China Fund Journal, Taylor
Brothers and sisters, a little bit of news tonight.
Hengda Real Estate: The outstanding debt has accumulated nearly 300 billion yuan
On the evening of February 1, Hengda Real Estate Group Co., Ltd. issued an announcement on major matters such as major litigation and failure to settle due debts.
The announcement shows that as of the end of December 2023, Hengda Real Estate Group Co., Ltd. (together with its consolidated subsidiaries referred to as "issuers") had a total of 2073 pending proceedings with an amount of more than 30 million yuan, and the total amount of the underlying amount was about 502.596 billion yuan.
As of the end of December 2023, the issuer involved a total of about 2978.1 billion yuan in unliquidated maturing debts; in addition, as of the end of December 2023, the issuer’s overdue commercial tickets accumulated about 2050.04 billion yuan. Evergrande Real Estate has recently encountered enforcement, adding 20 pieces of information on the person subject to enforcement, involving an amount of about 1.347 billion yuan.
On January 29, the Hong Kong hearing court ruled that China Evergrande should be liquidated. On the same day, China Evergrande’s liquidation case was re-heard in the Hong Kong High Court. The judge said that China Evergrande’s workout plan lacked progress, and the company was insolvent and officially ordered Evergrande to be liquidated.
Sean, the relevant head of China Evergrande, responded to the outside world: "Today’s court ruling is contrary to our original intention. We can only express that we have done our best and are very sorry."
According to Sean, China Evergrande has been working towards repairing and enhancing asset value and business vitality, and has made several major adjustments to the core terms of some restructurings, not only to protect the interests of overseas creditors, but also to protect the time and space for the company to continue operating chemical insurance. It has also received the full understanding and valuable support of a large number of creditors.
China Evergrande’s financial report shows that as of the end of June 2023, China Evergrande’s total liabilities were 2.39 trillion yuan, total assets were 1.74 trillion yuan, and net assets were – 644.20 billion yuan.
Industrial and Commercial Bank of China Announcement: Chairperson Resigns!
On the evening of February 1, the Industrial and Commercial Bank of China announced that on February 1, 2024, Mr. Chen Siqing submitted his resignation to the board of directors of the Industrial and Commercial Bank of China joint stock company. Due to his age, Mr. Chen Siqing resigned as the chairperson, executive director, chairperson of the board strategy committee and member of the bank.
In accordance with the Company Law of the People’s Republic of China and other relevant laws and regulations and the Articles of Association of the Bank, Mr. Chen Siqing’s resignation will take effect from the date of service on the Board of Directors of the Bank. As confirmed by Mr. Chen Siqing, he has no disagreement with the Board of Directors of the Bank, and there is no need to notify the shareholders and creditors of the Bank of any matters related to his resignation.
According to the website of Industrial and Commercial Bank of China, Chen Siqing has been the chairperson and executive director of Industrial and Commercial Bank of China since May 2019. Chen Siqing joined Bank of China in 1990 and worked for Bank of China Hunan Branch for many years and served as the assistant general manager of the international relocation of Zhongnan Bank Hong Kong Branch. He used to be the assistant and vice president of Bank of China Fujian Branch, the general manager of the risk management department of the head office, the president of Guangdong Branch, and the vice president, president, vice chairperson and chairperson of Bank of China. He used to concurrently serve as the chairperson of BOC Aviation Leasing Co., Ltd., and the non-executive director, vice chairperson and chairperson of BOC Hong Kong (Holdings) Co., Ltd.
According to the official WeChat account of the Industrial and Commercial Bank of China, on the morning of January 20, 2024, the relevant responsible comrades of the Central Organization Department attended the cadre meeting of the Industrial and Commercial Bank of China and announced the central decision: Comrade Liao Lin was appointed Secretary of the Party Committee of the Industrial and Commercial Bank of China, and Comrade Chen Siqing was removed from the position of Secretary of the Party Committee of the Industrial and Commercial Bank of China.
Liao Lin was born in February 1966 and graduated from Guangxi Agricultural University with a doctorate in management from Southwest Jiaotong University. He has served as Vice President and Vice President of Industrial and Commercial Bank of China as Chief Risk Officer since November 2019, and Vice Chairperson and President of Industrial and Commercial Bank of China since March 2021.
Before joining Industrial and Commercial Bank of China, Liao Lin had about 30 years of experience in CCB. He joined CCB in 1989 and served as Vice President of Guangxi Branch, President of Ningxia Branch, President of Hubei Branch, President of Beijing Branch, Chief Risk Officer and Vice President of CCB as Chief Risk Officer.
US stock situation
Tonight, the three major U.S. stock indexes rose, with the China Concept index rising more than 1%.
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Original title: "Hengda sudden!"
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