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The latest update is out from Kaisa Group Holdings Ltd. ( (HK:1638) ).
Kaisa Group Holdings Ltd. and its subsidiary Rui Jing Investment Company Limited have initiated cross-border insolvency steps in the United States linked to their ongoing Hong Kong restructuring proceedings. Acting through an authorized foreign representative, the companies filed Chapter 15 petitions in the U.S. Bankruptcy Court for the Southern District of New York, seeking recognition of the Hong Kong restructuring as foreign main or non-main proceedings.
The recognition motion requests court orders to extend protections, including a permanent injunction over debts adjusted under the Hong Kong process and related relief under Chapter 15. The U.S. court has already granted provisional relief imposing a stay on U.S. actions against Kaisa, Rui Jing and certain subsidiaries, set a May 5 deadline for objections, and scheduled an evidentiary recognition hearing for May 19, signaling a critical step in coordinating creditor treatment across jurisdictions.
More about Kaisa Group Holdings Ltd.
Kaisa Group Holdings Ltd. is a Cayman Islands-incorporated company listed in Hong Kong. The group operates in mainland China’s property sector, focusing on real estate development and related investment activities through various subsidiaries, including Rui Jing Investment Company Limited.
Average Trading Volume: 15,244,047
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$778.5M
Find detailed analytics on 1638 stock on TipRanks’ Stock Analysis page.