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☆ Evergrande's liabilities, depleted coffers raise business viability concerns
▼ + stars: | 2023-07-18 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

The firm announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Total cash slumped to 14.3 billion yuan, versus 28.8 billion yuan in 2021 and 180.7 billion yuan in 2020. OFFSHORE DEBTCreditors and analysts are now waiting for the convening hearings for Evergrande's offshore debt restructuring schemes in the hope to get more clarity on its business outlook. A company risks being delisted in Hong Kong if its shares remain suspended for 18 months. Hong Kong Stock Exchange said it does not comment on individual companies as a policy.

Persons: Charles Macgregor, Evergrande, Clare Jim, Himani Sarkar Organizations: HK, Lucror, Evergrande, Services, New Energy Vehicle Group, Prism, Shanghai Limited, Hong Kong Stock Exchange, Thomson Locations: HONG KONG, China, Asia, China's, Hong Kong, Cayman Islands, Prism Hong Kong

☆ Evergrande's overdue results show steep losses, liabilities
▼ + stars: | 2023-07-17 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

Evergrande reported a net loss of 476 billion yuan ($66.36 billion) and 105.9 billion yuan ($14.76 billion) for 2021 and 2022, respectively, versus a net profit of 8.1 billion yuan in 2020 when its operation was normal. The huge losses were caused by return of lands, write-down of properties, losses on financial assets and finance costs, it said. Revenue dropped 55% to 230.1 billion yuan in 2022 from 2020. The big losses were in line with analyst expectations as Evergrande's 2021 and 2022 contracted sales fell to 443 billion yuan and 31.7 billion yuan respectively, versus 723 billion yuan in 2020. Charles Macgregor, head of Asia of Lucror Analytics, said he was not optimistic about Evergrande's results.

Persons: Evergrande, Charles Macgregor, Clare Jim, Himani Sarkar, David Evans, William Maclean Organizations: China Evergrande, HK, Revenue, Prism, Shanghai Limited, Lucror, Thomson Locations: HONG KONG, China, China's, Hong Kong, Prism Hong Kong, Asia, Cayman Islands

☆ Evergrande's overdue results to show steep losses, market eyes liquidity update
▼ + stars: | 2023-07-17 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

The developer defaulted in late 2021 and has been struggling to complete projects and repay its many suppliers and creditors. After announcing an offshore debt restructuring plan in March, it is now garnering support to complete the process. Charles Macgregor, head of Asia of Lucror Analytics, said he was not optimistic about Evergrande's results. Analysts expect Evergrande to post steep losses for 2021 and 2022, years in which its contracted sales fell to 443 billion yuan and 31.7 billion yuan respectively, versus 723 billion yuan in 2020. Evergrande's shares listed in Hong Kong have been halted from trading since March 21 last year, pending the financial results and an investigation into a 13.4 billion yuan of seized deposits of a unit.

Persons: Sandra Chow, Charles Macgregor, Evergrande, Clare Jim, Himani Sarkar Organizations: China Evergrande, HK, Asia, Lucror, Thomson Locations: HONG KONG, China, China's, Asia, Hong Kong

India's largest ever secondary share sale attracted participation from anchor investors including Maybank Securities and Abu Dhabi Investment Authority, as well as India's HDFC Life Insurance and state-backed Life Insurance Corporation (LIFI.NS). By Tuesday the overall share sale was fully subscribed as foreign institutional investors and corporate funds flooded in, although participation by retail investors and Adani Enterprises (ADEL.NS) employees remained low. Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. So, what happens to one particular corporate group, is a matter between the market and the corporate group." Reuters GraphicsHindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

☆ Adani rides out storm as investors rally behind $2.5 billion share sale
▼ + stars: | 2023-01-31 | by ( ) www.cnbc.com time to read: +4 min

But on Tuesday, the overall share sale was fully subscribed as foreign institutional investors and corporates pumped in funds, although participation by retail investors and Adani Enterprises employees remained low. That sparked $65 billion in cumulative losses for stocks of the Adani group, which called the report baseless. The support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. Demand mostly came from foreign institutional investors, as well as corporates who bid in excess of 1 million rupees each, data showed. Adani Transmission closed nearly 4% higher on Tuesday after losing 38% since the Hindenburg report, while Adani Ports and Special Economic Zone climbed 2.6%.

☆ Instant View: Adani's $2.5 billion offer rides out share storm with investor backing
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +5 min

COMMENTARYAMBAREESH BALIGA, INDEPENDENT MARKET ANALYST, MUMBAI"The FPO did get subscribed, thanks to a few institutional as well as large family offices. DEEPAK JASANI, HEAD OF RETAIL RESEARCH, HDFC SECURITIES, MUMBAI"For Indian markets, one of the concern areas is out of the way for the time being as this was weighing on investor sentiment. Since the current market price is below the offer price, the retail subscription was low as investors can rather buy it from the market." That was their focus area considering the fact that there was a difference between the market price and the floor price of the FPO. It seems that retail investors did not consider the fact that there is more to rates than just the price."

[1/5] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. REUTERS/Amir CohenSummarySummary Companies Adani scripts comeback by completing share saleKey $2.5 billion share sale fully subscribed-dataShort-seller's report led to fall in Adani sharesMUMBAI, Jan 31 (Reuters) - Gautam Adani's crucial $2.5 billion share sale was fully subscribed on Tuesday as investors pumped funds into his flagship firm, despite a $65 billion rout in the Indian billionaire's stocks sparked by a short-seller's report. Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. So, what happens to one particular corporate group, is a matter between the market and the corporate group." Hindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

☆ Asia's richest person doubles down on defence against fraud allegations ahead of a massive share sale
▼ + stars: | 2023-01-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

It aimed to address some of Hindenburg's allegations of market manipulation and accounting fraud. Shares of listed Adani Group companies are extending steep declines on Friday, following the report. The allegations in Hindenburg's bombshell Tuesday report could not have come at a more inopportune moment for Adani group. A secondary share sale of Adani Enterprises — the flagship business of the Adani business empire founded by Asia's richest person, Gautam Adani, is currently underway. Shares of Adani Group companies are taking a beatingOn Friday, shares of Adani Enterprises were 15.4% lower at 3.42 a.m.

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