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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.
Organisations
- Advance Power International Limited
- Anatole Investment Management Limited 晨曦投資管理有限公司
- China Evergrande Group 中國恒大集團
- CHOW TAI FOOK NOMINEE LIMITED 周大福代理人有限公司
- CITIC Capital Holdings Limited 中信資本控股有限公司
- Fangchebao Group Co. Ltd.
- Genuine Fair Limited
- JMC Capital HK Limited 富喬鑫資本(香港)有限公司
- Mighty Divine Management Limited
- NEW GAINS GROUP LIMITED
- Tise Opportunities SPC
- Top Assemble Holdings Limited
- United Energy Financing (Bermuda) Limited
- United Energy Group Limited 聯合能源集團有限公司
- United Strength Harmony Limited
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