China Evergrande Group (EGRNF) Climbs Up 433%: What’s Going On?

One of the companies that saw its stock rally strongly on Monday was the China Evergrande Group (OTC: EGRNF). The stock rallied by 433% yesterday after positive news emerged with regards to Evergrande Auto, its electric vehicle arm.

Now that the stock has recorded such gains, it might be a good idea to take a closer look at Evergrande Auto. The company floated the electric vehicle arm in order to be a part of the fast-growing industry.

Recently, it was announced that a consortium of investors put in as big as $3.35 billion into Evergrande Auto and it goes without saying that it is a significant milestone for the company. In order to raise the investment, 952.38 million shares in the China Evergrande Group were sold to a total of 6 investors.

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That represented a 9.75% holding in the company and consequently resulted in a strong rally in the stock. Investors could do well to keep an eye on the China Evergrande stock over the coming days.

Uson Abdilazhanov

Editor and Computer Expert A hardcore tech enthusiast and computer expert Uson Abdilazhanov who holds a degree in communications started writing in his personal blogs since 2012. That time he was interested in the technical part of the computer. But now the software aspect plays an important role in his career. Currently, he runs a PC building and repairing shop which helps a lot of designers and gamers who always like to try new things.