Slimmed-down share sale darkens outlook for China Evergrande’s cash dash

HONG KONG (Reuters) – China Evergrande Group, the country’s most indebted property developer, on Wednesday said it has raised $555 million in a secondary share sale, settling for half its initial target and sparking a 16% drop in its share price.

FILE PHOTO: The logo of China Evergrande Group is seen in an exterior view of the China Evergrande Centre in Hong Kong, China, March 26, 2018. REUTERS/Bobby Yip/File Photo

To help pay debt, the firm sold 260.65 million shares at HK$16.50 ($2.13) each – the low end of a price range flagged by its bankers in a term sheet when the deal launched on Tuesday.

Evergrande has been scrambling to raise cash as China’s government tackles what it considers excessive borrowing in the real estate development sector with new debt-ratio caps.

Since August, the developer has raised $3 billion in pre-IPO funding for a

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Amazon Shoppers Are Making a Mad Dash to Grab These Record-Low Prime Day Prices on Apple AirPods

Amazon

Amazon’s Prime Day deals are here, and the best offers — including these impressive Apple markdowns — are going to sell out fast. 

Amazon launched not one, but three Apple AirPods deals as part of its huge Prime Day sale. While supplies last, shoppers can get the brand’s latest AirPods Pro for an all-time low of $199, which is 20 percent off their usual $249 price tag. Both the wired charging and wireless charging AirPods are also marked down and going for their lowest prices to date. 

Amazon Prime Day Apple AirPods Deals:

The AirPods Pro, launched last year, are the brand’s newest Bluetooth-enabled wireless earbuds. While all three feature fast pairing and come with portable charging cases, this newer version offers a sweat- and water-resistant design, three silicone tips for a more customizable fit, and two listening modes, including active noise cancellation.  

Budget-minded shoppers can still get all

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Dash Financial Is Said to Be the Latest Fintech Up for Sale

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Dreamstime

The private-equity firm Flexpoint Ford has put Dash Financial Technologies up for sale, four people familiar with the matter said.

Dash is expected to sell for $700 million to $1 billion, two of the people said.

Jefferies Financial Group

is advising on the process, the people said.

It is the latest fintech company to go up for sale. Barron’s has previously reported that Tribute Technology, which provides software to funeral homes that lets them offer payments and e-commerce, is on the block and seeking more than $1 billion. And Evertec (ticker: EVTC), which offers merchant acquiring and payments in 26 countries throughout Latin America, has hired Goldman Sachs to find a buyer.

Based in New York, Dash provides multi-asset trading technology and execution services platforms. The company was formed in 2017, when Dash merged with LiquidPoint, a unit of Convergex Group, according to The Wall Street Journal.

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