Hong Kong Stock Move: Evergrande Property Services Opens Sharply Lower After Trading Resumes, Down Over 11%, as PAG Plans to Take Control With Over HK$4 Billion Investment

According to Zhitong Finance APP, shares of Evergrande Property Services (06666) opened more than 11% lower after trading resumed. As of the time of writing, the stock is down 11.39% at HK$1.05, with a turnover of HK$2.7578 million.

On the news front, Evergrande Property Services issued an announcement stating that an investment holding platform under PAG signed an agreement with China Evergrande and CEG Holdings to acquire 5.515 billion shares of Evergrande Property Services (representing 51.016%) for HK$4.026 billion, becoming the new controlling shareholder. China Evergrande and CEG Holdings will exit their shareholding.

It is worth noting that the market had previously speculated that PAG might inject Wanda Commercial Management assets into Evergrande Property Services to achieve a backdoor listing. A reporter from National Business Daily learned from informed sources that PAG currently has no plans for asset consolidation or business restructuring, and the above market rumors are not true. In the future, Evergrande Property Services will operate independently, completely separating from the Evergrande Group, and PAG will continue to enhance Evergrande Property Services' operational capabilities.