A definitive outcome is expected within one month. The sale of equity in EVERG SERVICES (06666.HK) has reached a substantive phase. On the evening of April 14, EVERG SERVICES disclosed that the liquidators of EVERGRANDE (03333) have entered into an exclusivity agreement with a selected bidder. The parties will engage in exclusive negotiations for a period of 30 working days concerning the transaction.
According to the announcement, the buyer and seller are currently negotiating the terms of a formal sale and purchase agreement. This signifies that after seven months of planning, the equity transaction for EVERG SERVICES has finally entered the implementation stage, with the actual acquirer expected to be revealed in May.
It is understood that as early as September 2025, the liquidators of EVERGRANDE received indicative offers from several interested buyers and signed confidentiality agreements regarding the sale of the 51% stake in EVERG SERVICES held by EVERGRANDE and CEG Holdings. In January 2026, EVERG SERVICES indicated that the selected bidder was conducting due diligence on the company.
At that time, there was industry speculation about the buyer's identity, mentioning potential interest from firms like Trustar Capital, PAG, and Guangdong Tourism Holdings Group Co., Ltd. (Guangdong Tourism Holdings), though none of the three provided a clear confirmation. Three months later, the pool of potential buyers has narrowed down to one.
When questioned on April 15 about whether it still had an interest in bidding for EVERG SERVICES, a representative from PAG declined to comment. An informed source suggested that Guangdong Tourism Holdings is the most likely candidate among the interested buyers.
Guangdong Tourism Holdings is the only provincial-level enterprise in Guangdong focused primarily on tourism, possessing a comprehensive tourism industry matrix covering six segments: hotel investment and operation, travel agency and related businesses, commercial properties and parks, planning and design, scenic spots, and cultural tourism media. It also owns a property management company, but its operational scale is relatively small. It is understood that none of the core subsidiaries under Guangdong Tourism Holdings have achieved independent listings, nor does the group hold controlling or significant stakes in any A-share or Hong Kong-listed companies for consolidation. The company has consistently expressed a desire to make a breakthrough in the capital markets.
On February 3, 2026, Guangdong Tourism Holdings held its annual work conference, where Chairman Guo Dajie outlined the company's key operational achievements for 2025, which included "opening new avenues in capital market布局."
From a business perspective, EVERG SERVICES has fully rolled out community tourism services, serving over 90,000 customers cumulatively in 2025 and generating nearly 400 million yuan in revenue, establishing it as a new growth area within community living services. In the cultural tourism sector, there exists potential synergy between EVERG SERVICES and Guangdong Tourism Holdings.
As a leading listed property management company, EVERG SERVICES maintained a relatively stable core business performance in 2025. It reported operating revenue of 136.78 billion yuan, a year-on-year increase of 7.2%, while net profit was 10.09 billion yuan, a slight decrease of 2.2% compared to the previous year. As of the end of 2025, the company's managed area reached 601 million square meters, ranking third in the industry.
There has been significant improvement in cash flow and asset structure. In 2024, auditors highlighted a "material uncertainty related to going concern" due to EVERG SERVICES having net current liabilities of nearly 10 billion yuan. By 2025, the company's net current assets turned positive, and cash and cash equivalents surged by 55.32% year-on-year to 41.9 billion yuan. The current ratio improved from 0.87x to 1.01x, indicating enhanced short-term debt repayment capability.
CRIC noted that the 2025 financial data suggests EVERG SERVICES has reached the end of a four-year financial restructuring process. This signifies a critical transition for the company: from an "entity surviving a crisis" to an "entity operating normally under challenging conditions."
While financials are recovering, operational uncertainties persist. In its 2025 results report, EVERG SERVICES stated that, given EVERGRANDE is undergoing liquidation, management anticipates the outlook for receiving economic benefits from EVERGRANDE is not optimistic and is highly uncertain. Consequently, in 2025, the company derecognized approximately 510 million yuan in revenue related to property management services for vacant properties from related parties. Whether these receivables can be recovered in the future remains unknown.
These factors are significant variables affecting the valuation of EVERG SERVICES. As of April 15, EVERG SERVICES trades at a static price-to-earnings ratio of approximately 11x, which is higher than the 8.9x for China Overseas Property Holdings Ltd. and the 10.2x for Poly Property Services.
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