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Evergrande founder Hui Ka Yan has been accused by state media of illegally absorbing public deposits and fundraising fraud. Xinhua has published a list of charges against Hui, who built the company into one of the world’s most indebted developers, signalling intensified legal action against the firm's leadership.
Shein has launched a Hong Kong IPO seeking HK$13.86bn by selling 280m shares at HK$47.60–HK$49.50 each, valuing the company at about $27bn at the top of the range. The fast-fashion retailer has seen its private-market value fall about 70% from its near-$100bn peak and says proceeds will fund technology and international expansion.
Shein's Hong Kong listing is priced lower than hoped, valuing the company around $26.3 billion. Trading began shakily, with early losses narrowing as markets digest regulatory twists, tax changes, and weak consumer sentiment that have weighed on the fast-fashion group after a rapid ascent.