Translated by: Tokyo Sakura Group/王重阳
According to the information disclosed by Hong Kong Stock Exchange on February 9, Xia Haijun, the vice chairman and president of China Evergrande Group, sold the firm’s bonds with a face value of US$128 million before the company fell into debt crisis last year. At the same time, Xia Haijun sold Evergrande shares which were worth US$184 million.The two total cash-out was USD$300 million.
According to the information, Xia Haijun sold Evergrande bonds in three batches from July to August last year, including 8.75% senior notes with a face value of US$28 million due in 2025, 11.5% senior notes with a face value of US$50 million due in 2023 and 11.5% senior notes with a face value of US$50 million due in 2022. He sold the above bonds at an average price of about 35.9-52.4% of the face value.
During the same period, Xia Haijun sold Evergrande shares, including 3 million Evergrande auto shares and 10 million Evergrande property shares at an average price of HK$14.1785 per share on August 11 last year.
Evergrande began to spread the news of financial distress in the middle of last year. In August, Evergrande was interviewed by the Central Bank of the Chinese Communist Party and the China Banking and Insurance Regulatory Commission, and asked to resolve the debt risk. The liquidity crisis of financial products broke out in September.
Proofread by: Tokyo Sakura Group/茉莉花
Posted by: Tokyo Sakura Group/平安卿卿