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    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

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China developer Sunac and services unit plunge on share placement, stake sale

11/14/2021 | 09:23pm EST

HONG KONG, Nov 15 (Reuters) - Shares of Sunac China and its services unit dropped on Monday after the Chinese developer raised a total of HK$7.4 billion ($949.70 million) by issuing new shares and selling a stake in Sunac Services.

Sunac dropped as much as 9.2% to HK$15.48 in early trading, after issuing 335 million shares, or 6.7% of total shares including the fresh placement, at HK$15.18 apiece, raising HK$5.1 billion.

Sunac also sold a 5.1% stake in Sunac Services at HK$14.75 per share to raise HK$2.33 billion. The share price of Sunac Services plunged as much as 13.8% to HK$14.28.

The company said in a filing on Sunday it plans to use half of the proceeds to repay loans.

Sunac chairman Sun Hongbin has provided an interest-free loan of $450 million to the company to show his long-term confidence and commitment, according to the filing.

Liquidity in the China property sector has become very tight in the past few months after unprecedented waves of policy tightening and investor worries about wider contagion from China Evergrande Group, the world's most indebted developer, which is teetering on the brink of collapse.

Brokerage Jefferies said in a note it was "a right move" for Sunac to gather sufficient funding in order to solve its short-term tight liquidity, which was driven by weak sales and refinancing difficulty.

It expected the developer's net gearing ratio to decrease slightly lower by 2 basis points to 85% after the share placement and sale of the stake in its services unit.

The Hang Seng Index was flat.

($1 = 7.7919 Hong Kong dollars) (Reporting by Clare Jim; Editing by Simon Cameron-Moore)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -3.39% 1.71 End-of-day quote.7.55%
SUNAC CHINA HOLDINGS LIMITED -3.91% 9.84 End-of-day quote.-16.47%
SUNAC SERVICES HOLDINGS LIMITED -8.54% 8.14 End-of-day quote.2.39%
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 548 B 70 283 M 70 283 M
Net income 2021 9 661 M 1 240 M 1 240 M
Net Debt 2021 449 B 57 652 M 57 652 M
P/E ratio 2021 2,34x
Yield 2021 2,22%
Capitalization 22 579 M 2 898 M 2 898 M
EV / Sales 2021 0,86x
EV / Sales 2022 0,67x
Nbr of Employees 163 119
Free-Float 29,5%
Chart CHINA EVERGRANDE GROUP
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China Evergrande Group Technical Analysis Chart | 3333 | KYG2119W1069 | MarketScreener
Technical analysis trends CHINA EVERGRANDE GROUP
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 8
Last Close Price 1,71 HKD
Average target price 5,64 HKD
Spread / Average Target 230%
EPS Revisions
Managers and Directors
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Da Rong Pan Chief Financial Officer & Executive Director
Ka Yan Hui Chairman
Dong Feng Chen Head-Information
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