{"id":9832,"date":"2023-10-30T07:18:14","date_gmt":"2023-10-30T07:18:14","guid":{"rendered":"https:\/\/imsfund.com\/?p=9832"},"modified":"2023-10-30T07:18:14","modified_gmt":"2023-10-30T07:18:14","slug":"evergrande-shares-at-all-time-low-as-court-adjourns-winding-up-hearing","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/10\/30\/evergrande-shares-at-all-time-low-as-court-adjourns-winding-up-hearing\/","title":{"rendered":"Evergrande shares at all-time low as court adjourns winding-up hearing"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107301249\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>Pictured here on Sept. 7, 2023, are residential buildings under construction at the Tao Yuan Tian Jing project, developed by Evergrande in Yangzhou, China.<\/p>\n<p>Bloomberg | Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Shares of embattled Chinese property <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><a href=\"https:\/\/www.cnbc.com\/quotes\/3333-HK\/\">Evergrande<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> hit an all-time low of 18.8 Hong Kong cents (2.4 U.S. cents) after a Hong Kong judge delayed the court hearing to address a winding-up petition.<\/p>\n<p>Evergrande&#8217;s shares plunged over 20% from last Friday&#8217;s close of 23.6 Hong Kong cents to the all-time low early Monday, before recovering slightly to 22.2 Hong Kong cents.<\/p>\n<p><a href=\"https:\/\/www.reuters.com\/world\/china\/china-evergrande-faces-winding-up-challenge-hong-kong-court-2023-10-29\/\" target=\"_blank\" rel=\"noopener\">Reuters reported<\/a> that Justice Linda Chan from Hong Kong&#8217;s High Court pushed back the hearing from Oct. 30 to Dec. 4, which would be the last before a decision is made on the winding up order.<\/p>\n<p>Evergrande\u00a0must come up with a revised restructuring proposal before that date, or the company will likely to be wound up, she said.<\/p>\n<p>Back in June 2022, Top Shine, an investor in Evergrande unit Fangchebao, <a href=\"https:\/\/legalref.judiciary.hk\/lrs\/common\/search\/search_result_detail_frame.jsp?DIS=155161&amp;amp;QS=%24%26%2340%3BEvergrande%26%2341%3B&amp;amp;ID=AAAB73AAGAAAiq3AAr&amp;amp;TP=JU\" target=\"_blank\" rel=\"noopener\">filed a winding-up petition<\/a> against the property firm, according to filings from Hong Kong&#8217;s High Court, but in light of Evergrande&#8217;s restructuring, the petition was put on hold.<\/p>\n<\/div>\n<div>\n<div class=\"Collapsible-proliveCollapsableContainer\" role=\"button\" tabindex=\"0\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"256\" height=\"256\" viewbox=\"0 0 256 256\" aria-labelledby=\"title desc\" role=\"img\" focusable=\"false\" preserveaspectratio=\"xMinYMin\" class=\"Collapsible-stockChartIcon\"><title>Stock Chart Icon<\/title><desc>Stock chart icon<\/desc><g transform=\"translate(1.4065934065934016 1.4065934065934016) scale(2.81 2.81)\"><path d=\"M 87.994 0 H 69.342 c -1.787 0 -2.682 2.16 -1.418 3.424 l 5.795 5.795 l -33.82 33.82 L 28.056 31.196 l -3.174 -3.174 c -1.074 -1.074 -2.815 -1.074 -3.889 0 L 0.805 48.209 c -1.074 1.074 -1.074 2.815 0 3.889 l 3.174 3.174 c 1.074 1.074 2.815 1.074 3.889 0 l 15.069 -15.069 l 14.994 14.994 c 1.074 1.074 2.815 1.074 3.889 0 l 1.614 -1.614 c 0.083 -0.066 0.17 -0.125 0.247 -0.202 l 37.1 -37.1 l 5.795 5.795 C 87.84 23.34 90 22.445 90 20.658 V 2.006 C 90 0.898 89.102 0 87.994 0 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 65.626 37.8 v 49.45 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 23.518 L 65.626 37.8 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 47.115 56.312 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 42.03 L 47.115 56.312 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 39.876 60.503 c -1.937 0 -3.757 -0.754 -5.127 -2.124 l -6.146 -6.145 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 59.844 C 41.952 60.271 40.933 60.503 39.876 60.503 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 22.937 46.567 L 11.051 58.453 c -0.298 0.298 -0.621 0.562 -0.959 0.8 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 48.004 L 22.937 46.567 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><\/g><\/svg><\/p>\n<div class=\"Collapsible-proLivePlayerCloseOrExpand\"><img decoding=\"async\" src=\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\" class=\"Collapsible-dismissButton\" alt=\"hide content\"\/><\/div>\n<\/div>\n<p><iframe title=\"Embedded Interactive Chart\" src=\"https:\/\/www.cnbc.com\/appchart?symbol=3333-HK&amp;range=1Y&amp;type=mountain&amp;embedded=true&amp;$DEVICE$=undefined\" height=\"460\" scrolling=\"no\" style=\"border:0;width:100%\"><\/iframe><\/p>\n<\/div>\n<div class=\"group\">\n<p>As such, Evergrande considered it necessary to re-assess the terms of the proposed restructuring &#8220;to meet the company&#8217;s objective situation and the demand of the creditors,&#8221; it said.<\/p>\n<p>On top of all those challenges, Evergrande could not issue new notes under its debt restructuring plan, due to\u00a0<a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0924\/2023092400033.pdf\" target=\"_blank\" rel=\"noopener\">an investigation into subsidiary Hengda Real Estate<\/a> in September.<\/p>\n<p><em>Clarification: This story has been updated to clarify the delayed court hearing was to address a winding-up petition against Evergrande.<\/em><\/p>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.cnbc.com\/2023\/10\/30\/evergrande-shares-at-all-time-low-as-court-adjourns-winding-up-hearing.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pictured here on Sept. 7, 2023, are residential buildings under construction at the Tao Yuan Tian Jing project, developed by Evergrande in Yangzhou, China. Bloomberg | Bloomberg | Getty Images Shares of embattled Chinese property Evergrande hit an all-time low of 18.8 Hong Kong cents (2.4 U.S. cents) after a Hong Kong judge delayed the [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":9833,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107301249-1694735673400-gettyimages-1652060987-CHINA_EVERGRANDE.jpeg?v=1694741157&w=1920&h=1080","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-9832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=9832"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9832\/revisions"}],"predecessor-version":[{"id":9834,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9832\/revisions\/9834"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/9833"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=9832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=9832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=9832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}