{"id":11834,"date":"2023-08-15T07:08:27","date_gmt":"2023-08-15T07:08:27","guid":{"rendered":"https:\/\/isafespend.com\/investing\/china-evergrande-nev-shares-jump-on-3-2-billion-plan-to-lower-debt\/"},"modified":"2023-08-15T07:08:28","modified_gmt":"2023-08-15T07:08:28","slug":"china-evergrande-nev-shares-jump-on-3-2-billion-plan-to-lower-debt","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=11834","title":{"rendered":"China Evergrande NEV shares jump on $3.2 billion plan to lower debt"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. REUTERS\/Yilei Sun<\/span>
\n<\/i>\n<\/div>\n

BEIJING\/HONG KONG (Reuters) – China Evergrande New Energy Vehicle Group (NEV) shares jumped nearly 50% on Tuesday after the electric vehicle unit of cash-strapped property firm China Evergrande Group announced a $3.2 billion plan to repay debt and stay afloat.<\/p>\n

The plan unveiled late on Monday includes a deal to raise nearly $500 million from Dubai-based mobility firm NWTN, which will own about a 27.5% stake in NEV in return.<\/p>\n

The overall package also includes a debt-for-equity swap of HK$20.89 billion ($2.67 billion) involving China Evergrande, its founder Hui Ka Yan, and his unit Xin Xin (BVI) Ltd, among others converting loans to shares, NEV said.<\/p>\n

After the deal is completed, China Evergrande’s stake in the unit will be diluted to 46.86%.<\/p>\n

Shares in NEV jumped as much as 47% before paring down its gain to 16%. <\/p>\n

($1 = 7.8216 Hong Kong dollars) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. REUTERS\/Yilei Sun BEIJING\/HONG KONG (Reuters) – China Evergrande New Energy Vehicle Group (NEV) shares jumped nearly 50% on Tuesday after the electric vehicle unit of cash-strapped property firm China Evergrande<\/p>\n","protected":false},"author":1,"featured_media":9526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-11834","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nChina Evergrande NEV shares jump on $3.2 billion plan to lower debt | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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