Kaisa Rebounds After White Knight Steps In

Kaisa shares close up 17.6 per cent following rescue by white knight

Debt-ridden mainland developer Kaisa saw its shares soar on Monday after a white knight rescued it from the verge of bankruptcy.

But Kaisa’s future remains clouded, with the company saying creditors were demanding immediate repayment of about 28 billion yuan (HK$34.7 billion).

Its shares surged as much as 32 per cent to HK$2.10 in their first trading in more than five weeks before closing at HK$1.87, up 17.61 per cent from their previous HK$1.59 close on December 29.

...Sunac says the share purchase agreement will remain effective until July 31, as long as a number of criteria are met.