On the evening of July 27, Evergrande Auto announced that it had applied to resume trading of its shares on the Hong Kong Exchanges and Clearing Limited from 9 a.m. on July 28, 2023. Evergrande Auto suspended its share trading on April 1, 2022, because it failed to publish financial reports as requested by listing rules of the Hong Kong Exchanges. On the morning of July 28, its shares resumed trading but fell by 68.44% by 9:20 a.m. to HKD 1.01 ($0.13) with a total market value of HKD 11 billion ($1.4 billion). Prior to its suspension in 2022, the company’s share price was HKD 3.20 ($0.41), with a total market value of HKD 34.7 billion ($4.5 billion). On July 26, Evergrande Auto released its annual report for 2021 and 2022, revealing that the company incurred a loss of $11 million over the two years. Evergrande Auto plans to raise $500 million through equity transactions or debt financing to continue the production and sales of its Hengchi 5 vehicle and other normal operations, according to a statement from the company. [Yicai, in Chinese]
Related
