China's Country Garden looks to sell stake in chip maker CXMT as winding-up adjourned [Yahoo! Finance]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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Source: Yahoo! Finance
venture capital arm, as it struggles to pare assets and work out its debts amid slumping home sales. The company also received seven weeks of breathing room on a liquidation hearing in a Hong Kong court. Country Garden Venture Capital, an investment unit of Country Garden that was founded in 2019, is planning to dispose of its undisclosed stake in CXMT, according to people familiar with this matter, who did not disclose further details. Country Garden Venture Capital holds a 1.68 per cent stake in CXMT, according to Chinese corporate data service Qichacha. In late March, CXMT raised 10.8 billion yuan (US$1.5 billion) in a round of fundraising, pushing its valuation close to 140 billion yuan. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge , our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Once the biggest developer in China, Country
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