Shareholder of Evergrande NEVS (Shanghai) sells 20% stake

Beijing (Gasgoo) – 20% stake of Evergrande NEVS (Shanghai) has been transferred with a final transaction price of RMB 443 million, according to an announcement on the Shanghai United Assets and Equity Exchange website. However, the announce didn’t say who is the new owner.

The above-mentioned deal has been on the website of Shanghai United Assets and Equity Exchange since December 12, 2019 and the transferor is Shanghai Songjiang Economic & Technological Development Group.

(photo source: NEVS)

In February 2018, the Songjiang District Government of Shanghai signed an investment cooperation agreement with NEVS Sweden Co., Ltd. In May of the same year, Shanghai NEVS New Energy Vehicle Co., Ltd. was officially established. Tianjin-based Guorui New Energy Technology possesses 80% stake while the Songjiang group held the rest. In June, its global headquarters o with an investment of 20 billion yuan officially settled in Songjiang Economic and Technological Development Zone, and built an NEV industry chain integrating R & D, production, testing, general assembly and sales. In November 2019, the company has changed its name into Evergrande NEVS (Shanghai) Co., Ltd.

In December 2019, Evergrande said that local state-owned assets had agreed to withdraw within a certain period of time when they signed the agreement and the equity transfer would not affect operations of the factory.