not vested
<Research Report>CICC: EVERGRANDE Share Placement Hardly to Bring Down Huge Debt; Rated Sell
EVERGRANDE (03333.HK) announced a placement to raise $4.6 billion by issuing 820 million new shares at a price with nearly 18% discount to the last closing price.
CICC believed the issuance does not come as a surprise to the market and said that the issuance size is too small to significantly improve EVERGRANDE's fundamentals when compared to the RMB156 billion borrowings and RMB53 billion perpetuals by the end of 2014.
The broker maintained a Sell rating on EVERGRANDE, based on 55% discount to NAV of $7.97,
The target price was cut by 1% to $3.59.
Source: AAStocks Financial News