Evergrande Health officially changes company name as focus switches to NEV business

Shanghai (Gasgoo)- Evergrande Health, the Hong Kong-listed electric car arm of Chinese real estate titan Evergrande Group, has officially changed its name to China Evergrande New Energy Vehicle Group Limited from Evergrande Health Industry Group Limited, the company announced on August 26.

(Photo source: Evergrande Health's WeChat account)

Meanwhile, the stock short name of the company’s shares for trading on the Stock Exchange of Hong Kong Limited will be changed from “EVERG HEALTH” to “EVERG VEHICLE” in English, effective September 1, 2020. The stock code still remains unchanged as “708”.

Evergrande Health announced a month ago that its board of directors proposed to change the company name to “China Evergrande New Energy Vehicle Group Limited” as the NEV has become its most important business.

Evergrande Group is going all out to develop its NEV cause with the aim of building the world's largest and most powerful NEV group within three to five years. Through a series of cash-burning acquisitions, partnerships and other efforts, it has formed a NEV-related industrial chain that covers power battery, motor powertrains, complete vehicle manufacturing, auto sale and smart charging.

(Hengchi 1, photo source: Evergrande Group)

Evergrande Health said on August 3 it has 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”.

The real estate giant announced its NEV brand “Hengchi” about a year ago. The first car, the Hengchi 1, is scheduled to go into mass production in 2021.