Streetbeat News

EGRNF

China Evergrande Group

http://www.evergrande.com/

CEO

Haijun Xia

Open

6.88

Mkt cap

3.4K

Volume

20K

High

6.88

P/E Ratio

-8.21

52-wk high

0.04

Low

0.00

Div yield

N/A

52-wk low

0.00

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

Shares of China Evergrande Group Limited (OTC:EGRNF) surged after it resumed trading in Hong Kong, sparking speculation of a potential bailout. The company's real estate subsidiary also resumed trading. Analysts caution that the price increase is driven by speculation rather than fundamental news. The Chinese government reportedly has around $500 billion on hand to assist developers if required. Evergrande's EV maker subsidiary was not allowed to resume trading. The company's future is contingent on the decision reached by a group of secret creditors who hold $15 billion of offshore bonds.

Portfolio Pulse from Daniel Harrison

October 03, 2023 | 3:47 pm

China's property market turmoil continues to impact the stock market, with Country Garden Holdings and China Evergrande Group seeing declines. However, Sunac China Holdings managed to restructure its debt and saw a 1% increase. The Chinese government is planning to attract more investors by raising the foreign ownership cap on stocks and encouraging domestic travel to boost the economy. Despite the property market issues, investment managers are attracted to deep discounts in the consumer and tech sector in China, with stocks such as Alibaba, Baidu, and BYD Company Limited gaining attention.

Portfolio Pulse from Daniel Harrison

September 28, 2023 | 1:40 pm

Shares of China Evergrande Group (OTC:EGRNF) have been suspended in Hong Kong amid reports of police surveillance on its chairman. The company, which defaulted in 2021, faces a winding-up petition hearing on October 30. Evergrande recently postponed a debt restructuring meeting with creditors due to disappointing sales figures. The company reported a loss of 33 billion yuan ($4.15 billion) for H1 2022. The founder's net worth has dropped from $42 billion in 2017 to $1.8 billion.

Portfolio Pulse from Vandana Singh

September 28, 2023 | 12:19 pm

The US stock market is showing signs of nervousness ahead of key economic data releases and speeches by Federal Reserve officials. The 10-year Treasury yield continues to rise, potentially pressuring stocks. The Dow Industrials ended down for a second straight day, while the Nasdaq Composite and the Dow Industrials rebounded from Tuesday’s sharp declines. Fund manager Louis Navellier recommends investing in fundamentally sound stocks amidst the uncertainties. He expects another round of big earnings surprises. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged up 0.08% and the Invesco QQQ ETF (NASDAQ:QQQ) slipped 0.05%. Stocks in focus include Peloton Interactive, Inc. (NASDAQ:PTON), Workday, Inc. (NASDAQ:WDAY), Micron Technology, Inc. (NASDAQ:MU), GameStop Corp. (NYSE:GME), Accenture plc (NYSE:ACN), CarMax, Inc. (NYSE:KMX), and Jabil, Inc. (NYSE:JBL).

Portfolio Pulse from Shanthi Rexaline

September 28, 2023 | 10:59 am

China Evergrande Group's shares have been suspended from trading in Hong Kong following reports that its chairman is under surveillance. This comes after the company reported a loss of 33 billion yuan ($4.15 billion) to shareholders for the six months ending in June. Evergrande also postponed a debt restructuring meeting with creditors due to underperforming sales and an investigation into its subsidiary Hengda Real Estate. The company's ongoing financial turmoil continues to impact China's property sector.

Portfolio Pulse from Benzinga Neuro

September 28, 2023 | 9:31 am

China Evergrande Group (OTC:EGRNF) missed another loan payment deadline and its CEO was reportedly arrested. The company's subsidiary, Hengdu Real Estate Group, will miss $537 million in repayments on its bonds. Evergrande's shares fell 7% and fears of its credit issues affecting Country Garden Holdings Ltd. (OTC:CTRYF) caused the latter's shares to fall 3%. Meanwhile, tech companies like Baidu, Inc. (NASDAQ:BIDU), Tencent Holdings Limited (OTC:TCEHY), and Alibaba Group Holding Limited (NYSE:BABA) held firm despite the property market turmoil. EV maker NIO (NYSE:NIO) completed an additional $1 billion convertible debt financing.

Portfolio Pulse from Daniel Harrison

September 26, 2023 | 2:33 pm

The Chinese real estate sector is facing continued troubles, sparking fears of a potential global market rout. China Evergrande Group Limited (OTC:EGRNF) cancelled a creditor meeting due to disappointing sales, causing its shares to drop by 25%. Other property developers such as Country Garden Group Limited (OTC:CTRYF) and Longfor Group Holdings Limited (OTC:LNGPF) are also feeling the squeeze, with Country Garden's shares down 7%. The situation is drawing comparisons to the 2008 banking crisis, with concerns that it could impact global growth.

Portfolio Pulse from Daniel Harrison

September 25, 2023 | 3:03 pm

The article discusses various financial news. Bitcoin's value in 2021 was enough to purchase a Tesla Model Y. Softbank is exploring investing in OpenAI following a successful IPO of Arm Holding. Ford is facing strikes from UAW in the US and potentially in Canada. Apple's iPhone 15 Pro and Pro Max preorders are strong, and the company has major announcements for 2024. Starbucks has promoted Molly Liu to co-CEO of China Business. KKR acquires SingTel's regional data centre unit for $807M. Chevron's Australian gas facility resumes full production. China Evergrande Group's wealth management staff are detained. Novo Nordisk's Clayton plant faces quality control issues. Alibaba plans a $2B investment in Turkey.

Portfolio Pulse from Vandana Singh

September 18, 2023 | 2:26 pm

China Evergrande Group's (OTCEM:EGRNF) wealth management division employees have been detained by Chinese authorities, marking the first criminal investigation against the company since its debt crisis in 2021. The detentions could indicate a new investigation that could further compound Evergrande's existing problems. Evergrande's current valuation stands at approximately HK$ 8.2 billion, a significant decline from its peak in 2017.

Portfolio Pulse from Vandana Singh

September 18, 2023 | 11:55 am

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