Evergrande to Exit Hong Kong Stock Market

Evergrande Faces Complete Delisting from Hong Kong bourse

Key Facts at a Glance

• Delisting Date: Scheduled for August 25 after the listing committee’s cancellation decision.
• Previous Market Value: Fell from a peak of over $50 billion to merely $274 million when trading halted.
• Debt Load: Liquidators report claims totaling roughly HK$350 billion (US$45 billion) as of July 31 2025.

Why Delisting Was Inevitable

Evergrande’s creditors filed a lawsuit against PwC for auditing the debt‑laden developer, reflecting the company’s inability to satisfy its obligations. A Hong Kong court’s January 2024 winding‑up order, combined with the 2021 default, forced the suspension of trading and highlighted the severe mismatch between debts and liquidity.

Liquidator Outlook

Edward Middleton and Tiffany Wong, the duo managing the liquidation, confirmed that Evergrande’s debt exceeded the prior estimate of $27.5 billion. They noted that, as of the last delivery, 187 proofs of debt had been submitted, yet the final figure remains unsettled. The report also stated that >100 group subsidiaries were under control, but no realistic estimation of recoverable amounts from these entities could be provided.

Impact on Shareholders

Bloomberg Intelligence analyst Kristy Hung warned that even if the delisting proceeds, equity holders may face a near‑total loss. Given the substantial claims by creditors who are front‑in the order, the probability of equity holders receiving anything is slim.