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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 to Raise HK$4.30 Billion in Share Placement to Refinance Debt

10/13/2020 | 08:56pm EST

By Ben Otto

China Evergrande Group will raise gross proceeds of 4.30 billion Hong Kong dollars (US$554.8 million) in a private placement to refinance existing debt.

China's most indebted property developer said in a stock-exchange filing Wednesday that it will issue and sell 260,650,000 new shares at HK$16.50 each. That is an about 14.7% discount to the stock's last-traded price.

The amount raised is much lower than the HK$8.43 billion the conglomerate had initially planned to raise. A term sheet viewed by The Wall Street Journal showed that the company had been seeking to sell 490 million shares for HK$16.50-HK$17.20 each.

China Evergrande said it intends to use proceeds from the placement to refinance existing debt and fund working capital.

The company is Asia's largest junk-bond issuer and last year was China's largest developer by contracted sales. As of June, its outstanding debt totaled 835.5 billion yuan (US$123.84 billion), with almost half scheduled to mature within a year, according to the company's interim report.

Credit Suisse, BofA Securities and UBS are among the advisers for the placement.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

10-13-20 2055ET

Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -2.53% 16.16 End-of-day quote.-25.19%
CREDIT SUISSE GROUP AG 0.09% 11.665 Delayed Quote.-11.18%
UBS GROUP AG -0.85% 12.89 Delayed Quote.6.38%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.01% 6.5489 Delayed Quote.-5.47%
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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%
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
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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