Evergrande Property Services (6666 HK): Offer Expected As Parent (Likely) Exits

• Property management play Evergrande Property Services (6666 HK) (EPS) is currently suspended pursuant to the Takeovers Code.

• Evergrande (3333 HK) controls 51.71%. This suspension is either a precursor to a Scheme; or (more likely) cash-strapped Evergrande is exiting, potentially triggering an unconditional MGO.

• Evergrande, currently in liquidation, was delisted from the HKEx on the 25th August 2025 after failing to fulfil HKEx resumption guidance. The delisting was arguably symbolic, but remains a milestone.

Shares in EPS are currently suspended, so there is nothing to be done. Yet.

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Conclusions First

• NEW News. EPS' shares are halted pursuant to the Code on Takeovers and Mergers.

  • That's it.

• We've (kinda) been here before. EPS was suspended back on the 4th October 2021 due to a possible general Offer, but that came to nought.

• What to expect? Evergrande holds 51.74%, as at 14th December 2022, according to the HKEx and EPS' 2024 annual report (page 61).

  • On the 29 January 2024, the Hong Kong Courts made a winding-up order against Evergrande.