China Evergrande Group to be delisted from Hong Kong exchange

Its share price last traded at HK$0.163 per share 18 months ago.

Due to failure to meet HKEX's resumption of trading guidelines and the continued trading suspension of its shares, the China Evergrande Group will be delisted from the Hong Kong Stock Exchange at 9 a.m. on 25 August, said the HKEX.

Prior to the statement, the company has suspended trading for 18-month, share price at the time was HK$0.163 per share, with a total market capitalisation of HK$2.2b.

The company issued an announcement on 12 August, which included a liquidation report stating that there is no clear path currently to restructure China Evergrande Group and its subsidiaries, while the appointed liquidator, Alvarez & Marsal, will continue to contact creditors and collect bonds.

On 29 January 2024, the Hong Kong High Court issued a liquidation order to the company. 

As of 12 August, the total value of the group's physical assets under the direct control of the liquidators was approximately HK$20b, with a realisable value of approximately HK$2b, including HK$81.7m held by the company and HK$1.9b raised through its subsidiaries.

Since 2021, the company was detected huge debt problems over RMB 2t, in September 2023, China Evergrande Group’s Chairman Xu Jiayin, had been subject to compulsory measures in accordance with the law for suspected illegal activities.