Anonymous 05/27/24 (Mon) 18:41:59 70dcc8 (7) No.20921847
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Shares of China Evergrande’s EV unit soar on potential investor support
(This is ‘Darwin’ awards on a financial level anyone dumb enough to put money here deserves to lose it all . A company who’s CEO siphoned off funds to Cayman Island bank accounts for his family who then emptied said accounts ‘miraculously’ changed his companies biz model from “building” houses to electric car manufacturing literally overnight-when it habbened-and they’ve already not gotten munee from the Arabs…that’s usually the last line available… and they turned you down but HOLD ON NIGGA-you have an ‘unnamed buyer’ willing to vaporize munee to acquire 29% ,an an additional option to boot!!, in a company that hasn’t sold a single car and it’s manufacturing has been idle for months…..Good C luck to whoever is dumb enough to do this cuz you never know but this is likely a poorly conceived rumor yo help prop both the auto and property share prices. This gives the $300b in basically worthless off shore bonds some breathing room in court. That amount is bigger than the entire Lehman B r is fire sale back in 2008 for perspective)
Shares of China Evergrande Group’s electric-vehicle unit surged, fueled by optimism that some businesses may survive despite the property giant’s liquidation.
China Evergrande New Energy Vehicle shares 708, +86.84% jumped 92% to 73 Hong Kong cents (9 U.S. cents) on Monday after the EV startup said liquidators were in talks to sell a 29% stake in the unit to an unnamed buyer. The buyer would also have the option to purchase an additional 29.5% stake. In addition, according to the terms of a nonbinding share-transfer agreement, the buyer will provide a line of credit to help develop the electric-vehicle business, Evergrande NEV said, without identifying the potential buyer. The potential transactions are subject to further due diligence, it said. Advertisement. “Currently, the group is in severe shortage of funds,” the company, also known as Evergrande Auto, said. Its factory in Tianjin, which ceased production at the beginning of the year, has yet to resume production, it said. The announcement also sent shares of China Evergrande’s property unit higher. Evergrande Property Services’ stock was recently 11% higher, bringing year-to-date gains to 81%.
The proposed cash injection will help Evergrande’s fledgling auto business, which also took a hit after a planned $500 million investment by a Dubai-based automaker didn’t materialize. Nasdaq-listed NWTN allowed the deal to lapse on Dec. 31 after a top Evergrande executive was put under investigation for suspected crimes. Evergrande Auto, which once had ambitions of surpassing Tesla and becoming the world’s top EV maker, boasted a market capitalization of more than $80 billion at its peak in April 2021.
Its Hong Kong-listed stock has since plummeted, resulting in a market value of $527 million before shares were halted on May 17 pending an announcement. Monday’s gains pushed the EV maker’s stock into the green for this year, though shares remain 78% lower over the past 12 months.
China Evergrande Group EGRNF, -63.64% was ordered to liquidate in late January by a Hong Kong court after the property developer failed to reach a restructuring plan with creditors. Evergrande defaulted on dollar bonds in 2021 after running up liabilities of more than $300 billion, helping spark a broader property crisis in China.
https://www.marketwatch.com/story/china-evergrande-s-ev-unit-shares-soar-on-potential-investor-support-update-45510d6e
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▶ Anonymous 05/27/24 (Mon) 18:42:11 00f36d (56) No.20921848>>20922063
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Frank Zac Goldsmith with Benjamin Goldsmith and their family co-founded various banks including Paribas and they finance shills, trolls, online terrorists, and hackers as well as London gangs and sex trafficking of underage girls in England. Their sister Gemima Golsmith’s ex husband is Imran Khan and he is the current Prime Minister of Pakistan. Pakistani gangs are heavily involved with trafficking underage girls in England like the Rochdale child sex abuse scandal.
Disclaimer: this post and the subject matter and contents thereof - text, media, or otherwise - do not necessarily reflect the views of the 8kun administration.