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

CHINA EVERGRANDE GROUP

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Evergrande sells property management unit stake for $3 bln ahead of possible IPO

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08/13/2020 | 11:00pm EDT
FILE PHOTO: An exterior view of China Evergrande Centre in Hong Kong

HONG KONG, Aug 14 (Reuters) - China Evergrande Group said it sold 28% of a property management unit for HK$23.5 billion ($3 billion), bringing in strategic investors ahead of a possible IPO for the unit. Shares in Evergrande jumped more than 6% in early Friday trade on the news.

The property developer said last month it was considering a spin-off and separate listing for the unit, which is called Mangrove 3 Ltd.

The introduction of strategic investors will enhance the corporate profile of the business and support its growth, it said in a filing late on Thursday.

Fourteen investors bought into the deal, including Chan Hoi Wan, also a major shareholder in Chinese Estates Holdings Ltd , who purchased 5.4% and Huatai International which bought 4.8%.

Sequoia Capital, CITIC Capital and Tencent Holdings also invested, Evergrande said.

The property management unit had a profit of 922.5 million yuan ($133 million) in 2019, nearly four times higher than a year earlier. ($1 = 7.7503 Hong Kong dollars) ($1 = 6.9492 Chinese yuan) (Reporting by Clare Jim; Editing by Edwina Gibbs)

Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 0.75% 16.12 End-of-day quote.-25.37%
TENCENT HOLDINGS LIMITED 0.49% 514 End-of-day quote.36.85%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.28% 6.84317 Delayed Quote.-1.94%
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Financials
Sales 2020 635 B 81 915 M 81 915 M
Net income 2020 32 565 M 4 202 M 4 202 M
Net Debt 2020 609 B 78 534 M 78 534 M
P/E ratio 2020 6,38x
Yield 2020 6,97%
Capitalization 199 B 25 654 M 25 654 M
EV / Sales 2020 1,27x
EV / Sales 2021 0,96x
Nbr of Employees 131 615
Free-Float 13,2%
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Technical analysis trends CHINA EVERGRANDE GROUP
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 20,26 HKD
Last Close Price 16,12 HKD
Spread / Highest target 97,8%
Spread / Average Target 25,7%
Spread / Lowest Target -5,80%
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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