Evergrande jumps on sale of $1.5 bln stake in Shengjing Bank, EV unit up over 40%

Shengjing Bank Co

29/09/2021 09:09

(Update stock price, add units stocks move)
    ** Shares of cash-strapped China Evergrande Group  3333.HK 
jumps as much as 16.9% to HK$3.12, the highest since Sept. 14,
after co floats stake sale plan
    ** Co said it plans to sell a 9.99 billion yuan ($1.5
billion) stake it owns in Shengjing Bank Co Ltd  2066.HK  to a
state-owned asset management company  urn:newsml:reuters.com:*:nL1N2QV00B
    ** Shengjing Bank Co Ltd  2066.HK  is up 1.4% at HK$7.10
    ** Stock of Evergrande's EV unit  0708.HK  soars as much as
42.2% to HK$3.30, the biggest daily percentage gain since Jan.
25
    ** Shares of property management unit  6666.HK  jump as much
as 10% to HK$5.05, highest since Sept. 8    
    ** Beijing is prodding government-owned firms and
state-backed property developers such as China Vanke Co Ltd
 000002.SZ  to purchase some of the embattled developer's
assets, people with knowledge of the matter said  urn:newsml:reuters.com:*:nL4N2QT23E
    ** Evergrande has rapidly become China's biggest corporate
headache as it teeters between a messy meltdown with
far-reaching impacts, a managed collapse or the less likely
prospect of a bailout by Beijing
    ** Co has a deadline due on Wednesday for an interest
payment to offshore bondholders that gives the property
developer its next big test in public markets  urn:newsml:reuters.com:*:nL1N2QU325
    ** Hang Seng Composite Index tracking properties and
construction stocks  .HSCIPC  rises 1.6% and the benchmark index
 .HSI  gains 0.7%

 (Shanghai Newsroom)
 ((Jason.Xue@thomsonreuters.com))