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China Evergrande falls after profit warning, EV unit hits 17-month low

Reuters2021-08-26

** Shares of China Evergrande Group fall 5.3% to HK$4.32, on course to snap two straight sessions of gains

** Stock is second biggest decliner on both Hang Seng Composite Index tracking properties and construction stocks and Hang Seng China Enterprises Index

** Country's most debt-laden property developer said on Wednesday it expected half-yearly profit to slump as much as 39% to between 9 bln yuan ($1.39 bln) and 10.5 bln yuan

** Says huge drop in net profit is due to losses in the company's property and electric car businesses

** Stock of China Evergrande New Energy Vehicle Group plunge 16.3% to HK$5.33, the lowest since March 2020

** The EV unit is on track for the fourth consecutive session of decline, and is the second biggest percentage decliner on the Hong Kong bourse

** Property management unit Evergrande Property Services falls 3.9% to HK$5.66 on course to snap two consecutive sessions of gains

** The Hong Kong Hang Seng Composite Index tracking properties and construction stocks eases 0.4% and the Hang Seng Composite Index slides 0.3%

** The Hang Seng China Enterprises Index and the benchmark index both slip 0.4%

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Comment4

  • Ermmmmmm
    ·2021-08-26
    Bad news 
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  • sylarspock
    ·2021-08-26
    Wow ? 
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  • bernardtayet
    ·2021-08-26
    As expected 
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    • bernardtayet
      Agreed
      2021-08-27
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    • Limpek
      Grow to fast and borrow too much
      2021-08-26
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    • sylarspock
      Yeah
      2021-08-26
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  • ting90
    ·2021-08-26
    Ok
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