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9 stories mentioning HKG:3333Updated 27d ago

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Asia

Correction: China's Evergrande Founder Sentenced to Life in Prison

(Corrects to remove reference to Evergrande's delisted ticker in Hong Kong)China's embattled property developer Evergrande founder Hui Ka Yan was sentenced to life imprisonment by the Shenzhen Intermediate People's Court on Thursday, state media CCTV News reported.Hui, also known as Xu Jiayin, was also deprived of political rights for life and had all his personal property confiscated. Evergrande Group was fined 8.82 billion yuan, while Evergrande Real Estate was fined 7 billion yuan, according to the report.The court found Hui guilty of multiple crimes, including fundraising fraud, illegal absorption of public deposits, and fraudulent securities issuance. He was also convicted of illegally using funds and embezzlement, among other offenses.The court said Evergrande Group, Evergrande Real Estate, and Hui repeatedly falsified financial statements, inflated assets, and concealed liabilities between 2016 and 2021. It said the offenses caused particularly serious economic losses and social harm. Illegal gains will continue to be recovered, with restitution taking priority over fines and property confiscation.A total of 56 other people linked to Evergrande were also sentenced on Thursday, CCTV reported.Evergrande's debt crisis came to a head in December 2021 when the company defaulted on a US dollar bond.A Hong Kong court ordered the company's liquidation in 2024, and Evergrande was delisted from the Hong Kong stock exchange last year, marking the collapse of one of China's biggest property developers.

Hang SengShanghai Composite^SZSEHKG:3333
Asia

China's Evergrande Founder Sentenced to Life in Prison

China's embattled property developer Evergrande (HKG:3333) founder Hui Ka Yan was sentenced to life imprisonment by the Shenzhen Intermediate People's Court on Thursday, state media CCTV News reported.Hui, also known as Xu Jiayin, was also deprived of political rights for life and had all his personal property confiscated. Evergrande Group was fined 8.82 billion yuan, while Evergrande Real Estate was fined 7 billion yuan, according to the report.The court found Hui guilty of multiple crimes, including fundraising fraud, illegal absorption of public deposits, and fraudulent securities issuance.He was also convicted of illegally using funds and embezzlement, among other offences.The court said Evergrande Group, Evergrande Real Estate, and Hui repeatedly falsified financial statements, inflated assets, and concealed liabilities between 2016 and 2021.It said the offences caused particularly serious economic losses and social harm. Illegal gains will continue to be recovered, with restitution taking priority over fines and property confiscation.A total of 56 other people linked to Evergrande were also sentenced on Thursday, CCTV reported.Evergrande's debt crisis came to a head in December 2021 when the company defaulted on a US dollar bond.A Hong Kong court ordered the company's liquidation in 2024, and Evergrande was delisted from the Hong Kong stock exchange last year, marking the collapse of one of China's biggest property developers.

Shanghai Composite^SZSEHKG:3333
Asia

Market Chatter: Hong Kong Court Hears Dispute on HK$1 Billion Compensation Deal for Evergrande Shareholders

Hearings to determine the validity of a HK$1 billion deal to compensate the minority shareholders of China Evergrande (HKG:3333) began at a court in Hong Kong, Bloomberg reported Wednesday.At the Wednesday hearing, lawyers demanded disclosure of the terms of the agreement struck in April between the Securities and Futures Commission (SFC) and PricewaterhouseCoopers' Hong Kong affiliate.The lawyers also sought details of shareholders the compensation would be granted to. The SFC declined citing confidentiality, according to the report.The regulator had decided to pursue the compensation plan in June despite the property developer's court-appointed liquidators seeking a judicial review of the deal.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:3333
Asia

Market Chatter: Hong Kong Court Sets Hearing on Evergrande Liquidators' Challenge to City Regulator

A Hong Kong court agreed to hear a writ filed by China Evergrande's (HKG:3333) liquidators challenging the city's market regulator over its settlement agreement with PricewaterhouseCoopers Hong Kong, Bloomberg reported Tuesday.The court-appointed liquidators sought a judicial review of the Securities and Futures Commission's April agreement with PwC Hong Kong to pay HK$1 billion in compensation to Evergrande's minority shareholders.A hearing is scheduled for August even as the city's market regulator plans to move ahead with the payout deal, the report said.The liquidators are also seeking 57 billion yuan in damages from PwC International and its Hong Kong and China affiliates over alleged negligent auditing and misrepresentation linked to Evergrande, Bloomberg reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:3333
Asia

