HONG KONG — Tencent Holdings, Didi Chuxing and a Jack Ma-backed private equity fund are poised to join a 4 billion Hong Kong dollar ($516.1 million) fundraising for the electric vehicle unit of property developer China Evergrande Group.
Shares in China Evergrande New Energy Vehicle Group will be placed with “not less than six” investors at HK$22.65 a piece, a 20% discount to the company’s closing price in Hong Kong on Monday, the company said in a premarket announcement on Tuesday.
The unit’s stock subsequently tumbled 11.5% while parent China Evergrande gained 8.1%. Read more…..
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Alibaba Group founder and Executive Chairman Jack Ma says Alibaba is much farther ahead than Tencent in building out their services overseas. He speaks with Bloomberg’s Stephen Engle in Hangzhou, China.