Great_老虎社区_美港股上老虎

2021-07-26

Great

Evergrande’s Special Dividend Has Investors Seeking Clues<blockquote>恒大的特别股息让投资者寻找线索</blockquote>

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":800940505,"tweetId":"800940505","gmtCreate":1627274120007,"gmtModify":1631893738884,"author":{"id":3578209218805809,"idStr":"3578209218805809","authorId":3578209218805809,"authorIdStr":"3578209218805809","name":"KakaLaKa","avatar":"https://static.tigerbbs.com/79597e0fe8cb34824a340e80defd9f70","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Great&nbsp;</body></html>","htmlText":"<html><head></head><body>Great&nbsp;</body></html>","text":"Great","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/800940505","repostId":1137310872,"repostType":4,"repost":{"id":"1137310872","kind":"news","pubTimestamp":1627271210,"share":"https://www.laohu8.com/m/news/1137310872?lang=zh_CN&edition=full","pubTime":"2021-07-26 11:46","market":"hk","language":"en","title":"Evergrande’s Special Dividend Has Investors Seeking Clues<blockquote>恒大的特别股息让投资者寻找线索</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137310872","media":"Bloomberg","summary":"(Bloomberg) -- As China Evergrande Group mulls a special dividend to revive confidence in its tumbli","content":"(Bloomberg) -- As China Evergrande Group mulls a special dividend to revive confidence in its tumbling stock, analysts are gaming out several scenarios that could have markedly different implications for equity and bond investors.<blockquote>（彭博社）——随着中国恒大集团考虑派发特别股息以重振对其暴跌股票的信心，分析师正在提出几种可能对股票和债券投资者产生明显不同影响的情景。</blockquote> Chairman Hui Ka Yan, who directly or indirectly controls three-quarters of outstanding Evergrande shares, will meet with the company’s board Tuesday to decide on the payout.<blockquote>董事长许家仁直接或间接控制着恒大四分之三的流通股，他将于周二与公司董事会会面，决定派息事宜。</blockquote> Both equity and bond holders -- which include long-time supporters and old friends -- have been rattled in recent weeks by a slew of reports about wary banks and unpaid dues to suppliers. Evergrande needs to reassure the market that it has ample ammunition to make good on its borrowings while also countering short-sellers.<blockquote>最近几周，一系列有关银行谨慎和拖欠供应商款项的报道让股票和债券持有人（包括长期支持者和老朋友）感到不安。恒大需要向市场保证，它有充足的弹药来偿还借款，同时还要对抗卖空者。</blockquote> The last time Evergrande rewarded shareholders with a special dividend, in 2018, its earnings were soaring though bearish bets abounded then too. It has since seen annual profit drops for 2019 and 2020, with total liabilities swelling to $301 billion.<blockquote>恒大上一次向股东派发特别股息是在 2018 年，当时其盈利飙升，尽管当时看跌押注也比比皆是。此后，该公司 2019 年和 2020 年的年度利润均有所下降，总负债增至 3010 亿美元。</blockquote> “Evergrande may be using the dividend plan to emphasize the stability of its cash flow and profitability, especially after the recent debt pressure,” said Yan Yuejin, research director at Shanghai-based E-house China Research and Development Institute.<blockquote>“总部位于上海的易居中国研发研究院研究总监严跃进说：”恒大可能会利用分红计划来强调其现金流和盈利能力的稳定性，尤其是在最近的债务压力之后。</blockquote> Evergrande’s shares fell as much as 7.2% in Hong Kong. The developer’s 8.75% bond due 2025, one of the firm’s most widely traded dollar notes, continued to drop 1 cent on the dollar to 52.2 cents.<blockquote>恒大股价在香港跌幅高达 7.2%。该开发商于 2025 年到期的 8.75% 债券是该公司交易最广泛的美元票据之一，对美元继续下跌 1 美分，至 52.2 美分。</blockquote> Analysts reckon Evergrande will take one of three routes: a cash dividend, a stock dividend or handing out shares in its higher-value listed subsidiaries.<blockquote>分析师认为，恒大将采取三种方式之一：现金股息、股票股息或发行其价值较高的上市子公司的股票。</blockquote> Cash dividend<blockquote>现金股利</blockquote> A cash dividend would be controversial given its share holding pattern and the dire need to pay down debt. Even so, Evergrande could justify it by pointing to a first half of record sales and cash inflows.<blockquote>鉴于其持股模式和迫切需要偿还债务，现金股息将引起争议。