CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-03-31 am EDT
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China Evergrande, Units to Delay Publication of Audited 2021 Results

03/21/2022 | 08:05pm EDT

By Yongchang Chin

China Evergrande Group and two key subsidiaries, China Evergrande New Energy Vehicle Group Ltd. and Evergrande Property Services Group, are delaying the publication of their audited 2021 results.

China Evergrande Group said Tuesday that the delay was due to the "drastic changes in the operational environment of the company since the second half of last year."

"The auditor has added a large number of additional audit procedures this year," it said. "Coupled with the effect caused by the Covid-19 outbreak...the company will not be able to complete the audit procedures" by March 31.

Evergrande said it would issue a separate announcement of the company's revised results release date.

Trading of shares of Evergrande and the two units were halted on Monday.

Evergrande, which has amassed more than $300 billion in liabilities, defaulted on some offshore debt in December.

In January, Evergrande said it aimed to release a global restructuring plan within six months.

The developer holds a roughly 58% stake in the property-services unit and nearly 59% of the car company, also known as Evergrande Auto, filings show.


Write to Yongchang Chin at yongchang.chin@wsj.com


(END) Dow Jones Newswires

03-21-22 2105ET

Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 8.55% 1.65 Delayed Quote.3.77%
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED 1.91% 3.2 Delayed Quote.-9.09%
EVERGRANDE PROPERTY SERVICES GROUP LIMITED 2.68% 2.3 Delayed Quote.-12.88%
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Financials
Sales 2020 15 487 M 2 443 M 2 443 M
Net income 2020 -7 394 M -1 166 M -1 166 M
Net Debt 2020 62 534 M 9 864 M 9 864 M
P/E ratio 2020 -35,5x
Yield 2020 -
Capitalization 28 089 M 4 421 M 4 431 M
EV / Sales 2019 20,0x
EV / Sales 2020 18,5x
Nbr of Employees 14 493
Free-Float 35,6%
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Income Statement Evolution
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