China Evergrande Group didn’t list Ding Yumei as the spouse of Chairman Hui Ka Yan in its latest filing, marking a change in the way the defaulted property giant refers to its second-largest shareholder.
(Bloomberg) — China Evergrande Group didn’t list Ding Yumei as the spouse of Chairman Hui Ka Yan in its latest filing, marking a change in the way the defaulted property giant refers to its second-largest shareholder.
Ding is now known as a “third party independent,” according to a late Monday filing to the Hong Kong stock exchange. The bourse defines spouses as an associate of key directors, chief executives or substantial shareholders of a listed company, subjecting them to certain rules on connected transactions.
Evergrande didn’t respond to requests for comment.
It’s unclear how Hui and Ding divide their fortune, and whether the wealth is significant enough to affect Evergrande’s liabilities. The government has urged Hui to use his personal wealth to help repay investors, and creditors have asked him to inject at least $2 billion of his own money, Bloomberg previously reported citing people familiar.
Hui, once Asia’s second-richest person with a $42 billion net worth, lost most of his fortune as Evergrande slid into financial distress. Hui’s fortune is now estimated at around $3.2 billion, according to the Bloomberg Billionaires Index.
Ding holds 5.99% of Evergrande shares through a vehicle, the developer’s latest filing showed. She provided loans worth HK$2.2 billion ($281 million) to Evergrande’s electric-vehicle maker. Those loans will be converted into new shares of the car producer, and the equity won’t be used as part of Evergrande’s debt restructuring, the company said in March. The plans have yet to be approved by creditors.
Stocks at Evergrande’s new energy vehicle operation could play an important role for the group’s wider debt restructuring. The company proposed that creditors can choose to receive new notes maturing in 10 to 12 years or a combination of new debt and instruments tied to the shares of Evergrande’s property-services unit, its electric-vehicle division or the builder itself, the company said in a March filing.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.