On August 25, China EVERGRANDE officially delisted from the Hong Kong Stock Exchange, ending its 16-year listing journey. Its share price was fixed at HK$0.163, with a market capitalization of HK$2.152 billion.

Back when EVERGRANDE went public, Xu Jiayin was high-spirited, with wealthy tycoons showing support and everyone singing his praises. Now Xu Jiayin is behind bars, his empire has collapsed, and those who once congratulated him have all met different fates, which is truly lamentable.

EVERGRANDE's Listed Companies Are All at Risk

After China EVERGRANDE's delisting, existing shares remain legally valid but cannot continue trading on the Hong Kong Stock Exchange, and are no longer subject to Hong Kong listing rules.

Its market capitalization once reached a peak of over HK$400 billion. Since 2021, the share price has been in free fall, and countless investors remain trapped with no way out.

Similar predicaments are being repeated at EVERGRANDE's other two listed companies: Evergrande Property Services and Evergrande Auto.

Currently, Evergrande Property Services can still be traded, with a share price of HK$0.91 per share and a total market capitalization of HK$9.838 billion.

Although its market value has shrunk by 95% from its peak, it remains the only "golden goose" left in EVERGRANDE's pocket in the eyes of creditors. Currently, EVERGRANDE's liquidators are seeking suitable buyers for it.

Last year, Evergrande Property Services still achieved revenue of 12.757 billion yuan, up 2.2% year-on-year, with gross profit of approximately 2.443 billion yuan, down 21.4% year-on-year, representing a gross profit margin of 19.2%.

Meanwhile, Evergrande Auto remains suspended due to the uncertain publication date of its 2024 financial report. Currently, its share price stands at HK$0.17 per share, with a market capitalization of HK$1.843 billion.

Evergrande Auto faces similar delisting risks. If it cannot resolve the suspension issue and meet all resumption guidelines while fully complying with listing rules before September 30, 2026, it will also lose its listing status.

It has been continuously plagued by capital chain shortages, with multiple attempts to introduce new strategic investors and sell related shares all ending unsuccessfully, remaining in a perpetual standstill. Recently, due to continuous idle land use, some plots were even reclaimed by local governments without compensation.

As of June 2024, Evergrande Auto had cumulatively delivered only 1,429 vehicles. Losses continue to mount, and as of June 2024, its liabilities reached 74.35 billion yuan.

Xu Jiayin's aspiration to "surpass Tesla and become the world's number one" ultimately proved to be nothing but a pipe dream.

On Listing Day, Xu Jiayin Was the Star of the Show

Turning back time to November 5, 2009, when EVERGRANDE rang the bell at the Hong Kong Stock Exchange, no one could have foreseen its eventual downfall.

Having just crawled out of the financial tsunami and debt crisis, Xu Jiayin held champagne in the trading hall, his face flushed with laughter, full of dreams for the future.

On its first trading day closing, EVERGRANDE became the largest mainland private enterprise listed in Hong Kong with a market capitalization of HK$70.5 billion.

Xu Jiayin's net worth skyrocketed to HK$48 billion, equivalent to about 42.2 billion yuan, surpassing Wang Chuanfu's wealth on the 2009 Forbes China Rich List to become the new richest person.

This grand occasion was witnessed by Xu Jiayin's good brothers, including New World Chairman Cheng Yu-tung, Chinese Estates Chairman Joseph Lau, Emperor Group Chairman Albert Yeung, and Chongqing Land Chairman Zhang Songqiao, who all attended.

Their identities were far from simple, and they were also crucial elements in supporting EVERGRANDE's listing. This collective appearance allowed the outside world to recognize the powerful capital "big circle" behind Xu Jiayin.

These top tycoons frequently came to Xu Jiayin's rescue thereafter. For instance, Joseph Lau invested $250 million of his own money in 2010 to subscribe to EVERGRANDE shares, lending him a helping hand.

Understanding the importance of circles, in 2011, Xu Jiayin even flew to Paris with his wife to enter even more prestigious circles. At a long dining table, his face flushed with wine, he clinked glasses with newly acquainted dignitaries. The wine tasting started with 1900 Lafite and continued until the 1990 vintage was finished.

It's said that the bill for that wine dinner exceeded $100,000. Xu Jiayin even once considered building a floating palace on the sea for circle members to drink and make merry.

The "Brotherhood" Has Disbanded, and None Are Doing Well

Times have changed, and Boss Xu is now mired in trouble. The strategic investor brothers and big circle members who once rescued him several times have all seen their fortunes change.

Sun Liang, former chairman of Shandong Hi-Speed, was sentenced to fourteen and a half years in first instance. Liu Hui, deputy general manager of Shenzhen Talent Housing Group, was expelled from the Party and dismissed from public office for serious disciplinary violations and illegal activities.

Wang Wenyin of Amer International also fell, entangled in lawsuits and becoming a judgment defaulter. Zhang Jindong is doing slightly better, working hard to save Suning, which just turned profitable in 2024.

Cheng Yu-tung of the "big circle" passed away in 2016 at age 91. His family's New World Development is facing a serious debt crisis with liabilities reaching hundreds of billions of Hong Kong dollars and is undergoing emergency refinancing.

75-year-old Joseph Lau has been seriously ill for a long time. In June, he rarely appeared in public with his wife at a car show, wearing a mask, with a slightly hunched back and dim expression, no longer showing his former sharpness.

82-year-old Albert Yeung's Emperor International is also struggling. The company posted losses of HK$4.74 billion for the 2024-2025 financial year, with overdue debts reaching HK$16.6 billion. Since June 30 this year, Emperor Group stocks have fallen sharply for consecutive days, with market value severely shrinking.

61-year-old Zhang Songqiao has also had no new developments for a long time. He has retreated behind the scenes, with his daughter joining Chongqing Land as executive director at the end of last year. Chongqing Land's performance is equally embarrassing, with three consecutive years of losses totaling nearly HK$4.5 billion. For the first half of 2025, revenue was HK$250 million, with a net loss attributable to shareholders of HK$36.754 million.

Looking at everyone's current situation, it would be quite difficult to gather enough people for a mahjong table.

Conclusion

EVERGRANDE's delisting was like a muffled thunder, completely ending the illusion of "too big to fail." The era when one could leverage billions in loans with just a business card has finally come to an end.

Fortunes rise and fall unpredictably - we watched him build his tower high, we watched him entertain guests, and we watched his tower collapse.