Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Wednesday, August 21, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

China Evergrande shares plunge as trading resumes after 17 months

August 28, 2023
in News
Reading Time: 3 mins read
A A
China Evergrande shares plunge as trading resumes after 17 months
0
SHARES
ShareShareShareShareShare

READ ALSO

Ukraine carries out one of largest-ever drone attacks on Moscow

Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says

NANJING, CHINA – AUGUST 18, 2023 – Aerial photo shows a residential area of Evergrande in Nanjing, East China’s Jiangsu province, Aug 18, 2023. (Photo by Costfoto/NurPhoto via Getty Images)

Getty Images

Shares of the world’s most indebted property developer China Evergrande Group plunged as much as 87% on its open on Monday, trading for the first time since March 21, 2022.

Shares fell to as low as 22 Hong Kong cents on Monday, compared to its last close at 1.65 Hong Kong dollars per share on March 18, 2022.

The resumption of trade comes as the company posted a loss of 39.25 billion yuan ($5.38 billion) for the six months ended June, a smaller loss compared to the 86.17 billion yuan loss the same period a year ago.

Revenue came in at 128.81 billion yuan, rising from 89.28 billion yuan in June 2022.

Stock Chart IconStock chart icon

China Evergrande shares plunge as trading resumes after 17 months

In July, the beleaguered company filed for Chapter 15 bankruptcy protection in a U.S. court, which protects its U.S. assets from creditors while it works on a restructuring deal elsewhere.

In its filing to the Hong Kong exchange, Evergrande revealed it had total liabilities of 2.39 trillion yuan as of June this year, slightly lower than the 2.44 trillion yuan in the six months ended June 30, 2022.

As of June, Evergrande had total assets of 1.74 trillion yuan, including total cash, cash equivalents and restricted cash of 13.4 billion yuan.

Read more about China from CNBC Pro

Evergrande defaulted in 2021 and announced an offshore debt restructuring program in March, having struggled to finish projects and repay suppliers and lenders.

Earlier this year, the company posted a combined loss of $81 billion in its long overdue earnings report.

Net losses for 2021 and 2022 were 476 billion yuan and 105.9 billion yuan, respectively, as a result of writedowns of properties, return of lands, losses on financial assets and financing costs, the company said.

In 2020, before the company went into default, Evergrande posted a net profit of 8.1 billion yuan.

— CNBC’s Sumathi Bala and Elliot Smith contributed to this report.

Credit: Source link

ShareTweetSendSharePin
Previous Post

MJF, Adam Cole deliver emotional match

Next Post

Pete Alonso frustrated by pitcher’s ‘really bad miss’ during plunking

Related Posts

Ukraine carries out one of largest-ever drone attacks on Moscow
News

Ukraine carries out one of largest-ever drone attacks on Moscow

August 21, 2024
Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says
News

Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says

August 21, 2024
Japan trade on deck, Wall Street rally pauses
News

Japan trade on deck, Wall Street rally pauses

August 21, 2024
GMC targets electric truck leadership against Tesla, Ford, Rivian
News

GMC targets electric truck leadership against Tesla, Ford, Rivian

August 21, 2024
Brits snap up lower mortgages as BOE cut boosts market
News

Brits snap up lower mortgages as BOE cut boosts market

August 20, 2024
Eli Lilly weight loss drug cuts risk of developing diabetes in trial
News

Eli Lilly weight loss drug cuts risk of developing diabetes in trial

August 20, 2024
Next Post
Pete Alonso frustrated by pitcher’s ‘really bad miss’ during plunking

Pete Alonso frustrated by pitcher's 'really bad miss' during plunking

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

The Google Pixel 9, the Pixel 9 Pro Fold and everything announced at the Made by Google event

The Google Pixel 9, the Pixel 9 Pro Fold and everything announced at the Made by Google event

August 13, 2024
Edwin Diaz works out of jam to close out Mets’ win

Edwin Diaz works out of jam to close out Mets’ win

July 23, 2024
Yankees soak in awestruck Little Leaguers prior to Tigers game

Yankees soak in awestruck Little Leaguers prior to Tigers game

August 19, 2024
Prediction markets post-Biden: Trump’s chances down slightly, but Harris’ odds jump to 40%

Prediction markets post-Biden: Trump’s chances down slightly, but Harris’ odds jump to 40%

July 22, 2024
Meta advertising growth proof that hefty AI spending is paying off

Meta advertising growth proof that hefty AI spending is paying off

August 1, 2024
5 million UFC antitrust settlement denied in ‘unusual step’

$335 million UFC antitrust settlement denied in ‘unusual step’

August 1, 2024
Health Catalyst acquires Lumeon | MobiHealthNews

Health Catalyst acquires Lumeon | MobiHealthNews

August 9, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Ukraine carries out one of largest-ever drone attacks on Moscow
  • Yankees’ DJ LeMahieu in another rut as porous season continues
  • Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says
  • The EU wants no corner of the digital sphere left untouched, warning X and AI could be next

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In