即便如此，恒大也可以通过指出上半年创纪录的销售额和现金流入来证明这一点。</blockquote> Apart from Hui, who owns almost 77% of the outstanding stock through companies controlled either by him or his wife, others who stand to benefit include billionaire Joseph Lau. Hui and Lau, a long-time supporter whose wife holds 8.9% of the company, are both part of the “Big Two Club” of tycoons who play the poker game of the same name.<blockquote>除了许仕仁通过他或他妻子控制的公司拥有近 77% 的流通股外，其他受益者还包括亿万富翁刘约瑟夫。许仕仁和刘先生是长期支持者，其妻子持有公司 8.9% 的股份，他们都是玩同名扑克游戏的 “两大俱乐部 ”大亨。</blockquote> “Paying a large special dividend is effectively a way of recycling capital back to the two main shareholders,” said Travis Lundy, a special situations analyst who publishes on Smartkarma. “They may use the funds to buy more of what Evergrande spins out.”<blockquote>“在 Smartkarma 上发表文章的特殊情况分析师特拉维斯-伦迪（Travis Lundy）说：”支付巨额特别股息实际上是将资本回收给两大股东的一种方式。“他们可能会用这笔资金购买更多恒大分拆出来的产品。”</blockquote> Hui can’t use too much of the cash to prop up Evergrande’s share price. The developer’s free float is approaching the 22.04% minimum required by the Hong Kong stock exchange. It has though been weighing listings of its tourism and bottled water businesses, according to people familiar with the matter.<blockquote>许玮宁不能用过多的现金来支撑恒大的股价。开发商的自由流通量已接近香港联交所规定的最低 22.04%。据知情人士透露，该公司一直在权衡其旅游和瓶装水业务的上市。</blockquote> Stock dividend<blockquote>股票股利</blockquote> Others expect Evergrande to hand out shares from its main listed entity in Hong Kong. While this may benefit long-term investors, a dividend comprised of stocks could end up driving shares lower in the near-term, adding to a 31% collapse in the past month.<blockquote>其他人预计恒大将从其香港主要上市实体发行股份。虽然这可能有利于长期投资者，但由股票组成的股息最终可能会导致股价在短期内下跌，导致过去一个月股价暴跌 31%。</blockquote> “I am more leaning toward equity distribution given the tight liquidity,” said Eddie Chia, a portfolio manager at China Life Franklin.<blockquote>“中国人寿富兰克林投资组合经理 Eddie Chia 说：”鉴于流动性紧张，我更倾向于股权分配。</blockquote> The third option -- and potentially the one the market would favor -- is giving away shares of Evergrande’s subsidiaries. Options include Evergrande’s Hong Kong-listed new energy vehicle business or its property management operation. Such a scenario could be slightly positive for both shareholders and creditors.<blockquote>第三种选择--也可能是市场青睐的选择--是赠送恒大子公司的股份。选择包括恒大在香港上市的新能源汽车业务或其物业管理业务。这种情况对股东和债权人来说都可能略微有利。</blockquote> With Evergrande’s market capitalization falling below its assets, owning shares in these subsidiaries would be a win for shareholders. Shares of China Evergrande New Energy Vehicle Group Ltd., which was worth more than Ford Motor Co. a few months back, tanked after the dividend proposal.<blockquote>随着恒大的市值低于其资产，持有这些子公司的股份对股东来说将是一个胜利。几个月前价值超过福特汽车公司的中国恒大新能源汽车集团有限公司的股价在股息提议后暴跌。</blockquote> “This option makes more sense,” said Nigel Stevenson, an analyst at GMT Research Ltd.<blockquote>“GMT Research Ltd. 分析师奈杰尔-史蒂文森（Nigel Stevenson）说：”这种选择更有意义。</blockquote> Depending on the dividend, if Evergrande loses its controlling stake in the electric vehicle start-up, the developer may deconsolidate it from its balance sheet and pare nearly 60 billion yuan of credit tied to the EV unit. That would showcase Evergrande’s efforts to pare debt and meet China’s “Three Red Line” metrics, a move that would benefit its relationship with banks.<blockquote>根据股息情况，如果恒大失去这家电动汽车初创公司的控股权，开发商可能会将其从资产负债表中剥离，并削减与电动汽车部门相关的近600亿元信贷。这将展示恒大为削减债务和满足中国 “三条红线 ”指标所做的努力，此举将有利于恒大与银行的关系。</blockquote> “In reality it doesn’t really solve their liquidity,” issue, China Life Franklin’s Chia said. “But at least they are trying to do something so we can give them credit for that.”<blockquote>“中国人寿富兰克林的 Chia 说：”实际上，这并不能真正解决他们的流动性问题。“但至少他们在努力做些什么，这样我们就可以把功劳归于他们”。