Share
Homepage
News
Evergrande to Delist from Hong Kong, Ending 16-Year Market Presence
Evergrande to Delist from Hong Kong, Ending 16-Year Market Presence
13 tháng 8 2025
On August 12, debt-laden property giant Evergrande announced that its shares will be delisted from the Hong Kong Stock Exchange on August 25, with no intention of appealing the decision.
The announcement follows an August 8 notice from the exchange stating that Evergrande had failed to meet “any of the requirements” necessary to maintain its listing. The company’s shares have been suspended since January 29, 2024 — the same day the Hong Kong High Court ordered its liquidation after Evergrande failed to present a viable restructuring plan. Under listing rules, a company suspended for more than 18 consecutive months faces mandatory delisting.
This marks the end of Evergrande’s 16-year journey on the Hong Kong bourse, which once saw the developer celebrated as a symbol of China’s real estate boom.
From Market Titan to Historic Collapse
Headquartered in Guangzhou, Evergrande began its downward spiral in 2021 after Beijing introduced the “three red lines” policy to curb excessive borrowing by developers. At its peak, the group carried more than USD 300 billion in liabilities and defaulted on offshore bonds in late 2021, triggering global concerns over the potential contagion from China’s property market crisis.
In January 2024, the Hong Kong High Court appointed Eddie Middleton and Tiffany Wong Wing-sze of Alvarez & Marsal as liquidators, tasked with recovering and managing Evergrande’s remaining viable assets both domestically and overseas.
Liquidation Progress and Obstacles
According to a report released on August 12, over the past 18 months the liquidators have taken control of more than 100 Evergrande subsidiaries and recovered approximately HKD 2 billion (USD 255 million), mainly from non-core assets. However, the company’s tangled ownership structure and ongoing bankruptcy proceedings in mainland China could limit the final payouts to creditors.
So far, 187 debt claims totaling around HKD 350 billion have been filed — far exceeding the USD 27.5 billion in liabilities disclosed in the company’s December 2022 financial statements.
Market Impact and Outlook
Brock Silvers, Chief Investment Officer at Kaiyuan Capital in Hong Kong, described the delisting as a “timely decision” that protects the exchange’s reputation. He noted that shareholders are likely to be wiped out, with domestic and foreign creditors prioritized over any equity interests.
Silvers also warned that other struggling Chinese developers could face the same fate. “Evergrande was the starting point of China’s property crisis, and now it may be signaling the next phase,” he said.
Before trading was suspended, Evergrande’s shares closed at HKD 0.163, giving the firm a market capitalization of HKD 2.12 billion — a steep fall from its 2017 peak valuation of over HKD 355 billion.
All information on our website is for general reference only, investors need to consider and take responsibility for all their investment actions. Info Finance is not responsible for any actions of investors.