Evergrande rejects report it artificially 'inflated revenue,' court delays liquidation hearing
Publishing timestamp: 2023-12-04 04:10:36
Summary
Shares of Evergrande rose after a court hearing on the liquidation of the company was postponed. However, a report by GMT Research alleged that Evergrande had been artificially inflating its revenue and profits for years. Evergrande denied the claims and said it would offer clarification. The report also highlighted the company's low contract liabilities before 2021, suggesting it may have been pulling forward revenue for up to a decade. Evergrande was originally scheduled to face a court hearing over a creditor's petition to wind up the company. The company's new restructuring proposal offers creditors a stake in the group and its Hong Kong subsidiaries, but it is unlikely to be accepted. Evergrande's shares have plummeted by almost 85% this year.
Sentiment: NEGATIVE
Tickers: 3333-HK, 708-HK, 6666-HK,
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