Evergrande steps into NEV infrastructure by funding smart charging tech company

Shanghai (Gasgoo)- 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.

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.

Evergrande's significant moves for marching into automotive industry were more than that. 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.