</blockquote>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Evergrande’s Special Dividend Has Investors Seeking Clues<blockquote>恒大的特别股息让投资者寻找线索</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEvergrande’s Special Dividend Has Investors Seeking Clues<blockquote>恒大的特别股息让投资者寻找线索</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBloomberg2021-07-26 11:46\n\n</h4>\n</header>\n<article>\n(Bloomberg) -- As China Evergrande Group mulls a special dividend to revive confidence in its tumbling stock, analysts are gaming out several scenarios that could have markedly different implications for equity and bond investors.<blockquote>（彭博社）——随着中国恒大集团考虑派发特别股息以重振对其暴跌股票的信心，分析师正在提出几种可能对股票和债券投资者产生明显不同影响的情景。</blockquote> Chairman Hui Ka Yan, who directly or indirectly controls three-quarters of outstanding Evergrande shares, will meet with the company’s board Tuesday to decide on the payout.<blockquote>董事长许家仁直接或间接控制着恒大四分之三的流通股，他将于周二与公司董事会会面，决定派息事宜。</blockquote> Both equity and bond holders -- which include long-time supporters and old friends -- have been rattled in recent weeks by a slew of reports about wary banks and unpaid dues to suppliers. Evergrande needs to reassure the market that it has ample ammunition to make good on its borrowings while also countering short-sellers.<blockquote>最近几周，一系列有关银行谨慎和拖欠供应商款项的报道让股票和债券持有人（包括长期支持者和老朋友）感到不安。恒大需要向市场保证，它有充足的弹药来偿还借款，同时还要对抗卖空者。</blockquote> The last time Evergrande rewarded shareholders with a special dividend, in 2018, its earnings were soaring though bearish bets abounded then too. It has since seen annual profit drops for 2019 and 2020, with total liabilities swelling to $301 billion.<blockquote>恒大上一次向股东派发特别股息是在 2018 年，当时其盈利飙升，尽管当时看跌押注也比比皆是。此后，该公司 2019 年和 2020 年的年度利润均有所下降，总负债增至 3010 亿美元。</blockquote> “Evergrande may be using the dividend plan to emphasize the stability of its cash flow and profitability, especially after the recent debt pressure,” said Yan Yuejin, research director at Shanghai-based E-house China Research and Development Institute.<blockquote>“总部位于上海的易居中国研发研究院研究总监严跃进说：”恒大可能会利用分红计划来强调其现金流和盈利能力的稳定性，尤其是在最近的债务压力之后。</blockquote> Evergrande’s shares fell as much as 7.2% in Hong Kong. The developer’s 8.75% bond due 2025, one of the firm’s most widely traded dollar notes, continued to drop 1 cent on the dollar to 52.2 cents.<blockquote>恒大股价在香港跌幅高达 7.2%。该开发商于 2025 年到期的 8.75% 债券是该公司交易最广泛的美元票据之一，对美元继续下跌 1 美分，至 52.2 美分。</blockquote> Analysts reckon Evergrande will take one of three routes: a cash dividend, a stock dividend or handing out shares in its higher-value listed subsidiaries.<blockquote>分析师认为，恒大将采取三种方式之一：现金股息、股票股息或发行其价值较高的上市子公司的股票。</blockquote> Cash dividend<blockquote>现金股利</blockquote> A cash dividend would be controversial given its share holding pattern and the dire need to pay down debt. Even so, Evergrande could justify it by pointing to a first half of record sales and cash inflows.<blockquote>鉴于其持股模式和迫切需要偿还债务，现金股息将引起争议。即便如此，恒大也可以通过指出上半年创纪录的销售额和现金流入来证明这一点。</blockquote> Apart from Hui, who owns almost 77% of the outstanding stock through companies controlled either by him or his wife, others who stand to benefit include billionaire Joseph Lau. Hui and Lau, a long-time supporter whose wife holds 8.9% of the company, are both part of the “Big Two Club” of tycoons who play the poker game of the same name.<blockquote>除了许仕仁通过他或他妻子控制的公司拥有近 77% 的流通股外，其他受益者还包括亿万富翁刘约瑟夫。许仕仁和刘先生是长期支持者，其妻子持有公司 8.9% 的股份，他们都是玩同名扑克游戏的 “两大俱乐部 ”大亨。</blockquote> “Paying a large special dividend is effectively a way of recycling capital back to the two main shareholders,” said Travis Lundy, a special situations analyst who publishes on Smartkarma. “They may use the funds to buy more of what Evergrande spins out.”<blockquote>“在 Smartkarma 上发表文章的特殊情况分析师特拉维斯-伦迪（Travis Lundy）说：”支付巨额特别股息实际上是将资本回收给两大股东的一种方式。“他们可能会用这笔资金购买更多恒大分拆出来的产品。”