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    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

(3333)
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End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 01/19
1.72 HKD   +4.88%
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China Evergrande EV unit plans share sale to fund vehicle production

11/09/2021 | 10:52pm EST
Auto Shanghai show in Shanghai

HONG KONG (Reuters) -China Evergrande's electric vehicle unit said on Wednesday it plans to sell HK$500 million ($64.2 million) worth of shares to fund production of new-energy cars, including those made by its Hengchi brand.

China Evergrande New Energy Vehicle Group Ltd plans to sell 174.83 million new shares, or 1.76% of the enlarged share capital, in a top-up placement, it said in a filing to the Hong Kong bourse on Wednesday.

The new shares will be sold at HK$2.86 apiece, representing a 19.89% discount to Tuesday's close of HK$3.57 each, to its controlling shareholder Evergrande Health Industry Holdings Ltd.

The controlling shareholder will buy the new shares on completion of the sale of the same amount of existing shares at the same price to third-party investors.

China Evergrande New Energy Vehicle said the move was aimed at paving the way for Hengchi new-energy vehicles to start production.

The electric-vehicles unit is seeking Chinese regulatory approval to sell its inaugural Hengchi 5 sport-utility vehicles, as the embattled company vows to start making cars early next year.

The directors had considered various options of raising funds, it said.

China Evergrande, the world's most indebted developer, has been stumbling from debt-repayment deadline to deadline as it grapples with more than $300 billion in liabilities.

($1 = 7.7840 Hong Kong dollars)

(Reporting by Donny Kwok; Editing by Sam Holmes and Stephen Coates)


© Reuters 2021
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 548 B 70 276 M 70 276 M
Net income 2021 9 661 M 1 240 M 1 240 M
Net Debt 2021 449 B 57 646 M 57 646 M
P/E ratio 2021 2,35x
Yield 2021 2,21%
Capitalization 22 711 M 2 915 M 2 915 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 | MarketScreener
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Technical analysis trends CHINA EVERGRANDE GROUP
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 9
Last Close Price 1,72 HKD
Average target price 5,64 HKD
Spread / Average Target 228%
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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