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China Evergrande Founder Pleads Guilty to Fraud in Shenzhen Trial

The founder of China Evergrande (HKG:3333), Xu Jiayin, pleaded guilty to eight charges, including misuse of funds, fundraising fraud, and illegally taking public deposits, Xinhua News Agency reported Tuesday, citing The Shenzhen Intermediate People's Court.Prosecutors also accused Xu of illegally granting loans. They charged China Evergrande Group and its unit, Evergrande Real Estate Group, with offenses including fraudulent issuance of securities.In 2024, China's securities regulator fined Xu $6.6 million and barred him from the securities market for life after finding Evergrande's flagship unit had inflated earnings and committed securities fraud.Creditors have lodged claims totaling about HK$350 billion, while liquidators have taken control of more than 100 subsidiaries and reported asset sales of about HK$2 billion since early 2024.The company's debt troubles surfaced in December 2021 when it first defaulted on a US dollar bond.In 2024, a Hong Kong court ordered Evergrande's liquidation, with the company later delisted, ending one of China's most high-profile property collapses.

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IMF Trims 2026 GDP Growth Outlook for China to 4.4%

The International Monetary Fund reduced its economic outlook for China to 4.4% for this year from 4.5% in its January estimate as international markets continue to grapple with the impact of the Middle East conflict, according to a Tuesday press release.The new outlook is lower than Beijing's gross domestic product growth target of between 4.5% and 5% but higher than the agency's October 2025 projection.For 2027, the IMF predicts China's GDP growth will further slow down to 4%.The agency lowered the global economic growth forecast to 3.1% for the year and 3.2% in 2027, while global headline inflation is expected to moderately climb this year."A longer or broader conflict, worsening geopolitical fragmentation, a reassessment of expectations surrounding artificial‑intelligence‑driven productivity, or renewed trade tensions could significantly weaken growth and destabilize financial markets," the IMF said.

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Asia10d ago

Huaqin Technology Seeks Up to HK$4.5 Billion in Hong Kong IPO

Huaqin Technology (HKG:3296, SHA:603296) launched its Hong Kong initial public offering on Wednesday, seeking to raise up to about HK$4.55 billion.The China-based smart hardware products manufacturer is offering 58.5 million H-shares at a maximum price of HK$77.70 per share, according to a Hong Kong bourse filing.The offering comprises 5.9 million shares for Hong Kong investors and 52.7 million shares for international investors, subject to reallocation and the overallotment option.The offer price is expected to be determined by April 21, with allocation results due by April 22, ahead of the company's planned trading debut on April 23.Net proceeds will be used mainly to enhance product-centric research and development, including expanding R&D teams and investing in advanced technologies.The funds will also support manufacturing capacity expansion and optimization, alongside automation and digitalization upgrades.Huaqin will further allocate proceeds toward strategic investments and vertical integration across its supply chain, as well as for working capital and general corporate purposes.China International Capital Corporation Hong Kong Securities, and Merrill Lynch (Asia Pacific) are acting as joint sponsors, as well as sponsor-overall coordinators, joint bookrunners, and joint lead managers.Goldman Sachs (Asia), CLSA, Futu Securities International (Hong Kong), and Tiger Brokers (HK) Global are acting as joint bookrunners and joint lead managers, while ABCI Capital is also a joint bookrunner.

$HKG:3296$SHA:603296

Financial News · Live Terminal

China Evergrande Founder Pleads Guilty to Fraud in Shenzhen Trial

IMF Trims 2026 GDP Growth Outlook for China to 4.4%

China Evergrande Founder Pleads Guilty to Fraud in Shenzhen Trial

IMF Trims 2026 GDP Growth Outlook for China to 4.4%

NZX Midday Sector Update: Consumer Durables Sector Soars, Industrial Services Sector Struggles

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