2023.12.04 02:07
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Evergrande's liquidation hearing postponed to January 29th, stock price rises more than 9%

The liquidation hearing of EVERGRANDE has been postponed to January 29th, and the stock price has risen by more than 9%. The Hong Kong High Court has approved EVERGRANDE's application to postpone the liquidation hearing to January 29th. EVERGRANDE's lawyer stated that they hope to improve the restructuring plan and will submit it within the next 5 weeks. The stock price has risen by 9.24% on this news.

The Hong Kong High Court held a hearing today (4th) for the liquidation of EVERGRANDE (03333.HK). The lawyer representing EVERGRANDE once again sought to postpone the liquidation hearing. The judge stated that since the creditors did not actively seek to liquidate the company, the liquidation hearing will be postponed until January 29th. In late October, EVERGRANDE applied for a postponement of the hearing, which was accepted by the High Court. However, the judge made it clear at that time that this would be the final postponement. If EVERGRANDE fails to submit a substantive restructuring plan, the court will order the liquidation of EVERGRANDE. Today, EVERGRANDE's lawyer told the court that EVERGRANDE hopes to improve the restructuring plan. If the postponement of the hearing is approved, EVERGRANDE will submit a restructuring plan within the next 5 weeks. The judge has also requested EVERGRANDE to directly discuss with relevant parties to modify the terms of the restructuring. EVERGRANDE opened low today, down 4.2%, with a minimum of HKD 0.226. It is currently trading at HKD 0.26, up 9.24%, with a trading volume of 26.7995 million shares, involving a total of HKD 6.6935 million. (mn/k)