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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  China Construction Bank Corporation    939   CNE1000002H1

CHINA CONSTRUCTION BANK CORPORATION

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Exclusive: Tesla to take new $1.4 billion loan from Chinese banks for Shanghai factory - sources

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12/23/2019 | 01:49pm EDT
FILE PHOTO: China-made Tesla Model 3 electric vehicles are seen at the Gigafactory of electric carmaker Tesla Inc in Shanghai

U.S. electric vehicle maker Tesla Inc and a group of China banks have agreed a new 10 billion yuan ($1.4 billion), five-year loan facility for the automaker's Shanghai car plant, three sources familiar with the matter said, part of which will be used to roll over an existing loan.

China Construction Bank (CCB), Agricultural Bank of China (AgBank), Industrial and Commercial Bank of China (ICBC) and Shanghai Pudong Development Bank (SPDB) are among the banks which have agreed to give Tesla the financial support, one source with direct knowledge said.

The Chinese banks earlier this year already offered Tesla a 12-month facility of up to 3.5 billion yuan, which is due to be repaid on March 4, 2020, according to a filing the automaker made to the U.S. Securities and Exchange Commission.

That new loan will be partially used to roll over the previous 3.5 billion yuan debt, according to the first source. The second source said the rest will be used on the factory and Tesla's China operations.

The new loan's interest rate will be pegged at 90% of China's one-year benchmark interest rate, the same as the 3.5 billion yuan loan, the first source said. This is a rate that China banks offer to their best clients.

Tesla, CCB, AgBank, ICBC and SPDB did not immediately respond to Reuters' requests for comment.

Tesla broke ground on the factory in January and has started producing vehicles from its Shanghai plant. It aims to build at least 1,000 Model 3 cars a week by the end of this year.

The factory, which is Tesla's first car manufacturing site outside the United States, is the centerpiece of its ambitions to boost sales in the world's biggest auto market and avoid higher import tariffs imposed on U.S.-made cars.

The Shanghai government has also thrown its support behind the Tesla project, which would be China's first wholly foreign-owned car plant and a reflection of the government's broader shift to open up its car market.

Tesla shares rose to over 3.6% in Monday's session to cross $420 for the first time. Elon Musk had last year proposed to take the company private for $420 but later abandoned the bid under pressure from investors and regulators.

(Editing by Ryan Woo and Jacqueline Wong)

By Yilei Sun, Cheng Leng and Brenda Goh

Stocks mentioned in the article
ChangeLast1st jan.
AGRICULTURAL BANK OF CHINA LIMITED 3.67% 3.11 End-of-day quote.2.64%
BANK OF CHINA LIMITED 2.41% 2.97 End-of-day quote.1.02%
CHINA CONSTRUCTION BANK CORPORATION 1.60% 6.34 End-of-day quote.0.32%
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED 1.72% 5.31 End-of-day quote.0.57%
SHANGHAI PUDONG DEVELOPMENT BANK CO., LTD. -1.26% 10.15 End-of-day quote.-1.46%
TESLA, INC. -5.49% 493.29 Delayed Quote.25.26%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.50% 7.11815 Delayed Quote.1.88%
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Financials (CNY)
Sales 2019 686 B
EBIT 2019 499 B
Net income 2019 266 B
Debt 2019 -
Yield 2019 5,15%
P/E ratio 2019 5,87x
P/E ratio 2020 5,65x
Capi. / Sales2019 2,27x
Capi. / Sales2020 2,14x
Capitalization 1 560 B
Chart CHINA CONSTRUCTION BANK CORPORATION
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Technical analysis trends CHINA CONSTRUCTION BANK CO
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Mean consensus BUY
Number of Analysts 25
Average target price 7,32  CNY
Last Close Price 6,21  CNY
Spread / Highest target 48,3%
Spread / Average Target 17,9%
Spread / Lowest Target -9,34%
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Managers
NameTitle
Gui Ping Liu Vice Chairman, President & General Manager
Guo Li Tian Chairman
Yi Ming Xu Chief Financial Officer
Geng Sheng Zhang Executive Director & Executive Vice President
Zhen Yu Li Member-Supervisory Board
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