The regulatory lapse underscores the existential crisis at its Shenzhen-based parent China Evergrande Group, which has been forced to sell assets and dial back extravagant projects to repair its balance sheet. With almost 2 trillion yuan (US$290.4 billion) of liabilities, the group has defaulted on some US$20 billion of offshore debt and failed to submit its accounts to the Hong Kong stock exchange since late 2021.