the company's financial troubles became apparent, leading to a liquidity crisis in 2021 [4][5]. - The company reported a staggering cumulative loss exceeding CNY 800 billion for the fiscal years 2021 and 2022, setting a record for the highest loss by a Chinese enterprise [5]. - Following investigations into Evergrande and its founder, the company faced difficulties in executing its overseas debt restructuring plan, culminating in a court-ordered liquidation on January 29, 2024 [6].

Core Viewpoint - The company South China City (01668.HK) has entered liquidation, marking a significant event in the real estate sector, following its inability to repay a key debt of $306 million due in April 2024, leading to a court-ordered liquidation process [1][4][10]. Financial Situation - As of the end of 2024, South China City reported total assets of HKD 87.5 billion and total liabilities of HKD 60.9 billion, making it the largest liquidation case in the real estate sector after Evergrande [1][9]. - The company's stock was suspended at HKD 0.107, resulting in a market capitalization of HKD 1.224 billion [2]. Debt Crisis - The immediate trigger for the liquidation was the failure to repay a critical debt of $306 million, which led Citigroup, as the trustee, to file for liquidation in January 2025 [3][4]. - Despite attempts at debt restructuring, the company could not reach an agreement with creditors, culminating in a court hearing that resulted in the liquidation order [4][10]. Historical Context - South China City was established in May 2002 and listed on the Hong Kong Stock Exchange in 2009, previously recognized as a major player in the commercial logistics and trading center development sector [4]. - The company was once favored in the capital markets, receiving credit rating upgrades and recommendations from major financial institutions due to its strong recurring income and land acquisition strategies [5]. Strategic Investments and Failures - In May 2022, Shenzhen-based strategic investor Shenzhen Special Zone Construction Development Group acquired a 29.28% stake in South China City for HKD 19.095 billion and provided further financial support [6][7]. - Despite these efforts, the company faced severe cash flow issues and ultimately declared default in February 2024 [7][12]. Liquidation Process - Following the liquidation order, appointed liquidators will manage the company's assets, prioritizing local asset disposal and potentially restructuring or selling core assets to maximize value [10]. - The total liabilities of HKD 60.9 billion significantly overshadow the company's market value, raising concerns about the recovery prospects for creditors [10][11]. Industry Implications - The liquidation of South China City is expected to have far-reaching effects on market confidence regarding distressed real estate companies, particularly those undergoing debt restructuring [10][11]. - The case illustrates the risks associated with strategic investments in troubled companies, as the major shareholder may face significant losses and legal challenges [11].