Core Viewpoint - China Evergrande Group is undergoing liquidation, with significant implications for its shareholders and creditors, as the Hong Kong High Court has ruled that only statutory creditors can participate in the liquidation process, excluding economic interest holders [6][7]. Group 1: Liquidation Process - China Evergrande Group has been in liquidation since January 29, 2024, with trading of its shares suspended until further notice [6][7]. - The joint application to the Hong Kong High Court by the liquidators seeks to revoke a previous transfer of shares in CEG Holdings, which was deemed a undervalued transaction under British Virgin Islands law [5][6]. - The liquidators are tasked with preserving company assets, returning value to creditors, and investigating the causes of the company's liquidation [7]. Group 2: Court Rulings and Implications - The Hong Kong High Court has ruled that only statutory creditors can be members of the Committee of Inspection (COI), explicitly excluding shareholders from decision-making processes [6][7]. - The court emphasized that the liquidation process must be based on legal rights rather than economic interests to prevent procedural chaos and abuse of power [6][7]. - The ruling also noted that shareholders have no residual asset distribution rights due to the company's insolvency, and there are concerns about potential historical misconduct by controlling shareholders [7]. Group 3: Financial Challenges - Despite some recovery of value from company assets, China Evergrande continues to face significant challenges due to its high debt levels and limited internal resources [7]. - The liquidators have not yet identified a restructuring plan that would allow the company to meet the requirements for resuming trading of its shares [7].

Core Viewpoint - The recent execution reward announcement by the Shenzhen Qianhai Cooperation Zone People's Court has exposed legal issues surrounding Zhong Baisheng, the chairman of Tengbang Group, involving an unexecuted amount exceeding 30,000 yuan [1][6]. Group 1: Company Background - Zhong Baisheng is the founder and chairman of Tengbang Group, which includes Tengbang Holdings, a delisted H-share company, and Tengbang International, which has also been delisted from A-shares [2]. - Tengbang Holdings was the first company to be delisted in Hong Kong in 2025, with its trading suspended since April 3, 2023, and its listing status canceled on January 3, 2025 [6]. Group 2: Legal Issues - The unexecuted amount of over 30,000 yuan includes related debt interest, execution fees, and actual expenses incurred during the execution process [6]. - Tengbang Holdings was ordered into liquidation by the Hong Kong High Court in September 2023, and a stock auction for its pledged shares failed to attract bids, indicating a lack of investor interest [8]. - Legal compliance issues have plagued the "Tengbang system," with past administrative penalties from the China Securities Regulatory Commission for failing to disclose significant information [10]. Group 3: Ongoing Litigation - Zhong Baisheng and former executives of Tengbang Group have been involved in numerous lawsuits, with over a hundred civil cases initiated against former executives, some of whom have faced multiple lawsuits [10]. - The recent execution reward announcement highlights the deepening conflicts between Zhong Baisheng and related parties, indicating a severe breakdown in relationships [11]. - The refusal to pay a court-ordered lawyer fee of over 30,000 yuan has been cited as a direct trigger for the execution reward announcement [13].

Core Viewpoint - The Hong Kong High Court has made a significant ruling regarding the liquidation process of China Evergrande Group, stating that only statutory creditors can participate or become supervisors in the liquidation, excluding economic interest holders. This ruling pushes the liquidation into a substantive phase, but debt repayment remains uncertain due to limited asset scale, cross-border disposal challenges, and creditor negotiations [1]. Group 1: Liquidation Process - The liquidators have identified that China Evergrande has less than 10 billion yuan in disposable assets, primarily including Evergrande Property (approximately 5 billion HKD), Evergrande Auto (less than 1 billion HKD), and other investments [1]. - The assets are spread across multiple jurisdictions, including Hong Kong, mainland China, and the Cayman Islands, with some being difficult to liquidate due to mortgages, seizures, or legal disputes [1]. Group 2: Personal Assets of Xu Jiayin - Xu Jiayin, the actual controller of Evergrande, holds nearly 60% of the company's shares, making his personal asset status crucial for creditors seeking repayment. However, he has expressed a reluctance to disclose his personal assets [5][6]. - Legal actions are being taken against several defendants, including Ding Yumei, to recover approximately 6 billion USD in dividends and salaries, while Ding claims Xu owes her 33 billion HKD (approximately 4.2 billion USD) [5]. Group 3: Legal Proceedings and Asset Recovery - The liquidators have been pursuing asset recovery through various legal measures, including global asset freezing orders against Ding Yumei and others to recover around 6 billion USD [8]. - The Hong Kong High Court has approved the sale of Xu Jiayin's property in Hong Kong to repay some debts, and an offshore entity holding his private jet has been taken over for sale [8]. Group 4: Oak Tree Capital's Involvement - Oak Tree Capital is attempting to recover Evergrande's assets outside the Hong Kong liquidation process by appointing its own liquidators to pursue assets owned by Evergrande's offshore subsidiaries [11]. - The firm previously provided 1 billion USD in guaranteed loans to Evergrande, with significant collateral tied to specific properties, indicating a vested interest in the asset recovery process [13].

Core Viewpoint - China Evergrande's liquidation process has entered a new phase, with the Hong Kong High Court ruling that only statutory creditors can participate in the liquidation oversight, excluding economic interest holders and shareholders from decision-making [2][4][5]. Group 1: Court Ruling and Liquidation Process - On April 17, the Hong Kong High Court made a crucial ruling regarding China Evergrande's liquidation, stating that only creditors with statutory claims can be part of the liquidation oversight committee, thereby excluding bondholders who hold economic interests [4][5]. - The court emphasized that the liquidation process must be based on legal rights rather than economic interests to avoid procedural chaos and abuse of power [4]. - Shareholders are excluded from participating in the oversight committee due to the company's insolvency and potential historical misconduct by controlling shareholders [4][5]. Group 2: Challenges in Debt Restructuring - Despite the court's ruling providing a framework for debt restructuring, significant challenges remain, as China Evergrande has yet to propose a viable restructuring plan [5]. - The company's subsidiaries, such as Tianji Holdings, have also entered liquidation, complicating the overall debt resolution process [5]. Group 3: Evergrande Auto's Situation - Evergrande Auto is under scrutiny, with the Hong Kong Stock Exchange outlining conditions for the resumption of trading, including the release of all pending financial results and compliance with listing rules [7][9]. - The company has faced delays in announcing its 2024 financial results due to insufficient funding and the inability to secure strategic investors [10].

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香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何法律責任。 IBO TECHNOLOGY COMPANY LIMITED (In Liquidation) 艾 伯 科 技 股 份 有 限 公 司 （清 盤 中） （於開曼群島註冊成立的有限公司） （股份代號：2708） （一） 復牌指引； （二） 復牌進展之季度更新；及 （三） 繼續暫停買賣 本公告乃艾伯科技股份有限公司（清盤中）（「本公司」，及其附屬公司，統稱「本集團」）根據 香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 13.09 條及第 13.24A 條， 以及香港法例第 571 章《證券及期貨條例》第 XIVA 部項下的內幕消息條文（定義見上市規則） 作出。 本公司於二零二四年五月十三日、二零二四年八月二十八日及二零二五年一月十七日收到聯交 所的函件，通知有關本公司股份恢復買賣的復牌指引（「復牌指引」）的詳情如下： (a) 刊發上市規則中要求的所有尚未刊發的財務業績及處理任何審計修 ...