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Evergrande's EV unit terminates plans to issue RMB shares

Evergrande's EV unit terminates plans to issue RMB shares

FILE PHOTO: The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song

HONG KONG : China Evergrande's electric car unit said on Sunday it will not proceed with plans to issue RMB shares on the Science and Technology Innovation Board of the Shanghai stock exchange.

In a statement to the Hong Kong stock exchange, China Evergrande New Energy Vehicle Group said that after careful consideration the company and Haitong Securities had agreed to terminate the agreement to issue RMB shares.

On Friday, China Evergrande New Energy Vehicle Group warned it faced an uncertain future unless it got a swift injection of cash, the clearest sign yet that the property developer's liquidity crisis is worsening in other parts of its business.

(Reporting By Anne Marie Roantree; Editing by Kirsten Donovan)

Source: Reuters

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