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Top related persons:
Clare Jim - 3 Charles Macgregor - 2 Evergrande - 2 Himani Sarkar - 2 Evergrande NEV - 1 NEV - 1 Jacqueline - 1 Jamie Freed - 1
Top related locs:
HONG KONG China Hong Kong Asia China's Cayman Islands Prism Hong Kong Tianjin
Top related orgs:
HK - 3 Thomson - 3 China Evergrande - 2 Evergrande - 2 Lucror - 2 Prism - 2 Shanghai Limited - 2 Energy Vehicle Group - 1

Search resuls for: "Shanghai Limited"


3 mentions found


☆ China Evergrande's EV unit shares plunge 69% after 16-month halt
  + stars: | 2023-07-28 | by ( Clare Jim | ) www.reuters.com   time to read: +2 min
HONG KONG, July 28 (Reuters) - Shares of China Evergrande New Energy Vehicle Group (NEV) (0708.HK) plunged on Friday as trading resumed nearly 16 months after the stock was suspended pending the release of financial results. Resumption of trading in the shares is one step forward for its embattled parent China Evergrande Group (3333.HK), whose offshore debt restructuring plan includes swapping part of the debt into equity-linked instruments backed by the group, Evergrande NEV and another unit, Evergrande Property Services. Shares of Evergrande Group, laden with $330 billion in total liabilities, and its services arm (6666.HK) have remained suspended since March 2022. Shares of Evergrande NEV sank as much as 69% to HK$1 in early trading, down from HK$3.2 on its last closing date of April 1, 2022. That compares to a 19% rise in Chinese EV giant BYD Co and 27% drop in EV startup Xpeng Inc (9868.HK) during the 16-month period.
Persons: Evergrande NEV, NEV, Clare Jim, Jacqueline, Jamie Freed, Kim Coghill Organizations: Energy Vehicle Group, HK, China Evergrande, Evergrande, Hong, Shanghai, Thomson Locations: HONG KONG, China, Hong Kong, Tianjin
☆ 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
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