Streetbeat News

EVGRF

China Evergrande New Energy Vehicle Group Limited

http://health.evergrande.com/

Industry

Newspaper Publishers

Open

0.20

Mkt cap

144M

Volume

6K

High

0.20

P/E Ratio

-0.04

52-wk high

0.20

Low

0.01

Div yield

N/A

52-wk low

0.01

China Evergrande (OTC:EGRNQ) shares were halted following a Hong Kong court's liquidation order due to the company's massive $300 billion debt. The liquidation marks a significant event for China's financial markets, already facing economic slowdowns and a struggling property sector. Earlier, Evergrande's EV unit, China Evergrande New Energy Vehicle Group Ltd (OTC:EVGRF), saw a 23% drop in shares after the arrest of an executive director.

Portfolio Pulse from Benzinga Neuro

January 29, 2024 | 3:12 am

Hong Kong stocks ended the week lower due to a sell-off in tech stocks and ongoing property market issues. China's Central Bank injected a record stimulus into the banking system to maintain steady short-term prime loan rates. Morgan Stanley data showed foreign investors sold $1.6 billion of Chinese shares this month, with Tencent, Alibaba, and JD.com being the most affected. China Evergrande Group scrapped court hearings with creditors to negotiate $20 billion of its offshore debt, while Country Garden Holdings' bondholders are seeking a resolution to a missed bond payment. China's real estate sector declines prompted the People's Bank of China to inject $100 billion into banks.

Portfolio Pulse from Daniel Harrison

October 20, 2023 | 4:06 pm

China's largest property developers, Country Garden Holdings Limited and China Evergrande Group, are facing financial difficulties. Country Garden missed a bond payment of $15.4 million and has $186 billion of liabilities. Its junk bonds are trading at around 4 cents on the dollar. Evergrande, with $327 billion in liabilities, faces liquidation at the end of the month. The situation is affecting the Chinese property market and the performance of China tracker funds such as the iShares China Large-Cap, which is down 10% year-to-date.

Portfolio Pulse from Daniel Harrison

October 18, 2023 | 2:14 pm

China's state-owned fund Central Huijin Investment Ltd. has bought $65.7 million in shares of Bank of China Ltd., China Construction Bank Corp, Agricultural Bank of China Ltd., and Industrial & Commercial Bank of China Ltd., raising its stake in each bank by ten basis points. The fund plans to continue these purchases over the next 6 months. Meanwhile, property developer stocks fell due to gloomy data from the Hong Kong home market, and EV stocks rose on positive sentiment. The report also mentioned that Chinese companies are gradually returning to list on US exchanges, albeit at a slower pace.

Portfolio Pulse from Daniel Harrison

October 12, 2023 | 3:54 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

China's Golden Week Holiday spending fell short of government expectations, with consumer spending and home sales data affecting markets. Goldman Sachs Group Inc. predicts a protracted recovery for China's economy. Property developers Country Garden Holdings Limited and Hysan Development Company Limited are planning debt restructuring and offering respectively. China Evergrande's EV spin-off, China Evergrande New Energy Vehicle Group Limited, dropped 9% after a trading suspension was lifted. EV companies XPeng Inc, Li Auto Inc, and NIO Inc. saw their stocks fall, while BYD Company Limited reported strong sales.

Portfolio Pulse from Daniel Harrison

October 09, 2023 | 8:02 pm

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