Streetbeat News

EGRNF

China Evergrande Group

http://www.evergrande.com/

CEO

Haijun Xia

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China Evergrande New Energy Vehicle Group Ltd's shares fell 23% after the arrest of executive director Mr. Liu Yongzhuo for suspected illegal activities. The company's financial struggles continue, with a recent downgrade by Moody's and a failed share sale to NWTN Inc. Evergrande's chairman's fortune dropped by 93%, and the company filed for Chapter 15 bankruptcy in the US. Shares plunged 87% after a 17-month trading halt, reflecting a loss of 39.25 billion yuan in six months.

Portfolio Pulse from Benzinga Neuro

January 08, 2024 | 8:50 am

Evergrande Group (OTC: EGRNF) is in urgent talks with major foreign creditors to avoid the liquidation of its offshore businesses. The company is offering creditors about 20% ownership in its parent company to comply with Chinese regulatory demands, which include no new debt issuance. Discussions with Dubai-based NWTN about investing in Evergrande's EV division are ongoing, following a paused $500 million investment for a 28% stake in Evergrande Auto. The company's default in late 2021 has been a focal point in China's real estate crisis.

Portfolio Pulse from Vandana Singh

December 01, 2023 | 5:25 pm

Concerns are growing over hidden debt in China's property sector, with Ping An Insurance Group's real estate subsidiary, Ping An Real Estate Co. Ltd, in focus. The company's bond has been fluctuating due to investor concerns about its ability to repay. The company's sales have been declining and there are questions about its off-balance sheet debt. The China Securities Regulatory Commission found that the subsidiary had covered up a 200 million RMB overdue debt tranche. The situation could potentially spark a broader contagion in China's financial services sector.

Portfolio Pulse from Daniel Harrison

October 16, 2023 | 5:00 pm

Rumors of a Chinese government stimulus have been boosting investor sentiment in Hong Kong, with expectations of an additional 1 trillion RMB ($137 billion) to support the local economy. This has led to a surge in Hong Kong and Chinese stocks. The iShares China Large Cap ETF (NYSE:FXI) is down 8.3% year-to-date, while the SPDR S&P 500 ETF (NYSE:SPY) has risen 14% during 2023. Stocks such as Country Garden Holdings Company Limited (OTC:CTRYF), China Evergrande Group (OTC:EGRNF), China Evergrande New Energy Vehicle Group Limited (OTC:EVGRF), XPeng Inc (NYSE:XPEV), and NIO Inc. (NYSE:NIO) have seen significant gains.

Portfolio Pulse from Daniel Harrison

October 11, 2023 | 5:47 pm

Hong Kong property developer Hysan Development Company Limited (OTC:HYSNY) has issued a prospectus for up to $4 billion of medium-term bonds, more than 10 times its average medium-term debt tranche. The bonds are being issued in the form of zero-coupon notes that are heavily discounted to institutional purchasers. The company plans to list the bonds on the Hong Kong exchanges within the next 12 months. The bonds are unsecured and reliant on a guarantee by Hysan to repay. Bank of America Corporation (NYSE:BAC) and UBS Group AG (NYSE:UBS) are handling the debt issuance.

Portfolio Pulse from Daniel Harrison

October 10, 2023 | 3:43 pm

Hong Kong Broadband Network (HKBN Ltd.) has issued a profit warning, expecting a loss of HK$1.3 billion ($167 million) for the year ending August 2023 due to rising interest rates. The Hong Kong Interbank Borrowing Rate (HIBOR) has surged by over four times in 2023, increasing borrowing costs. This rise in HIBOR could impact earnings of property developers like China Evergrande Group, Country Garden Holdings Company Limited, and Longfor Holdings Group Limited, and companies with high borrowing rates like Swire Pacific Ltd. and New World Development Co Limited.

Portfolio Pulse from Daniel Harrison

October 09, 2023 | 7:25 pm

The Hong Kong real estate market is facing a potential bubble burst due to a sharp decline in property prices and a surge in mortgage applications. Major real estate developers like Country Garden Holdings Limited and China Evergrande Group have seen significant drops in their stock prices. Local banks like China Construction Bank Corporation and Bank of China Limited have also been affected. Despite government interventions and stimulus policies, the market remains unstable.

Portfolio Pulse from Daniel Harrison

October 06, 2023 | 3:52 pm

Citigroup has raised its growth forecast for China to 5% for 2023, citing improved retail sales and industrial production. This news, along with the approved restructuring of Sunac China Holdings Limited's debt, lifted Hong Kong stocks. However, most stocks failed to hold onto the gains. Alibaba and Trip.com rose in the morning session but ended around 0.5% lower. JD Logistics Inc. ended the day 0.7% higher, while Sunac's shares ended the day 6.3% higher. China Aoyuan Group Limited and China Evergrande Group Limited declined by 2.2% and 11%, respectively.

Portfolio Pulse from Daniel Harrison

October 05, 2023 | 5:08 pm

Hong Kong shares fell due to fears of a challenging climate for Chinese exporters and property market issues. Chinese exports fell 8.8% YoY in August, with shipments to the US down 9.5%. Shares of Fosun International, Sinopec Shanghai Petrochemical, PetroChina, Alibaba, and CMOC Group were down 1-2%. EV makers BYD, Li Auto, and NIO also saw declines. Real estate sales from China's top 100 developers were down 29.9% YoY in September. China SCE Group defaulted on $1.8 billion of offshore bonds, and China Evergrande Group's shares plunged 12%.

Portfolio Pulse from Daniel Harrison

October 04, 2023 | 8:13 pm

China SCE Group Holdings Ltd. has defaulted on up to $1.8 billion in senior offshore notes, causing the bonds to be suspended from trading. The company, once ranked 6th among China's most-trusted property brands, cited sluggish demand for new developments as the reason for the cash-flow squeeze. The company's stock is down nearly 80% year-to-date. This follows similar defaults by China Evergrande Group Ltd and Sino Ocean Group Holding Co Ltd, causing a sharp sell-off in Hong Kong stocks.

Portfolio Pulse from Daniel Harrison

October 04, 2023 | 4:29 pm

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