CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED

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China Evergrande chief's stake in services unit drops on forced selling - filing

12/24/2021 | 02:25am EDT
The China Evergrande Centre building sign is seen in Hong Kong

HONG KONG (Reuters) - The shareholding of China Evergrande Group's chairman in its property services unit has fallen to 58.18% from 60.96% after forced selling of pledged shares by a third party, a Hong Kong stock exchange filing showed.

The number of Evergrande Property Services Group shares involved was 300 million, and the drop was the result of steps taken on Dec. 20 to enforce rights to the shares held as security against chairman Hui Ka Yan, the filing said.

Reuters could not immediately determine who sold the pledged shares.

The stake was worth roughly HK$798 million ($102.32 million), based on the stock's closing price of HK$2.66 on the day.

Shares of Evergrande Property Services Group ended 1.5% lower on Friday at HK$2.63.

Evergrande Group, grappling with over $300 billion in liabilities and at risk of becoming China's biggest ever default, has been scrambling to raise cash by selling assets and shares.

Hui's stake in Evergrande Group itself dropped to 59.78% earlier this month, also on forced selling."

($1 = 7.7989 Hong Kong dollars)

(Reporting by Clare Jim; Editing by Muralikumar Anantharaman)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 8.55% 1.65 End-of-day quote.3.77%
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED 1.91% 3.2 Delayed Quote.-9.09%
EVERGRANDE PROPERTY SERVICES GROUP LIMITED 2.68% 2.3 Delayed Quote.-12.88%
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Financials
Sales 2020 15 487 M 2 443 M 2 443 M
Net income 2020 -7 394 M -1 166 M -1 166 M
Net Debt 2020 62 534 M 9 864 M 9 864 M
P/E ratio 2020 -35,5x
Yield 2020 -
Capitalization 28 089 M 4 422 M 4 431 M
EV / Sales 2019 20,0x
EV / Sales 2020 18,5x
Nbr of Employees 14 493
Free-Float 35,6%
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China Evergrande New Energy Vehicle Group Limited Technical Analysis Chart | 708 | HK0000264595 | MarketScreener
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Managers and Directors
Da Rong Pan Chief Financial Officer
Shawn Siu Chairman
Shing Yim Chau Independent Non-Executive Director
Jian Wen Guo Independent Non-Executive Director
Wu Xie Independent Non-Executive Director