Aug. 25 (UPI) -- Chinese property giant China Evergrande was delisted from the Hong Kong stock exchange on Monday, 20 months after being placed into liquidation by a court in the semi-autonomous region of China and almost 15 years after it was the most oversubscribed IPO of 2009 with a $50 billion valuation.
Hong Kong Exchanges and Clearing said it canceled the listing effective Monday because an 18-month deadline for Evergrande to resume trading passed last month, with the company opting not to appeal the decision.
"The exchange advises shareholders of the company who have any queries about the implications of the delisting to obtain appropriate professional advice," said HKEX.
Macrolens managing principal Brian McCarthy told CNBC he expected investors holding Evergrande shares and bonds to lose most of their money and that a surge in Chinese property stocks might just be the initial phase of a "speculative frenzy" in Chinese equities.
"There have been some attempts to attach [Evergrande's] assets, but they've not really managed to liquidate anything for more than a few cents on the dollar," said McCarthy.
