HK Stock Market Move | EVERG SERVICES (06666) surged over 30% in the afternoon. Reports state that the main subsidiary CEG under Evergrande has been ordered by the Hong Kong court to wind up.

EVERG SERVICES (06666) surged more than 30% in the afternoon, reaching a gain of 31.34% at the time of writing, trading at 0.88 Hong Kong dollars with a turnover of 56.75 million Hong Kong dollars. On the news front, according to media reports, EVERGRANDE's wholly-owned subsidiary CEG Holdings has been ordered by the Hong Kong court to wind up. CEG Holdings holds nearly half of the equity of EVERG SERVICES, which means the liquidators of Evergrande will be able to further access Evergrande's assets. Analysts have previously pointed out that the assets of EVERG SERVICES play a crucial role in the restructuring plan negotiations between Evergrande and its creditors; if the winding-up of CEG Holdings can be completed, it will mark a significant victory for the liquidators.