Evergrande Used HKD 1.068 billion to Buy Back 354.447 million Shares

GUANGZHOU, China, Feb. 4, 2014 /PRNewswire/ -- From January 27 to 30, Evergrande real estate (03333) used more than HKD 1.068 billion to buy back 354.447 million shares in Hong Kong stock exchange, with the minimum repurchasing price of HKD 2.8000, highest of HKD 3.1000 and average of HKD 3.0145. An original report by Sina Leju follows:

Evergrande implemented the buyback in four steps, namely, to cost HKD 208.896202 million to buy back 71.929 million shares on January 27, to cost HKD 404.5964065 million to buy back 134.549 million shares on January 28, to cost HKD 295.1902968 to buy back 96.421 million shares on January 29, and to cost HKD 159.7800032 to buy back 51.548 million shares on January 30.

Industry expert pointed out that Evergrande's 354.447 million shares buyback in four consecutive days with more than HKD 1.068 billion shows its confidence in the share price. Since Hong Kong stocks opened in the New Year, Evergrande real estate (03333) share price rose steadily. Until the stock closed at noon on February 4, share price of Evergrande real estate (03333) grew 1.608% with highest price of HKD 3.160 and lowest price of HKD 3.140.

The market analyzes that Evergrande's 1.068 billion buyback reflects its rich cash. There are other facts to support. On January 24, Evergrande real estate acquired 402,695,498 Huaxia shares through its subsidiaries(about 4.522% of total Huaxia bank issued shares) at a total cost of RMB 3302.5 million (equivalent to about HKD 4198.4million). On January 9, Evergrande group and Shanghai pudong development bank held strategic cooperation signing ceremony at the headquarter of Shanghai pudong development bank. Shanghai pudong development bank will offer Evergrande single comprehensive credit of RMB 20 billion.

SOURCE Evergrande