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CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED

(708)
  Report
End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 01/20
4.06 HKD   +1.75%
12:42pEvergrande creditors raise threat of action over default
RE
08:02aEvergrande bondholder advisor says property firm has made contact
RE
01/13China Evergrande shares climb after winning bond payment delay
RE
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Evergrande shares fall after chairman cuts stake; Fantasia suspends trading

11/28/2021 | 10:02pm EST
Chinese developer Fantasia Holdings in Shenzhen

HONG KONG (Reuters) - Shares in China Evergrande Group fell as much as 4.8% on Monday morning, after its chairman trimmed his stake in the cash-strapped property developer to raise about $344 million.

The group's electric vehicle unit, China Evergrande New Energy Vehicle Group Ltd, also dropped more than 5% after it said the company was still exploring ways to pump capital into the unit with different investors.

Evergrande has been scrambling to raise capital as it grapples with more than $300 billion in liabilities and Chinese authorities have told its chairman, Hui Ka Yan, to use some of his personal wealth to help pay bondholders, sources have said.

Evergrande failed to pay coupons totalling $82.5 million due on Nov. 6 and investors are on tenterhooks to see if it can meet its obligations before a 30-day grace period ends on Dec 6.

The developer disclosed late on Friday that Hui had sold 1.2 billion shares in the company at an average price of HK$2.23 each, lowering his stake in the Shenzhen-based real estate developer to 67.9% from 77%.

Once China's top-selling developer, Evergrand'e troubles have hit the broader Chinese property sector with a string of debt defaults and credit rating downgrades of its peers in the last couple of months.

Fantasia Holdings suspended trading in company shares on Monday pending release of information. On Thursday, the developer said a winding-up petition was filed against a unit related to an outstanding loan.

(Reporting by Sumeet Chatterjee; Editing by Stephen Coates)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 4.65% 1.8 End-of-day quote.13.21%
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED 1.75% 4.06 End-of-day quote.15.34%
FANTASIA HOLDINGS GROUP CO., LIMITED 4.84% 0.325 End-of-day quote.0.00%
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Analyst Recommendations on CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED
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Financials
Sales 2020 15 487 M 2 442 M 2 442 M
Net income 2020 -7 394 M -1 166 M -1 166 M
Net Debt 2020 62 534 M 9 862 M 9 862 M
P/E ratio 2020 -35,5x
Yield 2020 -
Capitalization 44 026 M 5 654 M 6 943 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