top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.


The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

7 Oct 2021

Chinese Estates Shares Rise 30% after Privatization Offer

The Index Today

On Thursday, Chinese Estates Holdings Ltd shares soared as much as 31% after proposing to go private for a price tag of HK$1.91 billion. The company was a former major shareholder in Evergrande Group and comprises of multiple subsidiaries for developing real estate.

The company saw shares go up 30.69% to HK$3.79 by 12:37 AM ET. Solar Bright Ltd proposed the privatization offer, a renowned firm supported by Joseph Lau, Chinese Estates biggest shareholder. The proposal will a HK$4 per share to minority shareholders and a premium of 38% to the developer.

Chinese Estates has been known to be the second largest share owner of the Evergrande group which is struggling with debt. The company had a 6.48% stake which was sold down to 4.39% as of Thursday. Joseph Lau was appointed as the chairman of the company and is known to be a member of the elite poker club which hosts major tycoons including Evergrande’s chairman Hui Ka Yan.

The shares for Chinese Estates have been suspended for now after falling by 42%. The possibility of privatization could be a step towards minimizing costs for management resources and listing. It could also help in implementing new business strategies for the long-term.

Clay pottery with table linens
bottom of page