Core Viewpoint - China Evergrande (03333.HK) is set to lose its listing status starting August 25, with ongoing litigation against its founder Xu Jiayin and other former executives regarding asset disclosures and financial mismanagement [1][3]. Group 1: Legal Proceedings and Financial Claims - The Hong Kong High Court issued a winding-up order for China Evergrande 18 months ago, appointing liquidators to recover debts owed to overseas creditors [3]. - Liquidators are pursuing claims against Xu Jiayin, his ex-wife Ding Yumei, former CEO Xia Haijun, and five other defendants for approximately $6 billion (around 43 billion RMB) in dividends and compensation received from 2017 to 2020 [3]. - The liquidators have also obtained injunctions to restrict the defendants from disposing of or reducing their global assets valued at 60 billion HKD (approximately 55 billion RMB) [3]. Group 2: Financial Mismanagement Allegations - The liquidators allege that the defendants violated their duties by approving financial statements for the years 2018 to 2020, which were later found to be fraudulent [3]. - Evergrande's financial misconduct involved premature revenue recognition, leading to inflated income and profits for 2019 and 2020 [3]. Group 3: Asset Disclosure Issues - Xia Haijun has been uncooperative in disclosing overseas assets, with evidence suggesting his wife holds assets worth $24 million (approximately 170 million RMB) in the U.S. [1][15]. - The court believes Xia Haijun is the actual controller of these assets, despite being registered under his wife's name [14][15]. - The liquidators have successfully added Xia Haijun's wife as a defendant in the case [20].

Core Viewpoint - The article discusses the legal troubles surrounding China Evergrande Group, particularly focusing on former CEO Xia Haijun, who is accused of concealing overseas assets and is currently facing lawsuits related to the company's financial mismanagement [1][3][10]. Group 1: Legal Proceedings - China Evergrande is facing a lawsuit from its liquidators against seven defendants, including founder Xu Jiayin and Xia Haijun, seeking to recover approximately $6 billion (around 43 billion RMB) in dividends and compensation received from 2017 to 2020 [3][10]. - The Hong Kong High Court has issued injunctions preventing the defendants from disposing of or reducing their global assets valued at around 60 billion HKD (approximately 55 billion RMB) [3][10]. - The liquidators allege that the defendants violated their responsibilities by approving financial statements that led to significant financial misreporting [3][10]. Group 2: Asset Concealment Allegations - Xia Haijun's wife reportedly holds assets worth $24 million (approximately 170 million RMB) in California, including three properties and four vehicles, which the liquidators believe are controlled by Xia [8][10]. - The court has found evidence suggesting that Xia Haijun has been living in California and has been concealing various assets, indicating a serious risk of asset loss [10][11]. - The Hong Kong High Court has approved the addition of Xia's wife as a defendant and has issued a temporary injunction against her assets, requiring her to appear in court [13][14].