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EVERGRANDE Bounces 12% after Selling Nearly 20% Stake in SHENGJINGBANK for Debt Repayment

AAStocks ·  Sep 29, 2021 02:52

EVERGRANDE (03333.HK) announced to sell a 19.93% stake in SHENGJINGBANK (02066.HK) for a total consideration of RMB9.993 billion, for the purpose of debt repayment. Buoyed by the news, the Chinese property developer rebounded for the third day in a row, rising to as high as $3 at one point. The stock last stood at $2.99, up 12%, on a volume of 52.6 million shares.

Companies of the EVERGRANDE series likewise broadly inched up. EVERG SERVICES (06666.HK) rose 7.4% this morning to post at $4.93, on a volume of 13.85 million shares. EVERG VEHICLE (00708.HK) hiked 8.6% to $2.52, on a volume of 126 million shares.

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