China Evergrande New Energy Vehicle Group Limited (EVGRF)

0.0150

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At close: May 9 at 4:00:00 PM EDT

China Evergrande's EV unit to cease discussions for stake sale

In May, liquidators of the parent company - which held 58.5% in the EV unit - said they were talking to a third-party buyer to sell a 29% stake in the EV group, with an option to sell the rest of the holding within a certain period of time. China Evergrande - in a separate statement - said on Friday that its liquidators will continue to seek possible buyers and other opportunities to divest the shares in Evergrande NEV, but also flagged that it is not certain that such a transaction will take place. Evergrande NEV posted a net loss of 20.3 billion yuan ($2.9 billion) in the first half, widening from a 6.9 billion net loss a year earlier.

Reuters 6 months ago

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Creditor files for liquidation of Evergrande NEV unit

HONG KONG (Reuters) -A creditor filed a petition for the bankruptcy of a unit of China Evergrande New Energy Vehicle (NEV) Group in a Shanghai court, the third such petition against the embattled car company. A new bankruptcy proceeding could add pressure on the liquidators of parent firm China Evergrande Group , the world's most indebted property developer, to recover debt for creditors and secure a potential investor in its EV unit. Zhejiang Chint Electrics filed a bankruptcy and liquidation petition against manufacturing unit Evergrande Hengchi New Energy Vehicle (Shanghai) Co over an overdue unpaid debt, a filing dated Sept. 4 by the No.3 Intermediate People's Court of Shanghai showed.

Reuters 8 months ago

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China Evergrande's EV arm warns of bigger first-half loss on impairment provisions

China Evergrande New Energy Vehicle estimated a consolidated net loss of about 20.25 billion yuan ($2.84 billion) for the six months ended June 30, compared with 6.87 billion yuan in the same period a year earlier. The EV unit, which is in talks with a potential buyer to take a stake in the company, signaled an impairment provision of around 16.74 billion yuan for the half year. "The company has increased the provision for impairment loss on receivables from the subsidiaries, associates, and joint ventures of China Evergrande," the electric vehicle maker said.

Reuters 8 months ago

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Evergrande NEV ordered to pay back subsidies

Failed to meet the contractual obligations it had agreed to obtain the local government subsidies

Just Auto 10 months ago

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Evergrande EV warns of losing key assets as local governments demand subsidy repayment

The local bodies last month sent a letter of demand asking unit Evergrande Automotive Holdings to terminate a series of investment cooperation agreements made between the parties since April 29, 2019. If the decision by the relevant local administrative authority is implemented, it "would result in the Group being exposed to the risks of compulsory resumption of land of the relevant plants, and the buildings and equipment thereon being used for repayment of the said incentives and subsidies," the EV unit of China Evergrande said on Tuesday.

Reuters 10 months ago

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Shares of China Evergrande's EV unit soar after liquidators' stake sale deal

Shares of China Evergrande New Energy Vehicle Group more than doubled on Monday as trade resumed after the company said liquidators had agreed on behalf of key shareholders to sell a stake in the electric vehicle (EV) maker. Shares of embattled developer China Evergrande's EV unit soared as much as 113% to HK$0.81, their highest since September 22, becoming the top gainer on the Hong Kong bourse, and last stood up 79%, following the May 17 trade halt. The non-binding deal by liquidators acting for China Evergrande Group, Evergrande Health Industry and Acelin Global provides for a third-party buyer to take a stake of 29% in the unit, with an option for 29.5% more, the EV unit said on Sunday.

Reuters 11 months ago

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Performance Overview

Return	EVGRF	HANG SENG INDEX (^HSI)
YTD	--	+17.40%
1-Year	+47.06%	+24.18%
3-Year	-90.00%	+21.51%

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TARIFFS LATEST

China Evergrande New Energy Vehicle Group Limited (EVGRF)

China Evergrande's EV unit to cease discussions for stake sale

Creditor files for liquidation of Evergrande NEV unit

China Evergrande's EV arm warns of bigger first-half loss on impairment provisions

Evergrande NEV ordered to pay back subsidies

Evergrande EV warns of losing key assets as local governments demand subsidy repayment

Shares of China Evergrande's EV unit soar after liquidators' stake sale deal

Performance Overview