</blockquote> Hui can’t use too much of the cash to prop up Evergrande’s share price. The developer’s free float is approaching the 22.04% minimum required by the Hong Kong stock exchange. It has though been weighing listings of its tourism and bottled water businesses, according to people familiar with the matter.<blockquote>许玮宁不能用过多的现金来支撑恒大的股价。开发商的自由流通量已接近香港联交所规定的最低 22.04%。据知情人士透露，该公司一直在权衡其旅游和瓶装水业务的上市。</blockquote> Stock dividend<blockquote>股票股利</blockquote> Others expect Evergrande to hand out shares from its main listed entity in Hong Kong. While this may benefit long-term investors, a dividend comprised of stocks could end up driving shares lower in the near-term, adding to a 31% collapse in the past month.<blockquote>其他人预计恒大将从其香港主要上市实体发行股份。虽然这可能有利于长期投资者，但由股票组成的股息最终可能会导致股价在短期内下跌，导致过去一个月股价暴跌 31%。</blockquote> “I am more leaning toward equity distribution given the tight liquidity,” said Eddie Chia, a portfolio manager at China Life Franklin.<blockquote>“中国人寿富兰克林投资组合经理 Eddie Chia 说：”鉴于流动性紧张，我更倾向于股权分配。</blockquote> The third option -- and potentially the one the market would favor -- is giving away shares of Evergrande’s subsidiaries. Options include Evergrande’s Hong Kong-listed new energy vehicle business or its property management operation. Such a scenario could be slightly positive for both shareholders and creditors.<blockquote>第三种选择--也可能是市场青睐的选择--是赠送恒大子公司的股份。选择包括恒大在香港上市的新能源汽车业务或其物业管理业务。这种情况对股东和债权人来说都可能略微有利。</blockquote> With Evergrande’s market capitalization falling below its assets, owning shares in these subsidiaries would be a win for shareholders. Shares of China Evergrande New Energy Vehicle Group Ltd., which was worth more than Ford Motor Co. a few months back, tanked after the dividend proposal.<blockquote>随着恒大的市值低于其资产，持有这些子公司的股份对股东来说将是一个胜利。几个月前价值超过福特汽车公司的中国恒大新能源汽车集团有限公司的股价在股息提议后暴跌。</blockquote> “This option makes more sense,” said Nigel Stevenson, an analyst at GMT Research Ltd.<blockquote>“GMT Research Ltd. 分析师奈杰尔-史蒂文森（Nigel Stevenson）说：”这种选择更有意义。</blockquote> Depending on the dividend, if Evergrande loses its controlling stake in the electric vehicle start-up, the developer may deconsolidate it from its balance sheet and pare nearly 60 billion yuan of credit tied to the EV unit. That would showcase Evergrande’s efforts to pare debt and meet China’s “Three Red Line” metrics, a move that would benefit its relationship with banks.<blockquote>根据股息情况，如果恒大失去这家电动汽车初创公司的控股权，开发商可能会将其从资产负债表中剥离，并削减与电动汽车部门相关的近600亿元信贷。这将展示恒大为削减债务和满足中国 “三条红线 ”指标所做的努力，此举将有利于恒大与银行的关系。</blockquote> “In reality it doesn’t really solve their liquidity,” issue, China Life Franklin’s Chia said. “But at least they are trying to do something so we can give them credit for that.”<blockquote>“中国人寿富兰克林的 Chia 说：”实际上，这并不能真正解决他们的流动性问题。“但至少他们在努力做些什么，这样我们就可以把功劳归于他们”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/evergrande-special-dividend-investors-seeking-033203751.html\">Bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03333":"中国恒大"},"source_url":"https://finance.yahoo.com/news/evergrande-special-dividend-investors-seeking-033203751.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137310872","content_text":"(Bloomberg) -- As China Evergrande Group mulls a special dividend to revive confidence in its tumbling stock, analysts are gaming out several scenarios that could have markedly different implications for equity and bond investors.\nChairman Hui Ka Yan, who directly or indirectly controls three-quarters of outstanding Evergrande shares, will meet with the company’s board Tuesday to decide on the payout.\nBoth equity and bond holders -- which include long-time supporters and old friends -- have been rattled in recent weeks by a slew of reports about wary banks and unpaid dues to suppliers. Evergrande needs to reassure the market that it has ample ammunition to make good on its borrowings while also countering short-sellers.