China Evergrande's Liquidation May Be Complete, but the Games Go On (AI Translation)
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- China Evergrande (03333.HK) was ordered to liquidate by the Hong Kong High Court on January 29, 2024, marking the start of the largest liquidation case in Hong Kong's history. Alvarez & Marsal Inc.'s Tiffany Wong and Edward Simon Middleton were appointed as liquidators.
- The liquidation order applies only to China Evergrande's offshore financing platform and does not directly affect its subsidiaries, especially those operating in mainland China. The company's offshore assets are limited and primarily include shares in Evergrande Property (06666.HK) and Evergrande Auto (00708.HK), making it challenging for overseas creditors to claim from domestic assets.
- The restructuring of Evergrande's offshore debt has been a continuous struggle, with disagreements among major creditors leading to the failure of restructuring plans. The company's total liabilities amounted to approximately 2.39 trillion yuan by June 2023, with a gap of about 650 billion yuan between assets and liabilities.
文｜财新周刊 王小青，王端 发自香港，陈博 发自深圳
By Caixin Weekly's Wang Xiaoqing, Wang Duan from Hong Kong, Chen Bo from Shenzhen
2024年1月29日上午9时30分，位于香港高等法院12楼的29号庭旁听席上坐满了人。40分钟后，法官陈静芬“一锤定音”，颁令中国恒大（03333.HK）清盘。
On January 29, 2024, at 9:30 AM, the public gallery of Court No. 29 on the 12th floor of the High Court in Hong Kong was filled to capacity. Forty minutes later, Judge Chen Jingfen delivered a decisive ruling, ordering the liquidation of China Evergrande (03333.HK).
同日下午，安迈企业咨询（Alvarez & Marsal Inc.，下称“安迈”）两名董事总经理黄咏诗（Tiffany Wong）及杜艾迪（Edward Simon Middleton）出任中国恒大清盘人。至此，在历时19个月、6次聆讯，及各方就潜在重组方案多轮博弈后，香港有记录以来最大规模的清盘案启动。
On the same afternoon, Tiffany Wong and Edward Simon Middleton, two managing directors at Alvarez & Marsal Inc. (hereinafter referred to as "A&M"), were appointed as liquidators for China Evergrande. This marks the commencement of the largest liquidation case on record in Hong Kong, following 19 months of proceedings, six hearings, and numerous rounds of negotiations over potential restructuring plans.
此次清盘的主体是恒大集团位于境外的上市融资平台中国恒大。法定清盘人之一黄咏诗称，清盘令仅针对中国恒大，不会对其旗下附属公司的运作造成直接影响，特别是在中国内地营运的附属公司。
The entity subject to liquidation this time is China Evergrande, the overseas listed financing platform of Evergrande Group. One of the appointed liquidators, Wong Wing Shing, stated that the liquidation order is solely directed at China Evergrande and will not directly impact the operations of its subsidiaries, especially those operating within mainland China.
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