China Evergrande New Energy Vehicle Group Ltd. ("Evergrande Auto") said in a filing with the Hong Kong Stock Exchange that trading will remain suspended until further notice.
Image source: screenshot of Evergrande Auto's announcement
The board said it will continue exploring ways to manage cash resources, including selling non-core assets to support operations. Several subsidiaries are facing bankruptcy liquidation proceedings. Amid liquidity challenges, the company has not allocated resources to engage auditors and other relevant professional advisers for on-site audit work for the year ended December 31, 2024, delaying the publication of interim results for the six months ended June 30, 2025.
Trading in Evergrande Auto's shares has been suspended since 9:00 a.m. on April 1, 2025, after it failed to publish its 2024 annual results by the deadline. The company has repeatedly warned it risks delisting if it cannot meet the Hong Kong Stock Exchange's resumption guidance by September 30, 2026.
In its latest announcement, the group said it is raising working capital by selling non-core assets, but some subsidiaries have been placed into bankruptcy liquidation or restructuring by court order. Over the past three months, courts in Tianjin, Shanghai and elsewhere have appointed administrators for entities including Evergrande New Energy Vehicle (Tianjin) Co., Ltd., with related assets facing disposal.
The company is also seeking suitable candidates to fill an independent non-executive director vacancy to meet listing rules on board composition.
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