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Evergrande’s EV unit terminates plans to issue RMB shares By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: This is the company logo on China Evergrande Group’s headquarters in Shenzhen (Guangdong province), China. September 26, 2021. REUTERS/Aly Song

HONG KONG (Reuters) – China Evergrande’s electric car unit said on Sunday it will not proceed with plans to issue shares on the Science and Technology Innovation Board of the Shanghai stock exchange.

China Evergrande New Energy Vehicle Group announced to the Hong Kong Stock Exchange that the company and Haitong Securities had terminated their agreement to issue RMB-shares.

China Evergrande New Energy Vehicle Group on Friday warned that it faces an uncertain future without a quick injection of liquidity. This is the most obvious sign to date that China Evergrande New Energy Vehicle Group’s liquidity crisis in other areas of the business.

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