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Evergrande fortifies NEV presence by buying 58.07% stake in Shanghai CENAT New Energy

Monika From Gasgoo| January 25 , 2019

Evergrande buys stake Shanghai CENAT New Energy, Evergrande NEVS equity, China automotive news

Shanghai (Gasgoo)- Evergrande Health Industry Group Limited, a wholly-owned subsidiary of China Evergrande Group, announced on January 24 that it will acquire a 58.07% stake in Shanghai CENAT New Energy for RMB 1,059,777,500, which is another significant step for Evergrande to move towards new energy vehicle domain.

Established in 2010, Shanghai CENAT New Energy is one of the leading enterprises in the industry focusing on ternary pouch type power battery, according to the announcement. It was jointly found by China Automotive Technology and Research Center and ENAX, Inc. in Japan.

The target company has a global research and development team of over 300 experts, a technical team of over 1,500 personnel and four major production bases located in Shanghai, Jiangxi, Guangxi and Jiangsu. In 2018, among its industry peers in China, it ranked top 10 in terms of installed battery capacity and top 3 in terms of pouch type power battery.

Evergrande Health Industry Group Limited (Evergrande Health) announced on January 15 that Solution King Investments Limited (the Purchaser), a wholly-owned subsidiary of Evergrande Health, has entered into a Sale and Purchase Agreement with Kerryman Holdings Limited (the Seller), pursuant to which the Purchaser agrees to acquire, and the Seller agrees to sell the Sales Shares for a total consideration of $930 million. 

The Sales Shares refers to 300 ordinary shares in the share capital of Mini Minor Limited (the Target Company), which is also the entire share capital of the Target Company. According to the announcement, the only asset of the Target Company is its 51% shareholding in NEVS, a Sweden-headquartered electric vehicle maker. This move suggests that Evergrande has controlled 51% equity in NEVS. 

What's more, Evergrande High Technology Group Co., Ltd (Evergrande High Tech), a subsidiary of China Evergrande Group, funded on January 2 a new company dubbed Evergrande Smart Charging Technology Co., Ltd, according to the information showing on China's National Enterprise Credit Information Public System. 

Involving a total registered capital of RMB100 million, the new company's business scope extends to cover NEV charging pile, R&D of software technology as well as design, operation and other services related to charging infrastructures.

On September 23 last year, the group announced the strategic cooperation agreement with Xinjiang Guanghui Industry Investment Group Co.,Ltd (Guanghui Group), one of China's largest car dealers. Both parties agreed to jointly develop businesses in such areas as car sales, energy, real estate and logistics, etc. Meanwhile, the deal makes Evergrande become Guanghui Group's second-largest shareholder.

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