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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 rises 17.9% after deal with Hengda investors, unit applies listing

09/30/2020 | 12:02am EST
FILE PHOTO: An exterior view of China Evergrande Centre in Hong Kong

Shares of China Evergrande Group rose as much as 17.9% after the property developer reached a deal with some investors in its unit Hengda Real Estate to ease cash-crunch concerns.

The shares rose as high as to HK$19.46 ($2.51), the highest since Aug. 21, and ranked the fifth most actively traded by turnover in morning trading.

China second-biggest property developer by sales reached a deal on Tuesday in which investors holding 86.3 billion yuan ($12.66 billion) of Hengda agreed not to ask the debt-laden property developer to repurchase their holdings.

The Guangzhou-based developer also said its property-management services unit, Evergrande Property Services Group Ltd, has submitted an application for a listing on the Hong Kong bourse. Reuters publication IFR had reported the float would raise $2 billion.

The statement came days after the developer's vehicle manufacturing arm, China Evergrande New Energy Vehicle Group Ltd, said it intended to apply for a listing of its shares on Shanghai's Sci-Tech Board.

The developer is under pressure to slash debt as China's government tackles what it considers excessive borrowing in the real estate development sector with new debt ratio caps.

China Evergrande had said that its debt-cutting measures were working and that the Hong Kong bourse had approved its plan to spin off the property management service arm, which sent their shares up on Monday after a selloff last week.

Shares of China Evergrande New Energy Vehicle surged as much as 9.9% on Wednesday, while internet services unit HengTen Networks Group rose as much as 8.6%.

(Reporting by Donny Kwok; Editing by Christian Schmollinger and Gerry Doyle)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALSO HOLDING AG -1.88% 235.5 Delayed Quote.46.88%
CHINA ENTERPRISE COMPANY LIMITED 0.00% 3.75 End-of-day quote.-19.35%
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%
HENGTEN NETWORKS GROUP LIMITED -3.51% 0.275 End-of-day quote.147.75%
RENTIAN TECHNOLOGY HOLDINGS LIMITED 0.00% 0.01 End-of-day quote.-23.08%
TENCENT HOLDINGS LIMITED -0.69% 574 End-of-day quote.52.82%
UNIT CORPORATION 0.00%End-of-day quote.-94.18%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.01% 6.5489 Delayed Quote.-5.47%
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Financials
Sales 2019 5 636 M 859 M 859 M
Net income 2019 -4 426 M -675 M -675 M
Net Debt 2019 52 967 M 8 072 M 8 072 M
P/E ratio 2019 -15,2x
Yield 2019 -
Capitalization 204 B 31 049 M 31 092 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