Final hours! Save up to 55% OFF InvestingProCLAIM SALE

Evergrande investor says files lawsuit for non-repurchase of unit shares

Published 06/27/2022, 05:59 AM
Updated 06/27/2022, 06:30 AM
© Reuters. FILE PHOTO: The China Evergrande Centre building sign is seen in Hong Kong, China December 7, 2021. REUTERS/Tyrone Siu/File Photo

HONG KONG (Reuters) - Investment holding firm Top Shine Global Ltd has decided to file a winding-up petition against China Evergrande Group as the embattled property developer did not repurchase shares in its unit Fangchebao from investors, a senior executive said.

Top Shine filed the petition on Friday, a record at the Hong Kong High Court showed.

© Reuters. FILE PHOTO: The China Evergrande Centre building sign is seen in Hong Kong, China December 7, 2021. REUTERS/Tyrone Siu/File Photo

Fangchebao is a Chinese online real estate and automobile marketplace owned by Evergrande. The unit was planning an IPO in Hong Kong.

Top Shine has requested that Evergrande honour its agreement to repurchase the shares, the executive told Reuters on Monday, declining to be named due to the sensitivity of the matter.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.