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Oshidori (0622) exits Evergrande Vehicle (0708) crash at $2.40/share

Company announcement, 30-Sep-2021

In the 2020 Annual Report, management wrote "The investment… will bring a healthy return in the medium to long run". This was despite the SFC having warned the market that on 5-Aug-2020, the top 19 holders held 94.82% of the stock, following a rapid escalation of the price. At 31-Dec-2020, Oshidori held the stock at $30.20 (HK$4,175m), so the sale will involve a 92% comprehensive loss from that point, or $3,843m, excluding tax and expenses. Oshidori also holds 8.25% of the H-shares of Shengjing Bank (2066), in which Evergrande (3333) was the largest equity holder until last week's fire sale to an SOE.

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