Shares of Regencell, a US-listed traditional Chinese medicine company, experienced an extraordinary surge of 82,000%, briefly elevating its CEO's paper fortune to $33 billion before collapsing sharply. The company, which is reported to be money-losing, saw its stock plunge by 74% within days following the rapid rise. Meanwhile, in Hong Kong's property sector, Emperor International, a prominent developer, reported HK$16.6 billion in overdue bank loans, causing its shares to fall the most this year. The company is currently in discussions with banks regarding a restructuring plan amid ongoing financial pressures. Additionally, New World secured a substantial refinancing deal worth HK$87.5 billion after extensive negotiations with banks, aimed at mitigating risks to both the company and Hong Kong's broader economy. These developments highlight the continuing financial instability affecting Chinese-related markets and property sectors.
A Hong Kong family dynasty in turmoil, with no known succession plan and billions in debt as China’s property crisis continues. How will one of Asia’s richest families navigate these uncertain waters? https://t.co/erD4HtyYY3 https://t.co/NyBRmPPpSI
A long read into the negotiations that went into getting all the banks to agree to a massive HK$87.5 billion refinancing deal with New World. Long story short: the risk for not doing so was too great for both New World and the entire Hong Kong economy https://t.co/miH2Z4gnRQ
A long read into the negotiations that went into getting all the banks to agree to a massive HK$85 billion refinancing deal with New World. Long story short: the risk for not doing so was too great for both New World and the entire Hong Kong economy https://t.co/miH2Z4gnRQ