After more than 18 months of suspension, China’s Evergrande has finally delisted. Starting at 9 a.m. on August 25, Evergrande officially delisted from the Hong Kong Stock Exchange. Evergrande was once the largest real estate developer in China, with a market value that once reached HK$370 billion.
Earlier on August 20, the Hong Kong Stock Exchange announced that as of 9 a.m. on August 25, Evergrande’s listing status would be canceled in accordance with Rule 6.01A(1) of the Listing Rules. In response, Evergrande stated that it has no intention to seek a review of the decision to delist made by the Listing Committee.
Evergrande was the largest real estate developer in terms of sales in China. The group’s stock has been suspended since January 29, 2024, and as of July 28 this year, it had been suspended continuously for 18 months. It failed to meet the requirements for resumption of trading, did not resume buying and selling transactions, and did not achieve resumption of trading.
At its peak, Evergrande’s market value exceeded HK$370 billion. Before the suspension, Evergrande’s stock price was only HK$0.163 per share, with a total issued shares of 13.2 billion, and a total market value of around HK$21.52 billion, representing a 99% loss from its peak market value.
According to Evergrande’s financial report, as of June 30, 2023, its total debt was 23.9 trillion yuan, while its total assets were only 17.4 trillion yuan. This indicates that even if all assets were sold off, Evergrande would not be able to repay all debts.
On August 25, the Beijing law firm “Wang Cailiang Law Firm” posted on Weibo, saying, “This is not just the funeral bell for Evergrande, but also a sign of the desperate state of China’s land finance, which is based on demolishing buildings and selling land. Where did the 24 trillion yuan come from? Where did it go? The problem has not been resolved.”
Weibo blogger and Qingdao real estate market scholar Zhang Bain once sighed on his Weibo account “Bairen Said,” saying, “In September 2021, Evergrande Real Estate exploded, the funding chain broke, becoming a turning point in the first and second halves of the east-west real estate market. After four years of struggle, Evergrande has finally delisted officially, ending a financial farce, while the belt brother is still inside.”
CEO of Beijing Huanwen Media Technology Development Co., Ltd., “Huanwen Finance-Xiao Lijun,” analyzed in a blog post, “On August 25, 2025, this is an undeniable milestone in the development of China Evergrande. On this day, it officially delisted from the Hong Kong Stock Exchange, ending its 16-year roller coaster ride in the capital market. Once the news broke, it quickly stirred up a thousand waves in the real estate industry and the entire financial market.”
The article mentioned, “Evergrande’s delisting is by no means a simple conclusion for a single company; the impact it brings is multifaceted. For Evergrande itself, delisting means losing the lifeline of the capital market, with financing channels completely closed, and its brand reputation severely damaged. Consumers who once trusted the Evergrande brand now have significantly diminished confidence. Whether in property sales or other business operations, it has become increasingly difficult for them.
“For Evergrande’s shareholders, this is undoubtedly a nightmare. After delisting, although the stocks are still valid, they cannot be traded on the public market, greatly depreciating in value, leaving many small investors facing huge losses. In online forums, there are cries of lamentation, with investors lamenting their experiences. Tens of thousands or even millions of yuan have gone up in smoke, their years of savings instantly turned into nothing, plunging their lives into turmoil.
“For Evergrande’s creditors, the road to debt collection has become even more challenging. The liquidation process is complex and lengthy, asset realization is difficult, and debt recovery is full of uncertainty. It is understood that the overseas unsecured debt recovery rate is only 2% to 9%, and even secured creditors, while having priority repayment rights, also face less-than-ideal recovery rates. Many small and medium-sized suppliers provided materials and services to Evergrande and have not been able to recover payments to this day. Some businesses are even facing closure, with countless employees becoming unemployed and falling into hardship.”
The blog post also mentioned, “Evergrande’s massive 23.9 trillion debt has brought significant impact to the financial market, especially for financial institutions holding its bonds. Although relevant departments have taken active measures to prevent systemic risks, localized financial turbulence remains inevitable. In addition, Evergrande still has about 700,000 units of unfinished properties awaiting delivery, with a funding gap of around 300 billion, presenting a huge challenge for completing the off-plan projects. Despite government support through special loans, relief funds, and other measures to support project completion, concerns remain about a potential decrease in resumption rates without the operations of the capital market.”