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CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED

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China Evergrande New Energy Vehicle : Bitcoin attempts recovery as Evergrande-led selloff eases

09/21/2021 | 02:03am EDT
FILE PHOTO: Representation of cryptocurrency Bitcoin is seen in this illustration

(Reuters) - Cryptocurrency prices bounced off 1-1/2 month lows on Tuesday as a heavy selloff overnight linked to concerns about a possible loan default by property developer China Evergrande eased slightly, but investors braced for more volatility.

Bitcoin, the biggest and the best known cryptocurrency, traded around $43,000, recovering from a fall to $40,192 earlier in the session. It hit a four-month high of $52,000 on Sept 6.

Smaller rival ether, the coin linked to the Ethereum blockchain, rose 1% to $3,012 after falling below $3,000 for the first time since early August.

Global markets started the week on a turbulent note after fears that Evergrande's troubles could lead to a fallout for the Chinese and global economies prompted a selloff in riskier assets.

"We can't take a very positive view just as yet until we get through the next few days," said Matthew Dibb, chief operating officer at crypto index fund provider Singapore-based Stack Funds.

"This is purely sentiment driven right now, and it's actually been off very low liquidity," he said, adding that it would be better to wait on the sidelines as crypto markets will continue to be affected by the contagion.

The drop in cryptocurrencies comes at a time when institutional interest in the space has risen and made it more mainstream, with many investment banks taking a more bullish stance.

(Reporting by Anushka Trivedi in Bengaluru; editing by Richard Pullin)

By Anushka Trivedi


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -3.91% 2.95 End-of-day quote.-80.20%
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED 8.33% 4.16 End-of-day quote.-86.23%
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Financials
Sales 2020 15 487 M 2 418 M 2 418 M
Net income 2020 -7 394 M -1 154 M -1 154 M
Net Debt 2020 62 534 M 9 764 M 9 764 M
P/E ratio 2020 -35,5x
Yield 2020 -
Capitalization 33 597 M 5 224 M 5 246 M
EV / Sales 2019 20,0x
EV / Sales 2020 18,5x
Nbr of Employees 14 493
Free-Float 25,2%
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Managers and Directors
Da Rong Pan Chief Financial Officer
Shawn Siu Chairman
Shing Yim Chau Independent Non-Executive Director
Jian Wen Guo Independent Non-Executive Director
Wu Xie Independent Non-Executive Director