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Evergrande sets up NEV company with four wholly-owned subsidiaries

Monika From Gasgoo| February 27 , 2019 16:19 BJT

Evergrande New Energy Vehicle Company, Evergrande NEVS, China automotive news

Shanghai (Gasgoo)- Evergrande New Energy Vehicle Co., Ltd was founded on January 25 with a registered capital of $2 billion, according to the record from tianyancha.com, a data search platform in China.

The new company's business scope extends to cover such areas as energy technology research, the wholesale and retail of auto parts, energy technology consultation as well as automobile leasing, etc.

On February 20, the company's name was changed to Evergrande National New Energy Vehicle Group Co.,Ltd.

At the same time, four wholly-owned subsidiaries of Evergrande New Energy Vehicle Co.,Ltd were established on January 28, including Evergrande National New Energy Vehicle Sales (Guangdong) Co.,Ltd, Evergrande National New Energy Vehicle Technology (Guangdong) Co.,Ltd and Evergrande National New Energy Vehicle (Guangdong) Co.,Ltd 

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.

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