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Evergrande Auto launches pre-listing tutoring process

Monika From Gasgoo| October 20 , 2020 09:23 BJT

Shanghai (Gasgoo)- China Evergrande New Energy Vehicle Group Limited (Evergrande Auto) has entered into a pre-listing tutoring agreement with Haitong Securities Co., Ltd. and has been registered at Shenzhen Securities Regulatory Bureau, intending to go public on the Science and Technology Innovation Board (STAR Market) of Shanghai Stock Exchange, according to a local media outlet.

Evergrande Auto launches pre-listing tutoring process

Hengchi 1; photo credit: Evergrande Auto

The company announced on September 25 that its board of directors had considered and approved the resolutions regarding the Proposed Issue of RMB Shares under the Specific Mandate and related matters. According to the plan, Evergrande Auto intends to apply for an initial public offering of RMB Shares and listing on the STAR Market for the allotment and issuance of no more than 1,555,867,058 RMB shares.

In mid-September, Evergrande Auto claimed it had entered into top-up placing arrangements to introduced investors including Tencent Holdings Limited, Sequoia Capital, Yunfeng Fund and DiDi Chuxing, raising HK$4 billion ($516,125,680).

As the NEV development arm of China Evergrande Group, Evergrande Auto got its name changed from Evergrande Health in late August, as the NEV has become its most important business.

The company said on August 3 it had launched six first-phase Hengchi-branded models, including two cars, three SUVs and one MPV model, which are named based on a numerical sequence from “1” to “6”.

According to the interim financial report, Evergrande Auto's Shanghai and Guangzhou bases were expected to be available for trial production by September 2020, and each of such production bases has a planned capacity of 200,000 vehicles for the first phase.

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