CNBC AI News, August 12th – China Evergrande Group, the embattled property giant, announced today in a filing with the Hong Kong Stock Exchange (HKEX) that it faces delisting.
The HKEX has informed Evergrande that it will cancel the company’s listing status, citing the company’s failure to meet resumption guidance. Trading in Evergrande’s shares has been suspended since January 29, 2024, and has not resumed since. The Listing Committee of the HKEX has made the decision based on relevant listing rules.
China Evergrande stated that it does not intend to seek a review of the Listing Committee’s decision to cancel its listing.
This marks the impending end of Evergrande’s approximately 16-year run as a publicly traded company.
Evergrande initially listed in Hong Kong on November 5, 2009, and with a market capitalization exceeding HK$70 billion, it became the largest mainland Chinese private real estate developer listed in Hong Kong at the time. The listing was hailed as a major success story, reflecting the boom in the Chinese property market.
However, the tide turned; in January 2024, the Hong Kong High Court formally issued a liquidation order against China Evergrande, accompanied by another trading suspension, setting in motion the delisting countdown. The liquidation order underscored the severity of Evergrande’s debt crisis, which has sent ripples throughout the Chinese economy and the global financial markets.
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