China Evergrande Group's delisting deadline expires without action
LORRETTA CHEN
HONG KONG -- A deadline for China Evergrande Group to meet requirements to remain listed in Hong Kong has passed, raising the prospect of a coup de grace for a once-mighty developer at the center of the country's property debt crisis.
Trading of the group's shares has been halted since Jan. 29, 2024, after they plunged more than 20% following a Hong Kong court's ruling that the company should enter liquidation. The shares were last traded at 0.163 Hong Kong dollars, representing a market capitalization of HK$2.2 billion ($280 million).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Nikkei Asia
8 hours ago
- Nikkei Asia
China Politburo cheers 'resilience,' warns on 'disorderly competition'
President Xi Jinping and Premier Li Qiang at a reception last September. China's top decision makers have acknowledged that the economy "faces many risks and challenges." © Reuters STELLA YIFAN XIE HONG KONG -- China's top decision-making body on Wednesday signaled confidence while also pledging to support growth and tackle "disorderly competition" in the world's No. 2 economy. The Chinese economy has run "steadily" and demonstrated "great vitality and resilience" in 2025, according to a readout from the meeting of the Communist Party's Politburo.
Asahi Shimbun
8 hours ago
- Asahi Shimbun
South Korea officials, business leaders join last-ditch push for U.S. trade deal
A car carrier transporting vehicles made by Kia Motors, which is part of South Korea's biggest automaker company Hyundai Motor, travels near Pyeongtaek port in Pyeongtaek, South Korea, on July 8. (REUTERS) SEOUL--Three South Korean cabinet-level officials met U.S. Commerce Secretary Howard Lutnick in Washington for trade talks, Seoul said on Wednesday, as top business leaders were also reported to be flying in to help lobby for a deal on U.S. tariffs. South Korean Finance Minister Koo Yun-cheol joined Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo, who have been in Washington since last week, for two hours of talks with Lutnick, a ministry spokesperson said in Seoul. The finance ministry spokesperson did not offer details of the discussions. U.S. President Donald Trump has set an August 1 deadline for 25% tariffs to kick in against South Korea, a major U.S. ally and powerhouse exporter of chips, cars and steel. The South Korean government is negotiating with the U.S. by 'setting up a package that focuses on areas where South Korea and the U.S. can achieve mutually beneficial results to the extent that we can bear them,' the presidential office said in a statement. South Korean President Lee Jae Myung told his ministers to 'engage in the difficult consultation with confidence' as he was briefed on the status of the talks on Wednesday, his office said. The latest meeting came as the Wall Street Journal reported that Lutnick had urged the South Korean team to bring their best and final offer to the table during a meeting he had with Kim and Yeo in Scotland. Lutnick told the South Korean officials they need to 'bring it all' when they make their final offer to Trump, the report said. South Korea's benchmark KOSPI stock index rose 0.7% on Wednesday to hit a near four-year high, as the flurry of U.S. visits by government and company officials raised optimism around the country's trade negotiations. Koo, who arrived in Washington on Tuesday, has said he hopes to convince the United States the package of trade and related offers of industrial cooperation, including in shipbuilding, is to the allies' mutual benefit. Koo also plans to meet U.S. Treasury Secretary Scott Bessent during the visit. The heads of some of South Korea's largest global companies were converging on Washington to lend support to government negotiators, media reports said. Hyundai Motor Group Chairman Euisun Chung was reported to be departing for Washington on Wednesday. Samsung Electronics Chairman Jay Y. Lee and the vice chairman of the Hanwha Group, Kim Dong-kwan, whose affiliate Hanwha Ocean has unveiled a major investment plan in the United States, were also in Washington, D.C. Hyundai Motor, which along with its affiliate Kia Corp is the world's third-largest automaker, will face a significant impact in the absence of a waiver or reduction in a 25% import duty on cars given that the U.S. is a major export destination. South Korean officials were also discussing potential cooperation in chips, batteries and biotechnology under a package proposal, South Korea's chief presidential policy secretary Kim Yong-beom said. Pressure has been mounting on South Korea since Japan clinched a deal to cut Trump's threatened tariffs to 15% last week. This was followed by a U.S.-EU trade deal over the weekend, and Trump's top aides, including Bessent, are now working to close a deal with China. South Korean Foreign Minister Cho Hyun is also travelling to Washington this week to assist with the tariff negotiations.
Nikkei Asia
8 hours ago
- Nikkei Asia
Thailand adjusts EV policy to ease production requirements
Chinese carmaker BYD's electric vehicles are seen in its first factory in Southeast Asia in Rayong, Thailand, in July 2024. (Photo by Shinya Sawai) BANGKOK (Reuters) -- Thailand adjusted an electric vehicle incentive policy on Wednesday to give carmakers more flexibility to meet production requirements and boost exports, amid tepid domestic demand and intense competition as Chinese brands flood the local market. Under its EV policy launched in 2022, Thailand allowed duty-free imports under the condition that domestic EV output of automakers would match the number of imports by 2024, and then they would produce 1.5 units for every imported unit by 2025. The Board of Investment said locally produced EVs that were exported would now count toward the target, a shift from the previous policy of only counting locally registered vehicles. "The revisions approved today will allow greater flexibility and help Thailand, which is already the leader in the region's automotive manufacturing industry, to become a key EV production base," the board's secretary-general, Narit Therdsteerasukdi, said. Southeast Asia's second-largest economy is a regional auto production and export hub for top carmakers like Toyota and Honda. Chinese brands dominate the EV segment, with a combined share of over 70% of sales. The EV policy, which also includes tax breaks and price subsidies, has drawn more than $4 billion in investments, including from Chinese firms BYD and Great Wall Motors. Last year, the Board of Investment gave an extension to the initial local production timeline to avoid oversupply, as the sector has struggled with weak demand in a sluggish economy. The tweaked scheme is forecast to take EV exports to about 12,500 units this year and 52,000 units in 2026, the board said. In April, Thailand made its first EV shipment of 660 vehicles.
