kemplasticplayingcards| Evergrande Automobile: It plans to sell 58.5% of its shares, suspend production of Tianjin factory, and lack of funds remains to be resolved

News summary

Evergrande Automobile announcement revealedkemplasticplayingcards, potential sellers sign terms and conditions with independent third-party buyers, involving 63kemplasticplayingcards.48 billion shares were traded, accounting for 58.5% of the issued shares. Of these, 3.145 billion shares will be traded immediately and 3.203 billion shares will be the subject of options. At the same time, potential buyers will provide credit to support the development of Evergrande's electric vehicle business.

Newsletter text

[Evergrande Automobile's announcement revealed that potential sellers may reach a share transfer agreement with independent third-party buyers]

Evergrande Automobile recently issued an announcement on the Hong Kong Stock Exchange, revealing a major transaction development. It is reported that on May 16, 2024, Evergrande Automobile was informed that China Evergrande Group, Evergrande Health Industry Group and Acelin Global Limited (collectively referred to as the "potential sellers") signed a term letter with an independent third-party buyer. Under the terms, the parties may reach a final purchase and sale agreement on the company's shares held by the potential seller.

As of the announcement date, potential sellers held a total of 6.348 billion shares of Evergrande Motor, accounting for approximately 58.5% of the company's total issued shares. If the transaction is completed, it is expected that 3.145 billion shares (approximately 29.0% of the issued shares) will be acquired immediately, while another 3.203 billion shares (approximately 29.5% of the issued shares) will be available as an option for potential buyers.

In addition, the terms and conditions also mention that a credit agreement will be entered into, and potential buyers will provide credit to Evergrande Automobile to support the continued operation and development of its electric vehicle business. At present, Evergrande Motors is facing a serious shortage of funds. Its Tianjin factory has stopped production operations since the beginning of the year, and production has not resumed as of the announcement date.

Evergrande Automobile plans to apply to the Stock Exchange to resume trading of the company's shares on the Stock Exchange starting from 9:00 a.m. on May 27, 2024.

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