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ACGA Blog: Old style governance, New World debacle

New World Development’s (NWD) recent financial woes have made headlines: FY2024 saw a net loss of HK$19.6bn (US$2.5bn) and its share price has collapsed from HK$40 level in 2020 to as low as HK$4 before a recent bounce. Some US$10bn or more than 85% of its market value has been wiped out, leaving it with a market capitalisation currently of around US$1.7bn. The challenges have been largely attributed to its heavy reliance on mainland China and aggressive borrowing, writes ACGA Head of Research Greater China, Lake Wang. Read more here.