HONG KONG: A stock sale plan between China Evergrande New Energy Vehicle Groupthe electric car branch of the controversial project developer China Evergrande and listed in the US NWTN has been stopped, according to a stock exchange declaration in Hong Kong last Sunday.
The suspension of the share subscription agreement was due to ‘significant uncertainties’ related to the Evergrande group, the Chinese company’s filing said.
Earlier, Evergrande said investigations had been launched against its parent company, founder and senior managers, while the company’s debt restructuring plan had also been derailed.
In an announcement in August, the electric vehicle subsidiary said it had agreed to issue 6.18 billion new shares to Dubai-based mobility company NWTN for a total of HK$3.89 billion ($496.72 million), marking a subscription price of HK$0.6297 per share. .
Trading in shares of China Evergrande New Energy Vehicle Group, which was suspended on September 28, will resume on Monday, the Sunday filing said.
The suspension of the share subscription agreement was due to ‘significant uncertainties’ related to the Evergrande group, the Chinese company’s filing said.
Earlier, Evergrande said investigations had been launched against its parent company, founder and senior managers, while the company’s debt restructuring plan had also been derailed.
In an announcement in August, the electric vehicle subsidiary said it had agreed to issue 6.18 billion new shares to Dubai-based mobility company NWTN for a total of HK$3.89 billion ($496.72 million), marking a subscription price of HK$0.6297 per share. .
Trading in shares of China Evergrande New Energy Vehicle Group, which was suspended on September 28, will resume on Monday, the Sunday filing said.
ADVERTISEMENT