Home World Evergrande is seeking new sources of funding for its bottled water business.

Evergrande is seeking new sources of funding for its bottled water business.

Evergrande is seeking new sources of funding for its bottled water business.

China Evergrande Group is considering an initial public offering in Hong Kong for its bottled water business. The company is holding exploratory discussions with banks on a separate listing for the industry, people say. A potential IPO could raise several hundred million dollars and take place next year.

Key Summary

  • In Hong Kong, China Evergrande Group plans to offer its bottled water business as an initial public offering.
  • The company holds exploratory talks on a separate listing with investment banks.
  • The people said that the potential IPO could raise hundreds of millions of dollars and occur next year.
  • China’s most indebted developer struggles to restore investor confidence.
  • They sell equity and accelerate property sales to reduce leverage in assets other than property.

China Evergrande Group considers an initial public offering for its water bottling business in Hong Kong, as the country’s most indebted immobilizer looks for new resources.

The company has exploratory discussions with investment banks in a separate list, the people said, asking not to identify the information as private. Evergrande Spring has no personal data. The people said that the potential IPO could raise hundreds of millions of dollars and occur next year.

Evergrande, a Shenzhen-based company, has been selling equity in non-property assets and speeding up property sales to reduce leverage. According to its Annual Report for 2020, China Evergrande Group has a 49% stake in Evergrande Spring.

Downward round for investors preparing for crisis Evergrande Summary

Evergrande’s shares and dollar bonds collapsed on Monday after a court-ordered a deposit held by its onshore division to be frozen. In Hong Kong trading, the stock dropped by 17%. According to a statement, Evergrande replied that he would sue the lender.

There is an early stage of deliberations, and Evergrande could decide to keep the business. Evergrande’s representative did not answer e-mail and telephone requests immediately.

According to a parent company website, Evergrande Spring offers over 50 products in the segments of mineral water, food, milk, and fresh food. Its products are available in the country’s Belt and Road Initiative in more than 30 provinces and cities throughout China and more than ten countries and regions. According to the annual report, Evergrande Spring has entered into partnerships throughout China with more than 1.000 distributors and over 500.000 sales outlets.

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