Zhitong
2023.12.04 02:31
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Hong Kong Stock Market News | EVERGRANDE rebounds more than 13%, hearing on the application for liquidation of Evergrande Hong Kong postponed to January 29th.

Evergrande rebounds more than 13%, as of the time of writing, it has risen 11.34% to HKD 0.265, with a turnover of HKD 8.2328 million. On the news front, the Hong Kong High Court has previously extended the hearing for Evergrande's winding-up petition to December 4th. According to media reports, Evergrande's offshore creditors hope to reach a restructuring agreement at the last minute to avoid a winding-up order from the court. In addition, media reports today stated that the hearing for Evergrande's winding-up petition, originally scheduled for December 4th, has been postponed to January 29th next year. According to informed sources, the creditors have requested to convert their debts into controlling rights of Evergrande, Everg Services, and Everg Vehicle. Furthermore, GMT Research, a short-selling institution, recently published a report stating that Evergrande's delayed release of its 2021 annual report clearly indicates significant exaggeration of revenue and profits, which is likely to have been going on for many years. The report believes that Evergrande is not a victim of the mainland property market downturn, but rather has fundamental issues and may have never been profitable. In response, Evergrande clarified that the report has no factual basis.

Zhitong App learned that EVERGRANDE (03333) rebounded by more than 13%, and as of the time of writing, it rose by 11.34% to HKD 0.265, with a turnover of HKD 8.2328 million.

On the news front, the Hong Kong High Court previously extended the hearing for EVERGRANDE's winding-up petition to December 4th. According to media reports, overseas creditors of EVERGRANDE hope to reach a restructuring agreement at the last minute to avoid a winding-up order from the court. In addition, media reports today stated that the hearing for the winding-up petition, originally scheduled for December 4th, has been postponed to January 29th next year. According to informed sources cited by the media, creditors are requesting to convert their debts into controlling rights of EVERGRANDE, EVERG SERVICES, and EVERG VEHICLE.

In addition, the short-selling institution GMT Research recently published a report stating that EVERGRANDE's delayed release of the 2021 annual report clearly indicates that the company has significantly exaggerated its revenue and profits, and is likely to continue to do so for many years. The report believes that EVERGRANDE is not a victim of the mainland property market downturn, but rather has fundamental issues and has never been profitable. In response, EVERGRANDE clarified that the report has no factual basis.