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CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED

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China Evergrande plans sale of $1.4 billion Evergrande Vehicle shares

05/12/2021 | 08:48pm EDT
An exterior view of China Evergrande Centre in Hong Kong

HONG KONG (Reuters) - China Evergrande Group placed 260 million shares, or 2.66% of issued share capital, of China Evergrande New Energy Vehicle Group Ltd for HK$10.6 billion ($1.36 billion), the Chinese property developer said in a filing to the Hong Kong bourse on Thursday.

Placing of the shares serves to reduce the shareholding ratio of the top 20 shareholders of Evergrande Vehicle to below 90%, fulfilling the conditions for the new energy vehicles manufacturing unit to participate in the Hong Kong Stock Connect in the next step, the property developer said.

China Evergrande, which currently holds 67.64% of Evergrande Vehicle, has agreed to sell the shares at HK$40.92 each, representing a 20% discount to Wednesday's close of HK$51.15 each with proceeds to be raised for general working capital.

Haitong International Securities, Huatai Financial Holdings, and CMB International Securities are the placing agents. Completion of the disposal shall take place on the fifth trading day after the date of the agreement on May 13, it said.

($1 = 7.7665 Hong Kong dollars)

(Reporting by Donny Kwok; Editing by Stephen Coates)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 4.21% 5.44 End-of-day quote.-63.49%
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED -3.04% 12.12 End-of-day quote.-59.87%
HAITONG INTERNATIONAL SECURITIES GROUP LIMITED 1.42% 2.15 End-of-day quote.14.97%
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Financials
Sales 2020 15 487 M 2 397 M 2 397 M
Net income 2020 -7 394 M -1 145 M -1 145 M
Net Debt 2020 62 534 M 9 679 M 9 679 M
P/E ratio 2020 -35,5x
Yield 2020 -
Capitalization 98 461 M 15 227 M 15 241 M
EV / Sales 2019 20,0x
EV / Sales 2020 18,5x
Nbr of Employees 8 796
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