\nThe last time Evergrande rewarded shareholders with a special dividend, in 2018, its earnings were soaring though bearish bets abounded then too. It has since seen annual profit drops for 2019 and 2020, with total liabilities swelling to $301 billion.\n“Evergrande may be using the dividend plan to emphasize the stability of its cash flow and profitability, especially after the recent debt pressure,” said Yan Yuejin, research director at Shanghai-based E-house China Research and Development Institute.\nEvergrande’s shares fell as much as 7.2% in Hong Kong. The developer’s 8.75% bond due 2025, one of the firm’s most widely traded dollar notes, continued to drop 1 cent on the dollar to 52.2 cents.\nAnalysts reckon Evergrande will take one of three routes: a cash dividend, a stock dividend or handing out shares in its higher-value listed subsidiaries.\nCash dividend\nA cash dividend would be controversial given its share holding pattern and the dire need to pay down debt. Even so, Evergrande could justify it by pointing to a first half of record sales and cash inflows.\nApart from Hui, who owns almost 77% of the outstanding stock through companies controlled either by him or his wife, others who stand to benefit include billionaire Joseph Lau. Hui and Lau, a long-time supporter whose wife holds 8.9% of the company, are both part of the “Big Two Club” of tycoons who play the poker game of the same name.\n“Paying a large special dividend is effectively a way of recycling capital back to the two main shareholders,” said Travis Lundy, a special situations analyst who publishes on Smartkarma. “They may use the funds to buy more of what Evergrande spins out.”\nHui can’t use too much of the cash to prop up Evergrande’s share price. The developer’s free float is approaching the 22.04% minimum required by the Hong Kong stock exchange. It has though been weighing listings of its tourism and bottled water businesses, according to people familiar with the matter.\nStock dividend\nOthers expect Evergrande to hand out shares from its main listed entity in Hong Kong. While this may benefit long-term investors, a dividend comprised of stocks could end up driving shares lower in the near-term, adding to a 31% collapse in the past month.\n“I am more leaning toward equity distribution given the tight liquidity,” said Eddie Chia, a portfolio manager at China Life Franklin.\nThe third option -- and potentially the one the market would favor -- is giving away shares of Evergrande’s subsidiaries. Options include Evergrande’s Hong Kong-listed new energy vehicle business or its property management operation. Such a scenario could be slightly positive for both shareholders and creditors.\nWith Evergrande’s market capitalization falling below its assets, owning shares in these subsidiaries would be a win for shareholders. Shares of China Evergrande New Energy Vehicle Group Ltd., which was worth more than Ford Motor Co. a few months back, tanked after the dividend proposal.\n“This option makes more sense,” said Nigel Stevenson, an analyst at GMT Research Ltd.\nDepending on the dividend, if Evergrande loses its controlling stake in the electric vehicle start-up, the developer may deconsolidate it from its balance sheet and pare nearly 60 billion yuan of credit tied to the EV unit. That would showcase Evergrande’s efforts to pare debt and meet China’s “Three Red Line” metrics, a move that would benefit its relationship with banks.\n“In reality it doesn’t really solve their liquidity,” issue, China Life Franklin’s Chia said. “But at least they are trying to do something so we can give them credit for that.”","news_type":1,"symbols_score_info":{"03333":0.9}},"isVote":1,"tweetType":1,"viewCount":3037,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/800940505"}