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China Evergrande NEV’s Stocks Soar High Thanks to a Whopping $3.2 Billion Debt-Reduction Blueprint!

Hold onto your hats, folks! The electric vehicle segment of China’s Evergrande Group, the China Evergrande New Energy Vehicle Group or NEV, had everyone buzzing with excitement on Tuesday. Why? They unveiled a game-changing $3.2 billion strategy to kick debt to the curb and keep the ship sailing.

You won’t believe it, but the shares of NEV skyrocketed almost 50%! Talk about a major win. This financial fireworks show was sparked off after they spilled the beans on their debt-clearing plan late Monday. The cherry on top? They’ve struck gold with a deal with NWTN, a high-flying mobility company hailing from Dubai. They’re coughing up close to $500 million, and in exchange, they’ll be pocketing a tasty 27.5% slice of the NEV pie.

But wait, there’s more to this juicy tale. Part of the grand plan is a debt-for-equity swap worth a mind-blowing HK$20.89 billion (or $2.67 billion if you’re counting). The big players? None other than China Evergrande itself, the man behind the curtain – Hui Ka Yan, and his partner-in-crime, Xin Xin (BVI) Ltd. They’re swapping loans for shares, in a classic move of turning lemons into lemonade.

Now, once all’s said and done, there’s a little twist. China Evergrande’s piece of the NEV pie is going to shrink down to 46.86%. NEV shares, after that roller coaster of a climb, settled down, jumping around 47%, then easing off to a comfy 16% rise.

For those who love the nitty-gritty details, here’s a tidbit: $1 is equivalent to 7.8216 Hong Kong dollars. Now, let’s sit back and watch how this financial saga unfolds!

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