Evergrande’s $500 million EV share deal suspended, stock to resume trading By Reuters

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<span>© Reuters. 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/File Photo/File Photo</span><br />
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<p>HONG KONG (Reuters) – A share sale plan between China <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Evergrande </span></span> (HK:) New Energy Vehicle Group, the electric-vehicle arm of embattled property developer China Evergrande and U.S.-listed NWTN has been halted, according to a Hong Kong bourse stock filing on Sunday.</p>
<p>The suspension of the share subscription deal was due to “significant uncertainties” tied to the Evergrande group, the filing by the Chinese firm said.</p>
<p>Previously, Evergrande said investigations had been initiated against the parent company, its founder and senior executives, while the firm’s debt restructuring plan has also been derailed.</p>
<p>In an announcement in August, the electric-vehicle subsidiary said it had agreed to issue 6.18 billion new shares to Dubai-based mobility company NWTN for a total consideration of HK$3.89 billion ($496.72 million), implying a subscription price of HK$0.6297 per share.</p>
<p>Trading in shares of the China Evergrande New Energy Vehicle Group, which were suspended on Sept. 28, will resume on Monday, the Sunday filing said.</p>
<p>($1 = 7.8313 Hong Kong dollars) </p>
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<br /><a href="https://www.investing.com/news/stock-market-news/evergrandes-500-million-ev-share-deal-suspended-stock-to-resume-trading-3193098">Source link </a></p><p>The post <a href="https://forextraderhub.com/evergrandes-500-million-ev-share-deal-suspended-stock-to-resume-trading-by-reuters.html">Evergrande’s $500 million EV share deal suspended, stock to resume trading By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>