Evergrande slashes $1bn top-up for cautious buyers

China_property_Adobe_25July
By Jonathan Breen
15 Oct 2020

China Evergrande Group this week tapped the equity capital markets for HK$4.3bn ($554.9m), making its first primary share sale in five years. But the fundraising did not go as planned, with the embattled property developer nearly halving its initial target after investors called for a smaller deal. Jonathan Breen reports.

Evergrande launched its top-up share placement on Tuesday evening in Hong Kong, after the company’s stock had traded up 20.3% through the month to the last close. But by the time GlobalCapital Asia was going to press on Thursday its price had nosedived, wiping out the gain.

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