Evergrande EV Unit Loses $80 Billion in World’s Worst Stock Rout

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Evergrande EV Unit Loses $80 Billion in World’s Worst Stock Rout

Bloomberg2021-08-26

Shares of China Evergrande Group’s electric vehicle unit are collapsing in Hong Kong, wiping about $80 billion from what was the property developer’s most valuable listed asset. China Evergrande New ...

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SillyOldBear
·2021-08-26
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Stevenlow
·2021-08-26
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The EV business was worth about $87 billion at its April 16 peak, more than Ford Motor Co. and almost four times more valuable than China Evergrande itself at the time. Its shares are now down 92% since, the worst performance in the Bloomberg World Index and lagging even China’s tutoring stocks.\n\nEvergrande’s subsidiaries are being punished on concern the world’s most indebted developer will need to sell assets at a steep discount amid mounting pressure from Beijing. Shares of listed businesses -- including the 65% stake it owns in Evergrande NEV -- are the most liquid if Evergrande needs to generate cash quickly. Evergrande in May raised $1.4 billion from the unit in a heavily-discounted share sale.\nEvergrandesaidearlier this month it was in talks with “several independent third-party investors” to sell stakes in the electric vehicle and property services subsidiaries. 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