|Bid||32.300 x 0|
|Ask||32.400 x 0|
|Day's Range||30.500 - 32.600|
|52 Week Range||7.860 - 72.450|
|Beta (5Y Monthly)||0.63|
|PE Ratio (TTM)||N/A|
|Earnings Date||Mar 25, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Dec 04, 2014|
|1y Target Est||24.50|
Evergrande founder Xu Jiayin hasn’t sold any cars yet and his real-estate empire is groaning with debt. But his electric vehicle startup recently notched an $87 billion market cap.
Property developer China Evergrande has seen shares in its electric car unit skyrocket before it enters commercial production.
The electric vehicle unit of property developer China Evergrande Group said on Sunday it would bring in six new investors and will raise $3.4 billion to repay debt and fund research, Reuters has reported. What Happened: The firm, China Evergrande New Energy Vehicle Ltd, said it will issue $952.4 million shares to the new investors. The investors are China Gas Chairman Liu Minghui, Cosmic Success Holdings Ltd, Upper World Ltd, Heyirong International Trade Co. Ltd, Greenwoods Global Investment Ltd and Chan Hoi-wan, the spouse of Chinese Estate shareholder Joseph Lau.Why It Matters: The company has been struggling to repay debts and is facing Beijing’s new debt-ratio caps to tackle excessive borrowing from the market. Last year, China Evergrande was scrutinized by the National Development and Reform Commission, which demanded production and investment information from the company.The company raised $516 million from Tencent Holdings, Sequoia Capital and others in 2020.The Chinese EV market has heated up, with Nio Inc – ADR (NYSE: NIO), Xpeng Inc – ADR (NYSE: XPEV) and Li Auto Inc.(NASDAQ: LI) attracting investors.Photo courtesy Of Byton.See more from Benzinga * Click here for options trades from Benzinga * Uber Lays Off More Than 180 Postmates Employees, Including CEO Bastian Lehmann(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.