Market Chatter: Hong Kong's Regulator to Proceed with Restitution Plan for Evergrande Shareholders

Hong Kong's Securities and Futures Commission (SFC) will move forward with a HK$1 billion compensation plan for China Evergrande's (HKG:3333) minority shareholders, Bloomberg reported Wednesday, citing a spokesperson.The SFC had obtained a commitment from PricewaterhouseCoopers' (PwC) Hong Kong affiliate to set aside the funds for the restitution process in April, the report said.The regulator is pursuing the plan despite the indebted property developer's court-appointed liquidators seeking a judicial review of the deal, according to the report.The liquidators, who believe the shareholders will not receive the compensation, are reportedly also claiming the SFC lacks the statutory authority to enter into an arrangement with a non-regulated party such as PwC's Hong Kong affiliate.The liquidators are also seeking 57 billion yuan in damages from PwC International and its Hong Kong and China affiliates over alleged negligent auditing and misrepresentation linked to Evergrande, Bloomberg reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:3333
Asia

Market Chatter: China Evergrande's Liquidators to Challenge HK Regulator's HK$1 Billion Compensation Deal With PwC

China Evergrande's (HKG:3333) liquidators on Friday filed a court writ in Hong Kong seeking to challenge the city's market regulator over its settlement agreement with PricewaterhouseCoopers Hong Kong, the South China Morning Post reported Monday.The court-appointed liquidators are seeking leave to apply for a judicial review of the Securities and Futures Commission's April agreement with PwC Hong Kong to pay HK$1 billion in compensation to Evergrande's minority shareholders.The liquidators argued that the agreement leaves China Evergrande's creditors HK$1 billion worse off and are seeking to prevent the city's regulator from implementing the settlement.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:3333
Asia

Market Chatter: Evergrande Liquidation Prompts PwC China Partners to Seek Financial Safeguards

China Evergrande's (HKG:3333) liquidation has pushed partners at former auditor PricewaterhouseCoopers China to look for ways to secure their own finances due to the legal and regulatory impact of the operation, Bloomberg reported Thursday.One of PwC's partners has even contemplated divorce to protect their wealth, and others have slashed school budgets, the report said.The failed property giant claimed "negligence" and "misrepresentation" in PwC's affiliates in Hong Kong and mainland China and are seeking 57 billion yuan in damages, the report said.The case comes after Hong Kong's Accounting and Financial Reporting Council watchdog claimed PwC's audits reflected "particularly egregious" deficiencies due to inflated profits and liquidity.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:3333
Asia

Hong Kong Regulator Reaches HK$1 Billion Compensation Deal With PwC Over Evergrande

Hong Kong's Securities and Futures Commission has reached an agreement with PricewaterhouseCoopers Hong Kong under which the auditor will set aside HK$1 billion to compensate eligible minority shareholders of China Evergrande (HKG:3333), according to a statement on Thursday.The regulator found Evergrande had materially overstated revenue and profits in 2019 and 2020, while PwC failed to meet auditing standards, including maintaining independence and verifying key financial information.The agreement resolves the matter without admission of liability, and the SFC will take no further action against PwC if the terms are fulfilled.The compensation will be distributed to eligible shareholders through an independent process to be announced later, the regulator said.

Hang SengHKG:3333
Asia

China Evergrande Founder Pleads Guilty to Fraud in Shenzhen Trial

The founder of China Evergrande (HKG:3333), Xu Jiayin, pleaded guilty to eight charges, including misuse of funds, fundraising fraud, and illegally taking public deposits, Xinhua News Agency reported Tuesday, citing The Shenzhen Intermediate People's Court.Prosecutors also accused Xu of illegally granting loans. They charged China Evergrande Group and its unit, Evergrande Real Estate Group, with offenses including fraudulent issuance of securities.In 2024, China's securities regulator fined Xu $6.6 million and barred him from the securities market for life after finding Evergrande's flagship unit had inflated earnings and committed securities fraud.Creditors have lodged claims totaling about HK$350 billion, while liquidators have taken control of more than 100 subsidiaries and reported asset sales of about HK$2 billion since early 2024.The company's debt troubles surfaced in December 2021 when it first defaulted on a US dollar bond.In 2024, a Hong Kong court ordered Evergrande's liquidation, with the company later delisted, ending one of China's most high-profile property collapses.

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