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CHINA EVERGRANDE GROUP

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China Evergrande : to raise $2 billion in pre-IPO for property, car marketplace unit

03/29/2021 | 04:43am EDT
A logo of China Evergrande Group is displayed at a news conference on the property developer's annual results in Hong Kong

HONG KONG (Reuters) - China Evergrande Group on Monday said it will sell 10% of its online real estate and automobile marketplace, Fangchebao (FCB), to 17 investors for HK$16.35 billion ($2.10 billion), in a fundraising ahead of the unit's initial public offering (IPO).

FCB, with a pre-financing valuation of over 150 billion yuan ($22.92 billion), could list on the Nasdaq or other suitable stock exchange, Evergrande said in a bourse filing.

The country's most indebted developer has said it would spin off several units to lower its debt amid tighter industry regulation and investor concern about its cash flow.

Its interest-bearing debt was about $110 billion at year-end.

The firm listed Evergrande Property Services Group Ltd in December, raising $1.8 billion. In January, China Evergrande New Energy Vehicle Group Ltd said it would raise $3.4 billion by bringing in six new investors.

China Evergrande Group's share price soared as much as 8.5% in morning trade to HK$16.08.

Evergrande said the FCB deal would see half of funds raised through selling existing stock and the other half by issuing new shares. The developer will use half of the funds for its own general corporate proposes.

The 17 investors include CITIC Capital and the family of the chairman of New World Development Co Ltd, plus the chief executive of Evergrande, Xia Haijun.

Investors can request Evergrande repurchase the shares at a 15% premium if FCB does not complete its IPO within one year, Evergrande said.

"The group's financial strength will greatly be enhanced, furthering the rapid development of FCB," Evergrande said.

The developer is due to announce its 2020 earnings on Tuesday.

($1 = 7.7714 Hong Kong dollars)

($1 = 6.5441 Chinese yuan renminbi)

(Reporting by Clare Jim; Editing by Christopher Cushing)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -0.14% 14 End-of-day quote.-6.04%
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED 0.73% 68.6 End-of-day quote.127.15%
CITIC LIMITED 0.50% 8.05 End-of-day quote.46.63%
CITIC SECURITIES COMPANY LIMITED -1.04% 23.77 End-of-day quote.-19.15%
EVERGRANDE PROPERTY SERVICES GROUP LIMITED -0.41% 14.58 End-of-day quote.63.09%
NASDAQ COMP. -1.29% 13729.232022 Delayed Quote.7.96%
NEW WORLD DEVELOPMENT COMPANY LIMITED 0.35% 42.75 End-of-day quote.18.42%
S&P GSCI GOLD INDEX 0.21% 1033.8265 Delayed Quote.-6.57%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.13% 6.4969 Delayed Quote.0.16%
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More news
Financials
Sales 2020 664 B 85 466 M 85 466 M
Net income 2020 28 666 M 3 692 M 3 692 M
Net Debt 2020 714 B 91 955 M 91 955 M
P/E ratio 2020 6,52x
Yield 2020 7,11%
Capitalization 186 B 23 908 M 23 915 M
EV / Sales 2020 1,36x
EV / Sales 2021 1,09x
Nbr of Employees 123 276
Free-Float 14,4%
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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TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 18,98 HKD
Last Close Price 14,02 HKD
Spread / Highest target 127%
Spread / Average Target 35,4%
Spread / Lowest Target -57,7%
EPS Revisions
Managers and Directors
NameTitle
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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