News summary
Evergrande Automobile announcedbaitshops, 29% of the shares will be acquired immediately, with the remaining 29%baitshops.5% of the shares may be subsequently acquired. At the same time, the company will receive credit support to maintain its electric vehicle business. Previously, Evergrande Automobile was required to refund approximately 1.9 billion yuan in incentive subsidies, facing significant financial impacts.
Newsletter text
[29% of Evergrande Automobile's shares will be acquired, and stock trading will resume after the transaction]
On the evening of May 26, Evergrande Motor issued an announcement on the Hong Kong Stock Exchange, announcing that trading in the company's shares would resume on May 27. The announcement revealed that Evergrande Motorsbaitshops29% of the shares will be immediately acquired by an independent third-party buyer, with the remaining 29%baitshops.5% of the shares may continue to be acquired in the future.
According to the announcement, the three major shareholders of Evergrande Automobile-Evergrande Health, Evergrande Group and Acelin Global Limited-jointly hold 58.5% of the company's shares. The share transfer involved in this transaction will bring new financial support to Evergrande Automobile to support the continued operation and development of its electric vehicle business.
In addition, Evergrande Automobile recently faced a financial challenge, namely, being required to refund approximately 1.9 billion yuan in rewards and subsidies. This requirement stems from Evergrande Automobile's failure to fulfill the previously signed investment cooperation agreement, which may have a significant impact on the company's financial status and operations.
Evergrande Automobile has accumulated losses of more than 110 billion yuan since 2018, and the cumulative delivery volume is only 1389 units. In 2023, the company's total revenue will be 1.34 billion yuan, most of which comes from property sales.
On May 17, Evergrande Motor's share price surged by 70%, and then announced that it would suspend trading. At the time of the suspension, its share price rose by 53.23%. As stock trading resumes on May 27, the market will maintain a high degree of attention to the future development of Evergrande Automobile.
