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CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED

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China Evergrande shares climb after winning bond payment delay

01/13/2022 | 11:03pm EST
FILE PHOTO: Headquarters of China Evergrande Group in Shenzhen

HONG KONG (Reuters) - Shares of China Evergrande Group edged up on Friday after the world's most indebted developer secured a crucial approval from onshore bondholders to delay payments on one of its bonds as more developers race to avert defaults.

Struggling with $300 billion in liabilities, including $19 billion in international bonds deemed to be in cross-default after missing a payment deadline last month, Evergrande is working to avoid a technical default onshore that would complicate its politically sensitive restructuring.

The firm reached an agreement with bondholders on Thursday to delay redemption and coupon payments for a 4.5 billion yuan ($707.52 million) bond which were due on Jan. 8 by six months.

"The approval was expected; bondholders would not want to break up with Evergrande now because they hope the problem could be resolved eventually," said Kington Lin, managing director of Asset Management Department at Canfield Securities Limited.

As of 0330 GMT, shares of Evergrande had climbed 1.2%, versus a 0.2% decline in the Hang Seng Mainland Properties Index. Its unit China Evergrande New Energy Vehicle Group Ltd jumped 8.1%.

(Reporting by Donny Kwok and Clare Jim; Editing by Christian Schmollinger and Christopher Cushing)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 4.88% 1.72 End-of-day quote.8.18%
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED 1.27% 3.99 End-of-day quote.13.35%
HANG SENG 3.51% 24917.92 Real-time Quote.2.89%
ON SEMICONDUCTOR CORPORATION -6.38% 59.01 Delayed Quote.-13.12%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.07% 6.34573 Delayed Quote.0.03%
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Analyst Recommendations on CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED
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Financials
Sales 2020 15 487 M 2 442 M 2 442 M
Net income 2020 -7 394 M -1 166 M -1 166 M
Net Debt 2020 62 534 M 9 859 M 9 859 M
P/E ratio 2020 -35,5x
Yield 2020 -
Capitalization 35 238 M 5 553 M 5 556 M
EV / Sales 2019 20,0x
EV / Sales 2020 18,5x
Nbr of Employees 14 493
Free-Float 35,6%
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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