（原标题：纳斯达克拟出台新规提高上市门槛） "我们还在评估新规影响，还不确定怎么调整。"王圣告诉记者。王圣是深圳一家跨境电商企业的创始 人，一直在为公司境外上市做准备。美国纳斯达克交易所近期向监管部门提交修订企业上市的标准，使 得不少计划赴美上市的企业受到影响。 根据纳斯达克向美国证券交易委员会(SEC)提交的文件，拟对首次上市与持续上市标准进行新一轮修 订。接受采访的业内人士认为，此次拟议的新规显著提高了公司首次公开募股(IPO)时的公开流通股规 模和最低IPO募集资金门槛，并进一步收紧了不符合持续上市标准企业的暂停交易及退市程序。而对于 中国企业，纳斯达克还额外提高了标准。如果新规通过，意味着赴美上市的中国企业和在纳斯达克上市 的中概股将受到不小影响。 纳斯达克上市门槛或提高 拟议的新规首先在上市门槛方面进行大幅提升，要求IPO具有最低的无限制公众持股市值，其中纳斯达 克全球市场至少800万美元，而资本市场至少500万美元。而如果企业根据净利润标准上市的，则IPO时 无限制公众持股市值则统一提高到1500万美元。 赴美上市应提前做好准备 "美国境外企业在美股IPO中占相当大的比例，这些企业大多发行规模较小 ...

Core Viewpoint - Beijing Construction (Holdings) Limited has received court approval for the privatization proposal by Haoming Holdings Limited, which will lead to the delisting of Beijing Construction from the Hong Kong Stock Exchange on August 29, 2023 [1] Company Overview - Beijing Construction was established in July 2009, with major shareholders including Beikong Real Estate (Hong Kong) Limited (36.26%), Haoming Holdings (22.35%), and Jingtai Industrial (Group) Limited (6.99%), all controlled by Beikong Group [1][2] - Beikong Group, founded in January 2005, is a large state-owned enterprise group established by the Beijing Municipal Government, focusing on real estate development through its subsidiaries, including Beikong Real Estate Group and Beijing Construction [2] Financial Performance - Beijing Construction has reported continuous losses for seven years since 2018, with net losses of 900 million yuan in 2023 and 537 million yuan in 2024, alongside a 41% year-on-year decline in revenue to 865 million yuan in 2024 [3] - The company has been actively preparing for asset sales since 2018, but delays in completing these sales have led to increased financial costs and declining asset prices, contributing to ongoing losses [3] - The daily trading volume of Beijing Construction has been below one million Hong Kong dollars, resulting in rising compliance costs relative to revenue, making the decision to delist a rational choice [3]

Core Points - China Evergrande Group has been forcibly delisted from the Hong Kong Stock Exchange after 18 months of continuous suspension, marking the end of its capital market journey [1] - The company is facing a debt crisis exceeding 2.4 trillion yuan, with founder Xu Jiayin and several executives being held accountable for financial fraud and fund misappropriation [1] - Evergrande was listed on the Hong Kong Stock Exchange in November 2009, becoming the largest private real estate company from mainland China listed in Hong Kong, with a peak market value of 370 billion HKD in 2017 [1] - In 2023, Evergrande reported a combined loss of over 800 billion yuan for the fiscal years 2021 and 2022, setting a record for the highest loss by a Chinese company [1] - A winding-up order was issued by the Hong Kong High Court against Evergrande on January 29, 2024, and prior to suspension, its stock price had fallen to 0.163 HKD per share, with a market value of only 2.152 billion HKD [1]

Core Viewpoint - The recent legal issues surrounding Huang Qisen, the chairman and general manager of Taihe Group, have led to significant operational challenges for the company, including asset freezes and administrative penalties for failing to disclose major lawsuits and omissions in annual reports [1][2]. Group 1: Company Operations and Management - Taihe Group's board has been informed that Huang Qisen is under investigation by the Liaoning Provincial New Min City Supervisory Committee, which has resulted in his detention [1]. - Despite the legal challenges, Taihe Group claims that its organizational structure and management system are functioning normally, and all business activities are continuing as usual [1]. - The company has faced asset freezes and seizures, which are expected to impact its operations [1]. Group 2: Financial Penalties and Legal Issues - The Fujian Securities Regulatory Bureau has imposed a fine of 6 million yuan on Taihe Group for failing to disclose significant lawsuits and for major omissions in its annual report [1]. - Huang Qisen and seven other executives have collectively been fined 11.4 million yuan due to these violations [1]. Group 3: Historical Context and Financial Performance - Huang Qisen founded Taihe Group in 1996, focusing on high-end products, including Taihe Courtyards [3]. - Between 2013 and 2017, Taihe Group achieved a remarkable sales growth from 10 billion to 100 billion yuan in just five years [3]. - Huang Qisen became the richest person in Fujian in 2015, with a net worth exceeding 20 billion yuan, and was ranked 1001st on the 2020 Hurun Global Rich List [3]. Group 4: Recent Challenges and Market Position - Taihe Group has been facing a financial crisis since 2020, marked by defaults and unsuccessful self-rescue efforts, including asset sales and strategic investments [4]. - In August 2023, Taihe Group triggered mandatory delisting clauses and was removed from the Shenzhen Stock Exchange, marking a significant decline for the once-prominent real estate company [5].

