CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-03-31 am EDT
3.200 HKD   +1.91%
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Trading in China Evergrande shares, onshore bonds halted pending announcement

03/21/2022 | 01:32am EDT
FILE PHOTO: The China Evergrande Centre building sign is seen in Hong Kong

HONG KONG (Reuters) - Shares of embattled property developer China Evergrande Group and onshore bonds issued by its flagship unit Hengda Real Estate Group were suspended from trading on Monday, pending an announcement by the company.

Trading was also halted in shares of its property services unit, Evergrande Property Services Group Ltd, and electric vehicle unit, China Evergrande New Energy Vehicle Group Ltd, exchange filings showed.

The filings gave no further details.

Evergrande, the world's most indebted developer with over $300 billion in liabilities, has been struggling to repay its suppliers and creditors and complete projects and homes.

Hengda secured approval from its onshore bondholders over the weekend to delay a coupon payment due last September to September 2022, according to a filing by the company's lawyer to the Shenzhen Stock Exchange on Sunday.

Hengda held a meeting with creditors of the 4 billion yuan ($629 million) 2025 bond on March 18-19 to approve the payment of interests incurred between September 2020 to September 2021 to be made in September 2023.

Evergrande has so far avoided technical bond defaults onshore, though it has missed payments on some offshore bonds.

Evergrande shares traded at HK$1.65 before the suspension. They have gained 3.8% this year after plunging 89% in 2021.

(Reporting by Clare Jim and Donny Kwok in Hong Kong, Beijing newsroom; Editing by Himani Sarkar)


© Reuters 2022
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%
SHENZHEN STOCK EXCHANGE A SHARE INDEX 1.33% 2294.02 Real-time Quote.-13.36%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.05% 6.68373 Delayed Quote.5.38%
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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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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