Evergrande wants to resume stock trading

SGGPO 08/26/2023 10:30

According to Reuters news agency, China's Evergrande real estate group said it has fully implemented the resumption guidelines issued by the Hong Kong Stock Exchange and submitted an application to resume stock trading on August 28.

Evergrande headquarters in Guangdong, China. Photo: AP

Trading in Evergrande shares has been suspended since March 21, 2022. According to Evergrande's filings, auditing firm Prism Hong Kong and Shanghai Limited concluded that there were no unbalanced transactions or any significant assets, liabilities or deposits other than those disclosed by Evergrande.

Evergrande confirmed that it had disclosed all financial results in accordance with listing regulations, and said that the issues raised by its former auditor, PricewaterhouseCoopers, had been satisfactorily resolved. The information was released at the time Evergrande's US branch filed for bankruptcy protection under Chapter 15 of the US Bankruptcy Law on August 18.

Once one of China's top-grossing property companies, Evergrande has become a poster child for the unprecedented debt crisis in the country's property sector, which accounts for about a quarter of the economy , after facing a liquidity crunch in mid-2021.

Evergrande has been hit hard by excessive leverage to develop projects and diversify its businesses. Evergrande’s total debt is about 2.437 trillion yuan ($340 billion). Earlier this year, the company announced a debt restructuring plan. Evergrande said it had reached “binding agreements” with its international bondholders on key terms of the plan.

Source: https://www.sggp.org.vn/evergrande-muon-noi-lai-giao-dich-co-phieu-post703148.html