Core Viewpoint - China Evergrande Group is set to have its listing status canceled by the Hong Kong Stock Exchange effective August 25, 2025, due to failure to meet resumption guidelines and inability to restore trading by the deadline [1][3]. Group 1: Listing Status and Market Impact - The Hong Kong Stock Exchange announced that China Evergrande's listing status will be canceled under Listing Rule 6.01A(1) [1][3]. - As of the announcement, China Evergrande's stock price was HKD 0.163 per share, with a total market capitalization dropping from over HKD 370 billion at its peak to HKD 2.15 billion at the time of suspension [3]. - The last trading date for the company's shares is set for August 22, 2025, before the official delisting on August 25, 2025 [3]. Group 2: Financial and Operational Challenges - China Evergrande has announced a debt restructuring plan requiring an additional financing of between CNY 250 billion to CNY 300 billion over the next three years, but the plan has not yet been implemented [4]. - The company acknowledged that delisting does not equate to liquidation or bankruptcy, indicating ongoing challenges in addressing debt risks and governance issues [4]. - As of August 18, 2023, China Evergrande Group has faced multiple legal actions, with a total execution amount exceeding CNY 5.01 billion, and over 580 existing execution cases totaling more than CNY 64.8 billion [4].

Core Viewpoint - China Evergrande Group is set to have its listing status canceled by the Hong Kong Stock Exchange due to failure to meet the resumption guidelines, marking a significant event in the company's ongoing financial struggles [2][4]. Group 1: Listing Status and Market Impact - The Hong Kong Stock Exchange announced that China Evergrande's listing status will be canceled effective from August 25, 2025, at 9 AM [2]. - As of the announcement, China Evergrande's stock price was HKD 0.163 per share, with a total market capitalization dropping from over HKD 370 billion at its peak to HKD 2.15 billion at the time of suspension [4]. - The last trading date for the company's shares is set for August 22, 2025, before the official delisting [4]. Group 2: Financial and Operational Challenges - China Evergrande acknowledged it would not seek a review of the delisting decision, indicating a lack of intention to contest the ruling [5]. - The company has been under significant financial strain, with a debt restructuring plan announced in 2023 that requires an additional financing of between CNY 250 billion to CNY 300 billion over the next three years, which has yet to be realized [5]. - Despite the delisting, analysts suggest that it does not equate to bankruptcy, as the company still faces numerous challenges, including slow debt risk management and governance issues [5]. Group 3: Legal and Financial Liabilities - Recent legal developments show that Evergrande Real Estate Group has added eight new enforcement cases as of August 18, with a total enforcement amount exceeding CNY 5.01 billion [6]. - The company currently has over 580 enforcement cases with a total amount exceeding CNY 64.8 billion, alongside multiple consumption restrictions and cases of dishonesty [6].

Core Viewpoint - China Evergrande Group is undergoing liquidation proceedings, with its shares suspended from trading and set to be delisted due to failure to meet Hong Kong Stock Exchange requirements [1][3]. Group 1: Liquidation and Court Proceedings - The liquidator submitted a report to the court detailing potential committee members and requested a ruling to not establish a review committee during the liquidation process [1]. - A hearing for the request will take place on September 16, 2025, at the High Court in Hong Kong [2]. - The company's shares will be suspended from trading starting January 29, 2024, and will be officially delisted on August 25, 2025 [2][3]. Group 2: Financial Impact and Market Reaction - China Evergrande's stock price has plummeted from a peak of over 370 billion HKD to 2.15 billion HKD at the time of suspension, with the current price at 0.163 HKD per share [3]. - The decision to delist is expected to expedite the bankruptcy liquidation process, allowing for orderly asset preservation and realization, prioritizing the interests of creditors [3][4]. Group 3: Legal and Financial Challenges - Recent legal actions have resulted in 10 new enforcement cases against Evergrande, with a total enforcement amount exceeding 1.64 billion CNY, involving various financial disputes [4]. - The actual realizable value of the company's assets is low, with only Evergrande Property having significant value, which is insufficient to cover all claims [3][4].

