freelim17
2021-07-26
Gogo
Evergrande’s Special Dividend Has Investors Seeking Clues<blockquote>恒大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。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
3
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":800305055,"tweetId":"800305055","gmtCreate":1627275611177,"gmtModify":1631885193658,"author":{"id":4087419425165680,"idStr":"4087419425165680","authorId":4087419425165680,"authorIdStr":"4087419425165680","name":"freelim17","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Gogo</p></body></html>","htmlText":"<html><head></head><body><p>Gogo</p></body></html>","text":"Gogo","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/800305055","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":"<p>(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.</p><p><blockquote>（彭博社）——随着中国恒大集团考虑派发特别股息以重振人们对其暴跌股票的信心，分析师正在权衡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></p><p> 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.</p><p><blockquote>直接或间接控制恒大四分之三流通股的董事长许家印将于周二与公司董事会会面，决定派息事宜。</blockquote></p><p> 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.</p><p><blockquote>最近几周，股票和债券持有人（包括长期支持者和老朋友）都因一系列有关银行谨慎和未向供应商支付会费的报道而感到不安。恒大需要向市场保证，它有充足的弹药来偿还借款，同时也应对卖空者。</blockquote></p><p> 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.</p><p><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年的年度利润下降，总负债增至3010亿美元。</blockquote></p><p> “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.</p><p><blockquote>总部位于上海的易居中国研究发展研究院研究总监严跃进表示：“恒大可能正在利用股息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></p><p> 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.</p><p><blockquote>恒大股价在香港一度下跌7.2%。该开发商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，兑美元汇率继续下跌1美分，至52.2美分。</blockquote></p><p> 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.</p><p><blockquote>分析师认为，恒大将采取三种途径之一：现金股息、股票股息或派发其价值较高的上市子公司的股票。</blockquote></p><p> Cash dividend</p><p><blockquote>现金股利</blockquote></p><p> 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.</p><p><blockquote>鉴于其持股模式和偿还债务的迫切需要，现金股息将会引起争议。即便如此，恒大也可以通过上半年创纪录的销售额和现金流入来证明其合理性。</blockquote></p><p> 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.</p><p><blockquote>除了许通过他或他的妻子控制的公司拥有近77%的已发行股票之外，其他受益的人还包括亿万富翁刘若瑟。许和刘（他的妻子持有该公司8.9%的股份）都是玩同名扑克游戏的大亨“Big Two Club”的成员。</blockquote></p><p> “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.”</p><p><blockquote>在Smartkarma上发表文章的特殊情况分析师特拉维斯·伦迪(Travis Lundy)表示：“支付大笔特别股息实际上是将资本回收回两个主要股东的一种方式。”“他们可能会用这些资金购买更多恒大分拆出来的产品。”</blockquote></p><p> 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.</p><p><blockquote>辉不能用太多的现金来支撑恒大的股价。开发商的自由流通量正在逼近港交所要求的22.04%的最低水平。据知情人士透露，该公司一直在权衡旅游业和瓶装水业务的上市。</blockquote></p><p> Stock dividend</p><p><blockquote>股票股利</blockquote></p><p> 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.</p><p><blockquote>其他人预计恒大将从其在香港的主要上市实体中发行股票。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在短期内导致股价下跌，导致过去一个月股价暴跌31%。</blockquote></p><p> “I am more leaning toward equity distribution given the tight liquidity,” said Eddie Chia, a portfolio manager at China Life Franklin.</p><p><blockquote>“鉴于流动性紧张，我更倾向于股票分配，”中国人寿富兰克林投资组合经理Eddie Chia表示。</blockquote></p><p> 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.</p><p><blockquote>第三种选择——也可能是市场青睐的一种选择——是赠送恒大子公司的股票。选项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有积极。</blockquote></p><p> 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.</p><p><blockquote>随着恒大的市值低于其资产，拥有这些子公司的股份对股东来说将是一场胜利。几个月前，中国恒大新能源汽车集团有限公司的股价还超过了福特汽车公司，但在派息提议后，该公司的股价暴跌。</blockquote></p><p> “This option makes more sense,” said Nigel Stevenson, an analyst at GMT Research Ltd.</p><p><blockquote>“这个选择更有意义，”GMT Research Ltd分析师奈杰尔·史蒂文森(Nigel Stevenson)表示。</blockquote></p><p> 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.</p><p><blockquote>根据股息情况，如果恒大失去对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剔除，并削减与电动汽车部门相关的近600亿元人民币信贷。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，此举将有利于其与银行的关系。</blockquote></p><p> “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.”