Hong Kong Stock Market News | China Evergrande opens more than 5% higher as major offshore creditors urge it to negotiate a debt restructuring plan with regulatory authorities.
China Evergrande opened more than 5% higher and as of the time of writing, it has risen by 5.45% to HKD 0.29, with a trading volume of HKD 39.67 million.
According to the Zhongtong Finance APP, China Evergrande (03333) opened more than 5% higher. As of the time of writing, it has risen by 5.45% to HKD 0.29, with a turnover of HKD 396,700.
On the news front, the main group of overseas creditors of China Evergrande issued a statement expressing surprise at the group's announcement last month that its overseas debt restructuring plan did not meet regulatory requirements. The statement pointed out that although requests have been made multiple times, China Evergrande has not provided a response regarding the submission of documents and reports to regulatory authorities. In response, the group of overseas creditors urged Evergrande to seek a solution with regulatory agencies to allow the restructuring to continue, believing that this is the only way to resolve regulatory uncertainties. Otherwise, they will join the hearing for Evergrande's liquidation application on October 30.
It is reported that on September 24, China Evergrande announced that due to the investigation of its subsidiary Evergrande Real Estate, the group's current situation does not meet the qualifications for issuing new notes. On the 22nd, the group also announced that due to sales performance falling short of expectations, based on the current situation and consultations with its advisors and creditors, it is deemed necessary to re-examine the proposed restructuring terms to match the company's objective situation and the demands of creditors.