China Aoyuan Shares Jump After Middle Eastern Firm Becomes Largest Shareholder

Dow Jones09-23

By Jiahui Huang

Shares of Chinese property company China Aoyuan Group more than doubled Monday after a Middle Eastern company became its largest shareholder.

China Aoyuan Group's shares rose 110% to 25 Hong Kong cents, equivalent to 3 U.S. cents, early Monday, on track for their biggest intraday gain on record.

The gains came after China Aoyuan said late Friday that Multi Gold Group, an investment firm in the Middle East, would become the largest shareholder after acquiring 621.7 million shares from shareholder Ace Rise Profits.

Following the transaction, Ace Rise Profits holds 502.2 million Aoyuan shares, equivalent to around 13.31% stake in the company, while Multi Gold holds a 16.48% stake.

Multi Gold owner Mohamed Obaid Ghulam Badakkan Alobeidli has been appointed chairman of Aoyuan's board, replacing Guo Ziwen.

Once one of the darlings of China's property boom, Guangzhou-based Aoyuan is now undergoing an offshore debt restructuring process and faces ongoing liquidity challenges, like many of its indebted Chinese developer peers.

Trading of the company's shares resumed in September 2023 after being suspended in April 2022, when the company delayed the publication of 2021 annual results due to liquidity challenges.

China Aoyuan swung to profit in the first half of 2024 following offshore debt restructuring, booking net profit of 22.31 billion yuan, equivalent to US$3.16 billion, compared with net loss of 2.95 billion yuan a year earlier.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

September 22, 2024 22:51 ET (02:51 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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