Core Viewpoint - Evergrande Auto is facing significant liquidity issues, which hinder its ability to determine the publication date for its 2024 performance report [1] Group 1: Financial Challenges - The company continues to experience liquidity problems despite efforts to seek investments and sell assets to improve its financial position [1] - Discussions with potential strategic investors and buyers have not yielded results [1] - Certain subsidiaries of the company have received notifications regarding bankruptcy liquidation and asset auctions to settle judgment debts [1] Group 2: Operational Constraints - Limited resources are prioritized for maintaining operational activities, leaving the company without sufficient funds to cover the costs of audit and other professional services for the fiscal year ending December 31, 2024 [1] - As a result, the company is unable to reasonably determine the publication date for its 2024 performance [1]

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].

Core Viewpoint - China Evergrande Group is undergoing a liquidation process as per the Hong Kong High Court's ruling, which restricts participation in the liquidation committee to statutory creditors only, excluding economic interest holders and shareholders [1][4]. Group 1: Court Ruling and Liquidation Process - The Hong Kong High Court ruled on April 17 that only statutory creditors can participate in the liquidation process, explicitly denying the involvement of "ultimate holders" of bonds [4]. - 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 [4]. - Shareholders are excluded from the liquidation committee due to the company's insolvency, and the court noted potential historical misconduct by the controlling shareholder [4]. Group 2: Challenges in Debt Restructuring - Despite the court's ruling providing a framework for debt restructuring, significant challenges remain, as Evergrande has not proposed 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 as it must meet specific criteria to resume trading on the Hong Kong Stock Exchange, including publishing all outstanding financial results and resolving any audit modifications [7][8]. - The company has been unable to secure funding to address its liquidity issues, delaying the announcement of its 2024 financial results [9].