Evergrande Shanghai NEV research unit records increase in share capital

Shanghai (Gasgou) – Evergrande Hengchi New Energy Vehicle Research Institute (Shanghai) Co., Ltd. (called “Hengchi NEV Research Institute), a research arm of the Evergrande Group’s new energy vehicle business, saw its share capital increase 900% to 1 billion yuan ($ 155.2 million) on October 8. , according to business information provider Tianyancha.

Photo credit: Hengchi

Founded in June 2019 and incorporated in Shanghai, Hengchi NEV Research Institute has a business scope that covers R&D of technologies related to NEV, software, communications, electric motors and electronics, production and sales of NEV, auto parts, electronic products, and computer software, as well as the information system integration service. The company is fully controlled by Evergrande New Energy Vehicle Investment Holding Group Ltd.

On September 25, China Evergrande New Energy Vehicle Group Limited (Evergrande Auto), the Hong Kong-listed electric vehicle company of real estate giant China Evergrande Group, announced that it had reached an agreement with Haitong Security Co., Ltd. to terminate the listing contract after “careful and careful consideration”. Accordingly, its proposed issuance of shares in RMB would go no further.

However, the reason that led to the suspension of the national enrollment plan was not immediately clear.

In October 2020, Evergrande Auto first revealed its intention to go public on the Shanghai Stock Exchange’s Scientific and Technological Innovation Council (STAR ​​Market). He had planned not to sell more than 1.6 billion shares and intended to use the proceeds to finance NEV projects and supplement working capital.

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