</p><p><blockquote>中国人寿富兰克林的Chia表示：“实际上，这并没有真正解决他们的流动性问题。”“但至少他们正在努力做一些事情，这样我们就可以为此赞扬他们。”</blockquote></p><p></p>","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>恒大特别股息让投资者寻找线索</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-07-26 11:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(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.</p><p><blockquote>（彭博社）——随着中国恒大集团考虑派发特别股息以重振人们对其暴跌股票的信心，分析师正在权衡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></p><p> 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.</p><p><blockquote>直接或间接控制恒大四分之三流通股的董事长许家印将于周二与公司董事会会面，决定派息事宜。</blockquote></p><p> 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.</p><p><blockquote>最近几周，股票和债券持有人（包括长期支持者和老朋友）都因一系列有关银行谨慎和未向供应商支付会费的报道而感到不安。恒大需要向市场保证，它有充足的弹药来偿还借款，同时也应对卖空者。</blockquote></p><p> 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.</p><p><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年的年度利润下降，总负债增至3010亿美元。</blockquote></p><p> “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.</p><p><blockquote>总部位于上海的易居中国研究发展研究院研究总监严跃进表示：“恒大可能正在利用股息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></p><p> 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.</p><p><blockquote>恒大股价在香港一度下跌7.2%。该开发商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，兑美元汇率继续下跌1美分，至52.2美分。</blockquote></p><p> 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.</p><p><blockquote>分析师认为，恒大将采取三种途径之一：现金股息、股票股息或派发其价值较高的上市子公司的股票。</blockquote></p><p> Cash dividend</p><p><blockquote>现金股利</blockquote></p><p> 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.</p><p><blockquote>鉴于其持股模式和偿还债务的迫切需要，现金股息将会引起争议。即便如此，恒大也可以通过上半年创纪录的销售额和现金流入来证明其合理性。</blockquote></p><p> 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.</p><p><blockquote>除了许通过他或他的妻子控制的公司拥有近77%的已发行股票之外，其他受益的人还包括亿万富翁刘若瑟。许和刘（他的妻子持有该公司8.9%的股份）都是玩同名扑克游戏的大亨“Big Two Club”的成员。</blockquote></p><p> “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.”</p><p><blockquote>在Smartkarma上发表文章的特殊情况分析师特拉维斯·伦迪(Travis Lundy)表示：“支付大笔特别股息实际上是将资本回收回两个主要股东的一种方式。”“他们可能会用这些资金购买更多恒大分拆出来的产品。”</blockquote></p><p> 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.</p><p><blockquote>辉不能用太多的现金来支撑恒大的股价。开发商的自由流通量正在逼近港交所要求的22.04%的最低水平。据知情人士透露，该公司一直在权衡旅游业和瓶装水业务的上市。</blockquote></p><p> Stock dividend</p><p><blockquote>股票股利</blockquote></p><p> 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.</p><p><blockquote>其他人预计恒大将从其在香港的主要上市实体中发行股票。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在短期内导致股价下跌，导致过去一个月股价暴跌31%。</blockquote></p><p> “I am more leaning toward equity distribution given the tight liquidity,” said Eddie Chia, a portfolio manager at China Life Franklin.</p><p><blockquote>“鉴于流动性紧张，我更倾向于股票分配，”中国人寿富兰克林投资组合经理Eddie Chia表示。</blockquote></p><p> 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.</p><p><blockquote>第三种选择——也可能是市场青睐的一种选择——是赠送恒大子公司的股票。选项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有积极。</blockquote></p><p> 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.</p><p><blockquote>随着恒大的市值低于其资产，拥有这些子公司的股份对股东来说将是一场胜利。几个月前，中国恒大新能源汽车集团有限公司的股价还超过了福特汽车公司，但在派息提议后，该公司的股价暴跌。</blockquote></p><p> “This option makes more sense,” said Nigel Stevenson, an analyst at GMT Research Ltd.</p><p><blockquote>“这个选择更有意义，”GMT Research Ltd分析师奈杰尔·史蒂文森(Nigel Stevenson)表示。</blockquote></p><p> 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.</p><p><blockquote>根据股息情况，如果恒大失去对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剔除，并削减与电动汽车部门相关的近600亿元人民币信贷。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，此举将有利于其与银行的关系。</blockquote></p><p> “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.”</p><p><blockquote>中国人寿富兰克林的Chia表示：“实际上，这并没有真正解决他们的流动性问题。”“但至少他们正在努力做一些事情，这样我们就可以为此赞扬他们。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/evergrande-special-dividend-investors-seeking-033203751.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\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":2419,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["GOGO"],"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":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/800305055"}
精彩评论