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China Evergrande appoints EV unit chairman as executive director -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: China Evergrande Group’s headquarters can be seen in Shenzhen (Guangdong Province, China) September 26, 2021. REUTERS/Aly Song

(Reuters) – China Evergrande Group announced Sunday that it has appointed the chairman of its Energy Vehicle unit as executive director.

Evergrande reported in a Hong Kong Stock Exchange filing how Siu Shawn (55) was chair of China Evergrande New Energy Vehicle Group Limited and had been in service for 3 years.

Stock exchange filings stated that Huang Xiangui, Lai Lixin, and Huang Xiangui both resigned their roles as Evergrande executive directors.

According to the filing, Lai resigned from his position as executive director in order to spend more time with other tasks within the group. Huang, however, resigned for health reasons. Both of them will continue to be part of the group.

Evergrande has the most debts in the world. It is insolvent with over $300 billion. There are nearly $20 Billion of international bonds. They were all declared in default due to missed payments in late 2013.

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