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Core Viewpoint - China Evergrande is set to be delisted from the Hong Kong Stock Exchange on August 25, 2025, following the announcement that it will not appeal the delisting decision [1][3]. Group 1: Delisting Process and Market Implications - The delisting of China Evergrande was widely anticipated and is seen as a necessary outcome of market dynamics, reflecting the accelerated metabolism of the Hong Kong capital market [4][5]. - According to Hong Kong's listing rules, a company can be delisted if its securities are suspended for 18 months, which applies to China Evergrande as it has been suspended since January 29, 2024, due to a court-ordered liquidation [5]. - From 2018 to June 2025, a total of 167 companies were forcibly delisted from the Hong Kong main board, with an average of over 30 companies delisted annually from 2022 to 2024 [5]. Group 2: Impact on Creditors and Operations - The delisting does not affect the rights of creditors, as they can still assert their claims during the liquidation process, and the liquidation will continue unaffected [6]. - China Evergrande's stock will remain suspended until its delisting is finalized, and the company has been unable to find a restructuring plan to meet the requirements for resuming trading [6]. - The real estate operations of China Evergrande are not directly impacted by the delisting, as the company continues to focus on completing housing deliveries [7]. Group 3: Bankruptcy Proceedings - Some subsidiaries of China Evergrande, such as Kailong Real Estate, have entered bankruptcy proceedings, which is viewed as a natural outcome of market selection [7].

Group 1 - China Evergrande (HK.03333) announced that the Hong Kong Stock Exchange's Listing Committee decided to cancel its listing status, with no intention to appeal the delisting decision, leading to its delisting on August 25, 2025 [1][2] - The delisting is seen as a necessary outcome, as the company has been suspended since January 29, 2024, due to a court-ordered liquidation, and failed to meet the requirements for resumption of trading [2][4] - The Hong Kong capital market is experiencing accelerated turnover, with 167 companies delisted from the main board between 2018 and June 2025, averaging over 30 companies per year from 2022 to 2024 [2] Group 2 - The delisting does not affect the rights of creditors, as it only signifies that China Evergrande is no longer a listed company, and does not impact the operations of its subsidiaries like Evergrande Auto (HK.00708) and Evergrande Property (HK.06666) [3][5] - The liquidation process will continue unaffected by the delisting, allowing creditors to claim their rights and stay informed about the progress of the liquidation [3][4] - Evergrande's real estate division has reportedly completed the delivery of most properties nationwide and will continue to fulfill its commitments to "ensure delivery" despite the delisting [5]