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China Evergrande New Energy Vehicle Group Limited (EVGRF)

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0.4490-0.0310 (-6.46%)
As of 03:51PM EST. Market open.
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  • Reuters

    Shares of China Evergrande's EV unit rise after $347 million share sale plan

    HONG KONG (Reuters) -Shares of China Evergrande New Energy Vehicle Group Ltd rose 11.1% to HK$3.92 on Monday, after the company said it planned to raise around $347 million in a share placement. Embattled property developer China Evergrande's electric vehicle (EV) unit said on Friday it would issue about 900 million shares, or 8.3% of the enlarged capital, at HK$3 apiece through a top-up placement. Evergrande, the world's most indebted developer which has been stumbling from debt-repayment deadline to deadline as it grapples with more than $300 billion in liabilities, said last month it plans to give future priority to its electric vehicles business over real estate.

  • Reuters

    Evergrande EV unit shares jump after chairman signals business shift

    Shares in China Evergrande Group's electric vehicles (EV) unit <0708.HK> rose on Monday as the embattled property developer moved to prioritise the growth of its nascent EV business over its troubled core real estate operations. Evergrande , reeling under more than $300 billion in liabilities, averted a costly default last week with a last-minute bond coupon payment, buying it more time to head off a looming debt crunch with its next major payment deadline on Friday. An announcement by its chairman, Hui Ka Yan, reported by state media on Friday, that it would make its new electric vehicle venture its primary business, instead of property, within 10 years, cheered investors on Monday.