China Evergrande says resumption guidance fulfilled, shares set to trade next week
Embattled property developer China Evergrande Group said on Friday it has "adequately" fulfilled the resumption guidance issued by the Hong Kong Stock Exchange and made an application to resume trading in shares on August 28.
Embattled property developer China Evergrande Group said on Friday it has "adequately" fulfilled the resumption guidance issued by the Hong Kong Stock Exchange and made an application to resume trading in shares on August 28.
Once China's top-selling developer, Evergrande has become the poster child for an unprecedented debt crisis in the country's property sector, which accounts for roughly a quarter of the economy, after facing a liquidity crunch in mid-2021.
Trading in the company's shares was suspended on March 21 last year after it failed to get back on its feet amid the debt crisis.
The company's external auditor, Prism Hong Kong and Shanghai Ltd, reviewed the independent investigation report and concluded that there are no significant off-balance sheet transactions, assets and liabilities, or pledged deposits other than those disclosed by the company, Evergrande said in a filing.
It stated that it had published all outstanding financial results required under the listing rules and considered that the issues raised by its former auditor PricewaterhouseCoopers, in its resignation letter, have been satisfactorily resolved.
Also Read: Wall Street Week Ahead Historically stormy month of September may test US stock rally
Recently, the developer sought protection under Chapter 15 of the US bankruptcy code, which shields non-U.S. companies undergoing restructurings from creditors who hope to sue them or tie up their assets in the United States.
On the same day, the company's unit, China Evergrande New Energy Vehicle, posted a loss attributable from continuing operations of 5.80 billion yuan ($795.84 million), compared with a loss of 3.87 billion, from a year ago.
The company will be meeting with its creditors later this month to discuss an offshore debt restructuring that involves a total of $31.7 billion, which includes bonds, collateral and repurchase obligations.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
09:53 AM IST