China Evergrande Group 中國恒大集團

FRC investigates going-concern reporting of China Evergrande (3333)
Financial Reporting Council, 15-Oct-2021
Comment: we sense a certain amount of grandstanding, Monday-morning quarterbacking and 2020 hindsight. Perhaps the FRC should hire Andrew Left to help them out with their analysis. Whether Evergrande is or was viable as a going concern was always a matter of judgment for the directors as well as investors. What can be gained from investigating that judgment, and how much will it cost in regulatory resources?
Blue River (0498) exits Evergrande Vehicle (0708) crash at HK$3.23/share
Company announcement, 4-Oct-2021
In its annual report at 31-Mar-2021, Blue River held the 18.29m shares at $57.80 with an unrealised gain of $850m, so it is taking a 94.4% loss from there, or $998m. The report stated that Blue River's investment "is for trading purpose and aims to realise the gain in the future subject to market conditions". Blue River is 28.53% owned by Oshidori (0622), which also exited Evergrande Vehicle last week. Blue River also sold smaller holdings in China Evergrande (3333) and Evergrande Property Services (6666).
CST (0985) buys more China Evergrande (3333) notes
Company announcement, 23-Jul-2021
This "presents an opportunity for the Group to have a stable return". Surely not stable, given that the bonds will either default or generate a huge gain if Evergrande survives and redeems at par.
CST (0985) buys China Evergrande (3333) notes at substantial discount to face value
Company announcement, 20-Jul-2021
Hao Tian (1341) buys 49% of investor in fund investing in pre-IPO from Mr Su JunhaoSupplement
Company announcement, 26-Apr-2021
The consideration for 49% of Kingdom Future Ltd is HK$286.24m payable in new shares of Hao Tian at $0.33 per share, giving Mr Su 11.52% of the enlarged Hao Tian. Kingdom Future is investing US$75m in Tise Opportunities Fund SPC, which is investing in New Gains Group Ltd, until now a 100% subsidiary of China Evergrande (3333). Also investing in the fund is CST (0985). For more, see our coverage of Evergrande.
China Evergrande (3333) pre-IPO issue of New Gains Group Ltd at stratospheric valuation
Company announcement, 29-Mar-2021
Evergrande is selling 5% for HK$8.175bn and NGG is issuing 5% for the same amount, reducing Evergrande from 100% to 90% of NGG. After restructuring, Evergrande will own 71.76% of NGG, so the investors will have 7.97%, valuing it at HK$205.1bn (US$26.3bn). NGG had 2020 net profit of just CNY102.9m (US$15.8m) and net assets of CNY3.1bn (US$478m), implying an old-money P/E of 1665 and P/B of 55. Evergrande has granted a put at a 15% premium if the IPO does not proceed in 1 year with at least CNY150bn pre-IPO valuation.
Andrew Edward Left v SFC & MMT
HK Court of Final Appeal, 14-Jul-2020
Leave to appeal is dismissed.
Court of Appeal dismisses Andrew Left's leave applicationJudgment
SFC, 24-May-2019
The only option left to Mr Left is to apply for leave to the Court of Final Appeal.
Court of Appeal dismisses appeal by Andrew LeftJudgment
SFC, 26-Feb-2019
Andrew Edward Left v SFC & MMT
HK Court of Appeal, 25-Feb-2019
Cross-Harbour (0032) coughs up details of investments
Company announcement, 27-Sep-2018
This follows a complaint to SEHK by Webb-site. It emerges that the company at 30-Jun-2018 held HK$584.2m of shares in China Evergrande (0333) and HK$396.1m of shares in Evergrande Health (0708). Other investments of HK$1903m remain unidentified.
China Evergrande (3333) top at giving away shareholders' money
South China Morning Post, 13-Oct-2017
The company donated RMB1,608m in 2016, or about 9.1% of net profit. It's difficult to see how such largesse can be consistent with the board's fiduciary duty to shareholders.
Court of Appeal dismisses leave application of Andrew Left on MMT's findings of fact
SFC, 13-Jan-2017
His appeal on points of law will be dealt with separately.
Andrew Left and the right to be wrong
We take a close look at the Market Misconduct Tribunal's report on Mr Left's erroneous criticism of China Evergrande (3333), and what that says about free speech amongst participants in the HK market. (23-Oct-2016)
SFAT's red flag on Moody's chills negative research
We look at what the SFAT's ruling and the SFC's action says about the future of Hong Kong as a place in which freedom of debate and negative criticism is becoming increasingly difficult. (8-Apr-2016)
MMT dismisses application by Andrew Left of Citron Research
SFC, 2-Nov-2015
This battle will be fought on the public information of Evergrande, and whether no reasonable analyst could reach the opinion that Evergrande was insolvent as Mr Left did, the publication of which the SFC alleges was false and misleading information. The question is, if his opinions were so inconsistent with the facts, then why would anyone take them seriously? Analysts are allowed to be wrong. The fact that their opinions move prices does not mean the opinion is always right.
MMT sets hearing date on alleged false research report
SFC, 19-Mar-2015
A date 11 months away - is the MMT that busy?
SFC actions risk chilling critics
A New Year's Eve SFAT ruling reveals an SFC action against Moody's for its 2011 "red flags" report, following the recent launch of MMT action against a short-selling analyst. The SFC risks chilling publication of critical opinion and analysis - something we would hate to stop doing. We will be watching the cases carefully. (1-Jan-2015)
SFC takes Citron Research head to MMT over Evergrande (3333) reports277, SFO.
SFC, 22-Dec-2014
This should be interesting. The SFC will need to show that Andrew Left either knew that his allegations were false or was reckless or negligent as to whether they were, in which case Section 277 of the SFO bites.
The SFC's notice to the MMMT re Citron's report on Evergrande (3333)
Market Misconduct Tribunal, 15-Dec-2014

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