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    2066   CNE100001TK2

SHENGJING BANK CO., LTD.

(2066)
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Delayed Hong Kong Stock Exchange  -  04:08 2022-10-03 am EDT
6.000 HKD    0.00%
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Chinese developer Evergrande's unit ordered to pay out $1.1 billion

07/31/2022 | 09:41am EDT
FILE PHOTO: The China Evergrande Centre building sign is seen in Hong Kong

HONG KONG (Reuters) - Struggling developer China Evergrande Group said on Sunday that one of its subsidiaries, Evergrande Group (Nanchang) Co, Ltd, had been ordered to pay a guarantor 7.3 billion yuan ($1.08 billion) for failing to honour its debt obligations.

In July 2021, the guarantor, who was not named in the statement, provided a guarantee for the borrowings of certain entities controlled by Evergrande, the company said in a statement to the Hong Kong stock exchange.

Nanchang provided counter-guarantees in the form of a pledge of a total of 1.3 billion shares that it held in Shengjing Bank Co., Ltd.

"As the borrowers failed to repay the loans, the applicant carried out its obligations under the guarantee and claimed against the subsidiary under the pledge," Evergrande said in a statement.

The ruling "is that the guarantor has the priority to receive compensation from the sale of the shares" and the "scope covers the amount paid by the applicant (7.3 billion yuan)."

Evergrande has said it was selling its Hong Kong headquarters via tendering process, a source with direct knowledge told Reuters on Thursday. [L1N2Z90FQ]

($1 = 6.7433 Chinese yuan renminbi)

(Reporting by Farah Master; Editing by Tomasz Janowski)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 8.55% 1.65 Delayed Quote.3.77%
SHENGJING BANK CO., LTD. 0.00% 6 Delayed Quote.-13.04%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.74% 7.04796 Delayed Quote.11.71%
All news about SHENGJING BANK CO., LTD.
09/07Financials Up on Stock, Bond Market Rebound -- Financials Roundup
DJ
09/07State-Owned Firms Buy Evergrande’s Stake in Shengjing Bank For $1 Billion
MT
09/07China Evergrande's Shengjing Bank Stake Sold for $1.05 Billion in Auction
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09/07China state firms takeover Evergrande's $1.1 billion holding in Shengjing Bank
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09/06China Evergrande Reportedly to Exit Shengjing Bank
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08/24Shengjing Bank's H1 Profit Falls
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08/23Shengjing Bank Co., Ltd. Reports Earnings Results for the Half Year Ended June 30, 2022
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08/23Shengjing Bank Co., Ltd. Announces Management Changes
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07/31Chinese developer Evergrande's unit ordered to pay out $1.1 billion
RE
07/29Timeline: Snowballing crisis at Evergrande, world's most indebted developer
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More news
Financials
Sales 2021 5 959 M 838 M 838 M
Net income 2021 402 M 56,5 M 56,5 M
Net cash 2021 17 462 M 2 455 M 2 455 M
P/E ratio 2021 151x
Yield 2021 -
Capitalization 47 832 M 6 724 M 6 724 M
EV / Sales 2020 7,70x
EV / Sales 2021 5,37x
Nbr of Employees 8 111
Free-Float 5,89%
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Managers and Directors
Guo Yong Shen President & Executive Director
Hong Bao Chief Financial Officer
Huo Fa Qiu Chairman
Li Han Chairman-Supervisory Board
Jun Yu Ba External Member-Supervisory Board