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familyfeudgameonlinefree| 29% of the shares will be acquired, and Evergrande Motor's share price rises sharply after the resumption of trading

2024-05-27 11:26:19

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interface reporter| Liu Jiaxin

After announcing the temporary suspension of trading not long ago, Evergrande Automobile welcomed the news of equity acquisition. At 9 a.m. on May 27, Evergrande Automobile resumed trading on the Hong Kong Stock Exchange. After the opening, its share price once rose by more than 110%.

Earlier on May 17, Evergrande Motor announced a temporary suspension of trading and said it had yet to publish inside information. As soon as this announcement was made, Evergrande Automobile surged 70% in intraday trading, and "inside information" attracted widespread market attention.

On May 26, Evergrande Motor announced on the Hong Kong Stock Exchange that 29% of its shares would soon be acquired by potential buyers, and Evergrande Motor would resume trading the next day.

familyfeudgameonlinefree| 29% of the shares will be acquired, and Evergrande Motor's share price rises sharply after the resumption of trading

The announcement shows that Evergrande Automobile had learned on May 16 that shareholders China Evergrande Group (in liquidation), Evergrande Health Industry Group Co., Ltd., and Acelin Global Limited had entered into a term letter with an independent third-party buyer. The potential buyer (or another party designated by it with the company's consent) will provide the company with a credit line to support the company's continued operation and development of its electric vehicle business.

After the sale and purchase agreement is reached and bound by its terms and conditions, the initial plan is to acquire 31 immediately.familyfeudgameonlinefree.45 billion potential shares of Evergrande Motor for sale, which account for approximately 29% of the company's issued shares. At the same time, another 3.203 billion potential shares for sale, accounting for 29.5% of the company's issued shares, will become the subject of an option for potential buyers within a certain period of time after the date of the sale and purchase agreement.

The equity acquisition is good news for Evergrande Motor, which is facing a severe shortage of funds. Its factory in Tianjin has not yet resumed production.

In April this year, Newton Group's US$500 million strategic investment, which was regarded as Evergrande Motor's "life-saving money", fell through, and external support was decided to withdraw.

Its annual report shows that Evergrande Motor's total revenue in 2023 will be 1.34 billion yuan, but the main revenue comes from property sales, with a full-year loss reaching 11.995 billion yuan. As of the end of last year, Evergrande Automobile's total assets were 34.851 billion yuan and total liabilities were 72.543 billion yuan, making it seriously insolvent.

Since its establishment, Evergrande Automobile has launched three models: Hengchi 5, Hengchi 6 and Hengchi 7. The Hengchi 5 has been delivered in mass production, while the latter two are still in the development and verification stage. As of the end of last year, Evergrande Motors had a cumulative loss of 110.841 billion yuan, and Hengchi Motors had delivered only 1389 vehicles.

During the period from its suspension to the resumption of trading, negative news also emerged from Evergrande Automobile. On May 22, it issued an announcement stating that its subsidiary Evergrande New Energy Vehicle Investment Holding Group Co., Ltd. was recently requested by relevant local governments to terminate the investment cooperation agreement and refund various awards and subsidies issued totaling approximately 1.9 billion yuan. The cooperation agreement was signed in 2019, but the cooperation was terminated because Evergrande Automobile failed to perform its contractual obligations in accordance with the relevant terms of the relevant agreement.