Posted on 09/23/2021 6:01:02 PM PDT by dynachrome
China Evergrande Group, the property developer currently on the brink of default, has made many efforts over the years to branch off into businesses beyond real estate, but what is more impressive is how it has managed to manipulate the capital markets through the stories it created.
One such story is Evergrande as a new-energy car maker. The market value of China Evergrande New Energy Vehicle Group Ltd. (Evergrande Auto), which has yet to sell a single car, once surged to as high as HK$674.1 billion ($86.6 billion), making it not only the most valuable listed car company in China, but also worth twice as much as its parent Evergrande. Nevermind that Evergrande has sold several trillion yuan worth of homes over the past 20 years.
But times have changed. Evergrande Auto is now valued around HK$30 billion, about 4% of its peak. On Tuesday, the company granted 323.72 million share options worth HK$1.26 billion to three directors and around 3,180 employees of the company, according to a filing to the Hong Kong Stock Exchange.
(Excerpt) Read more at caixinglobal.com ...
Not to worry. The Communists that “control all means of production” will straighten this out.
Sounds like our very own Congress
Another Tesla-killer, ohhhhh, noooooo.
Lyndsey Mackelroy: I worked for a sports book in Vegas. I opened my business in the back of a candle shop in Sherman Oaks.
Charlie Harper: I wondered how those stayed in business.
Lyndsey Mackelroy: Yeah, so did the IRS.
Charlie Harper: So they nailed you for running a book?
Lyndsey Mackelroy: No, a candle store that made a quarter of a million dollars a year. Without selling one freaking candle.
Ever grande is a Ponzi scheme wrapped in leverage and stuffed in phony accounting. It’s end-game corporatism.
There is a reason they are called Godless Commies.
Chinese sell lies, its their biggest commodity.
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