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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Evergrande Health Industry Group Limited    708   HK0000264595

EVERGRANDE HEALTH INDUSTRY GROUP LIMITED

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China Evergrande New Energy Plans to Issue Up to 1.56 Billion A-Shares in Shanghai Listing

09/27/2020 | 08:04pm EST

By P.R. Venkat

China Evergrande New Energy Vehicle Group Ltd. is planning to issue up to 1.56 billion shares in a yuan-denominated stock offering on a platform for China's homegrown tech firms.

The auto unit of real-estate giant China Evergrande Group said the base offer price was 25 Hong Kong dollars (US$3.23) a share, the company said late Friday.

"If the offer price is lower than the aforesaid trading price of the Hong Kong shares, the board will decide whether to proceed with the proposed issue of CNY Shares after considering the market conditions," the company said.

Calculated on the base offer price of HK$25, the offering would raise around HK$39.90 billion.

Shares will be listed on the Shanghai Stock Exchange's Star Market.

The proposed listing marks China Evergrande New Energy Vehicle's accelerated push to beef up its war chest to compete in China's electric vehicle market. Earlier this month, the company said it would raise US$514 million via a share placement to investors, including Tencent Holdings and venture-capital firm Sequoia Capital.

Proceeds from the offering will be used for research and development as well as for working capital needs.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -2.53% 16.16 End-of-day quote.-25.19%
EVERGRANDE HEALTH INDUSTRY GROUP LIMITED 10.98% 27.3 End-of-day quote.251.35%
TENCENT HOLDINGS LIMITED -0.69% 574 End-of-day quote.52.82%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.01% 6.5489 Delayed Quote.-5.47%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.13% 6.5622 Delayed Quote.-5.53%
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Financials
Sales 2019 5 636 M 858 M 858 M
Net income 2019 -4 426 M -674 M -674 M
Net Debt 2019 52 967 M 8 061 M 8 061 M
P/E ratio 2019 -15,2x
Yield 2019 -
Capitalization 217 B 27 977 M 33 009 M
EV / Sales 2018 29,2x
EV / Sales 2019 20,0x
Nbr of Employees 5 749
Free-Float 26,5%
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Managers
NameTitle
Shou Ming Shi Chairman
Da Rong Pan Chief Financial Officer
Shing Yim Chau Independent Non-Executive Director
Jian Wen Guo Independent Non-Executive Director
Wu Xie Independent Non-Executive Director