Caixin
Sep 19, 2020 01:45 AM
BUSINESS & TECH

Evergrande New Energy Vehicle Plans STAR Market Listing

What’s new: Hong Kong-listed China Evergrande New Energy Vehicle Group Ltd. plans a secondary listing on Shanghai’s STAR Market, the company said Friday in a filling with the Hong Kong Stock Exchange.

The filing didn’t provide a fundraising goal or other details of the offering. Evergrande New Energy said Tuesday it also aims to raise HK$4 billion ($516 million) through a Hong Kong share sale to big-name investors including Tencent, Sequoia Capital and Didi Chuxing.

What’s the background: The vehicle arm of real estate giant China Evergrande Group changed its name Sept. 1 from Evergrande Health as it seeks to transform into an electric vehicle power.

With plans to become the world’s largest new-energy vehicle group within three to five years, Evergrande New Energy in August unveiled six purely electric models with a plan to roll out the first one in the second half next year.

Since 2019, China Evergrande has spent more than 20 billion yuan developing a complete new-energy vehicle industry chain, including production of vehicles, batteries, motors and power systems. The company recruited former BMW designer Anderson Warming as one of three prestigious consultants.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Contact reporter Lu Yutong (yutonglu@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com).

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