Xu Jiayin** has been nearly half a year now, before mentioning the "silver bracelet", he witnessed China Evergrande (03333.HK) the whole process of the collapse of high-rise buildings and buildings.
Perhaps, the confession of Xu Jiayin and the sound of birdsong and spring breeze outside the window seem more appropriate. However, Evergrande, which he single-handedly founded, is obviously not so calm. Now Evergrande has fallen into a place of chicken feathers, and the owners of unfinished buildings, businessmen, financial institutions, etc., who are related to Evergrande, can only be depressed in the cold wind.
Under the heavy pressure of creditors, Evergrande has now been sentenced by the court to a "heavy sentence" - liquidation. In the capital market, the Hong Kong Stock Exchange (00388HK) has only been left for Evergrande for more than a year.
Required to be born, first resumption of trading
When Evergrande's domino collapsed, a series of subsequent effects also made Evergrande like a mess, and the current executives were almost unable to start.
In terms of debt, Evergrande was talked about after tea and dinner last yearTo what extent has the 4 trillion huge debt been repaid now?
Despite Evergrande's efforts to promote overseas restructuring, in September last year, with the investigation of Evergrande Real Estate and the detention of Xu Jiayin and a number of senior executives, Evergrande was no longer eligible to issue new notes and called off the overseas creditors' meeting, thus declaring Evergrande's overseas restructuring a failure.
As early as June 2022, Evergrande received the first winding-up petition from creditors, and when Evergrande "vigorously" objected, the Hong Kong High Court also postponed the winding-up petition again and again, and Evergrande also got many respites.
However, there are many thorns in front of Evergrande's debt restructuring, such as high debt, operational difficulties, insolvency, Xu Jiayin and a number of senior executives being investigated, etc., which cast several shadows on Evergrande's debt restructuring.
Judging from Evergrande's latest disclosed debt situation, Evergrande's debt hole is still suffocating.
According to Evergrande's announcement at the end of 2023, as of the end of November 2023, there were 2,053 pending litigation cases with a target amount of more than 30 million yuan (RMB, the same below) of Evergrande Real Estate, with a total target amount of about 4,900$6.9 billion; The accumulation of unliquidated debts due to debt is about 3,163$9.1 billion; The total number of overdue commercial bills is about 20553.7 billion yuan.
With almost no progress in debt restructuring, the High Court of Hong Kong issued a winding-up order against Evergrande on 29 January this year, and Ammann Consultants*** was appointed as joint and several liquidators by the High Court. On the morning of the same day, Evergrande suspended trading.
On March 6, Evergrande received guidance from the Hong Kong Stock Exchange to resume tradingThere are three guidelines for resumption of trading, one is that the winding-up order against China Evergrande has been withdrawn or discharged and the appointment of any liquidator has been discharged; The second is to prove that the company has complied with Rule 13 of the Listing RulesArticle 24; The third is to publish all important information to the market for the company's shareholders and other investors to evaluate the company's situation.
In addition, in the case of Evergrande, its 18-month suspension period will expire on July 28, 2025. If it fails to remedy the situation on time, Evergrande will be delisted from the Hong Kong Stock Exchange.
In response to the resumption guidance received, Evergrande said that the company is taking appropriate measures to resolve the issues that led to its suspension and fully complying with the listing rules to the satisfaction of the Stock Exchange. The Exchange also indicated that if there is a change in the circumstances of China Evergrande, the Exchange may revise or supplement the resumption guidance.
Although the resumption guidelines only list 3 conditions, these 3 conditions are the "big mountain" in front of Evergrande.
The withdrawal of the petition means that the petitioner voluntarily abandons its request or application, but at present, there has been no major turnaround in Evergrande's debt problem, and the probability of withdrawing the petition may be extremely small. WhileAt the end of January this year, the High Court declared that Evergrande had entered bankruptcy liquidation proceedings, and liquidation is a common means of debt collection under the Hong Kong legal system, and it is unlikely that the High Court will lift Evergrande's liquidation order.
Rule 13 of the Listing RulesArticle 24 requires a listed company to maintain a sufficient level of operation or possess assets of sufficient value to justify its continued listing. In other words,Evergrande needs to demonstrate the stability and continuity of its business and financial position. However, in view of the current bad situation of Evergrande, I am afraid that it will face the fate of being delisted on July 28 next year.
Regarding the third resumption guideline, the "important information" in it includes, but is not limited to, financial reports, business development, material contracts or transactions, etc. These important information may also involve debt restructuring, management changes, business adjustments, etc., which is also a difficult hurdle for Evergrande to overcome.
Boss Xu's "embarrassing" matter: The mansion was taken over, and his ex-wife sued his son
At the darkest moment in the past 30 years, Evergrande's founder Xu Jiayin and his family are obviously not having a good time.
In 2017, when Evergrande ascended to the throne of the domestic real estate industry, it also pushed Xu Jiayin to the position of the richest man in China, and Xu Jiayin won 2813 that yearWith a net worth of 500 million yuan, he became the richest man in China for the first time. Xu Jiayin, who is striding into a meteor, is also quite generous, and I am afraid that only he knows how many mansions and luxury cars he has.
But if you come out to mix, sooner or later you will have to pay it back. With the end of Xu Jiayin's prosperity, some of his mansions will eventually fall to his family.
On February 28, Hong Kong announced that the property market was fully "withdrawn", and many people at home and abroad were eyeing the Hong Kong property market, and Xu Jiayin's "top luxury house" in Hong Kong was also "sold cheaply". Recently, it was reported that Xu Jiayin's Hong Kong luxury house has been taken over by creditors, the property is a 3-storey independent mansion equipped with a private garden and an indoor elevator, with a market valuation of about 500 million Hong Kong dollars, and more than 100,000 Hong Kong dollars per square foot**.
Not only that, but in November last year, Hui Jiayin's two mansions in the Bulliting Trail community on the Peak of Hong Kong were also taken over by creditors. According to reports, the total price of the two mansions is more than HK$1.5 billion.
In addition, at the end of 2022, House B of the 3 hilltop bungalows purchased by Xu Jiayin has been taken over by the debtor, with a market value of about 8HK$800 million.
This may be just the tip of the iceberg of Xu Jiayin's assets, and we don't know how many assets Xu Jiayin has overseas.
As the saying goes, birds die for food, and people die for money. In August last year, there was news that in order to keep the money, Xu Jiayin and his wife Ding Yumei carried out a "silent technical divorce", thereby transferring some assets overseas. The news stems from Evergrande's announcement on August 14 last year, in which Ms. Ding Yumei was defined as a "third party independent of the Company and its affiliates", and was not listed as Xu Jiayin's spouse as before.
Recently, to the surprise of the market, Xu Jiayin's ex-wife Ding Yumei was revealed to have sued their common son in court!
According to CCTV News on February 27, Ding Yumei, the ex-wife of Xu Jiayin, the founder of Evergrande Group, appealed in the Hong Kong High Court on February 26, recovering more than 1 billion Hong Kong dollars from Xu Jiayin's second son Xu Tenghe.
Under the complicated creditor's rights crisis of a company, the founder's ex-wife is shocking to recover huge assets from her son. Some netizens said that Ding Yumei's move was "ugly", "self-directed and self-evolved into a creditor, high, really high!" ”
Some netizens even said: "Although justice will be late, it will often not be absent!" ”
Author: Far away.