Evergrande eyes funds of US$414m
Print Edition
CHINA’S most successful football club and newly crowned Asian champion Guangzhou Evergrande Taobao is seeking to raise more than US$400 million, it said, as its financial performance fails to match the fireworks on the pitch.
The team won its second AFC Champions League title in just three years on November 21.
But the club, 40 percent owned by Chinese e-commerce giant Alibaba and the rest by property developer Evergrande, lost US$75 million last year.
It will raise up to 2.65 billion yuan (US$414 million) by issuing up to 66.2 million shares on China’s National Equities Exchange and Quotations market, it said in a statement.
When it listed on the exchange earlier this month the 375 million shares in issue at 40 yuan each gave it a notional market capitalization of a jaw-dropping US$2.35 billion, putting it in a similar league to New York Stock Exchange-listed English Premier League club Manchester United worth US$3 billion.
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