|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's Range||2.1629 - 2.1629|
|52 Week Range||2.1600 - 3.6700|
|Beta (3Y Monthly)||1.20|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
While China Evergrande Group (HKG:3333) shareholders are probably generally happy, the stock hasn't had particularly...
(Bloomberg) -- Jia Yueting, an entrepreneur who ran up billions of dollars in personal debts trying to build a business empire in China, has filed for bankruptcy in the U.S. with plans to turn over his latest venture, an electric vehicle startup, to creditors.In a proposed debt-restructuring plan filed in federal court in Wilmington, Delaware, Jia will use his ownership stake in Los Angeles-based Faraday & Future Inc. to set up a creditor trust to repay his debts.Jia faces $2.3 billion in claims, according to the plan. In a statement on Faraday’s website, the company said Jia’s debts were owed to creditors in China.The plan is also designed to help Faraday put together “equity financing efforts and prepare for an IPO,” according to the statement. Depending on the value of that proposed initial public offering, creditors may recover from 49% to 100% of what they are owed, according to reorganization plan documents filed in court.Faraday is trying to develop an electric vehicle for sale in the U.S. and China. The company recently hired Carsten Breitfeld, BMW AG veteran, to take over the chief executive officer role from Jia.Faraday won a much-needed cash infusion when it formed a joint venture earlier this year with The9 Ltd., the Chinese online-gaming company. And a unit of China Evergrande Group, the property developer owned by Hui Ka Yan, China’s third-richest man, agreed to invest $2 billion, but cut back on the investment after giving Faraday $800 million for a 32% stake, according to court documents.Jia has a history of making dramatic statements about his various ventures, including a claim that one of his biggest China-based businesses would “far surpass” China’s three biggest internet companies: Baidu Inc., Alibaba Group Holding Ltd. and Tencent. That claim was related to $2.2 billion Jia raised for LeEco, a sprawling conglomerate with interests ranging from electric cars and TVs to entertainment.In his first international television appearance in 2016, he called Apple Inc. “outdated” and said he expected his electric vehicle company to “lead the industry leapfrogging to a new age.”In his bankruptcy filing, Jia warned that his IPO plans for Faraday may not raise as much as projected. That was due in part to “negative press related to his debts and an investigation by the China Securities Regulatory Commission into the delisting from the Shenzhen Stock Exchange” of a company where Jia served as chief executive officer.The case is In re Yueting Jia, 19-12220, U.S. Bankruptcy Court, District of Delaware (Wilmington)(Adds range of creditor recoveries in fourth paragraph and background beginning in fifth paragraph.)\--With assistance from Dawn McCarty, Craig Trudell and Nicole Bullock.To contact the reporter on this story: Steven Church in Wilmington, Delaware at email@example.comTo contact the editors responsible for this story: Rick Green at firstname.lastname@example.org, Dawn McCarty, Adam CataldoFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Guangzhou-based property developer Agile Group has made a foray into new energy vehicles (NEVs), teaming up with electric vehicle technology provider We Solutions Ltd to develop cars and build towns set up for NEVs. As part of the partnership, We Solutions said it sold HK$203 million ($26 million) worth of new shares to Agile, giving the property developer a 5.89 percent stake in the electric vehicle (EV) technology company's enlarged share base.
May 7 (Reuters) - China Evergrande Group: * APRIL CONTRACTED SALES OF PROPERTIES RMB58.41 BILLION, UP 15.9% Source text for Eikon: Further company coverage:
Editor’s note: This post originally appeared on TechNode, an editorial partnerof TechCrunch based in China
China Evergrande Group became Asia's biggest bond market borrower so far this year after a $1 billion tap of its latest issue took the mainland property developers' total sales so far to $6.6 billion. China's third largest developer said on Monday it had sold $200 million (£152.7 million) in three-year notes, and an additional $400 million each in four- and five-year bonds. The notes carry coupons of between 9.5 and 10.5 percent, and have the same terms and conditions as $2 billion of bonds Evergrande sold last week.
April 2 (Reuters) - China Evergrande Group: * CONTRACTED SALES OF PROPERTIES FOR MONTH OF MARCH 2019 AMOUNTED TO APPROXIMATELY RMB54.90 BILLION Source text for Eikon: Further company coverage:
China Evergrande Group wants to be a big player in the electric vehicle industry because of its potential huge market size worth trillions of yuan, matching the big scale of its real estate business, its chairman said on Tuesday. The country's third-largest property developer by total sales is aggressively expanding into the automotive sector as it searches for new growth drives amid a slowdown in the Chinese property market. Chairman Hui Ka Yan made the latest comments about Evergrande's new energy vehicle (NEV) ambitions at a conference on earnings where he also said the company had completed its diversification plans, and would not go into new sectors in the next five years.
March 26 (Reuters) - China Evergrande Group: * SAYS IT HAS COMPLETED DIVERSIFICATION PLANS, WILL NOT ENTER NEW SECTORS IN THE NEXT FIVE YEARS Further company coverage: (Reporting by Hong Kong newsroom)...
HONG KONG, March 26 (Reuters) - China Evergrande Group , the country's third-largest property developer by sales, said its 2018 core profit jumped 93.3 percent from a year ago to a record high as it delivered ...
March 26 (Reuters) - China Evergrande Group: * REVENUE INCREASED BY 49.9% TO RMB466.20 BILLION FOR YEAR ENDED 31 DECEMBER 2018 * FY PROFIT ATTRIBUTABLE RMB 37,390 MILLION VERSUS RMB 24,372 MILLION Source ...
Electric vehicle startup Faraday Future, which has been on life support for the past couple of years , has received a surprise cash injection from a mobile gaming company called The9 Limited. The9 will inject up to $600 million into Faraday, which it will use to build a new car called the V9 (based on its FF91 pre-production car) in China. The joint venture said it will build up to 300,000 EVs, with the first pre-production model scheduled to be arrive by 2020. It will also try to launch the FF91 into production in the US this year, Faraday said.
HONG KONG (Reuters) - China's Evergrande Health said on Friday it aims to build production capacity for 500,000 to 1 million electric vehicles in three years. The company made the announcement at an earnings ...
Chinese property firm Evergrande Group will start producing its first electric vehicles in June as part of a goal to become the world's largest new energy vehicle (NEV) company within the next three to five years, according to its chairman. "The new energy automobile industry has a huge market prospect. Evergrande has completed the entire industrial chain layout in the field of new energy vehicles," Hui said.