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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  China Evergrande Group    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

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China Evergrande : seeks $1.1 billion to help fix debt woes; term sheet

10/13/2020 | 06:47am EST
FILE PHOTO: An exterior view of China Evergrande Centre in Hong Kong

HONG KONG (Reuters) - China Evergrande, the country's No.2 property developer, is looking to raise up to $1.1 billion in a share placement to help refinance some of its debt and build up its working capital, according to a term sheet seen by Reuters.

The Hong Kong listed company will sell 490 million shares at between HK$16.50 and HK$17.20 a share to raise between $1.04 billion and $1.087 billion.

It then has an option to sell a further 120 million shares to raise another $266 million if the stock is priced at the top of the range.

If the so called green shoe option is exercised the company could raise up to $1.35 billion.

The price range is a 11.1% to 14.7% discount to the stock's closing price of HK$19.34 on Monday.

Evergrande, the most indebted developer in the country, has been scrambling to raise cash as China's government tackles what it considers excessive borrowing in the real estate development sector with new debt ratio caps.

Since August, it has taken steps including raising $3 billion from selling a stake in a property management unit ahead of an IPO, offering a 30% discount on properties to boost sales, and reaching a deal with investors holding $12.66 billion of its unit to not redeem their holdings.

Concerns have mounted in recent weeks that the developer was headed for a major cash crush if it could not get government approval for a backdoor listing in Shenzhen, that has languished for four years.

Evergrande's share placement plan is due to be finalised on Wednesday and was launched late Tuesday when the Hong Kong market was shut as the city faced a typhoon warning.

(Reporting by Scott Murdoch; additional reporting by Clare Jim, editing by Louise Heavens)


© Reuters 2020
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Financials
Sales 2020 647 B 83 469 M 83 469 M
Net income 2020 33 544 M 4 327 M 4 327 M
Net Debt 2020 619 B 79 800 M 79 800 M
P/E ratio 2020 6,36x
Yield 2020 6,78%
Capitalization 214 B 27 598 M 27 600 M
EV / Sales 2020 1,29x
EV / Sales 2021 0,89x
Nbr of Employees 131 615
Free-Float 14,9%
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Technical analysis trends CHINA EVERGRANDE GROUP
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 20,16 HKD
Last Close Price 16,58 HKD
Spread / Highest target 92,3%
Spread / Average Target 21,6%
Spread / Lowest Target -8,41%
EPS Revisions
Managers
NameTitle
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Ka Yan Hui Chairman
Da Rong Pan Chief Financial Officer & Executive Director
Dong Feng Chen Head-Information
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