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    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

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Hong Kong shares slide as China summons gaming firms, Evergrande plunges

09/09/2021 | 01:15am EST

SHANGHAI, Sept 9 (Reuters) - Hong Kong stocks headed for their worst day in almost three weeks on Thursday as tech shares tumbled on China's tightening oversight on gaming companies, while China Evergrande Group plunged on concerns of its financial woes.

** Chinese banking and property shares fell, while resources shares jumped to six-year highs on higher factory inflation.

** Hong Kong's Hang Seng index dropped 1.6%, to 25,898.67 points by midday, on course for its biggest one-day drop since Aug. 20. The Hang Seng tech Index tumbled more than 3%.

** In China, the CSI300 index fell 0.6%, while the Shanghai Composite Index gained 0.1%.

** Hong Kong-listed gaming and media stocks including Tencent Holdings and NetEase fell sharply after authorities summoned them and other gaming firms to ensure they implemented new rules for the sector.

** Property stocks also dropped, as indebted developer Evergrande's shares slumped over 9% to a fresh six-year low.

** Concerns over Evergrande's financial health deepened amid a slew of rating downgrades, and after financial intelligence provider REDD reported on Wednesday that the company plans to suspend interest payments due on loans to two banks on Sept. 21.

** Further denting sentiment were remarks from several U.S. Federal Reserve policymakers, who signalled on Wednesday that monetary tapering could still start this year despite a slowdown in jobs growth in August and the impact of the recent COVID-19 resurgence.

** In China, an index tracking resources shares jumped more than 3% to a six-year high after data showing China's factory gate inflation hit a 13-year high in August, driven by roaring raw materials prices.

** Chinese shares seen with links to "Metaverse", a virtual shared space based on virtual reality technologies, slumped, after their recent surge raised regulatory eyebrows and prompted state media to warn against investing in them.

** Wondershare Technology and Wahlap Technology both slumped over 10%, while Goertek lost over 8%. (Reporting by Shanghai Newsroom; Editing by Ramakrishnan M.)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 3.91% 1.86 End-of-day quote.16.98%
GOERTEK INC. 3.10% 50.17 End-of-day quote.-7.26%
GUANGZHOU WAHLAP TECHNOLOGY CORPORATION LIMITED 5.52% 53.5 End-of-day quote.-11.13%
HANG SENG -1.75% 24213.07 Real-time Quote.5.32%
NETEASE, INC. -1.75% 95.29 Delayed Quote.-4.71%
TENCENT HOLDINGS LIMITED -1.10% 469.6 End-of-day quote.2.80%
WONDERSHARE TECHNOLOGY GROUP CO., LTD. -0.45% 48.25 End-of-day quote.-12.45%
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 548 B 70 316 M 70 316 M
Net income 2021 9 661 M 1 241 M 1 241 M
Net Debt 2021 449 B 57 679 M 57 679 M
P/E ratio 2021 2,54x
Yield 2021 2,04%
Capitalization 24 560 M 3 155 M 3 154 M
EV / Sales 2021 0,87x
EV / Sales 2022 0,68x
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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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Last Close Price 1,86 HKD
Average target price 5,64 HKD
Spread / Average Target 203%
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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