港交所交易系统显示，中国恒大最后一单股票交易成交价定格在0.163港元，这家曾叱咤房地产行业的 上市公司，在经历15年资本市场沉浮后，最终以21.5亿港元市值黯然退场。中国恒大2009年11月在港交 所敲锣，成为在港上市最大的内地民营房企，2017年10月其市值攀至4144亿港元峰值。创始人许家印也 被推上中国首富宝座。伴随着企业激进扩张，恒大2021年遭遇流动性危机。2024年3月，恒大地产被曝 出财务造假等问题。同年5月，恒大地产被证监会罚款41.75亿元，许家印被顶格处罚，2024年1月29日 中国恒大股份停牌，至今年7月28日已停牌18个月。公告还披露，截至2025年7月31日，清盘人收到187 份债权证明，债权总额约3500亿港元，较2022年底披露的香港上市主体275亿美元负债规模显著增加。 公告显示，8月8日中国恒大收到港交所发出的信函，因该公司未能满足港交所对其施加的复牌指引要 求，且股份一直暂停买卖并未于2025年7月28日前恢复，港交所的上市委员会已决定取消公司的上市地 位。中国恒大股份上市的最后一天为8月22日，8月25日上午9时起取消股份上市地位。 本报讯（记者袁璐）中国恒大集团终迎退 ...

Group 1 - China Evergrande Group will officially delist from the Hong Kong Stock Exchange on August 25, 2025, with the last trading day being August 22, 2025 [1] - The last trading price for China Evergrande's shares was set at 0.163 HKD, resulting in a market value of 2.15 billion HKD at the time of delisting [1] - China Evergrande was once the largest private real estate company listed in Hong Kong, reaching a peak market value of 414.4 billion HKD in October 2017 [1] Group 2 - The China Securities Regulatory Commission (CSRC) disclosed in March 2024 that Evergrande's 2019 and 2020 annual reports contained false records, inflating 2019 revenue by 213.99 billion CNY and 2020 revenue by 350.16 billion CNY [2] - In May 2024, the CSRC ordered Evergrande to correct its reports, issued a warning, and imposed a fine of 4.175 billion CNY [2] - As of July 28, 2024, China Evergrande had been suspended from trading for 18 months [2]

Core Viewpoint - Evergrande's delisting from the Hong Kong Stock Exchange marks a significant end to its once-prominent status in the real estate sector, highlighting the severe consequences of its financial mismanagement and the ongoing legal challenges faced by its executives [1][3]. Group 1: Delisting and Financial Consequences - Evergrande has officially given up on its efforts to reverse its delisting, acknowledging its fate without meeting any of the previously set conditions for resumption [3]. - The company has effectively closed off its financing avenues, with no access to capital markets, as only 24% of its domestic debt restructuring has been approved [3]. - The transition from a successful listing in 2009 to being the largest delisted real estate company in Hong Kong signifies a rapid decline in its market position [3]. Group 2: Legal and Financial Challenges - The Hong Kong court is pursuing 41.8 billion HKD in illegal dividends distributed during the debt crisis, which is seen as a method of extracting value from the company [4]. - The freezing of over 50 billion HKD in domestic assets is primarily a judicial measure to prevent asset transfer rather than a new discovery of hidden assets [4]. - The total liabilities of Evergrande amount to 2.4 trillion HKD, making the frozen assets insufficient to address its financial obligations [4]. Group 3: Ongoing Risks and Future Outlook - The appointment of liquidators by the Hong Kong court indicates that investigations into Evergrande's assets and potential cross-border claims are just beginning [5]. - The current approval rate for domestic debt restructuring is below 30%, and failure to achieve a successful restructuring could lead to a wave of lawsuits [5]. - Criminal accountability for the company's executives remains unresolved, with potential charges of financial fraud and misappropriation of funds looming [5]. Group 4: Lessons for Investors - The situation serves as a warning against high dividend payouts during cash flow crises, which may indicate asset stripping rather than financial health [6]. - The belief that large companies are too big to fail is challenged by Evergrande's collapse, emphasizing the risks of unchecked expansion [6]. - The essence of business success in the real estate sector ultimately relies on product quality rather than financial maneuvering [6].