(Bloomberg) — China Evergrande Group shares climbed in late afternoon trading along with those of its electric vehicle and property management units. Traders struggled to pin down reasons for the gains.
Evergrande rose as much as 11%, while China Evergrande New Energy Vehicle Group Ltd. jumped 25%. Evergrande Property Services Group Ltd. rallied 10%.
There were multiple block trades conducted after 2:40 p.m. local time Tuesday, with a single trade of more than 1 million Evergrande shares crossing at HK$2.99 apiece.
“There are many block trades within a few minutes, so the market is wondering what’s going on,” said Jackson Wong, asset management director at Amber Hill Capital Ltd. “It’s really hard to tell, but the market is very excited.”
HengTen Networks Group Ltd. was up 25%. The stock has surged more than 100% in four days after Evergrande agreed to sell its entire 18% stake in the company at a discount. The buyer is sitting on huge paper profits as result.
Evergrande’s dollar bonds remained muted, with its 8.75% note due 2025 up 0.2 cent on the dollar at 23.4 cents, according to Bloomberg-compiled data.
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