Evergrande Auto, the automobile manufacturer under Chinese real estate developer Evergrande Group, announced on Wednesday that it had signed an agreement with its placement agent on Tuesday.
Chinese property developer Evergrande Group successively sold its shares in HengTen Networks on November 4 and 5, cashing out about HKD 717 million ($92.1 million) in total and lowering its shareholding ratio from 26.55% to 22.98%.
Reuters reported on Oct 15 that NEVS, a Swedish electric vehicle (EV) unit under China Evergrande Group, is negotiating with U.S. and European venture capital companies and industrial partners to find a new owner.
At the conference held on Monday, Liu Yongzhuo, President of Evergrande Auto, said that the company had launched a three-month "tough battle" to ensure that the first Hengchi vehicle would be rolled off the assembly line in early 2022.
Six executives of the heavily indebted China Evergrande Group have fully returned funds from early redemptions of the company's investment products before Friday, the property group said Saturday.
CST Group announced on October 5 at the Hong Kong Stock Exchange that it has sold a total of 32.18 million shares in Evergrande Auto.
Scrambling to avoid defaulting on its debts, cash-strapped China Evergrande Group on Wednesday announced it would sell off a 9.99 billion yuan ($1.5 billion) stake in Shengjing Bank.
Constrained by poor liquidity, there has been a delay in paying suppliers and projects in the group’s Evergrande Elderly Care Valley and new energy vehicles, and some projects were in suspension.
Chairman Xu Jiayin told more than 4,000 leaders at all levels attending the meeting that it is the obligation and responsibility of the company to carry out construction projects with good quality and quantity.
The company has granted share options to certain independent, non-executive directors and some employees, including scientific research personnel, under its share option scheme that was adopted on June 6, 2018.
The ongoing storm related to the overdue redemption of Evergrande's wealth management products continues and doubts about the earlier redemption of these products by some of the company's senior executives are immense.
Evergrande Auto closed down 24.66% to HK $3.88 per share on Tuesday, with a total market value of HK $37.904 billion ($4.873 billion).
Cash-strapped property developer Evergrande Group saw its Shenzhen headquarters fall into a state of chaos on Monday when about 100 disgruntled investors came to demand repayment of loans and financial products.
Evergrande issued a response on August 20, affirming that it would fulfill its responsibilities and fully implement government requirements.
Zhao Changlong will replace Xu Jiayin as chairman, and will also be general manager of Hengda Real Estate Group, a key unit under China Evergrande Group.