questblockchain| Evergrande Automobile: 3.145 billion shares for sale were acquired, with a net loss of 11.995 billion yuan, and shares resumed trading

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News summary

Evergrande Automobile announced that 31questblockchain.45 billion shares (approximately 29questblockchain0%) and 3.203 billion shares (approximately 29.5%) will be acquired, and trading of the company's shares will resume on May 27. At the same time, Evergrande Automobile had to refund approximately 1.9 billion yuan in rewards and subsidies due to failure to fulfill its contractual obligations and faced production suspension. In 2023, the net loss will be 11.995 billion yuan, and the cumulative loss will reach 110.841 billion yuan.

Newsletter text

[Evergrande Motor announced that 3.145 billion shares and 3.203 billion shares will be acquired, and trading of the company's shares will resume on May 27]

Evergrande Automobile (0708.HK) revealed in its latest announcement that 3.145 billion potential shares for sale (accounting for the issued shares)questblockchain29.0%) will be acquired immediately, while 3.203 billion shares (accounting for the issued sharesquestblockchain29.5%) will be used as an option for potential buyers. The company has applied to resume trading in its shares on the Stock Exchange from 9 a.m. on May 27.

questblockchain| Evergrande Automobile: 3.145 billion shares for sale were acquired, with a net loss of 11.995 billion yuan, and shares resumed trading

Previously, Evergrande Automobile disclosed on the evening of May 22 that its subsidiary Evergrande New Energy Vehicle Investment Holding Group and other related subsidiaries had received letters from the local administrative department and faced cancellation of relevant agreements and refund of approximately 1.9 billion yuan due to failure to fulfill their contractual obligations. The relevant subsidiaries plan to send letters to the administrative department for coordination.

Looking back on May 17, Evergrande Motor's share price once soared by 70%, and then the company announced that it would suspend trading. At the time of the suspension, its share price rose by 53.23%. In this announcement, Evergrande Motor stated that it would continue to suspend trading until further notice.

In its full-year results announcement on March 27, Evergrande Automobile reported revenue of 1.340 billion yuan in 2023, a year-on-year increase of 900.04%, and a net loss of 11.995 billion yuan, a year-on-year loss reduction of 56.64%. As of the end of 2023, the Group's cumulative losses and shareholder losses were 110.841 billion yuan and 37.693 billion yuan respectively, and cash and cash equivalents were 129 million yuan.

In addition, as of the end of 2023, the Tianjin manufacturing base has produced and delivered a total of 1389 Hengchi 5s. Recently, due to funding problems, the group has arranged for some personnel to take vacations and the Tianjin factory has suspended production.

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