China Evergrande is approaching the countdown to delisting.

On the evening of August 12, China Evergrande Group released an announcement stating that the company will be delisted from the Hong Kong Stock Exchange on August 25.

Since Evergrande suspended trading after receiving a winding-up petition on January 29, 2024, it has been 18 months without resuming stock trading. According to the requirements of the Hong Kong Stock Exchange, if Evergrande fails to meet the requirements for resuming trading, it will be ordered to delist.

Evergrande's announcement stated that on August 8, the company received a letter from the Stock Exchange indicating that based on the company's failure to meet any of the resumption guidelines imposed by the Stock Exchange and the fact that its shares have been suspended and not resumed trading before July 28, 2025, the Listing Committee of the Stock Exchange has decided to cancel the company's listing status (the "Decision to Cancel Listing Status") in accordance with Rule 6.01A(1) of the Listing Rules. The last day of the shares' listing will be August 22, 2025 (the "Last Listing Date"), and the listing status of the shares will be cancelled with effect from 9:00 a.m. on August 25, 2025 (the "Cancellation of Listing Status"). The company has no intention to apply for a review of the Listing Committee's Decision to Cancel Listing Status.

China Evergrande Group was founded in 1996. In 1999, it ranked among the top ten real estate companies in Guangzhou. After 2003, it entered the stage of national expansion. In 2006, it introduced international investors such as Temasek and Deutsche Bank and officially launched its listing plan, but postponed the listing during the 2008 financial crisis. After the postponed listing, with the help of Hong Kong capital, it successfully listed on the Hong Kong Stock Exchange on November 5, 2009. On the first day of listing, its market value exceeded HK$70 billion, making it the largest mainland real estate company listed in Hong Kong at that time.

After listing, China Evergrande Group rapidly expanded using the "high debt, high leverage, high turnover" model. It always sought balance on the tightrope of high - intensity capital utilization and quickly entered the first echelon of real estate enterprises with the help of capital leverage and the real estate boom. At its peak, its operating income reached 477.561 billion yuan, sales exceeded 700 billion yuan, and total assets exceeded 2.3 trillion yuan.

However, as the real estate market declined from its peak and Evergrande's off - balance - sheet liabilities gradually emerged, the company was forced to scale back. In September 2021, Evergrande defaulted on its debts, and all its performance indicators plummeted. The annual net loss reached a staggering 686.2 billion yuan.

In 2022, it was reported that Evergrande's total liabilities reached 2.44 trillion yuan, with an asset - liability ratio exceeding 130%. In January 2024, the Hong Kong High Court issued a winding - up order, appointing Alvarez & Marsal as the liquidator and freezing the assets of senior executives such as Xu Jiayin. In May 2024, the China Securities Regulatory Commission fined Evergrande Real Estate 4.175 billion yuan, and Xu Jiayin, the founder and chairman of Evergrande, was banned from the market for life.

On August 25, 2025, Evergrande will end its listing, and its final fate is sealed with no room for reversal.