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Evergrande Auto wishes to raise HK$4 billion by introducing investors including DiDi
Monika From Gasgoo| September 15 , 2020

Shanghai (Gasgoo)- China Evergrande New Energy Vehicle Group Limited (called “Evergrande Auto” or “the company”) announced on September 15 that it has entered into top-up placing arrangements to introduce international investors including Tencent Holdings Limited, Sequoia Capital, Yunfeng Fund and DiDi Chuxing, raising HK$4 billion.

Haitong International Securities Company Limited and Huatai Financial Holding (Hong Kong) Limited will serve the placing agent for the transaction.

As at the date of this announcement, the placing shareholder—Evergrande Health Industry Holdings Limited—directly holds 6,479,500,000 shares, including the placing shares, representing roughly 74.99% of the total shares issued by the company, said Evergrande Auto.

Through its wholly-owned subsidiaries, China Evergrande Group, the controlling shareholder of Evergrande Auto, indirectly held an aggregate of 6,479,550,000 shares as of the announcement date, consisting of 6,479,500,000 shares held by the placing shareholder and 50,000 shares held by Acelin Global Limited, according to the announcement.

Upon the completion of the placing, the shares held by the placing shareholder will decrease to 6,302,920,000 shares, representing around 72.95% of the total number of shares issued.

Evergrande Auto DiDi investment, Evergrande Auto investment, China automotive news

(Hengchi 1, photo source: Evergrande Group)

Evergrande Auto got its name changed from Evergrande Health in late August, 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.

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”.

According to the interim financial report, the company's Shanghai and Guangzhou bases are 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.

Besides, the Hengchi-branded models are planned for trial production in the first half of next year and the group will strive to achieve the mass production in the second half of 2021, according to the financial results.

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